THE SOCIALIST REPUBLIC OF VIET NAM
Government News
Viet Nam becomes biggest trade partner of Cambodia in ASEAN
VGP - The bilateral trade between Viet Nam and Cambodia reached over US$2.8 billion over the first five months of 2023, up nearly 3 percent against the same period last year, announced the Cambodian Ministry of Commerce.
With the figure, Viet Nam was Cambodia's biggest trading partner in ASEAN and the third among all trading partners of Cambodia after China and the U.S.
Of the figure, Viet Nam's export turnover reached US$1.5 billion while its imports value stood at US$1.3 billion.
According to the Vietnamese Ministry of Industry and Trade, in the 2016-2020 period, two-way trade recorded an annual average growth rate of 17 percent, from US$2.92 billion in 2016 to US$5.31 billion in 2020.
On June 2, Minister of Industry and Trade Nguyen Hong Dien and Cambodian Minister of Commerce Pan Sorasak signed an agreement on enhancing bilateral trade in the 2023-2024 period.
The first agreement of this kind was signed by the two countries in 2006 and has been renewed every two years.
It is a significant legal document for the business communities of the two countries, as it offers a range of preferential tariffs for advantageous products to enter the other's market, thus facilitating trade between the two countries.
The agreement has contributed to boosting two-way trade turnover between the two countries over the years, according to the Ministry of Industry and Trade./.