President’s next visit to Cambodia to strengthen bilateral economic and trade relations | Politics

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Iron and steel of all kinds is one of Vietnam’s exports to Cambodia. (Photo: VNA)

Hanoi (VNA) President Nguyen Xuan PhucCambodia’s upcoming visit to Cambodia from December 21 to 22 provides the two sides with an opportunity to discuss broad directions and measures to further strengthen bilateral relations in the new period.

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Vietnam Trade Office in Cambodia said despite the COVID-19 pandemic, trade between Vietnam and Cambodia still jumped 84% year-on-year to $ 8.6 billion in the first 11 months of this year. Of that figure, more than $ 4.35 billion came from Vietnam’s exports to Cambodia, up 17%, and the rest of Cambodia’s exports, up 337% year-on-year. The figure is estimated at 9.3 billion USD for the whole year, marking an increase of almost 75% per year.

According to the Afro-Asian Markets Department of the Ministry of Industry and Trade, Vietnam was one of Cambodia’s main trading partners. During the period 2016-2020, bilateral trade increased by 17% per year on average, from 2.92 billion USD in 2015 to 5.32 billion USD in 2020. In addition to boosting exports to Cambodia, Vietnam continued to offer preferential tariffs on Cambodia’s exports to Vietnam.

At present, Vietnam has 188 valid investment projects with a total registered capital of nearly 2.85 billion USD in Cambodia.

Vietnam and Cambodia have supported each other in the fight against COVID-19. Vietnam presented PCR test kits valued at approximately $ 300,000 as well as $ 500,000 in cash and medical supplies in Cambodia. Meanwhile, Cambodia also gave Vietnam 200,000 doses of Sinopharm vaccine, 1 million medical masks and 100,000 N95 masks, 100 oxygen generators and USD 350,000 in cash to Vietnam.

Industry and Trade Minister Nguyen Hong Dien said the ministry is ready to partner with Cambodian agencies and the Cambodian Embassy in Vietnam to further strengthen bilateral relations in the near future./.

VNA


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