Roundup: Cambodia, Vietnam highlight trade, economic cooperation

Cambodian and Vietnamese leaders have manifested their determination to consolidate the traditional relations of close friendship between the two countries and expand cooperation in a wide range of areas, especially in trade and economy, said an official press release here on Thursday.

The release was sent to Xinhua by the Ministry of Information to conclude Vietnamese President Nguyen Minh Triet's state visit to the kingdom from Feb. 27 to March 1.

During his visit, Triet respectively met with King Sihamoni, Senate President Chea Sim, National Assembly President Heng Samrin and Prime Minister Hun Sen on bilateral ties and cooperation and co-chaired the Cambodian-Vietnamese Business Forum with Hun Sen.

"The meetings were held in a very cordial atmosphere and in a spirit of close friendship, solidarity and mutual understanding," said the press release.

Meanwhile, at the forum held here on Wednesday, both Hun Sen and Triet pledged that their governments will try harder to strengthen bilateral ties on trade and economic activities.

"The Vietnamese government (will) work to encourage its investors to do business in Cambodia, and at the same time the Vietnamese government (will) support Cambodian investors interested in pouring capital into Vietnam, by ensuring better conditions for them," said Triet. .

Hun Sen said that "the bilateral relations between Cambodia and Vietnam can create an environment conducive to trade and employment," while emphasizing that both nations are currently working to develop new opportunities in the context of economic exchange.

Also at the forum, Cambodian government officials said that the annual trade volume between Vietnam and Cambodia is expected to grow by 27 percent per year to reach 2.45 billion U.S. dollars by 2010.

"There will be significant rise upon the almost 950 million U.S. dollars (of bilateral trade volume) in 2006, which has placed Vietnam as our fourth biggest trade partner," said Kith Meng, president of Cambodia Chamber of Commerce.

"We must find ways to enhance the inter-connectivity, boost investor confidence and open up more economic sectors that can operate seamlessly across our economy," he added.

Later addressing the forum, Kam Si Than, Acting Cambodian Minister of Commerce, said that in 2006, Cambodia imported from Vietnam about 780 million U.S. dollars worth of commodities, mainly including clothes, cable, household plastic products, noodles, electronic spare parts and others, which was an increase of about 244 million U.S. dollars over 2005.

Meanwhile, he said, in the same year, Cambodia exported to Vietnam around 170 million U.S. dollars worth of products, including rubber, forestry, raw resources for clothes products, tobacco leaves, wooden products and others, which was an increase of about 13 million U.S. dollars over 2005.

At the forum, both sides signed a trade cooperation agreement, under which the ALPHANAM Sai Gon JSC of Vietnam will supply Amatak Angkor Elevator Company Ltd. of Cambodia with electronic equipment worth around 5 million U.S. dollars, as well as a sports donation agreement, under which Vietnam will offer the National Olympic Committee of Cambodia with products worth about 400,000 U.S. dollars.

Currently, Vietnam is Cambodia's third largest market for exports, following the U.S. and Europe, while Cambodia has been Vietnam's fourth largest importer behind Thailand, China and China 's Hong Kong, according to official statistics.

Source: Xinhua .