Vietnam, Cambodia Ministers promote cooperation in industry and trade
WVR/VNA - On December 12, in Hanoi, Minister of Industry and Trade Nguyen Hong Dien held a working session 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 Vietnam by Cambodian Prime Minister Hun Manet.
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| Vietnam, Cambodia Ministers promote cooperation in industry and trade: Minister of Industry and Trade Nguyen Hong Dien (middle) and Cambodian Minister of Commerce Cham Nimul (L), Minister of Industry, Science, Technology and Innovation Hem Vandy (Photo: moit.gov.vn) |
The two sides agreed that bilateral cooperation in trade and industry has made noteworthy progress in the recent past. In 2022, Vietnam - Cambodia trade turnover grew nearly 11% from 2021 to reach nearly 11 billion USD. Of the figure, Vietnam's exports to Cambodia stood at 5.75 billion USD, up 19% year-on-year while imports from Cambodia reached 4.82 billion USD, an increase of 2.48%.
In the context of negative fluctuations in the world situation in the first 11 months of 2023, trade between Vietnam and Cambodia totaled nearly 8 billion USD. Vietnam is Cambodia's third-largest trading partner and its largest trading partner in the Association of Southeast Asian Nations (ASEAN).
Vietnam 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 Vietnam.
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 Vietnam-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.
(Source: WVR/VNA)
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