A high-ranking delegation of Cambodia, led by Prime Minister Hun Manet, visited Hanoi on December 11-12. This remarked the 60th anniversary of the diplomatic relations between Cambodia and Vietnam, which have grown closer over the years. The leaders of both countries discussed various aspects of their comprehensive cooperation, including economy, diplomacy, security, health care, agriculture products, infrastructure, policy framework connections, human resources development, and transportation.
In addition, promoting strategic bilateral trade agreement for 2023-2024, especially cross border trade development plan which was agreed to carry out surveys for building the border market, and support firms in introducing and distributing goods at trade centers and trade fairs. Economic integration and cooperation between Vietnam and Cambodia coordinated within the framework of ASEAN, the RCEP free trade agreement, and the WTO to bring their goods to the global markets and attract major foreign investment from development partners.
Furthermore, the leaders also agreed to enhance the exchange of experiences to improve the business investment environment as well as policies to attract investment in the field of industrial production in Cambodia. These preferential economic cooperations and signing new legal frameworks relating to trading are bound to attract German and international interest to diversify trade and investment within the region including Vietnam, as the leading ASEAN investor in Cambodia, will also benefit from expanding its business presence in Cambodia and the neighboring countries.
Remarkable facts about Vietnam-Cambodia trade relations:
- Two-way trade reached US$10.57 billion in 2022 with a growth rate averaging 20 percent from 2015 to 2022, a year-on-year increase of nearly 10.9 %. Meanwhile, during January – October, the trade revenue was estimated at $7.1 billion.
- Vietnam invested in 205 active projects totaling a registered capital of $2.95 billion. In the first nine months of 2023. The goal is to achieve a bilateral trade turnover of $20 billion sooner.
- During a meeting between Prime Minister Hun Manet and the CEO of Vietnam’s Vingroup, plans were announced for the conglomerate’s subsidiary Vinfast Auto Company to invest and launch 2,500 electric taxis in Phnom Penh, Siem Reap, and Sihanoukville in Cambodia's electric taxi industry in the first quarter of 2024.
As of May 1, 2023, the Delegate of German Industry and Commerce in Vietnam assumes the position of Delegate of German Industry and Commerce in Myanmar, as well as in Cambodia and Laos. The role entails promoting, supporting, and representing the interests of the German economy. Our Regional Management Team is specifically responsible for the strategic orientation and operational business in CLM countries (Cambodia, Laos, and Myanmar). The experienced team assists your business initiatives in this sub-region and solves challenges for our customers!