This study is designed to provide strategic inspiration in multinational institutions’ investment behavior in Cambodia. Most factors affecting the investment decisions of South Korean and Chinese institutional investors in Cambodia are investigated based on UTAUT theory. Perceived asset price and perceived asset quality proves to have a significant effect on perceived asset value, whereas perceived financial risk proves to have a significant negative effect on the relationship between perceived asset value and investment decision for the Chinese group, but not for the South Korean group. Facilitating conditions proves to have an important effect in investment decisions for the South Korean group, but not for the Chinese group. Furthermore, perceived asset value, social influence and performance expectancy prove to have a significant effect on investment decisions for both groups. Although both South Korean and Chinese institutional investors are plentiful in Cambodia, the investigation indicates that they maintain symmetry in investment competition due to their different preferences in investment objects and types. The results reinforce major implications in offering a more symmetrical and fair competition environment for both Cambodian regulators and multinational institutions.