Cambodia eyes $5 bn mark in trade with VN
THE BILATERAL trade volume between Vietnam and Cambodia continued to grow during the first seven months of this year, prolonging an increase after three years of declines that ended in 2016.
Two-way trade between the Kingdom and its eastern neighbour reached $2.7 billion from January to July, a year-on-year increase of nearly 19 per cent, according to a report from Vietnam’s state-run media.
The spokesperson for the Vietnam embassy in Phnom Penh couldn’t be reached for comment.
However, speaking at a trade and investment forum in the capital last week, Vietnamese ambassador to Cambodia Vu Quang Minh said enterprises from both countries had plenty of potentials to work in the Kingdom.
“Enterprises of the two countries will have opportunities to learn, exchange and connect with partners, turning the potential and strengths of each into real projects in the coming years,” said Minh.
Despite providing a two-way trade figure, the report didn’t break down imports and exports by country. Trade data from Vietnam’s General Department of Customs last year revealed that the country’s key exports to Cambodia were steel, iron, oil, petroleum and consumer goods.
Meanwhile, Vietnam imported mainly wood products, cashew nuts, rubber and other agricultural products from Cambodia.
The two nations have been striving to hit $5 billion in yearly bilateral trade since 2015, but have so far come short. But Heng expressed hope that the figure could be met by the end of this year.
