Cambodia and Vietnam has agreed on a speedy implementation of mechanisms to facilitate trade, achieve faster transport connectivity, and apply one-stop services at border gates to help achieve a $5 billion bilateral trade target.
The commitment to boost trade was made during bilateral talks between Cambodia’s Deputy Prime Minister Prak Sokhonn and his Vietnamese counterpart Pham Binh Minh in Hanoi, Vietnam, on Tuesday.
The two countries are determined to boost border trade activities to soon realise the target of $5 billion in bilateral trade in the short run.
Two-way trade reached $3.8 billion in 2017, up 25 percent over the previous year.
The discussion focused on the promotion of bilateral ties and cooperation between the two countries. Furthermore, both ministers also exchanged views on regional and international issues of common concern.
Vietnam’s online news Nhan Dan quoted Mr Sokhonn, as saying that Cambodia has also asked Vietnamese investors to expand investment, and develop more business in Cambodia.
Mr Sokhonn said the Cambodian government will put its efforts to improve the investment environment to facilitate Vietnamese investments in Cambodia.
Vietnam is one of Cambodia’s major trading partners in Asean, Long Kem Vichet, spokesman of the Ministry of Commerce said.
He said the Ministry of Commerce is currently facilitating the establishment of a number of border markets to promote bilateral trade with Vietnam. Other mechanisms are also already in place, including the Development Triangle Area of Cambodia, Laos and Vietnam (CLV DTA), to promote trade and development.
“Cambodia’s export to Vietnam is mostly rubber, fabric and agriculture products. Cambodia imported mostly fuel, knitted fabric and steel,” Mr Vichet said.