Tay Ninh (VNA) – With bilateral trade surpassing 10 billion USD in 2024 and continuing robust growth, Vietnam – Cambodia economic relations are enjoying their most dynamic period. The goal of 20 billion USD by 2030, set by the two countries’ senior leaders, is increasingly within reach.
According to Do Viet Phuong, who leads the Vietnam Trade Office in Cambodia, bilateral trade in goods tripled between 2014 and 2024, from 3.3 billion USD to 10.1 billion USD, with an average annual growth rate of about 12%. Growth momentum has continued in 2025, with trade nearly hitting 8 billion USD in the first eight months.
Deputy Minister of Industry and Trade Phan Thi Thang affirmed that Cambodia, a close neighbour with a strategic location, plays the role of a gateway and transit hub in the Mekong subregion. Both countries have built a solid legal framework through key agreements, such as the 2019 memorandum of understanding on border trade infrastructure development and connectivity, the 2024 border trade agreement, and the 2025–2026 action plan to boost bilateral trade.
Cambodian Undersecretary of State for Commerce Tith Rithipol stressed that Cambodia and Vietnam are not only close neighbours but also trusted partners. Cambodia offers Vietnamese businesses attractive opportunities with political stability, a young workforce, a strategic location, and favourable investment incentives, he said.
Experts noted that the two economies are complementary rather than directly competitive. Bui Quang Hung, Deputy Director General of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, pointed out that Vietnam has strengths in processed agricultural products, consumer goods, building materials, and machinery, which match Cambodia’s strong import demand.
Bilateral trade is also thriving at the local level. Vice Chairman of the People’s Committee of Tay Ninh province Nguyen Hong Thanh said that trade with Cambodian localities has exceeded 2 billion USD, up 17% year on year. Similarly, Toch Sokhon, Director of the Department of Commerce of Cambodia’s Tbong Khmum province, highlighted diverse exchanges between the two provinces, including bananas, rubber, and cassava from Tbong Khmum, and fresh vegetables and building materials from Tay Ninh, with annual turnover in hundreds of millions of US dollars.
However, challenges remain. According to Hung, underdeveloped transport infrastructure and warehousing at some border gates have increased logistics costs, while differences in technical standards and limited market information hinder long-term strategies. Phuong added that Vietnamese firms in Cambodia face difficulties adapting to different administrative systems, Khmer language barriers, high service costs, and tough competition from Chinese and Thai products.
To overcome these challenges and realise the 20 billion USD target, experts and officials have proposed a comprehensive set of solutions requiring close coordination between both sides.
Deputy Minister Thang called for synchronised investment in border trade infrastructure, logistics, storage facilities, and border markets, alongside accelerating the adoption of smart border gate models to boost exports.
From the Cambodian side, Undersecretary of State Rithipol proposed modernising border trade infrastructure, strengthening cross-border logistics and transport links, and deepening collaboration within regional frameworks such as ASEAN and RCEP. He also invited Vietnamese businesses to invest in Cambodia’s high-value sectors such as modern agriculture, food processing, and digital technology./.
VNA
