Cambodia-Vietnam trade crosses $5.8B in 9 months
Cambodia-Vietnam trade crosses $5.8B in 9 months
Cambodia-Vietnam trade volume reached $5.81 billion, up 21.9 percent from $4.77 billion in the same period in 2023, according to a report of the General Department of Customs and Excise of Cambodia (GDCE).
The report showed that from January to September, Cambodia exported $2.72 billion worth of products to Vietnam, a year-on-year increase of 33.8 percent while imported $3.09 billion from Vietnam, up 13 percent.
Vietnam is the second biggest export market for Cambodia’s products, mainly raw materials of agricultural products.
Cambodia’s main exports to Vietnam include rice, rubber, cashews, cassava, corn, bananas, mangoes and tobacco.
Meanwhile, the main imports from Vietnam include construction materials, machinery, fuel, electrical and electronic equipment, fertilizers, animal feed, vegetables and fruits.
The growth reflects the two countries’ efforts to achieve a targeted trade volume in the coming years, said Penn Sovicheat, Secretary of State and spokesman at the Ministry of Commerce.
Speaking to Khmer Times, Sovicheat said, “This reflects the growing competitiveness of Cambodian agricultural products and the strengthening of trade ties between the two countries.”
Goods exported from Cambodia to Vietnam are some unprocessed products as Vietnam also needs raw materials from the Kingdom, said Lim Heng, Vice President of the Cambodia Chamber of Commerce.
“Exporting agricultural products to Cambodia’s neighbouring countries is important because, without neighbouring markets, we would be congested while domestic processing is still limited. So our neighbouring markets are our good markets for agriculture,” Heng added.
Cambodia and Vietnam are on track to exceed $10 billion in trade by the end of 2024 and up to the $20 billion target in the coming years.
Vietnam currently has 208 investment projects in Cambodia with a total registered capital of $2.91 billion, making it one of the 10th largest investors in Cambodia.
Similarly, Cambodia has 35 investment projects in Vietnam with a total registered capital of $75.76 million.
