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Cambodia: Kingdom, Vietnam hail bilateral trade growth despite Covid-19 pandemic
Cambodia and Vietnam have commended the significant increase in bilateral trade despite the disruptions caused by the Covid-19 pandemic and stressed their commitment to further boost the trade relations.
The remarks were made at a meeting between Cambodian Prime Minister Hun Sen and Nguyen Xuan Phuc, President of the Socialist Republic of Vietnam, on September 27 in Tokyo. Both the leaders are in Japan to attend the State Funeral of former Japanese Prime Minister Abe Shinzo.
The two leaders also appreciated several significant measures taken that would benefit both Cambodia and Vietnam.
The Prime Minister informed the Vietnamese president about his cooperation with the new Vietnamese Prime Minister for strengthening and expansion of bilateral and multilateral relations.
Though there are some trade issues between Cambodia and Vietnam, the trade volume between the two countries has increased steadily. In 2021, the Cambodia-Vietnam trade volume reached nearly $9 billion.
The two countries aim to increase trade volume to $10 billion in 2022.
The bilateral trade between Cambodia and Vietnam was $4.24 billion in January-August this year, a 22.6 percent increase over the same period last year, according to the General Department of Customs and Excise report.
In January-August, Cambodia exported $1.46 billion worth of products to the neighbouring nation, which is a year-on-year increase of 3.7 percent. Vietnam was the Kingdom’s second-largest market after the US during this period.
The Kingdom imported $2.77 billion worth of products from Vietnam, an increase of 35.8 percent, during the same period. This made Vietnam Cambodia’s third largest trading partner country after China and the US.
Exports to Vietnam include rice, cashew nuts, sugar and rubber, which is the largest export item.
Major imports from Vietnam include steel, textiles, gasoline, raw materials for textiles and footwear, fertilizer, paper, plastics, animal feed, metals and other general products.
To boost trade, Prime Minister Hun Sen asked provinces that share borders with neighbouring countries to facilitate the transport of goods.
Source: https://www.khmertimeskh.com/501158117/kingdom-vietnam-hail-bilateral-trade-growth-despite-covid-19-pandemic/