Cambodia and Vietnam clock trade volume of nearly $10 billion

Cambodia and Vietnam clock trade volume of nearly $10 billion

Prime Minister Hun Sen and Vietnamese Foreign Minister Bui Thanh Son held a wide-range of discussion on trade and tourism, with both sides committing to increase the trade volume to more than US $10 billion

The trade volume between Cambodia and Vietnam have touched nearly $10 billion last year despite the Covid fallout. This topic was figured during a recent meeting between Prime Minister Hun Sen and visiting Vietnamese Foreign Minister Bui Thanh Son with both sides committing to cross the $10 billion mark in 2022.

On 19-20 January, both sides agreed to further cooperate and sustain this growth momentum. Prime Minister Hun Sen and Bui Thanh Son held a wide-ranging talks on trade and tourism, with both sides committing to increase their trade volume to reach more than $10 billion.

During the meeting, Son informed Mr Hun Sen that the trade volume between Cambodia and Vietnam had increased to nearly $10 billion last year and that he expects the two countries would continue to strengthen their economic connections and work together to increase the trade volume in 2022 even further.

Son said he also expects that both countries will beef up cooperation across all sectors of agriculture and industry. The reopening of direct flights between Vietnam and Cambodia will enable easy travel.

“Mr Hun Sen said that we
have to continue to work on tourism investment to make our economies interconnected. He also touched on the plan of building a railway connection between Cambodia and Vietnam and said that Cambodia wanted to see this railway built in order to facilitate economic connections between the two countries,” a press release said.

Despite COVID-19 impacts, total trading between Vietnam and Cambodia reached $9.3 billion in 2021, a sharp advance of 75% compared to 2020, according to the Vietnam Trade Office in Cambodia.

In 2021, Vietnamese companies poured more than $88.9 million into four new projects in Cambodia. This raised Vietnam’s total investment to over $2.84 billion, making it one of the five largest foreign investors in the neighbouring country.

The Trade Office is showing that import and export revenue between the two countries was reported at $8.63 billion in the first 11 months of this year, a dramatic rise of 84% compared to the same period last year.

The two-way trade revenue between the two countries soared to US$ 9.3 billion by the end of 2021, up to $4 billion over 2020.

Cambodia also witnessed nine out of 11 groups of products exported to Vietnam with positive growth including vegetables, fruits, cashew nuts, rubber and others.

Twenty-four out of 29 groups of Vietnamese products exported to Cambodia saw positive growth in the 11 months compared to the same period last year, including vegetables, tubers and fruits, animal feed and raw material, petrol and oil, fertiliser, and others.

Vietnam and Cambodia posted total import and export revenue of over $5.32 billion in 2020, a slight increase of 0.84 percent compared to 2019. Khmer Times