THE SOCIALIST REPUBLIC OF VIET NAM
Government News
Viet Nam, Cambodia sign agreement to boost bilateral trade during 2023-2024
VGP - Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Cambodian Minister of Commerce Pan Sorasak on June 2 signed an agreement to boost bilateral trade in the 2023-2024 period.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien signs an agreement to boostibilateral trade during 2023-2024 between Viet Nam and Cambodia, June 2, 2023 - Photo: The Ministry of Industry and Trade
The signing ceremony took place in virtual format.
The first agreement of this kind was signed by the two countries in 2006 and it has been renewed every two years.
It is a crucial and significant legal document for both sides' business communities as it offers a range of preferential tariffs for their advantageous commodities to enter each other's markets.
Thanks to the agreement, the two-way trade grew by 18.5 percent annually during 2010-2015 and 21 percent in the 2015-2020 period.
Despite negative impacts of the COVID-19 pandemic, the two-way trade value hit US$10.57 billion last year, up nearly 11 percent against the previous year, making Viet Nam Cambodia's third biggest trade partner after China and the U.S./.