Bilateral trade turnover reached 4.6 billion USD in the first 5 months of this year.
According to data from General Department of Vietnam Customs, in the first 5 months of 2024, total import-export turnover between Vietnam and Cambodia reached 4.6 billion USD, up 13.4% over the same period in 2023. Of which, total export turnover of goods from Vietnam to Cambodia reached more than 2.116 billion USD, down 1.76% over the same period.
Vietnam's export items to Cambodia recorded growth in the first 5 months of 2024, including: textiles and garments reaches 350.333 million USD, up 1.49%; textile and garment materials and footwear 155.542 million USD, up 27.43%; plastic products reaching 89.231 million USD, up 40.06%; Other base metals and products reached 59.235 million USD, up 36.67%; other machinery, equipment, tools and spare parts reached 47.563 million USD, up 45.26%; chemical products reached 46.563 million USD, up 14.39%; fibers and textile fibers of all kinds reached 42.659 million USD, up 23.13%; wood and wood products reached 18.055 million USD, up 54.21%; rubber products increased 77.23%; coffee exports increased 78.71%; ... On other hand, imports of goods from Cambodia in the first 5 months of 2024 reached more than 2.472 billion USD, up 30.7% over the same period. Imported goods recorded high growth rates include: Cashew nuts increased by 29.46%; ores and other minerals increased by 100%; Textile and footwear raw materials increased by 162.77%; tobacco raw materials increased by 117.3%; soybeans increased by 851.61%;...
In recent years, economic, trade and investment relations between two countries have developed positively and achieved encouraging results. In terms of trade, bilateral trade turnover between Vietnam and Cambodia continues to maintain positive growth momentum.
In order to promote cooperation, two sides signed the agreement on promoting bilateral trade between Vietnam and Cambodia for a period of 2019 - 2020; Memorandum of Understanding on developing and connecting Vietnam - Cambodia border trade infrastructure; Memorandum of Understanding on cooperation in the field of trade promotion...
Two sides also agreed on contents of Vietnam - Cambodia Border Trade Agreement. In recent times, Vietnam and Cambodia have also provided import tax incentives for goods of enterprises of both sides.
Vietnam enjoys a 0% import tax on 26 items when imported into the Cambodian market. These are special incentives that Cambodia only gives to Vietnam. In return, Vietnam also offers a special preferential import tax rate of 0% for 32 items of Cambodia, mostly agricultural products.
In addition, trade cooperation between Vietnam and Cambodia has been actively promoted through many activities, such as business forums, Vietnam's exhibition fairs in Cambodia, and the opening of border economic zones. The two sides have also strengthened the construction of legal corridors and infrastructure to serve trade activities.
With advantage of geographical conditions, good cooperative relations between two peoples, as well as similarities in products and goods, trade between Vietnam and Cambodia has been growing rapidly in recent times. Currently, Vietnam has become Cambodia's second largest trading partner in the international market.
Vietnam becomes Cambodia's second largest trading partner in the market
According to Vietnam Trade Office in Cambodia, Vietnam and Cambodia share a land border of about 1,255km, passing through 9 Cambodian provinces: Ratanakiri, Mondulkiri, Kratié, Tbong Khmum, Svay Rieng, Prey Veng, Kandal, Takéo, Kampot and 10 Vietnamese provinces: Kon Tum, Gia Lai, Dak Lak, Dak Nong, Binh Phuoc, Tay Ninh, Long An, Dong Thap, An Giang and Kien Giang. There are 11 international border gates, 10 national border gates, 25 secondary border gates and many trails between two countries. This is one of favorable conditions for development of trade, economic and tourism cooperation between two countries.
Although Cambodia has an international sea container port, in trade relations with Vietnam, goods are mainly transported through land border gates and some by river. Volume of goods delivered to Vietnam via seaports is very small, insignificant.
Reason why cross-border delivery is widely applied is low freight rate. The most cleared land border gates are Moc Bai (Tay Ninh) and Tinh Bien (An Giang). Two river border gates are Vinh Xuong border gate in An Giang province and Thuong Phuoc border gate in Dong Thap province.
With positive growth in trade scale in the first months of this year, Vietnam is not only Cambodia's largest trading partner in ASEAN but also Cambodia's second largest trading partner in the world.
According to Mr. Nguyen Huy Tang - Vietnamese Ambassador to Cambodia, in 2024 and the following years, Vietnam will continue to promote comprehensive cooperation with Cambodia. Including cooperation in fields of economy, trade, investment and tourism, which are key areas that leaders of two countries are very interested in.
Vietnam and Cambodia will continue to coordinate to implement agreements and memorandums of understanding that two sides have signed such as: Border Trade Agreement between two countries, Bilateral Trade Promotion Agreement for a period of 2023 - 2024. Memorandum of Understanding on Tourism Cooperation for a period of 2023 - 2028. In addition, investors and enterprises of two countries will promote search for good opportunities for investment and trade exchange in 2024 and the following years.
Recently, at a meeting with a member of the Cambodian People’s Party (CPP) Standing Committee, Secretary-General of the CPP Central Committee’s Mass Movement Commission, Deputy PM, Minister of Civil Service of Cambodia and President of the Union of Youth Federations of Cambodia, Hun Many on afternoon of July 5, Prime Minister Pham Minh Chinh emphasized that Vietnam and Cambodia need to continue to further improve the effectiveness of economic cooperation, build an independent, self-reliant economy, integrate deeply and effectively in each country and develop new areas such as digital economy, green economy; continue to promote the connection of the two economies, trade, investment, and transport connection, together aiming to soon reach 20 billion USD in bilateral trade turnover.

Source: Vitic/ congthuong.vn