Vietnam News

Kingdom, Vietnam hail rise in bilateral trade despite Covid-19 pandemic

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Cambodia and Vietnam have welcomed the rise in bilateral trade despite the Covid-19 pandemic and stressed their commitment to increase trade cooperation further.

The remarks were made at a meeting between Cambodian Prime Minister Hun Sen and Nguyen Xuan Phuc, President of the Socialist Republic of Vietnam, on September 27 in Tokyo, during their stay in Japan for the State Funeral of former Japanese Prime Minister Abe Shinzo.

They also appreciated the resolution of many issues, which would benefit the two countries and their people.

In 2021, the Cambodia-Vietnam joint trade volume reached nearly $9 billion and both countries have shown their intent to raise it to $10 billion in 2022.

The Prime Minister informed the Vietnamese president of his fruitful cooperation with the new Vietnamese Prime Minister in strengthening and expanding bilateral and multilateral relations and cooperation.

The bilateral trade between Cambodia and Vietnam was valued at $4.24 billion in January-August 2022, which is a 22.6 percent increase over the same period of 2021, according to the General Department of Customs and Excise report.

In January-August, Cambodia exported $1.46 billion worth of products to its neighbouring nation, registering an increase of 3.7 percent, year-on-year. Vietnam was the Kingdom’s second-largest market after the US during this period.

The Kingdom’s import from Vietnam was worth $2.77 billion, which was a 35.8 percent increase.

This made Vietnam the Kingdom’s third largest trading partner country after China and the US.

Exports from Cambodia to Vietnam include rice, cashew nuts, sugar and rubber. Of this, rubber is the largest export item.

Major imports from Vietnam include steel, textiles, gasoline, raw materials for textiles and footwear, fertilizer, paper, plastics, animal feed, metals and other general products.

To boost trade, Prime Minister Hun Sen has asked provinces that share borders with neighbouring countries to facilitate the transport of goods.

By Chea Vanyuth – Khmer Times – October 4, 2022

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