The Khmer Times reported that the Cambodian Development Council (CDC) has approved $3.2 billion in foreign investment for 190 projects in the first half of 2024, nearly doubling (a 194% increase) from the $1.1 billion investment recorded in the same period last year.
The agency has approved 190 investment projects. The new investment is expected to create approximately 168,572 jobs.
The new investments include electronic manufacturing plants, electric bicycle – motorcycle assembly plants, steel plants, garment factories, and many other projects.
The CDC stated that China is the top foreign investor in Cambodia, contributing 42.64% of the total investment during this period. This is followed by investments from Singapore, Vietnam, India, South Korea, Malaysia, Australia, Canada, and Japan.
China remains Cambodia’s largest foreign investor.
Mr. Lim Heng, Vice President of the Cambodia Chamber of Commerce, attributed this positive development to increased investor confidence due to political stability, a peaceful environment, and Cambodia’s network of free trade agreements (FTAs).
The Vice President of the Cambodia Chamber of Commerce told Khmer Times: “Cambodia’s FTAs with China, South Korea, and its participation in the Regional Comprehensive Economic Partnership (RCEP) make the country an attractive destination for foreign investors.”
He added, “These agreements offer extensive market access, favorable policies, and significant growth potential.”
Mr. Sun Chanthol, First Vice President of the CDC, pointed out that with a young workforce – comprising 60% of the nearly 17 million population under 35 years old – Cambodia has an advantage over other countries.
“What’s even more special is that the government fully supports the private sector as it has driven Cambodia’s economy towards the vision of becoming a high middle-income nation by 2030 and a high-income country by 2050,” said Chanthol.
2024: Vietnam Attracts up to $40 Billion in FDI
In Vietnam, foreign investment registered in the country reached nearly $15.19 billion in the first half of 2024, a 13.1% increase compared to the same period last year, according to statistics from the General Statistics Office. This is nearly five times that of Cambodia during this period.
Among the 57 countries and territories with newly licensed projects in Vietnam in the first half of 2024, Singapore was the largest investor with $4.01 billion, accounting for 42.1% of the total registered capital; followed by Hong Kong SAR (China) with $1.18 billion, or 12.4%; China with $1.01 billion, or 10.6%; Japan with $979 million, or 10.3%; Turkey with $730.1 million, or 7.7%; and Taiwan (China) with $529.8 million, or 5.6%.
Recently, at the regular Government press conference for June 2024, Deputy Minister of Planning and Investment Tran Quoc Phuong mentioned that many new and large-scale projects have been invested and expanded.
Regarding expectations for the last six months of 2024, the Ministry of Planning and Investment is very optimistic, based not only on assessments from domestic agencies but also on those from foreign entities.
According to Deputy Minister Tran Quoc Phuong, assessments by domestic and international financial organizations on the prospects for attracting FDI remain positive due to three crucial factors.
Firstly, the adaptive diversification strategy of investors. This trend has been observed post-Covid-19, and it presents an opportunity for Vietnam to attract global investment.
The Ministry of Planning and Investment is very optimistic about the last six months of 2024.
Secondly, Vietnam’s economic growth in the first quarter was promising, and there are high expectations for an economy with strong recovery potential. This will positively impact investment.
Thirdly, despite numerous challenges, especially external difficulties related to the pricing of some strategic commodities in the world market, Vietnam’s macro-economy remains stable; the CPI index is still around 4% within the target range set by the National Assembly. The inflation rate is at over 2%, indicating macroeconomic stability. This is an essential factor for investors to feel secure about their investments.
A survey by the Ministry of Planning and Investment shows that foreign investors’ confidence in Vietnam’s economy remains positive, reflecting their desire to continue investing in the country. Therefore, we can expect FDI attraction for the whole of 2024 to reach approximately $39-40 billion, equivalent to or slightly higher than the same period in 2023, emphasized Deputy Minister Tran Quoc Phuong.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Dragon Capital Chairman: “Long-term vision is needed, accepting necessary adjustments for a safer, more efficient, and higher quality market”
According to Mr. Dominic Scriven, Chairman of Dragon Capital, the role of the finance industry in the stock market will be significant in 2023 and possibly in 2024. The roles of other industries, such as real estate or consumer goods, will depend on their respective challenges.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
