Bilateral trade between Vietnam and Cambodia approximated 4.7 billion USD in 2018, up 23.8 percent year-on-year - Illustrative image (Source: VNA) Hanoi (VNA) – Potential remains huge for economic cooperationbetween Vietnam and Cambodia, Deputy Minister of Industry and Trade Do ThangHai has affirmed.
Granting an interviewto the Vietnam News Agency on the occasion of the Cambodia visit by GeneralSecretary of the Communist Party of Vietnam Central Committee and PresidentNguyen Phu Trong from February 25-26, Hai said that both Vietnam and Cambodiaare dynamically developing countries in the region whose economic potential hasyet to be tapped fully, opening up opportunities to further boost economiccollaboration activities.
The two nations holdnumerous similarities in culture, market demand and consumer habits, which canalso make Vietnamese goods and services be easily welcomed in the Cambodianmarket.
Along with bilateralagreements, trade deals in the Association of Southeast Asian Nations (ASEAN)will help connect the two economies, Hai stated, suggesting the nations fostercooperation in consumer products, energy, mining, aquaculture, and forestry.
According to thedeputy minister, economic and trade cooperation holds an important role inbilateral relations. Vietnam is currently Cambodia’s third largest tradepartner, with two-way trade enjoying an average growth rate of 9.8 percent.Last year, bilateral trade approximated 4.7 billion USD, up 23.8 percentyear-on-year, of which Vietnam’s exports hit 3.7 billion USD, up 35 percent,and imports were 963 million USD, down 6.5 percent.
Over the past years,the two nations have cooperated actively and effectively in bilateral economicand trade cooperation mechanisms, while coordinating with each other inmultilateral mechanisms, building and completing important legal foundations intrade development such as the agreement to boost Vietnam-Cambodia bilateraltrade.
Border infrastructurehas been improved as well, thus creating favourable conditions for the twocountries’ business communities and people living along the borderline topromote trade exchanges and investment attraction, Hai said.
Moreover, their agenciesand localities have regularly organised meetings and stepped up delegationexchanges to intensify mutual understanding and increase the efficiency ofsolving difficulties in economic and trade collaboration, he added.
To better tapbilateral economic cooperation potential, Hai suggested both sides maintain anopener and more favourable business and investment environment, complete alegal framework for collaboration activities, and simplify administrative andinvestment procedures.
Both sides shouldpromote the efficiency of bilateral cooperation mechanisms through theinter-Governmental Committee and working groups, and organise more trade fairsand conferences, he suggested, adding that it is also necessary to increase therole of the overseas Vietnamese community and Vietnamese businesses operatingin Cambodia, considering them important channels to bolster trade andinvestment between the two countries.-VNA
VNA
