Party General Secretary and President Nguyen Phu Trong (Photo: VNA) Phnom Penh (VNA) – Khmer Times, one of the two largest English dailies inCambodia, on February 25 ran an article describing economic ties as a drivingforce of the relationship between Vietnam and Cambodia.
Titled “Vietnam–Cambodia economic relations on solid footing,” the article waspublished ahead of the State visit to Cambodia by General Secretary of theCommunist Party of Vietnam (CPV) Central Committee and President Nguyen PhuTrong from February 25-26.
It said the visit takes place asVietnam-Cambodia ties continue to thrive, with strong emphasis on preserving,cementing and promoting relations of “good neighbourliness, traditionalfriendship, comprehensive cooperation and long term sustainability” between thetwo countries.
Over the past years, Vietnam and Cambodia have been promoting economiccooperation and continue to maintain remarkable growth momentum in all fields,according to the article.
In 2018, bilateral trade turnover reached 4.68billion USD, a rise of 23.2 percent compared with the same period in theprevious year. In coming years, the two countries’ trade turnover is expectedto continue increasing. The two sides will strive to increase bilateral tradeturnover to 5 billion USD by 2020.
Regarding investment, Vietnam has about 210 investment projects inCambodia, mostly in the fields of agriculture and forestry with a totalregistered investment capital of about 3.03 billion USD, putting the country inthe top ten foreign direct investment providers in Cambodia.
Investment and business activities of Vietnamese enterprises in Cambodia areappreciated by Prime Minister Hun Sen and Cambodian leaders, contributingpositively to Cambodia’s social welfare and prosperity.
On the otherhand, Cambodia’s investment in Vietnam has also progressed positively, and sofar there have been 19 projects with a total investment of 63.42 million USD.
Notably, the two countries’ cooperation and investment relations will continueto develop strongly in coming years when leaders of the two countries agree todiscuss ways to match the needs of cooperation and development of Cambodia setout in the “Rectangular Strategy” with the capabilities and strengths of Vietnam.
Also both countries will set out mechanisms and policies to create an openenvironment to attract more investments from Vietnamese enterprises toCambodia, as well as encouraging more Cambodian businesses to invest inVietnam.
In the sphereof tourism, in recent years, the tourism industry of both countries has becomea sector attracting investment and human resources. In 2018, 800,000 Vietnamesevisited Cambodia and Vietnam is the second largest source of tourists toCambodia after China. Also in the same year, 203,000 Cambodian tourists came toVietnam, making it one of the major tourism markets for Cambodia.
Vietnam andCambodia have many favorable areas in tourism cooperation development. One ofthe advantages is that Vietnam Airlines currently has about 6 to 10 flights aday from Hanoi and Ho Chi Minh City to Phnom Penh and Siem Reap, creating astrong basis for connecting tourism between the two nations.
Over time, both countries have also promotedeconomic and transport connections to further promote each other’s strengths. Aframework agreement was signed in July 2017 connecting the two economies. Negotiationshave been completed for the Memorandum of Understanding on the Vietnam–CambodiaTransport Cooperation Strategy 2018 – 2025.
In April 2017, the border bridge connecting Long Binh (An Giang) withChrey Thom (Kandal) was inaugurated. Soon, both Vietnam and Cambodia will focuson connecting transport routes, electricity, tourism, telecommunications andbanking. A model border market in Da commune, Memot district, Cambodia’s TboungKhmum province, which is adjacent to the Tan Lap border gate in Vietnam’s TayNinh province, is also planned. The model of a “one-stop customs clearinghouse” will be deployed at the Moc Bai (Vietnam) - Bavet (Cambodia) bordergate.
At present, there are stilluntapped potential in the two countries’ economic cooperation. The prospectsare great for the development of bilateral cooperation in trade, investment,tourism, agriculture and education.
Economicrelations will continue to be a driving force to create a solid foundation forthe relations between the two countries, the article concluded. -VNA
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