Business

Vietnam, Cambodia look forward to 20 billion USD trade

Trade has been a bright spot in the Vietnam-Cambodia relationship, experiencing impressive growth over the past more than a decade and expected to reach 20 billion USD.

An article highlighting Vietnam-Cambodia trade on the front page of SBM News (Photo: SBM News)
An article highlighting Vietnam-Cambodia trade on the front page of SBM News (Photo: SBM News)

Hanoi (VNA) – Trade has been a bright spot in the Vietnam-Cambodia relationship, experiencing impressive growth over the past more than a decade and expected to reach 20 billion USD.

Cambodia serves as a source of many raw materials for Vietnamese industry, particularly rubber. It is also a major consumer of Vietnamese products like iron and steel, construction materials, processed food and consumer goods.

Data from the Ministry of Industry and Trade's Asia-Africa Market Department revealed a strong upward trend. Two-way trade grew by an average of 18.5% annually between 2010 and 2015, and 17% per year between 2016 and 2020, reaching 5.31 billion USD in 2020 from 2.92 billion USD in 2016.

The year 2022 saw a significant jump of 11% to 10.57 billion USD in trade value. The positive momentum has carried into 2024, with the first five months recording a trade value of 4.6 billion USD, reflecting a 13.4% increase.

Vietnam's exports to Cambodia during the first half of 2024 were estimated at 2.5 billion USD, mainly consisting of iron and steel, apparel, and petrol and oil. However, this represented a 1.1% decrease compared to the same period last year.

Meanwhile, Vietnam's imports from Cambodia in the period surged by 38.4% to an estimated 2.9 billion USD, driven by cashew nut, rubber, fruits and vegetables.

Vietnamese Ambassador to Cambodia Nguyen Huy Tang said in 2024 and beyond, the two countries will continue to coordinate to realise existing agreements and memoranda of understanding, including the border trade and the 2023-2024 bilateral trade promotion agreements.

Trade experts believed that fostering a favourable and stable business environment is crucial to facilitate exports. They also advocated for increasing investment in research and development to enhance the quality and competitiveness of Vietnamese goods, and pursuing free trade agreements and economic accords with Cambodia as well.

Vietnamese businesses are encouraged to focus on producing high-quality and competitively priced products and services to attract Cambodian consumers. Building a broad and stable distribution network in Cambodia is also seen as a key step toward further success./.

VNA
#Vietnam-Cambodia relationship #Vietnamese Ambassador to Cambodia Nguyen Huy Tang #Ministry of Industry and Trade Cambodia Vietnam
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