Cambodia and Vietnam are on track to exceed $10 billion in trade by the end of 2024, said Vietnam’s Ambassador to Cambodia Nguyen Huy Tang.
During the COVID-19 pandemic, two-way trade between the two countries was at $5.32 billion in 2020. But the figure went up to $9.53 billion and $10.57 billion in 2021 and 2022, respectively, before falling to $8.6 billion in 2023, Nguyen said.
In 2024, we expect bilateral trade to exceed $10 billion and this growth in trade volume highlights growing economic ties between the neighbouring nations, he said.
The Ambassador said there was more work that needed to be done to boost economic cooperation. He felt both sides needed to continue engaging to create favourable conditions for entrepreneurs and investors from both countries.
For both the import and export of goods, both Vietnam and Cambodia need to invest in each other and promote road infrastructure connectivity. Particular attention needs to be paid to building expressways, railways and air connections, the ambassador said.
“These activities will facilitate trade, tourism, people-to-people exchanges, and actively contribute to boosting economic ties between Vietnam and Cambodia in the future,” he said.
Vietnam is the second biggest export market for Cambodia’s products, mainly raw materials of agricultural products. Cambodia’s main exports to Vietnam include rice, rubber, cashews, cassava, corn, bananas, mangoes and tobacco. Meanwhile, the main imports of goods from Vietnam include construction materials, machinery, fuel, electrical and electronic equipment, fertilizers, animal feed, vegetables and fruits.
Vietnam currently has 208 investment projects in Cambodia with a total registered capital of $2.91 billion, making it one of the 10th largest investors in Cambodia. Cambodia has 35 investment projects in Vietnam with a total registered capital of $75.76 million.
