In the past three years, the value of Vietnamese shipments to Cambodia increased continuously from USD 2.2 billion in 2016 to USD 2.77 billion in 2017 and USD 3.4 billion in the first 11 months of 2018.
According to the General Department of Vietnam Customs, during the January-November period last year, the export of steel, petroleum, and garment-textile products to Cambodia recorded significant increases and together accounted for the lion’s share of the country’s total, at 49.63 percent.
Notably, 1.2 million tons of steel products were exported to the market for over USD 796 million, annual increases of 53.04 and 74.36 percent, respectively. Firms have been advised to continue coming up with business plans to boost construction material shipments to Cambodia.
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Between January and November 2018, 1.2 million tons of Vietnamese steel products were exported to Cambodia for over USD 796 million, annual increases of 53.04 and 74.36 percent, respectively. |
Fruit export also soared to reel in USD 2.4 million in the period, indicating a rosy outlook for the sector. Material plastic and timber-woodwork products also joined the upward trend, bringing in USD 15 million and USD 9.98 million, up 110.99 and 44.37 percent on year, respectively.
Recently, upbeat signals have led to a forecast that Vietnamese enterprises will have more chances to make gains from the Cambodian market.
Last year, the Cambodian Government introduced the Rectangular Strategy - Phase 4 which covers a priority of boosting economic development via increasing business activities with major partners and foreign direct investments, as well as improving international trade. It means Vietnam has favorable conditions to invest in the economy.
At the Vietnam – Cambodia business forum held in Hanoi on December 6 last year, Cambodian Prime Minister Hun Sen said the local government has adjusted the investment law to facilitate foreign investors. He added that it also put forth a series of measures to better the country’s business climate, which simplifies and automates customs procedures, and cuts official and unofficial fees to boost import-export.
Official statistics announced at the forum showed that as of November 2018, Vietnam had 210 investment projects in Cambodia with a combined registered capital surpassing USD 3 billion. Among the 77 countries and territories worldwide, Vietnamese investors are pouring the third biggest sum of their capital in Cambodia.
Source: VNA