Viet Nam becomes second biggest trade partner of Cambodia

Statistics of the Cambodian Ministry of Economy and Finance showed that during January-February this year, Cambodia gained US$801 million from exports to Viet Nam and spent US$612 million in imports from the neighboring country.

Viet Nam has become the biggest trade partner of Cambodia in ASEAN.

Dr Ky Sereyvath, an economist at the Royal Academy of Cambodia, said regional trade is necessary and significant, especially amidst global political and economic challenges.

With geographical proximity and close relationships between the two governments and the private sectors, trade between Cambodia and Viet Nam will grow even more in the future, he noted.

Two-way trade has seen significant progress, with growth rate averaging 20 per cent from 2015 to 2022, surpassing US$10 billion in 2022.

Viet Nam remains the leading ASEAN investor in Cambodia, with 205 active projects totaling registered capital of US$2.95 billion.

During the talks between Vietnamese Prime Minister Pham Minh Chinh and his Cambodian counterpart Samdech Thipadei Hun Manet in December last year, both leaders agreed to work towards achieving a bilateral trade turnover target of US$20 billion soon while facilitating investment and business cooperation among their respective businesses./.