HANOI: Vietnamese Minister of Industry and Trade Nguyen Hong Dien held talks with Cambodian Minister of Commerce Cham Nimul on Monday (April 28), discussing orientations for bolstering economic and trade ties between the two nations.
At the event, both ministers expressed satisfaction with the substantive achievements in the Vietnam – Cambodia economic and trade cooperation over the recent past while underscoring the significance of economic and trade partnerships as a pillar of bilateral relations.
With a strong friendship, effective cooperation, and complementary trade, Vietnam and Cambodia aim for US$20 billion in bilateral trade, Dien said, noting rising quality, modern channels, and active young entrepreneurs, especially in tech and e-commerce.
While noting progress in border trade, he highlighted remaining challenges and called for professional trade promotion to meet business needs, tap market potential, and boost balanced, sustainable trade.
The Cambodian official concurred with Dien’s assessment, proposing the establishment of a Vietnam–Cambodian bilateral trade cooperation committee, with staff from both ministries coordinating to outline a detailed implementation plan.
She said Cambodia will also study to carry out several projects in border economic zones, creating more favourable conditions for bilateral trade and investment.
The two ministers discussed specific measures to enhance economic and trade cooperation and agreed on several major directions for the future.
These include accelerating the development of logistics infrastructure and distribution networks in border areas, rapidly transitioning from unofficial to official trade channels, and continuing strong coordination to combat smuggling and trade fraud in border regions.
Additionally, the ministers also agreed to work closely on trade promotion programmes and business networking while enhancing information sharing and technical cooperation at the expert level to strengthen mutual understanding and minimise trade remedies or unnecessary disputes in the future.
Following the talks, on behalf of the countries' Governments, the two ministers inked an agreement on promoting Vietnam–Cambodia trade for the 2025–26 period, which provides preferential tariffs for many competitive goods from each side – much more favourable than those under the Asean Trade in Goods Agreement (ATIGA).
Last year, total bilateral trade reached $10.1 billion, a year-on-year increase of 17.5 per cent, reversing the previous year's downward trend and demonstrating positive and sustainable recovery amidst global economic fluctuations.
In the first quarter of 2025, trade revenue between the two countries was $3.2 billion, up 10.2 per cent year-on-year, with Vietnam's exports to Cambodia at $1.3 billion and imports at $1.9 billion.
Vietnam is currently Cambodia's third-largest trading partner globally, trailing China and the US, and the latter’s largest trading partner within Asean.
Meanwhile, Cambodia is Vietnam's fourth-largest trading partner in the bloc. - Vietnam News/ANN
