Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia-Vietnam trade up 127pc in Q1

Cambodia-Vietnam trade up 127pc in Q1

Cambodia-Vietnam trade up 127pc in Q1

Vietnamese embassy says countries are likely to achieve target of $2 billion in bilateral trade

BILATERAL trade between Cambodia and Vietnam rose by 127 percent in the first quarter of this year, making likely that the countries will meet their target $2 billion worth of trade in 2010, a Vietnamese official said Sunday.

Two-way trade between the two nations hit US$432.5 million in the 2010 first quarter, up 127 percent from $190.5 million for the same quarter last year, a commercial official at the Embassy of Vietnam in Phnom Pehn, Le Bien Cuong, said.

Of the total, Vietnam exported around $345 million worth of goods to Cambodia, and Cambodia sent an estimated $87.5 million worth of products to neighbouring Vietnam.

“Trade is improving now because the economic situation has recovered.

“It is very different to the first quarter last year when the economy was so affected by the crisis, which caused trading to severely drop off,” said Le Bien Cuong.

Vietnam’s exports to Cambodia included a large range of products, including vegetables, fruits, instant noodles, plastics, cigarettes, consumer products, home appliances, construction materials, agricultural machines, fertilisers, pesticides, and processed farm produce, he said.

Meanwhile, Cambodia’s exports to Vietnam were mainly garment materials and agricultural produce such as wood, rubber, cashew nuts, rice and types of corn.

Trade between the two countries fell 19 percent over the 2009 calendar year, dropping to $1.33 billion after reaching $1.64 billion in 2008.

However the first-quarter figure of $432.5 million has boosted confidence that a $2 billion target for the whole of 2010 could become a reality.

“For this year we expect that trade would reach a target of $2 billion, based on the first three-month figures,” Le Bien Cuong said.

Ministry of Commerce Secretary of State Chan Nora, told the Post on Sunday that Cambodia and Vietnam have done a lot of work to stimulate trading activity between the two neighbours, offsetting a decrease in trade with Thailand.

“Our trading with Vietnam is getting better and better, while our trade with Thailand is not going so well due to the border dispute and Thai political unrest,” he said.

Chan Nora also said he believes trade with Vietnam this year will hit the $2 billion mark, as there is no barrier to the two countries’ trade cooperation and the Kingdom is thought to be well on the road to economic recovery.

On Friday, a waterway-transportation agreement that covers customs, transportation and commercial dealings between Cambodia and Vietnam was passed into law.

Officials hope the move will serve to further improve trading relations.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro