Intellasia East Asia News – Vietnam, Cambodia lift trade ties

Minister of Industry and Trade Nguyen Hong Dien held a working session with Cambodian Ambassador to Vietnam 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 pandemic and restore its economy.

On the occasion, he presented 10,000 anti-bacteria clothing masks to the Cambodian Embassy in Vietnam, and 10,000 others to each of the Cambodian Ministry of Commerce; Ministry of Industry, Science, Technology and Innovation; and the Ministry of Mines and Energy.

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

Last year, two-way trade tripled from 2010. In 2019, it reached 5.2 billion USD, surpassing the target of 5 billion USD. 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 against smuggling across the border, enhance power purchase partnership, and ensure the stability and safety of each nation’s electricity system.

Concluding the event, Dien affirmed that the Ministry of Industry and Trade 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 USD in the first quarter of this year, up 103.68 percent annually. Of the figure, Vietnam’s exports to Cambodia rose by 15.83 percent year-on-year to 1.22 billion USD, mostly iron and steel up 20.8 percent, apparel 15.5 percent, oil and gas 18.4 percent, apparel and footwear materials 10.6 percent.

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

https://en.vietnamplus.vn/vietnam-cambodia-lift-trade-ties/201118.vnp

 

Category: Economy, Vietnam


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