Vietnam to surpass Thailand in Cambodian trade

Source: english.vietnamnet.vn

Trade between Vietnam and Cambodia will surge in 2010 to surpass Thailand – Cambodia ’s major trading partner for many years, said economic researchers in Phnom Penh.

Analysts said that although two-way trade between Vietnam and Cambodia fell sharply this year due to the impact of the global financial crisis, it is likely to hit 2 billion USD next year.

Statistics released by the Vietnam Chamber of Commerce in Cambodia showed that two-way trade between the two neighbours reached 848 million USD in the first eight months of this year, a year-on-year decrease of 29.2 percent.

Vietnam is currently the fourth biggest importer of Cambodia commodities, importing farm products, rubber and timber. In addition, its investment in Cambodia has increased considerably in the first nine months of the year, particularly after the Bank for Investment and Development of Vietnam (BIDV) and Sacombank opened their representative offices in the country.

The Cambodian Development Council (CDC) reported that Vietnamese foreign direct investment (FDI) capital in Cambodia reached 114 million USD in the past nine months, a rise of 20 percent over the figure of 2008.

By the end of September, an additional 40 Vietnamese businesses had registered to operate in Cambodia , said the Cambodian Trade Ministry, adding that last year, Vietnam ranked third after China and Malaysia in the number of businesses operating in the country.

The increase in two-way trade value is attributable to good transport services as well as Vietnam and Cambodia opening up nine border gates along the 1,000km border.

Additionally, Vietnam and Cambodia have a time honoured friendly relationship and the two Prime Ministers have expressed their determination to promote bilateral trade ties to match the two countries’ political ties and potential.