Vietnam and Cambodia target $5 billion in two-way trade turnover

13:03 | 05/10/2019
Based on the achievements of the relationship and co-operation between Vietnam and Cambodia, the heads of the two countries’ governments believe that the $5 billion target in two-way trade turnover could be reached a year earlier than expected.
vietnam and cambodia target 5 billion in two way trade turnover
The two PMs co-chairing the conference

On the occasion of the official visit by Prime Minister of the Kingdom of Cambodia Samdech Techo Hunsen and a high-level delegation to Vietnam, the Ministry of Planning and Investment (MPI) in collaboration with Ministry of Industry and Trade, Ministry of Foreign Affairs, and Council for the Development of Cambodia (CDC) held the Vietnam-Cambodia Investment and Trade Promotion Conference on October 4, 2019 in Hanoi.

The conference was chaired by Vietnamese Prime Minister Nguyen Xuan Phuc and his Cambodian counterpart Samdech Techo Hunsen with the participation of over 500 representatives of ministries, agencies, organisations, businesses, and associations from Vietnam and Cambodia.

Across the sidelines of the conference, as many as 40 local enterprises that are going to set foot in Cambodia showcased and presented their products and services.

At the conference, the MPI and the CDC reviewed and outlined the achievements of bilateral trade and investment relations, as well as gathered comments and reports from the two countries’ business associations, and the performance of Vietnamese firms investing in Cambodia.

The two investment management agencies also signed a memorandum of understanding to set the foundations of developing investment and trade activities between the two countries.

Cambodian Prime Minister Samdech Techo Hunsen encouraged Vietnamese firms to invest in Cambodia in sectors like agriculture, tourism, transportation, logistics, construction and building materials, education and vocational training.

“The Cambodian government is doing its utmost to improve the investment and business climate through dialogues between the government and businesses, reducing business costs, formulating new laws on investment and special economic zones,” said prime minister Samdech.

vietnam and cambodia target 5 billion in two way trade turnover
The MoU signing ceremony between the MPI and CDC to strengthen bilateral trade and investment co-operation

Meanwhile, Vietnamese Prime Minister Nguyen Xuan Phuc highly appreciated the two countries’ enterprise community to invest, do business, and contribute to the socio-economic development of both countries. The ministries and agencies of both countries will perfect legal provisions, and support firms to improve competitiveness against the region.

The Vietnamese PM also welcomed Cambodian investors to Vietnam, as well as asked Vietnamese enterprises investing in Cambodia to do corporate social responsibility, sustainable development, and contribute to the socio-economic development of Cambodia.

As of the end of September 2019, there were 178 projects in Cambodia invested by Vietnamese businesses with the total capital value of $2.8 billion. Vietnam ranks fifth among countries investing in Cambodia, registering $50 million of investment in the first nine months of this year, up 49.5 per cent on-year.

Vietnamese investments in Cambodia focus on agriculture, banking, telecommunications and information technology, industry, as well as processing and manufacturing. A part of these Vietnamese projects have been put into operation and are contributing to the state budget, social welfare, creating jobs, training, and improving infrastructure 1around the projects.

Meanwhile, there are 21 Cambodian investment projects in Vietnam with the total registered investment of $4.7 billion, up 24 per cent on-year. In the first eight months of this year, two-way trade turnover reached $3.54 billion, 13.91 per cent more than in the previous year, and is expected to reach $5 billion by 2020 or earlier.

The Vietnam-Cambodia Trade and Investment Promotion Conference 2019 is a good chance for both sides to review and discuss strengthening economic, trade, and investment relations in the time coming.

By Nguyen Huong

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