Viet Nam, Cambodia’s bilateral trade surged 30% in 2017
Viet Nam, Cambodia’s bilateral trade surged 30% in 2017
Bilateral trade between Viet Nam and Cambodia last year surged 29.7 per cent against the previous year to nearly US$3.8 billion, the General Department of Customs reported.
Of the total, Viet Nam’s export turnover to this market was $2.77 billion, rising 26.1 per cent against the previous year. Vietnamese key export goods to Cambodia last year included steel and iron products ($521 million, up 69.7 per cent year-on-year) and oil and petrol ($375 million, up 30 per cent year-on-year).
Meanwhile, Viet Nam’s imports from Cambodia reached $1 billion, a year-on-year increase of 40.6 per cent, mainly with timber and wood products ($214 million, up 16.9 per cent), cashews ($168 million, up 46 per cent) and rubber ($138 million, up 64 per cent).
The leaders of Viet Nam and Cambodia have agreed to enhance the comprehensive co-operation between the two nations and raise the bilateral trade value to $5 billion. Viet Nam is currently the third largest trade partner and the fifth largest foreign investor in Cambodia.
According to the Asia-Pacific Market Department, under the Ministry of Industry and Trade, trade across the border of the two nations has become easier, contributing to making Cambodia the 16th largest export market of Viet Nam.
In recent years, the economic co-operation between the two nations has seen strong development. Statistics showed that the two-way trade between Viet Nam and Cambodia jumped from only $184 million in 2001 to $3 billion in 2016.
Major export products of Viet Nam to Cambodia included steel, fertilisers, garments, machinery and plastic products.
The two countries also expect to soon sign agreements on avoidance of double taxation, border trade and labour co-operation along with a memorandum of understanding on transport cooperation strategy for 2017-25 with a vision to 2030, which will help advance the trade relationship between the two sides to higher levels.
