BIDV opens new branch in Phnom Penh

A subsidiary of the Bank for Investment and Development of Viet Nam (BIDV) opened its seventh branch in Mean Chey District, Phnom Penh, on Sunday.

This marks a move by the Bank for Investment and Development of Cambodia (BIDC) to increase its strategy of penetrating and building up a firm position in Cambodia's finance and banking system.

The new branch is also expected to meet local demand and boost the development of trade and investment ties between Viet Nam and Cambodia. In 2013, the Cambodia economy has been forecast to maintain its growth of over 7 per cent. As of September, Viet Nam had 126 projects, valued at $3 billion, in Cambodia. Two-way trade is expected to hit $3.5 billion this year.

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