Vietnam Commits US$200 Million for Cambodian Banking, Airlines
Jul. 27 – Vietnam has confirmed that it will invest a total of US$200 million for Cambodia’s airline and banking industry.
The national carrier, Cambodia Angkor Air, will be a joint venture between Vietnam and Cambodia. Vietnam has agreed to provide US$100 million that will be invested within 30 years.
“Vietnamese side has invested US$100 million capital in Cambodia Angkor air,” Sok An, deputy prime minister and minister in charge of the Council of Ministers, was quoted by Xinhua during the agreement’s signing ceremony overseen by Prime Minister Hun Senand visiting Vietnamese Deputy Prime Minister Truong Vinh Trong.
Sok An said: “Cambodia will have 51 percent share and Vietnamese side controls 49 percent.” Cambodia Angkor Air will help improve the country’s tourism industry, one of the country’s key sectors.
Moreover, Vietnam has also committed US$100 million to open the Bank for Development and Investment of Vietnam and Insurance sector in Cambodia.
- Previous Article South Korea’s Top Retailer to Open Branch by 2013
- Next Article Ministry of Labor Announces New Penalties for Employers