Logo of Phnom Penh Post newspaper Phnom Penh Post - Vietnam trade rises, yet deficit widens

Vietnam trade rises, yet deficit widens

Vietnam trade rises, yet deficit widens

CAMBODIA’S trade deficit with Vietnam widened over the first eleven months last year to US$1.383 billion, according to figures obtained from the Vietnam Trade Office in Phnom Penh yesterday.

“We cannot balance trade with them because they have a very big population and economy,” said Kong Putheara, Deputy Cabinet Chief of the Ministry of Commerce.

Vietnam exported some $1.593 million worth of goods to the Kingdom in 2010, up to the end of November, a 36 percent increase on the same period of 2009.

Meanwhile, Cambodia exported $210 million worth of goods to its eastern neighbour during the period, a 32 percent increase.

In 2009, the gap between Vietnamese exports and Cambodia’s was worth about $1.016 billion.

“Vietnam sees plenty of potential in Cambodia, compared with other countries, because of how close they are to us,”  said Kong Putheara.

Tensions with Thailand had also provided opportunities for Vietnam to increase its business in the Kingdom, he said, adding Vietnam’s economic footprint here would continue to grow even as relations improved with Thailand

Cambodia’s major exports to Vietnam are agricultural products such as wood, rubber, cashews, rice, and corn.

Vietnam ships  products such as vegetables, fruits, instant noodles, plastics, and cigarettes to the Kingdom.

MOST VIEWED

  • PM: West unfair to Cambodia

    Prime Minister Hun Sen released a message celebrating the International Day of Peace on Monday, saying that some major powers and western countries had been systemically cooperating to put political pressure on Cambodia as they did in the 1970s and 1980s. Hun Sen said pressuring

  • First ‘mobile kitchen’ in Cambodia enters service

    A catering company recently rolled out Cambodia’s first “mobile kitchen” – a $50,000 container capable of serving up to 200 people at a time. The kitchen is the brainchild of Seng Hok Heng Catering Services. At 4.4m-high, 6.8m-long and 2.4m-wide (expandable to 6.8m), the kitchen is equipped

  • Kingdom, China rebut basis for US sanctions

    The Council for the Development of Cambodia, the Ministry of Foreign Affairs and International Cooperation, and Tianjin Union Investment Development Group Co Ltd (Tianjin) have responded to US sanctions on Union Development Group Co Ltd (UDG), a Chinese-owned company currently developing the sprawling $3.8 billion Dara

  • Influenza breaks out in eight provinces

    Nearly 600 people have been infected with influenza in eight provinces in the past month, Ministry of Health spokesperson Or Vandine said. The ministry is advising extreme caution. A report released by Vandine on Saturday said the Ministry of Health observed transmissions of influenza between August 15

  • CNRP activist freed; Sam Rainsy pledges return to Kingdom

    The Phnom Penh Municipal Court on Monday released former CNRP activist Oeur Narith on bail after the court ended its questioning on suspicion of receiving money from abroad and plotting to overthrow the government, according to the authorities. National Police spokesman Chhay Kim Khoeun confirmed

  • Hun Sen says developing nations ‘targets of rivalry’

    Prime Minister Hun Sen spoke at the virtual UN General Assembly on Monday, saying that developing nations often become targets of punishment for their imperfections when they don’t rise to the standards of developed countries. He said rivalries between superpowers often hamper developing countries’