Vietnamese firms in Cambodia brave difficulties amid pandemic
PHNOM PENH — Amid the COVID-19 pandemic, many Vietnamese enterprises in Cambodia have tried their best to stand firm and have worked towards developing their business in the “new normal”.
In the country since 2011, MBBank and Metfone, a subsidiary of Viettel, have made an imprint in Cambodia’s finance and banking, and telecommunications sectors. Of particular note, they have also set up strategic cooperation arrangements with partners based on their strengths and experience.
According to MBBank Director in Cambodia Trịnh Đức Cường, though COVID-19 has left a mark on Cambodia’s economy, Vietnamese enterprises in various fields have returned to the market with higher levels of investment and professionalism compared to a decade ago.
Meanwhile, Metfone Director Phùng Văn Cường said the company could achieve its challenging growth target of 7-8 per cent this year.
COVID-19 had resulted in travel restrictions, unemployment, and business downsizing, but there would be strong growth in demand for information and communications through technologies and social networks, Cường stressed, describing this as a valuable opportunity for Metfone, which has large network coverage in Cambodia’s rural and urban areas.
At a ceremony to mark the 10th anniversary of strategic cooperation between Metfone and MBBank on April 1, Phùng Văn Cường said COVID-19 is an opportunity for Cambodia’s digital transformation as it forces people to become accustomed to online shopping rather than shopping at brick-and-mortar stores.
MBBank has given top priority to supporting Vietnamese companies in Cambodia, and has helped Metfone access capital to improve its services and consolidate its position as a leading telecommunications provider in the Cambodian market.
COVID-19 has encouraged Vietnamese companies to adjust their products and services, making them more suitable for customer needs.
According to Việt Nam’s trade office in Cambodia, two-way trade topped more than US$1.33 billion in the first two months of this year, up 64 per cent year-on-year. — VNS