In an interview with the Cambodian News Agency (AKP) on this occasion, Ambassador Vu emphasized that the “good neighborliness, traditional friendship, comprehensive cooperation, and long‑term sustainability” between the two countries have been nurtured by generations of their leaders and people, and continue to grow stronger.
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Vietnamese Ambassador to Cambodia Nguyen Minh Vu (left) in the interview with the Cambodian News Agency (AKP) |
He noted that economic, trade, and investment cooperation remains a key pillar of bilateral relations. High-ranking leaders of both countries have identified this as a priority of collaboration through to 2030.
Since the signing of the Vietnam-Cambodia trade and economic cooperation agreement, trade and investment ties have seen remarkable growth, substantially contributing to each country's socio-economic development and facilitating collaboration in various spheres, he went on.
From just 117 million USD in 1998, when the deal was inked, their trade turnover reached 10.1 billion USD in 2024. In the first five months of this year alone, the figure rose 19% year-on-year to approximate 5.5 billion USD. It is expected to surpass 12 billion USD this year.
Vietnam is currently Cambodia’s third-largest trading partner and its second-largest export market, after the U.S. It is also a major importer of Cambodia’s key agricultural products such as rice, cashew nuts, cassava, and rubber.
Vu highlighted several bilateral trade agreements, including the cross-border trade agreement, investment promotion and protection agreement, annual trade promotion plans, and a memorandum of understanding on cross-border trade infrastructure. He expressed confidence that with the growing economies, their complementary economic strengths, vibrant business communities, and strong friendship, the two countries are well-positioned to expand their trade further to reach the 20 billion USD targets in the coming years.
Regarding investment, Vietnam ranks among the top four foreign investors in Cambodia, with 215 projects worth a total of 2.94 billion USD. Vietnamese firms operate in 18 of Cambodia’s 25 provincial-level localities, investing in agriculture, telecommunications, banking, finance, food processing, mining, aviation, and tourism. Many of these projects have contributed significantly to Cambodia’s socio-economic development, improving infrastructure, generating jobs, raising local workers' income, and supporting social welfare initiatives.
Amid shifting global investment flows, Cambodia is emerging as an attractive destination, drawing increasing interest from Vietnamese businesses. Many are now exploring or planning new or expanded investments in Cambodia, including the capital city of Phnom Penh and such provinces as Svay Rieng, Kampot, Takeo, Kratie, Moldulkiri, Rattanakiri, Preah Shihanouk, and Preah Vihear. Key areas of interest include large-scale agriculture, agricultural processing, telecommunications, digital transformation, renewable energy, mining, and construction materials.
To boost investment, the diplomat proposed that both countries increase trade and investment promotion activities, including holding business forums, investment promotion conferences, and tourism fairs, and establishing border gate economic zones. A notable example is the Vietnam-Cambodia business dialogue held by the Vietnamese Embassy and the Vietnam-Cambodia Business Association in April, which gathered over 150 Vietnamese enterprises seeking opportunities in Cambodia.
Vu expressed optimism that the close political and diplomatic relations, geographical proximity, cultural similarity, and improving investment environments in both countries will create favorable conditions for further business expansion, benefiting their businesses and peoples.
Reflecting on the 58 years of ties, he reiterated that the peace, stability, and development of one nation are also those of the other.
The ambassador underlined that as the two countries grow stronger, maintain unity, and foster friendship, they will be better positioned to navigate the challenges of the current global landscape.
Source: VNA