Ministries, government agencies and localities from Vietnam and Cambodia will coordinate to formulate legal frameworks and cooperation mechanisms to facilitate collaboration, including in trade, between border provinces, it was agreed at the 12th meeting on cooperation and development between border provinces of both sides held in Vietnam’s Tay Ninh recently.

The conference was co-chaired by Vietnamese deputy prime minister Tran Luu Quang and his Cambodian counterpart Samdech Krolahom Sar Kheng.

Both reviewed economic, trade and investment ties, a news agency reported. Two-way trade exceeded $10.57 billion last year, up by nearly 11 per cent from 2021.

Both sides have made joint efforts to ensure security in border areas, and border trade has been growing. The two countries signed an agreement on border trade when Prime Minister Pham Minh Chinh visited Cambodia in November last year.

The two sides will invest more in border gates and cultivate border trade in particular, while encouraging border provinces to enhance cooperation.

Vietnam is now Cambodia’s third biggest trade partner, after China and the United States, and the country’s biggest trade partner in the Association of Southeast Asian Nations (ASEAN).

Vietnam is running 205 projects worth $2.94 billion in the neighbouring country, ranking first in ASEAN and fifth among foreign investors in Cambodia. Cambodia ranks second among the 79 countries and territories in which Vietnam has invested.

Collaboration in other fields like national defence, security, energy, transport, agro-forestry-fishery, education-training, culture, information and tourism has also been enhanced.

Fibre2Fashion News Desk (DS)

Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.