Vietnam & Cambodia sign deal to amplify bilateral trade in 2023-2024

06 Jun '23

1 min read

Vietnamese minister of industry and trade Nguyen Hong Dien. Pic: Vietnam's Ministry of Industry and Trade

Insights

Vietnam and Cambodia have agreed to enhance bilateral trade in 2023-2024, continuing a practice initiated in 2006.
The agreement provides a legal framework and preferential tariffs to boost trade.
Despite COVID-19, bilateral trade rose 11 per cent to $10.57 billion last year, making Vietnam Cambodia's third-largest trade partner after China and the US.

Vietnam and Cambodia have agreed to bolster bilateral trade in the period 2023-2024, following a virtual signing ceremony between Vietnamese minister of industry and trade Nguyen Hong Dien and Cambodian minister of commerce Pan Sorasak. This continues a practice first initiated in 2006, with agreements renewed every two years.

The strategic agreement provides a vital legal framework for the business communities of both nations, extending preferential tariffs to facilitate the entry of their beneficial commodities into each other’s markets, according to local media reports.

Due to the agreement’s influence, annual bilateral trade has surged, with growth rates of 18.5 per cent in 2010-2015 and 21 per cent during the 2015-2020 period. Notably, despite the COVID-19 pandemic’s disruptive impacts, trade between the two nations reached $10.57 billion last year, reflecting a nearly 11 per cent year-on-year increase. As a result, Vietnam has emerged as Cambodia’s third-largest trading partner, following China and the US.

Fibre2Fashion News Desk (NB)

More Textiles News - Cambodia...