More encouragement should be given to Vietnamese businesses to invest in Cambodia, Dr Heng LiHong, a standing member of the Business Association of Overseas Vietnamese and Secretary-General of the Vietnam-Cambodia Business Association, told Vietnam News Agency (VNA) yesterday.
He said the Vietnamese business community in Cambodia remains committed to supporting and contributing to the development of a strong and prosperous Vietnam in the new era, alongside fostering bilateral ties.
“Enhanced mechanisms must be in place to assist Vietnamese businesses investing in neighbouring countries such as Cambodia. I strongly propose the establishment of official communication channels between these businesses and domestic authorities to resolve legal and financial issues swiftly,” Dr Heng pointed out.
Speaking to VNA earlier, Tran Van Nam, a senior figure of the Khmer-Vietnam Association of Cambodia said the diaspora extensively contributes towards the developmental activities in Cambodia. “We are keen on Cambodia’s development along with boosting solidarity between Vietnam and Cambodia.”
He expressed his wish that under the leadership of the Communist Party of Vietnam, Vietnam would reach agreements with Cambodia to ensure long-term benefits for both sides, including the living conditions and legal status of the overseas Vietnamese in Cambodia.
Last year, Vietnamese conglomerate Truong Hai Group Corporation announced plans to invest $224 million in the Kingdom’s agricultural sector. The company aims to build large-scale organic agricultural complexes across the country.
The Vietnamese firm says the regional expansion will include 11,600 hectares dedicated to intensive banana production across the four new farms, 7,100 hectares of fruit tree farming integrated with cow breeding, and other livestock production.
According to Nguyen Khac Giang, a visiting fellow at the Vietnam Studies Programme at Yusof Ishak Institute in Singapore, Vietnam can also help Cambodia to diversify trade and investment with the help of its extensive land connections.
“In fact, Vietnam is currently Cambodia’s biggest trade partner in the Asean region and plays an important role in linking up certain Cambodian industries to the global supply chain.”
The trade ties between both countries have been scaling new heights during the past years. In the first ten months of the last year, total trade between the two countries reached more than $6.4 billion, marking a 20 percent year-on-year increase.
Meanwhile, exports to Vietnam saw a remarkable rise of more than 31 percent.
The latest data from the General Department of Customs and Excise (GDCE), from January to October, reveals that the total import-export value between Cambodia and Vietnam was $6.419 billion, which is an increase of 21.7 percent from $5.277 billion in the same period of 2023.
Vietnam is Cambodia’s third-largest trade partner globally, following China and the US.
The Kingdom’s exports to Vietnam amounted to $2.968 billion, an increase of 31.2 percent, while imports from Vietnam totalled $3.452 billion, a 14.4 percent rise.
The Kingdom’s trade balance with Vietnam shows a deficit of $483.75 million, compared to a surplus of $753.84 million in 2023.
As per the latest data from GDCE, Vietnam is the country’s second-largest export market after the US and the second-largest source of imports, after China.
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