Vietnam, Cambodia Trade to Hit US$7Bln in 2015
Bilateral trade between Vietnam and Cambodia is expected to reach US$2.45 billion in 2010 and increase to US$7 billion by 2015.
The ambitious goal has been set as part of the Vietnamese Ministry of Trade (MoT)’s plan to accelerate trade and investment with its neighbors from now until 2015, announced yesterday at a meeting on the issue in Ho Chi Minh City.
At the gathering, leaders from provinces bordering Cambodia affirmed the neighboring country, which shares a 1,137 km border with Vietnam, is a very important market.
They also noted an advantage for Vietnamese businesses in this market is the similarities in consumers’ habits and demands.
Currently, Vietnam is the fourth biggest exporter to Cambodia after Thailand, China and Hong Kong, and the neighbor is the 16th largest export market for Vietnamese goods.
The country’s import value from Cambodia witnessed annual growth rate of 35 per cent during the 2001-2006 period, making Vietnam the third largest importer of Cambodia’s goods after the US and the EU, and the neighbor become the 25th largest exporter to Vietnam.
Vietnam mainly imported rubber, timber, raw agricultural goods, and forest and seafood products from Cambodia.
In 2006, bilateral trade between the two Southeast Asian countries was estimated to reach $940 million, up 35.6 per cent on-year, including $770 million worth of Vietnam’s exports. (VNA, Youth)
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