Cambodia, Vietnam to boost Trade and Investment ties


By Sok Lak
Around 400 businesspeople from Cambodia and Vietnam met this week to boost trade and investment and the Cambodia-Vietnam Business Forum was hosted under presidency by Cambodian President of National Assembly Samdech Heng Samrin, Cambodia’s House speaker and Vietnamese National Assembly Chairman Nguyen Sinh Hung.
At the forum, Samdech Heng Samrin, President of the National Assembly of Cambodia, said that Vietnam’s investment in Cambodia are focusing on various sectors and the trade valued over $1.53 billion in 2010. However, the main sector of Vietnamese investor is agriculture, rubber, tourism, air service, bank, health, mine, energy in the country. “I believed that Vietnam will continue to invest in Cambodia and will focus on other fields.” Samdech added.
Recently, both countries’ assembly agreed to commit to promote trade cooperation between Cambodia and Vietnam stronger. In Cambodia, private sector is likely to invest at all sector, but the most interesting sectors are tourism, hotel, bank, transportation, infrastructure, health service, mine, energy, electricity, construction, agriculture, agro-industry, animal and so on.“We are welcome all Vietnamese investors and businessman to invest and do business in Cambodia.”
Chairman H.E. Nguyen Sinh Hung said the forum was a sign of solidarity, friendship, and development between the two neighboring countries. He highlighted that Cambodian economy, people living and laws as good signals for both countries to promote investment and cooperation.
“The bilateral trade between Cambodia and Vietnam reach 37 percent which is equal to $1.8 billion dollars so far this year.” Oknha Kith Meng, President of the Cambodian Chamber of Commerce said at the Cambodia-Vietnam Business Forum on September 19 in Phnom Penh.
Trade with Asian partners will be firm and we have to look our trade among countries in Asia.” Okhna Kith Meng said, adding that Asian countries should strengthen trade partner among themselves.
According to Ministry of Commerce, the value of Cambodia export to Vietnam for eight month this year was worth about $105 million dollars and with an increase of 116 percent while the import valued at US$976 million with an increase of 43 percent comparing to the same period with last year. “It shows that the bilateral of both countries are stronger and stronger.” It added.
In the context of Cambodia nowadays, Cambodian economy trend to grown by trading with the neighboring countries while the job crisis has hit in American and European. The major exports of Cambodia to Vietnam are agricultural products such as wood, rubber, cashews, rice, corn, maize and cassava while Vietnam ships products such as vegetables, fruits, instant noodles, plastics products, home utensils, construction materials, fertilizers and farming machines and cigarettes to Cambodia.
Source: The Southeast Asia Weekly, September 25-October 1, 2011, Vol. 5, Issue 39, Page 3
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