The value of Phnom Penh housing investments approved by the government from January to October has risen more than 10 percent, compared to the same period of last year.
* Based on the figures released by the Ministry of Land Management, Urban Planning and Construction.
These figures demonstrate that the residential development market in Phnom Penh is in recovery. Lao Tip Seiha, director of the department of construction at the Ministry of Land Management, Urban Planning and Construction, said that it is a good sign, even though the world economic crisis is still affecting the construction sector. He strongly believes the construction sector will see a step-by-step recovery this year. According to the housing development policy for 2010 to 2030, 1.2 million homes must be built nationwide. This should provide a further boost to the industry.
Bilateral trade between Cambodia and Vietnam surged by 36 percent in the first nine months of this year, as both governments attempt to reach a US$2 billion trade target by year end. The value of trade between the two neighbours hit $1.287 billion from January to September, up on the $946 million in last year’s first nine months, according to data from the Vietnam Trade Office at the Vietnamese Embassy in Phnom Penh.
||Amount (1st nine months )
||$130M to $191M
||$818M to $1096M
Secretary of State at Cambodia’s Ministry of Commerce, Ok Boung, stated the signed trade deals between the two nations this year were significant factors which had boosted economic activities.
Earlier this month, the minister of industry and trade of Vietnam, Vu Huy Hoang, and Cambodia’s Commerce Minister Cham Prasidh signed agreements on preferential tax rates between the two countries. According to the Vietnam Trade Office, Vietnam’s main exports to Cambodia included machinery for agriculture, fertilizer, seafood and petroleum. Cambodia mainly ships garment materials and agriculture produce such as wood, rubber, cashew nuts, rice and corn to neighbouring Vietnam.
France Telecom SA may direct some of its up to US$9.45 billion war chest for emerging-market expansion to Southeast Asia- including Cambodia- as the company’s historic turf in Africa becomes more crowded.
Europe’s third-largest phone company may look to expand in Vietnam, Cambodia or Laos.
Aline Perrette, deputy commercial counselor at the French embassy in Phnom Penh, noted that France Telecom had entered into negotiations over a share of Cambodia’s market leader Mobitel.
A Fourth Malaysia bank CIMB- is set to launch in Cambodia today, bringing the number of banks operating in the Kingdom to 29. The new entry demonstrated the soundness and strength of Cambodia’s financial sector. In Channy, president and CEO of ACLEDA Bank, welcomed the investment, stating this emphasizes the trust in the Cambodian banking regulations and systems, as well as the growth of Cambodian economy.
Vice president and advisor to Canadia Bank, Dieter Billmeier, noted that CIMB was a well known, respected and experienced Asian bank that could bring its expertise to the Kingdom.