Vietnam ramps up investment in Laos, Cambodia

VOV News
http://english.vovnews.vn

08/28/2009

Vietnam has become one of the leading investors in the Southeast Asian countries of Laos and Cambodia.

A recent issue of Laos’ Economic and Social newspaper reported that foreign projects in Laos, especially those of Vietnam, have contributed to the Lao economy and have improved the lives of Lao clan members.

Vietnam ranks third among the 32 countries that invest in Laos, according to the Lao Ministry of Planning and Investment. Statistics through June showed that the Lao government had licensed 186 Vietnamese projects at a total capitalization of more than US$2 billion. These projects are mainly in four areas: electric power, mining, agriculture and services.

Vietnamese businesses are constantly expanding their operations in Cambodia. Local experts believe that Vietnam is likely to surpass China, the Republic of Korea and Russia to become the largest investor in Cambodia in 2009, thanks to a surge in Vietnam’s investment in the past eight months.

The President of the Cambodian Economic Association, Chan Sophal, said that with great untapped potential, Cambodia is now an attractive destination for Vietnamese investors.

Vietnam and Cambodia have signed a total of 13 new joint venture contracts worth nearly US$500 million since early July.