Economic, trade and investment cooperation: a bright spot in Vietnam - Cambodia relations

Recently, many agreements, forums, and trade investment seminars between Vietnam and Cambodia have been signed and organized to help businesses of the two countries have more opportunities to do business, invest, and connect with each other in each other's markets. These activities contribute to promoting the economic cooperation between Vietnam and Cambodia to grow stronger.

Rich Vietnamese goods in Cambodia

In Popok commune, Stoung district, Kampong Thom province, Cambodia, there is a Vietnamese supermarket - Green Mart. The supermarket has more than 3,000 product codes, mostly Vietnamese products: instant noodles, vermicelli, cakes, pho, milk, fish sauce, soy sauce, candy, ice cream, seafood, cosmetics... Mr. Songphon - a local resident said: he, company workers and friends often come here to shop because the products are abundant, prices are more stable than outside, the space is spacious and cool. Meanwhile, Ms. Sarun is very fond of Vietnamese fish sauce dishes. Initially, Vietnamese dishes mainly served the needs of Vietnamese people living far away from home. However, after a period of being sold, fish sauce, soy sauce, vermicelli, and dried pho dishes from Vietnam are very popular with locals.

Vietnamese supermarket - Green Mart in Popok commune, Stoung district, Kampong Thom province, Cambodia.

Ms. Tuong Hoan - Manager of Green Mart supermarket said that the supermarket is open from 8am to 9pm every day and operates very well, attracting customers who are officers and workers of the rubber project to shop or drink coffee and eat ice cream. Not only in Kampong Thom, in many provinces and cities in Cambodia, Vietnamese goods are increasingly diverse. According to the Vietnam Trade Office in Cambodia , the structure of Vietnam's export goods to Cambodia is very diverse, showing stable development due to the connection with many industries, many units and many businesses. In particular, some important goods that Vietnam exports to Cambodia include: iron and steel, fertilizer, gasoline, machinery and equipment... Vietnamese goods are increasingly present in Cambodia's sales chains. According to data from the Cambodian Ministry of Economy and Finance, in the first 9 months of 2023, trade turnover between the two countries reached 4.77 billion USD, up 3% over the same period in 2022. Of which, Cambodia's export turnover to Vietnam reached 2.038 billion USD, up 30.7% and Cambodia's import turnover from Vietnam was 2.736 billion USD, down 11%.

Bustling business activities

Recently, at the Vietnam-Cambodia Economic and Defense Products Exhibition Fair (VIDEX) 2023 took place in Phnom Penh from October 25 to 29. VIDEX 2023 is an opportunity for businesses of the two countries to exploit potential, seek opportunities to expand markets, improve production and business efficiency, develop enterprises... VIDEX 2023 attracted the participation of 150 units and businesses of Vietnam and Cambodia with over 200 typical booths in the following industries: Technology machinery, robots, specialized drones, industrial equipment, agricultural machinery, textiles, footwear, electronics, household appliances, construction and building materials, handicrafts, consumer goods...

The 2023 Vietnam-Cambodia Economic-Defense Products Exhibition attracted the participation of nearly 150 Vietnamese and Cambodian units and enterprises with over 200 typical booths... Photo: Ngoc Anh

The Vietnam-Cambodia Trade Cooperation and Connectivity Conference 2023 was also held at the fair with about 200 delegates from the two countries attending the conference. It can be said that in recent times, businesses of the two countries have regularly exchanged experiences and supported each other in building policies to maintain macroeconomic stability, improve the investment and business environment, create more attractiveness and competitiveness in the region to jointly promote and attract quality foreign investment, and develop sustainable socio-economic development. Many Vietnamese and Cambodian businesses said that they are operating effectively and have plans to expand investment and trade in each country. Businesses expressed confidence in the bright future of the two countries, as well as policies to promote investment and trade between Vietnam and Cambodia. To further promote economic cooperation between the two countries, the Governments of Vietnam and Cambodia have signed many important agreements and documents, including the Border Trade Agreement and the Agreement on Bilateral Trade Promotion for the 2023-2024 period. Along with the Cambodian Government issuing a Decree implementing the new Investment Law, the two sides have signed agreements such as the Memorandum of Understanding on Cooperation in the Field of Agriculture and Labor, the Agreement on Avoidance of Double Taxation, etc.

Bringing Vietnam - Cambodia trade relations to new heights

Since the official establishment of diplomatic relations 55 years ago (June 24, 1967), Vietnam and Cambodia have continuously built, nurtured and developed a good neighborly friendship and comprehensive cooperation in all fields, in which investment is a pillar area that is prioritized for promotion and has achieved many positive results. Many Vietnamese brands have become familiar to Cambodian consumers such as Metfone mobile network, BIDC commercial bank, AngkorMilk milk, Bluetronics electronics chain, investment projects of Vietnam Rubber Industry Group, Truong Hai Group... Investment projects of Vietnamese enterprises in Cambodia have contributed a lot to the Cambodian government budget, contributing to the formation and development of major economic sectors of the country of pagodas, creating tens of thousands of jobs, helping to increase income, improve people's lives, and promote economic development in Cambodia. Many successful projects have contributed large budgets to the Cambodian government, such as the Metfone project with a cumulative contribution of 820 million USD, and rubber projects of the Rubber Industry Group. On the other hand, Vietnam always welcomes Cambodian enterprises to invest and do business. To date, there have been 28 Cambodian investment projects in Vietnam with a total registered capital of 70.12 million USD, focusing on agriculture, warehousing and import-export trade. Cambodian enterprises investing in Vietnam always receive attention and support under the authority of Vietnamese state management agencies from the central to local levels. According to many experts, based on the results achieved and existing advantages, investment cooperation between Vietnam and Cambodia still has a lot of potential to exploit and develop. Director of the Foreign Investment Agency, Ministry of Planning and Investment Do Nhat Hoang emphasized: With the attention of the leaders of the Party and Government of the two countries, the solidarity, attachment and mutual trust of the people of the two countries, the investment cooperation relationship between Vietnam and Cambodia will continue to be consolidated and developed, making practical contributions to the cause of building a prosperous and prosperous country of the two countries and contributing to fostering an increasingly sustainable Vietnam - Cambodia relationship.