| Promoting economic connectivity between Vietnam and Cambodia Vietnam – Cambodia: Good neighborly relationship, long-term sustainability |
Bilateral trade turnover reached 4.6 billion USD in the first 5 months of the year
According to data from the General Department of Vietnam Customs, in the first 5 months of 2024, the total import-export turnover between Vietnam and Cambodia reached 4.6 billion USD, an increase of 13.4% over the same period in 2023. Of which, the total export turnover of goods from Vietnam to Cambodia reached more than 2.116 billion USD, a decrease of 1.76% over the same period.
 |
| Vietnam – Cambodia trade aims to soon reach the target of 20 billion USD |
Vietnam's export items to Cambodia recorded growth in the first 5 months of 2024, including: textiles and garments reaching 350.333 million USD, up 1.49%; textile and garment materials and footwear reaching 155.542 million USD, up 27.43%; plastic products reaching 89.231 million USD, up 40.06%; other base metals and products reaching 59.235 million USD, up 36.67%; machinery, equipment, tools and other spare parts reaching 47.563 million USD, up 45.26%; chemical products reaching 46.563 million USD, up 14.39%; fibers and textile yarns of all kinds reaching 42.659 million USD, up 23.13%; wood and wood products reaching 18.055 million USD, up 54.21%; Rubber products increased by 77.23%; coffee exports increased by 78.71%;…
On the other hand, imports of goods from Cambodia in the first 5 months of 2024 reached more than 2.472 billion USD, up 30.7% over the same period. Imported goods with high growth rates include: Cashew nuts increased by 29.46%; ores and other minerals increased by 100%; textile and footwear materials increased by 162.77%; tobacco materials increased by 117.3%; soybeans increased by 851.61%;...
In recent years, economic, trade and investment relations between the two countries have developed positively and achieved encouraging results. Regarding trade, bilateral trade turnover between Vietnam and Cambodia continues to maintain positive growth momentum.
In order to promote cooperation, the two sides signed the Agreement on promoting bilateral trade between Vietnam and Cambodia for the period 2019-2020; Memorandum of Understanding on developing and connecting Vietnam-Cambodia border trade infrastructure; Memorandum of Understanding on cooperation in the field of trade promotion...
The two sides also agreed on the contents of the Vietnam-Cambodia Border Trade Agreement. Recently, Vietnam and Cambodia have also offered import-export tax incentives for goods of businesses on both sides.
Vietnam enjoys 0% import tax on 26 items when imported into the Cambodian market. These are special incentives that Cambodia only gives to Vietnam. In return, Vietnam also offers special incentives of 0% import tax on 32 items of Cambodia, mostly agricultural products.
In addition, trade cooperation between Vietnam and Cambodia has been actively promoted through many activities, such as business forums, Vietnam's exhibition fairs in Cambodia, and the opening of border economic zones. The two sides have also strengthened the construction of legal corridors and infrastructure to serve trade activities.
With the advantage of geographical conditions, good cooperative relations between the people of the two countries, as well as similarities in products, trade between Vietnam and Cambodia has been growing rapidly in recent times. Currently, Vietnam has become Cambodia's second largest trading partner in the international market.
Vietnam becomes Cambodia's second largest trading partner in the market
According to the Vietnam Trade Office in Cambodia, Vietnam and Cambodia share a land border of about 1,255km long, passing through 9 Cambodian provinces: Ratanakiri, Mondulkiri, Kratié, Tbong Khmum, Svay Rieng, Prey Veng, Kandal, Takéo, Kampot and 10 Vietnamese provinces: Kon Tum, Gia Lai, Dak Lak, Dak Nong, Binh Phuoc, Tay Ninh, Long An, Dong Thap, An Giang and Kien Giang. There are 11 international border gates, 10 national border gates, 25 secondary border gates and many trails between the two countries. This is one of the favorable conditions for the development of trade, economic and tourism cooperation between the two countries.
Although Cambodia has an international container port, in trade relations with Vietnam, goods are mainly transported through land border gates and some by river. The amount of goods delivered to Vietnam via seaports is very small, insignificant.
Cross-border delivery is widely used because the total freight rate is low. The most common land border gates for customs clearance are Moc Bai in Tay Ninh and Tinh Bien in An Giang. There are two river border gates: Vinh Xuong in An Giang province and Thuong Phuoc in Dong Thap province.
With positive trade growth in the first months of this year, Vietnam is not only Cambodia's largest trade partner in ASEAN but also Cambodia's second largest trade partner in the world.
According to Mr. Nguyen Huy Tang - Vietnamese Ambassador to Cambodia, in 2024 and the following years, Vietnam will continue to promote comprehensive cooperation with Cambodia. This includes cooperation in the fields of economy, trade, investment and tourism, which are key areas of great interest to the leaders of the two countries.
Vietnam and Cambodia will continue to coordinate in implementing the agreements and memorandums of understanding that the two sides have signed, such as: Border Trade Agreement between the two countries, Bilateral Trade Promotion Agreement for the period 2023 - 2024. Memorandum of Understanding on Tourism Cooperation for the period 2023 - 2028. In addition, investors and businesses of the two countries will promote the search for good opportunities for investment and trade exchange in 2024 and the following years.
Recently, at the reception for Member of the Standing Committee of the Cambodian People's Party (CPP), Secretary General of the Central Committee for Mass Mobilization, Deputy Prime Minister, Minister of Public Works, President of the Cambodian Youth Federation Hun Many on the afternoon of July 5, Prime Minister Pham Minh Chinh emphasized that Vietnam and Cambodia need to continue to further improve the effectiveness of economic cooperation, build an independent, self-reliant economy, integrate deeply and effectively into each country's economy and develop new areas such as digital economy, green economy; continue to promote connectivity between the two economies, trade, investment, and transport connectivity, together aiming to soon reach 20 billion USD in bilateral trade turnover.
On the morning of July 11, President To Lam led a high-ranking Vietnamese delegation to leave Hanoi for a state visit to Laos and Cambodia. The visit took place from July 11-13 at the invitation of Lao General Secretary and President Thongloun Sisoulith and Cambodian King Norodom Sihamoni. This is President To Lam's first overseas trip since taking office. The President's visit to Laos and Cambodia on this first trip is of great significance, demonstrating a very important message from the Party and State of Vietnam as well as from the President himself. It is expected that President To Lam will hold talks, meet and interact with all senior leaders of Laos and Cambodia. Deputy Foreign Minister Do Hung Viet said this is a favorable opportunity for senior leaders of the two countries to review high-level agreements, important areas of cooperation and outline cooperation directions for the coming time. The visit will certainly create new momentum to develop more deeply, comprehensively and strongly the great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos and the good neighborliness, traditional friendship, comprehensive cooperation and long-term sustainability between Vietnam and Cambodia... In addition, the visit will mark a new stage of development in the Vietnam-Laos and Vietnam-Cambodia relations on the basis of equality, mutual benefit, effective cooperation, respect for each other's interests, contributing to consolidating strategic trust, deepening relations with the two countries, and strengthening solidarity between Vietnam-Laos-Cambodia and the ASEAN bloc. |
Comment (0)