Business

Vietnam-Cambodia trade maintains positive growth

Prime Minister Pham Minh Chinh’s official visit to Cambodia from November 8-9 and his attendance at the 40th and 41st ASEAN Summits and related Summits from November 10-13 are expected to help boost bilateral trade cooperation which has reported positive growth over the recent past.
Vietnam-Cambodia trade maintains positive growth ảnh 1Vietnam-Cambodia trade expected to surpass 11 billion USD this year (Photo: VNA)
Hanoi (VNA) – Prime Minister Pham Minh Chinh’s officialvisit to Cambodia from November 8-9 and his attendance at the 40th and 41st ASEAN Summits and related Summits from November 10-13 areexpected to help boost bilateral trade cooperation which has reported positive growthover the recent past.

According to the Ministry of Industry and Trade, in the2016-2020 period, two-way trade recorded an annual average growth rate of 17%,from 2.92 billion USD in 2016 to 5.31 billion USD in 2020.

The turnover surged by 79.1% to 9.54 billion USD last year, andis expected to surpass 11 billion USD this year, as it reached 8.45 billion USDin the first nine months of this year.

Along with bilateral deals such as the border tradeagreement and the bilateral trade promotion agreement, those in ASEAN are hopedto continue connecting the Vietnamese and Cambodian economies.

Vietnam-Cambodia trade maintains positive growth ảnh 2Illustrative image (Photo: VNA)
These agreements are also expected to create moreopportunities for investors of Vietnam, Cambodia and the third country to make the most of each nation's advantages to expand investment and business activities anddevelop regional value chains for export to ASEAN countries and other marketsaround the world.

Vietnam and Cambodia also have great potential to continuepromoting cooperation in specific fields such as consumer goods production,energy, electricity, mining, processing, agriculture, forestry and fishery.

Statistics show that to date, Vietnam has 198 validinvestment projects in Cambodia with a total registered capital of 2.92 billionUSD.

At the talks on the sidelines of the 54th ASEANEconomic Ministers’ Meeting in Cambodia in September, Minister of Industry andTrade Nguyen Hong Dien and Cambodian Minister of Commerce Pan Sorasak agreed topromote cooperation in border trade through upgrading border gate pairs andopening new border markets.

To foster the bilateral trade, the Vietnamese ministry plansto chair a Vietnam - Cambodia Business Forum and send business delegations to aone province one product (OPOP) fair scheduled for December in Phnom Penh./.
VNA
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