14:54 | 18/02/2014 Trade
(VEN) - During his visit to Cambodia in January, Vietnamese Prime Minister Nguyen Tan Dung and his Cambodian counterpart Hun Sen expressed determination to increase bilateral trade to US$5 billion in 2015.
This goal is feasible as bilateral relations in politics, defense, security, economic development, culture, social welfare and other fields have been growing and have continued to be constantly strengthened. In particular, promoting cooperation in investment and trade has been a priority in recent years.
The motivation for the trade target to become a reality is the determination of leaders of the two countries to continue to improve the investment environment, construct institutions and create a favorable legal framework, aimed at promoting bilateral economic and trade cooperation.
Many Vietnamese businesses investing in Cambodia have focused on industry, mining, trade in petroleum products, electricity, telecommunications, and finance and banking. Statistics from the Association of Vietnamese Investors in Cambodia (AVIC) showed that by the end of 2013, Vietnamese businesses had 126 investment projects totaling more than US$3 billion in registered capital in Cambodia, an increase of almost six times in investment capital and more than three times in terms of the number of projects compared to 2009. Vietnam ranks fifth among countries and territories investing in Cambodia and has tended to boost investment in some key areas such as transport infrastructure, finance, banking, agriculture, health, farming, fishing, mining, industry, hydropower, tourism and trade.
On January 14, construction of the Long Binh - Chray Thom Bridge connecting the southwestern Vietnamese province of An Giang with Cambodia began. This is the second biggest transport infrastructure project in Cambodia built with preferential credit from Vietnam. It is expected to make an important contribution to promoting economic ties between the two countries.
Bilateral trade relations experienced impressive growth. Statistics from the two countries showed that bilateral trade reached an estimated US$3.3 billion in 2012, up 18 percent from 2011, and about US$3.5 billion in 2013. Ten cooperative agreements were signed between the two countries during Cambodian Prime Minister Hun Sen’s visit to Vietnam in December 2013, more than half of which are economic cooperation agreements including those on promoting bilateral trade in 2014-2015.
To reach the US$5 billion bilateral trade target, both prime ministers agreed to make a protocol on amending the bilateral agreement on investment promotion and protection take effect soon, begin negotiation of an agreement on avoidance of double taxation, take measures to connect the two economies, and promote cooperation in the fields of transport, tourism, telecommunications, finance, banking, food production and rubber cultivation./.