Talking to a Vietnam News Agency correspondent in Phnom Penh on September 17, Cambodian Ministry of Commerce's Undersecretary of State and Spokesman Penn Sovicheat highlighted discussions to seek solutions to bring the economies of the countries to the same level of other ASEAN member nations.

Cambodian Ministry of Commerce's Undersecretary of State and Spokesman Penn Sovicheat

According to Sovicheat, trade between the group and the world in 2021 reached nearly 750 billion USD, up 20% year-on-year and equivalent to 22.4% of the total trade value between ASEAN and the world, he said, noting that Vietnam is the biggest investment recipient, with 15.6 billion USD.

He said the CLMV ministers agreed to implement the CLMV Action Plan for the 2023-2024 period with six identified areas, including trade and investment cooperation, digital economy promotion, implementation of regional commitments and post-COVID-19 crisis recovery plan, the action plan for implementing the CLMV Development Framework, human resources development, and solutions and cooperation programs to help realize the CLMV vision in 2030, which aims to turn the four into upper-middle income countries.

The CLMV-EMM 14, chaired by Vietnamese Minister of Industry and Trade Nguyen Hong Dien, took place in the framework of the 54th ASEAN Economic Ministers' Meeting (AEM-54) in Cambodia's Siem Reap province from  September 11-18, 2022.

Initiated by Vietnam in 2010, CLMV-EMM mechanism aims to further strengthen economic and trade relations among CLMV countries; coordinate more closely in activities of sub-regional, regional and international forums; narrow the development gap between the four countries and other ASEAN member nations; and speed up the implementation of agreements reached at CLMV summits.

Source: VNA