On the same day, the Cambodian and Vietnamese prime ministers joined in Vietnam- Cambodia Business Forum with presence of leaders of the two sides’ ministries, agencies and 400 enterprises.
Speaking at the forum, PM Nguyen Xuan Phuc said that this year’s bilateral trade turnover is expected to gain US$ 5 billion, and it will be able to reach around US$ 7-8 billion by 2020.
Vietnamese businesses should continue to focusing on training and technology transfer for Cambodian counterpart, implementing social activities relating to community benefits and environmental protection, added PM Phuc.
Besides that, he also asked Vietnam’s corporations such as Viettel, PetroVietnam, Vietnam Electricity (EVN), Rubber Group, Bank for Investment and Development of Vietnam (BIDV)... continue to promote their business, aiming to become top investors in Cambodia.
At the forum, PM Samdech Hun Sen has highly appreciated the trade and investment cooperation between the two countries in recent years, affirming that over the past decade, Cambodia has made positive changes in socio-economy with an average growth of over 7 percent, and is expected to grow by 7.3 percent and continue to maintain its growth rate in the upcoming time.
Cambodia plans to become a high level middle-income country by 2030.
The Royal Government of Cambodia is also amending its investment-related laws and approving the law of a special economic zone as well as going to modernize its customs system and tax incentives, high quality human resource training…
In addition to the incentives for foreign investors, Prime Minister Hun Sen said that Cambodia is a country with a young population and growing middle class.
The country does not discriminate between domestic and foreign investors as domestic goods has not only distributed to 15 million people in the country but also supplied for 250 million people in Greater Mekong Sub-Region, 3 billion others in Regional Comprehensive Economic Partnership (RCEP) market, added PM Samdech Hun Sen.
On this occasion, Vietnam and Cambodia also signed an agreement on avoiding double taxation and preventing tax fraud as well as creating favorable conditions for investors of the two countries.
