Sun. Dec 10th, 2023

Call to boost trade with Cambodia

Workers produce electric cable for export to Thailand, Laos and Cambodia at Thinh Phat Company in HCM City. Viet Nam and Cambodia are aiming to bring bilateral trade turnover to $5 billion by 2015. — VNA/VNS Photo Van Khanh

HA NOI (VNS)— Bilateral ties in trade and investment between Viet Nam and Cambodia have yet to realise their full potential despite optimistic results during the past years, said Cambodian Planning Minister Chhay Than.

The Planning Minister called on both countries to invigorate relations to fulfil the target of increasing Vietnamese investments in Cambodia to US$3.2 billion and reach two-way trade turnover of $5 billion in 2015, he said, adding that Cambodia was improving conditions for foreign investors, including those from Viet Nam.

Vietnamese businesses should exploit their advantages and investment incentives in Cambodia’s telecommunications and industrial tree plantation sectors, said Le Minh Dien, deputy head of the External Economic Department under the Ministry of Planning and Investment.

Exploring opportunities in emerging industries such as construction and real estate would also be wise, he said.

Viet Nam is now Cambodia’s second largest trade partner. Two-way trade value was estimated at $3.3 billion in 2012, with $2.9 billion coming from Vietnamese exports including plastic home appliances, instant noodles and spare electric parts. Viet Nam mainly imported rubber, wood, tobacco and raw materials for the garment and textiles sector.

The Ministry of Planning and Investment’s statistics showed that by the end of 2012, Viet Nam had 104 projects in Cambodia with capital totalling $2.42 billion. Vietnamese businesses have to date disbursed nearly $300 million in Cambodia in various socio-economically important fields such as telecommunications, agriculture and financial services.

A Viet Nam-Laos-Cambodia ministerial meeting has been scheduled for the end of this month to draw up plans aimed at developing border areas between the three countries into a major industrial and rubber production zone. — VNS

By vivian