Cambodia, Vietnam talk trade

CAMBODIA and Vietnam yesterday pledged to strengthen cooperation on a range of issues involving trade and investment, in order to boost increasing trade between the neighbouring countries.

Bilateral trade between the nations is currently in its most significant period, with trans-border business continuing to grow, Cambodia Chamber of Commerce President Kith Meng told around 50 Vietnamese investors at a Cambodia-Vietnam Business Forum held yesterday.

“Both our countries have enjoyed remarkable economic success over the past decade, which has created opportunities for business, while also helping many people to escape poverty,” he said.

The total trade volume between the ASEAN members in the first eight months of 2011 increased 37 percent to US$1.08 billion compared to the same period last year, Ministry of Commerce figures showed.

A breakdown of the figures showed that Cambodia’s exports to Vietnam soared 116 percent year-on-year to $105 million, while in the opposite direction trade rose 43 percent hitting $976 million, in the same period.

“Last year, bilateral trade between our countries increased 37 percent, to more than $1.8 billion,” Kith Meng said, adding that he expects Cambodia’s GDP to surpass last year’s figure of 6 percent, possibly hitting 8 percent, in light of positive gains in the garment sector.

President of the National Assembly of Socialist Republic of Vietnam Nguyen Sinh Hung said at the forum yesterday that Vietnam is committed to strengthening cooperation on political, economic and social issues with Cambodia.

“We will invest together in our agriculture sectors, while also investing in the mining, energy and industry sector,” he said, adding that he expects Vietnamese investors to start looking into alternative sectors in the neighbouring Kingdom.