In a bid to achieve the $5 billion bilateral trade target, Cambodian Commerce Minister Pan Sorasak called on the private sector from Cambodia and Vietnam to accelerate their investment efforts.
Mr Sorasak said the two nations have made strong efforts to boost bilateral trade and investment signing cross-border trade agreements, memorandum of understandings (MoU) on the exchange of mainland traffic, trade promotion and double tax agreement elimination, and the building of a model market on the Cambodia-Vietnam border, officially dubbed ‘Da Market’ for its location in the Da commune in Tbaung Khmum province’s Memot district.
The new marketplace will occupy an area of more than 19,500 square metres in Thary Tbaung Khmum Special Economic Zone.
“Currently, Vietnam is Cambodia’s fifth investment source with an inflow of investment of $3 billion in 206 projects, while Cambodian investment in Vietnam concerns 18 projects worth $58.1 million.
“From January to July of 2018, bilateral trade between Cambodia and Vietnam stood at $2.7 billion, up 19 percent compared with the same period in 2017,” he said.
Vietnam is also one of Cambodia’s major trading partners in Asean, Long Kem Vichet, spokesman of the Ministry of Commerce, said.
He said the ministry is 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.
During the official visit of Prime Minister Hun Sen to Vietnam last week, six agreements and MoUs, including the MoU on the Transport Cooperation Strategy for 2018-2025, were signed.