Minister of Industry and Trade Nguyen Hong Dien (middle) and Cambodian Minister of Commerce Cham Nimul (L), Minister of Industry, Science, Technology and Innovation Hem Vandy (Photo: moit.gov.vn) Hanoi (VNA) - Minister of Industry and Trade Nguyen Hong Dien on December 12 held a working session in Hanoi with Cambodian Ministerof Commerce Cham Nimul and Ministerof Industry, Science, Technology and Innovation Hem Vandy, on theoccasion of an official visit to Vietnam by Cambodian Prime Minister Hun Manet.
The two sides agreed that bilateral cooperation in trade and industry has made noteworthy progress in the recent past. In 2022, Vietnam - Cambodiatrade turnover grew nearly 11% from 2021 to reach nearly 11 billion USD. Of the figure, Vietnam's exports to Cambodia stood at 5.75 billion USD, up19% year-on-year while imports from Cambodia reached 4.82 billion USD, anincrease of 2.48%.
In the context of negative fluctuations in the world situation in the first 11 months of2023, trade between Vietnam and Cambodia totaled nearly 8 billion USD. Vietnam is Cambodia's third-largest trading partner and its largest trading partner in the Association of Southeast Asian Nations(ASEAN).
Vietnam has been developing a remarkable numberof projects in Cambodia to supply raw materials for domestic industrial production, especially rubber, thereby contributing to helping Cambodiastabilise people's lives and develop its economy. Cambodia is also a market for iron and steel products, construction materials, processed foods,and consumer goods from Vietnam.
The two sides agreed onseveral measures to promote economic - trade and industrial cooperationbetween the two countries, aiming for higher trade turnover in the coming timethrough reviewing, supplementing and signing new legal frameworks relating totrade.
They also pledged to strengthencoordination and exchange information to fight cross-bordersmuggling, enhance the exchange of experiences to improve the businessinvestment environment as well as policies to attract investment in the field of industrialproduction in Cambodia.
The ministers reached consensus on considering a mechanism of annual meetings of the three ministries topromote Vietnam-Cambodia collaboration in the fields of trade andindustry.
They agreed to continueto coordinate closely to address the remaining obstacles in trade and industrialrelations between the two countries./.
