New border gate poised to boost further Cambodia-Vietnam trade

New border gate poised to boost further Cambodia-Vietnam trade

As both neighbouring nations have set a new target of bilateral trade amounting to around $20 billion, the new international border gate will play a key role in achieving this goal, says Mr Hun Sen.

Senate President Hun Sen yesterday said that the new Cambodia-Vietnam Meun Chey International Border Gate, located in Prey Veng province and shares the border with Tay Ninh province in Vietnam, will help further promote trade and people-to-people connectivity between the two neighbouring countries.

He made the remarks at a gathering with students and teachers at the Kamchay Mear Education and Training Centre, Prey Veng province.

The Meun Chey International Border Crossing will contribute significantly to the exchange of goods between the two countries, especially agricultural products of the people living along the border, he said.

“As both neighbouring nations have set a new target of bilateral trade amounting to around $20 billion, the new international border gate will play a key role in achieving this goal,” Mr Hun Sen said.

In the first five months of this year, the bilateral trade volume between the two countries reached $3.84 billion, a year-on-year increase of 8 percent compared to the same period last year, according to a report from the General Department of Customs and Excise of Cambodia.

“Previously, we imported more from Vietnam, but now we are moving toward balanced trade. In fact, last year, our exports to Vietnam exceeded our imports. The import and export of goods between the two countries is mutually beneficial,” he added.

Cambodia and Vietnam have agreed to establish a joint mixed trade commission aimed at promoting the growth of bilateral trade, with the goal of reaching $20 billion in the near future.

The Vietnamese Embassy in Cambodia will work with competent institutions of both countries to support and encourage Vietnamese businesses to make new investments or expand their investments and do business in Cambodia, its Ambassador Nguyen Minh Vu said.

The good political and diplomatic relations between the two countries, the close geographical and cultural locations, and the recent improvement in the investment climate of the two countries will create favourable conditions for businesses from both countries to invest, do business, and develop, bringing tangible benefits to businesses and people of both countries, he said last week.

Vietnam has become one of the four countries with the largest direct investment in Cambodia.

Industry, telecommunications and information technology, such as 5G network, e-government, digital transformation, renewable energy, mining business, and processing industry, according to the Vietnamese Embassy to Cambodia.

The Vietnamese investment projects are currently in 18 of Cambodia’s 25 capitals and provinces, focusing on key sectors such as agriculture, telecommunications, banking, financial services, food processing and processing industries, mining, aviation, tourism, etc.

Regarding boosting trade and investment cooperation between Cambodia and Vietnam, the Cambodia Trade Office of Royal Embassy of Cambodia to Vietnam hosted on Wednesday a business meeting in Ho Chi Minh City, Vietnam, to explore and present opportunities for trade and investment cooperation between Cambodia and Vietnam.

The event was co-organised by the Cambodia Trade Office in the Socialist Republic of Vietnam and the Logistics and Supply Chain Business Association (LOSCBA), focusing on strengthening Cambodia-Vietnam trade cooperation.

The event aimed to create a platform for businessmen from both countries to explore and present opportunities for trade and investment cooperation in key sectors such as agro-industry, food processing, technology, processing industries, and transportation,” read a statement from the Cambodia Trade Office.

The discussion also focused on enhancing the export of agricultural and processed food products, as well as improving transportation services and logistics networks to support cross-border trade and connectivity.

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