Economic Cooperation further promoted: Cambodian and Vietnamese FM
At the invitation of the Vietnamese Foreign Minister Bui Thanh Son, Cambodian FM Prak Sokhonn paid an official visit for talks and to co-chair the 20th Meeting of the Cambodia-Vietnam Joint Commission on Economic, Culture, Scientific, and Technological Cooperation from Mar. 20 to 22 in Hanoi. Photo: Ministry of Foreign Affairs
- By Meng Seavmey
- March 23, 2023 3:56 PM
PHNOM PENH – Economic cooperation is a priority in the Cambodia and Vietnam relationship, the countries’ foreign ministers say.
At the invitation of the Vietnamese Foreign Minister Bui Thanh Son, Cambodian FM Prak Sokhonn paid an official visit for talks and to co-chair the 20th Meeting of the Cambodia-Vietnam Joint Commission on Economic, Culture, Scientific, and Technological Cooperation from Mar. 20 to 22 in Hanoi.
They agreed to deepen economic cooperation to promote the trading partnership, a press release said.
“With Viet Nam as one of Cambodia’s biggest trading partners in the region, the two sides agreed that economic cooperation is one of the priority areas in their bilateral cooperation,” it said.
Even amid the recovery from the COVID-19 pandemic, trade between Cambodia and Viet Nam grew remarkably. Vietnam is one of Cambodia’s biggest trading partners.
In 2022, trade volume reached $10.58 billion, up by 10.88% compared to that in 2021. According to the General Department of Customs and Excise, the trade volume was $1.08 billion in the first two months of 2023, up 14.2% on the same period last year.
From January to February, Cambodia’s exports to Vietnam were worth $491 million, up 36.1%. Imports were $593 million, up 0.7%. Cambodia mostly imports agricultural products and other consumables while exporting agricultural goods such as rice, cashew nuts, rubbers and sugar.
Both sides agreed to further promote regular exchanges of visits and meetings between leaders, ministries, institutions and local authorities to strengthen education and human resources, agriculture, science, technology and innovation, trade and investment.
The two sides also agreed to cooperate and accelerate the completion of the Master Plan on Cambodia – Vietnam Economic Connectivity 2030 this year, as well as the implementation of the signed MOUs and agreements to “further facilitate the goods in transit under the provisions of bilateral, regional and international agreements”, especially the Regional Comprehensive Economic Partnership (RCEP) Agreement.
The two countries will explore opportunities for the joint development of a Cambodia-Vietnam Special Economic Zone inside Cambodia’s territory along two countries’ border.
During the occasion, Sokhonn invited Bui Thanh Son to co-chair the 21st JC Meeting next year convened by Cambodia.
