Việt Nam, Cambodia promote cooperation in industry and trade

Minister of Industry and Trade Nguyễn Hồng Diên and Cambodian Minister of Commerce Cham Nimul and Minister of Industry, Science, Technology and Innovation Hem Vandy had talks on Tuesday in Hà Nội. — Photo from the Ministry of Industry and Trade

HÀ NỘI — Minister of Industry and Trade Nguyễn Hồng Diên on Tuesday held a working session in Hà Nội with Cambodian Minister of Commerce Cham Nimul and Minister of Industry, Science, Technology and Innovation Hem Vandy, on the occasion of an official visit to Việt Nam by Cambodian Prime Minister Hun Manet.

The two sides agreed that bilateral cooperation in trade and industry has made noteworthy progress in the recent past. In 2022, Việt Nam-Cambodia trade turnover grew nearly 11 per cent from 2021 to reach nearly US$11 billion. Of the figure, Việt Nam’s exports to Cambodia stood at $5.75 billion, up 19 per cent year-on-year while imports from Cambodia reached $4.82 billion, an increase of 2.48 per cent.

In the context of negative fluctuations in the world situation in the first 11 months of 2023, trade between Việt Nam and Cambodia totaled nearly $8 billion. Việt Nam is Cambodia’s third-largest trading partner and its largest trading partner in the Association of Southeast Asian Nations (ASEAN).

Việt Nam has been developing a remarkable number of projects in Cambodia to supply raw materials for domestic industrial production, especially rubber, thereby contributing to helping Cambodia stabilise people’s lives and develop its economy. Cambodia is also a market for iron and steel products, construction materials, processed foods, and consumer goods from Việt Nam. 

The two sides agreed on several measures to promote economic – trade and industrial cooperation between the two countries, aiming for higher trade turnover in the coming time through reviewing, supplementing and signing new legal frameworks relating to trade.

They also pledged to strengthen coordination and exchange information to fight cross-border smuggling, enhance the exchange of experiences to improve the business investment environment as well as policies to attract investment in the field of industrial production in Cambodia.

The ministers reached consensus on considering a mechanism of annual meetings of the three ministries to promote Việt Nam-Cambodia collaboration in the fields of trade and industry.

They agreed to continue to coordinate closely to address the remaining obstacles in trade and industrial relations between the two countries. — VNS