Cambodia expects trade with Vietnam to cross $10 bn by 2022 end: PM

22 Jun '22

2 min read

Pic: Cambodian People's Party

Cambodia expects its trade with Vietnam to cross $10 billion by the end of 2022 as bilateral trade for the first five months of this year reached more than $5 billion, according to Prime Minister Hun Sen, who recently announced a new border crossing to Vietnam in the Tboung Khmum province aimed at boosting trade and travel between the two neighbours.

The border crossing will be inaugurated at a proper time in the future, he said. Hun Sen recently addressed ceremonies in Tboung Khmum and Koh Thma to commemorate the 45th anniversary of the fall of the Khmer Rouge, according to Cambodian media reports.

Vietnam is one of Cambodia’s main markets in the region, with the two countries having pledged to boost bilateral trade to more than $10 billion.

Statistics from the Council for the Development of Cambodia (CDC) show that by the end of the first half of 2021, foreign direct investment (FDI) in Cambodia totalled $39 billion, of which Vietnamese investors accounted for $2.5 billion, or 6.3 per cent, followed by China with $17.3 billion and South Korea with $4.1 billion.

According to data from the general department of customs and excise of the ministry of economy and finance, the exchange of goods between Cambodia and Vietnam was worth $1.7 billion in the first quarter of 2022.

Cambodia exported $1,079 million worth of goods to Vietnam in the January-May period this year, a 3.4 per cent increase year on year, making Vietnam the second biggest market for Cambodia’s goods after the United States.

Cambodia imported back from Vietnam goods worth $1,710 million, a 34 per cent increase compared with the same period last year.

Fibre2Fashion News Desk (DS)

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