Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia, Vietnam vow to lift trade, industry ties

Cambodia, Vietnam vow to lift trade, industry ties

Content image - Phnom Penh Post
A shoe production line for export. Apparel and footwear materials are among Vietnam's key export products to Cambodia. VIETNAM NEWS AGENCY

Cambodia, Vietnam vow to lift trade, industry ties

Vietnamese Minister of Industry and Trade Nguyen Hong Dien held a working session with Cambodian ambassador Chay Navuth in Hanoi on May 6 to discuss measures to strengthen bilateral ties across trade, industry and energy.

Dien expressed his belief that under the leadership of the Cambodian government and with prevention and control measures, Cambodia will soon wipe out Covid-19 and restore its economy.

On the occasion, he presented 10,000 anti-bacterial cloth masks to the Cambodian embassy in Vietnam, and 10,000 others to each of the Cambodian ministries of Commerce; Industry, Science, Technology and Innovation; and Mines and Energy.

Both sides spoke highly of bilateral trade ties over the past years, with an annual growth of around 18 per cent during 2010-2019.

Last year, two-way trade tripled from 2010. In 2019, it reached $5.2 billion, surpassing the target of $5 billion. They expressed their belief that the figure will grow more strongly in the near future.

The two sides agreed to maintain and renovate customs clearance model at border gates on roads and waterways, ensuring that the supply chain will not be disrupted, especially for necessities such as medical and food supplies, amid the pandemic.

At the same time, they will review, revise and sign legal frameworks related to trade, especially an agreement between the two governments to step up bilateral trade for the 2022-2023 period.

They vowed to accelerate the implementation of a master plan to carry out the memorandum of understanding on connectivity and development of border trade infrastructure between the two governments.

Further support will be offered to firms to promote trade, build trademarks and distribution channels, enhance information sharing, fight smuggling across the border, enhance power purchase partnership, and ensure the stability and safety of each nation’s electricity system.

Dien affirmed that his ministry is ready to work with the Cambodian embassy and other units to lift Vietnam-Cambodia relations in the near future.

The ministry’s Department of Asian-African Markets reported that two-way trade reached $2.69 billion in the first quarter of this year, up 103.68 per cent annually.

Of the figure, Vietnam’s exports to Cambodia rose by 15.83 per cent year-on-year to $1.22 billion, with iron and steel up 20.8 per cent, apparel 15.5 per cent, oil and gas 18.4 per cent, apparel and footwear materials 10.6 per cent.

Meanwhile, imports from Cambodia soared by 443 per cent annually to $1.47 billion, including cashew nuts $711 million, up 497 per cent; rubber $318.3 million, up 999 per cent; vegetables $13.3 million, up 48.2 per cent, iron and steel scrap $10.7 million, up 216.7 per cent.

VIET NAM NEWS/ASIA NEWS NETWORK

MOST VIEWED

  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • Rise in planned flights lifts travel hopes

    Six airlines have applied to resume flights in December, while two others have put in for additional flights and routes, according to State Secretariat of Civil Aviation (SSCA) head Mao Havannall on November 29. These account for 43 new weekly domestic and international flights in December, up 16

  • General’s gun smuggling ring busted

    The Military Police sent six military officers to court on November 22 to face prosecution for possession of 105 illegal rifles and arms smuggling, while investigators say they are still hunting down additional accomplices. Sao Sokha, deputy commander of the Royal Cambodian Armed Forces and commander of

  • Is Cambodia’s travel sector in for another cheerless holiday season?

    The travel and tourism sector was heaving back to life as borders started to reopen, promising a festive vibe for the holidays and New Year. But Omicron and other Covid-related issues are threatening to close the year on a bleak note ‘Seems [like] Covid-19 won’

  • Cambodia, Thailand to discuss border reopening

    Cambodian authorities from provinces along the Cambodia-Thailand border will meet with Thai counterparts to discuss reopening border checkpoints to facilitate travel, transfer of products and cross-border trade between the two countries. Banteay Meanchey provincial deputy governor Ly Sary said on November 22 that the provincial administration

  • Hun Sen: Manet to be candidate for prime minister

    Prime Minister Hun Sen has reaffirmed that his oldest son Hun Manet will be his successor as Prime Minister if he is elected. Speaking during the inauguration of a new sewage treatment facility in Preah Sihanouk province on December 2, Hun Sen said Manet will be