The two-way trade between Cambodia and Vietnam reached $4.4 billion, an increase of 13.8 percent from January to October, according to local media quoting a Vietnam trade body’s figures.
The rise comes close to their joint target with the two governments committed to increasing trade volume by reaching $5 billion by 2020.
Vietnam Chamber of Commerce and Industry and Cambodia Chamber of Commerce jointly organised a business forum in Phnom Penh on Saturday when the Vietnam trade body announced the trade volume figure.
The forum is hailed as enhancing cooperation between companies in the two countries, where they discussed key issues including increasing the efficiency of trade exchange and protecting the legitimate interests of enterprises and experience in cross-border clearance.
Vietnam reportedly noted that it so far has 214 investment projects in the Kingdom, with a combined capital investment amounting to $3 billion. This makes Vietnam businesses the fifth largest foreign direct investors in the Kingdom.
Cambodia, at the same time, has now 21 investment projects in Vietnam with capital investment valued at nearly $64 million, ranking it 54th among 132 countries investing in the Southeast Asian country.
Vietnamese investment in Cambodia is mostly in agriculture, forestry, insurance and banking. There is also substantial Vietnamese investment in IT, aviation, construction, transportation, real estate, manufacturing and processing.
During his official visit to Vietnam in October, Prime Minister Hun Sen urged Vietnamese companies to consider the Kingdom for expansion, noting that Cambodia has high potential, particularly in agriculture.
“We thank all foreign investors, particularly Vietnamese investors that have chosen Cambodia,” Mr Hun Sen said.
Optimism was evident during a recent meeting between Cambodia’s Minister of Foreign Affairs, Prak Sokhonn, and Vietnam’s Vice-Minister of Foreign Affairs Nguyen Quoc Dung. They were both confident that the projected trade volume will be achieved.
“Given current trends, including the fact that two-way trade reached $4.7 billion last year, bilateral trade will reach and may even exceed the target of $5 billion by 2020 set by the governments.
“This will be possible thanks to the Bilateral Trade Enhancement for 2019-2020, signed in February 2019,” the Ministry of Foreign Affairs said in a recent statement