Bilateral trade between Cambodia and neighbouring Vietnam increased by more than 10 per cent last year on the previous year, according to data from the Vietnam Trade Office in Cambodia.
The data showed that total trade volume was $3.3 billion between January and the end of December, compared with $2.836 billion in the same period of 2011 – an increase of 17 per cent.
The figures reveal that Cambodia’s total exports to Vietnam rose by 13.19 per cent to $486 million in 2012, up from $430 million in 2011, while total imports from Vietnam increased by about 18 per cent from $2.4 billion to $2.8 billion.
Both governments pledged in June of last year to advance two-way trade, with the hope of ultimately reaching $5 billion in trade by 2015.
“I do believe that, with the trend witnessed, we can reach the goal set by the two governments. In recent years, the two sides have been focusing on implementing effective measures to promote bilateral trade, especially in the facilitation of border trade,” Tran Tu, trade attache to the Vietnam Trade Office in Cambodia, said.
“So in the near future, border trade will develop at a higher rate, effectively contributing to general bilateral trade,” he added.
Cambodia’s main export products to Vietnam were sea and freshwater foods, corn, dried tobacco, latex, paddy rice and cashew nuts. The majority of Vietnamese products imported into the Kingdom were steel and made-from-steel products, confectionery and cereal products, garments, rubber products, fruit and vegetables, paper, metal products, machinery, and vehicles and spare parts.
However, Tran said, some border problems persist and it will take co-operation between both sides to resolve them.
“There are some difficulties and shortcomings, including border checks and transport fees, the poor condition of trade facilitation and infrastructure at the borders, and competition from other foreign suppliers,” he told the Post.
This year, however, he expects the volume of bilateral trade to increase by at least 20 per cent.