Cambodia and Vietnam Committed to Achieve Trade Target

Cambodia and Vietnam have agreed to grant each other with zero duty privileges to their goods to further boost their two-way trade.

Vietnam agreed to drop total import duties for 32 kinds of Cambodian commodities, together with the import quota of 300,000 tons of milled rice and 3,000 tons of tobacco leaves for 2019 and 2020, Mr. Do Quoc Hung of the Vietnamese Ministry of Industry and Trade told Cambodian Minister of Commerce H.E. Pan Sorasak in a meeting here in Phnom Penh recently.

For its part, Cambodia accepted to provide zero duty privileges for 26 kinds of Vietnamese goods, he added.

H.E. Pan Sorasak recalled traditional cooperation and good neighbourliness between Cambodia and Vietnam, and spoke highly of the efforts of high-ranking delegates of both countries, especially in finalising documents on cross-border trade facilitation to be inked in the near future. He also thanked the Government of Vietnam for its grant aid to construct Da Market in Thbong Khmum province.

The trade exchange between Cambodia and Vietnam exceeded US$4.6 billion last year, up from US$3.8 billion in 2017, and the figure is expected to meet and surpass the US$5-billion target before 2020.

According to the Ministry of Commerce, Vietnam invested some US$3.2 billion in 206 projects in Cambodia, while the Kingdom invested about US$58.1 million in 18 projects in Vietnam.

Source: Agency Kampuchea Press