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.
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The talks between Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Cambodian Minister of Commerce Cham Nimul on April 28 |
Boasting a long-standing friendship, an effective inter-ministerial cooperation mechanism, and complementary import-export structures, the two countries eye 20 billion USD in bilateral trade in the coming time, Dien said, stating that their trade is not only growing in volume but also improving in quality, with diverse cooperation models, modern distribution channels, and dynamic participation from young entrepreneurs, especially in technology and e-commerce sectors.
While acknowledging progress in border trade, he pointed out that several challenges remain that require joint coordination to resolve and suggested promoting trade programs in a professional manner, helping address businesses' practical needs, capitalize on each country's market potential, and boost balanced and sustainable bilateral 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 favorable 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 programs and business networking while enhancing information sharing and technical cooperation at the expert level to strengthen mutual understanding and minimize trade remedies or unnecessary disputes in the future.
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The two ministers ink an agreement on promoting Vietnam – Cambodia trade for the 2025–2026 period. |
Following the talks, on behalf of the countries' Governments, the two ministers inked an agreement on promoting Vietnam – Cambodia trade for the 2025–2026 period, which provides preferential tariffs for many competitive goods from each side – much more favorable than those under the ASEAN Trade in Goods Agreement (ATIGA).
Last year, total bilateral trade reached 10.1 billion USD, a year-on-year increase of 17.5%, 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 USD, up 10.2% year-on-year, with Vietnam's exports to Cambodia at 1.3 billion USD and imports at 1.9 billion USD.
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.
Source: VNA