Sunday, January 20, 2008

Vietnam-Cambodia trade set to increase 27%

Vietnam and Cambodia have set a target of increasing their two-way trade by 27% to US $2.3 billion by 2010 and to US $6.5 billion five years later.

These targets were released at a Vietnam-Cambodia border trade conference in the Mekong delta province of An Giang on January 16, which was attended by representatives from central and local governments of the two countries.

Addressing the conference, Vietnam’s Deputy Minister of Trade and Industry Nguyen Cam Tu said much remains to be done by the two governments, localities and businesses to achieve the target.

He also mentioned a number of difficulties in cross-border trade between the two countries, including poor transport systems, equipment and facilities.

Participants at the conference proposed that the two governments create a more convenient legal foundation for the development of cross-border trade and transport, loan provision for developing transport systems and facilities at border markets and economic zones.

They also called for the exemption of visas for people in border provinces, the simplification of import-export and investment procedures, and cooperation to build border markets and economic zones and transport systems.

Vietnam exported US $1.2 billion worth of commodities to Cambodia last year, a 6.5-fold increase of 2001. Cambodia is now Vietnam’s 16th largest importer, buying mostly home alliance, vegetables and fruits, confectionaries, plastics, cigarettes and detergent.

Vietnam is Cambodia’s third largest export market, importing chiefly home electric appliance, interior decorations, garment accessories and auto parts. (VNA)

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