Minister of Industry and Trade Nguyen Hong Dien (middle) and Cambodian Minister of Commerce Cham Nimul (L), Minister of Industry, Science, Technology and Innovation Hem Vandy (Photo: moit.gov.vn) Hanoi (VNA) - Minister of Industry and Trade Nguyen Hong Dien on December 12 held a working session in Hanoi with Cambodian Ministerof Commerce Cham Nimul and Ministerof Industry, Science, Technology and Innovation Hem Vandy, on theoccasion of𓆉 an official visit to Vietnam by Cambodian 💃Prime Minister Hun Manet.
The two sides agreed that bilateral cooperation in trade and industry has made noteworthy progress in the recent past. In 2022, Vietnam - Cambodiatrade turnover grew nearly 11% from 2021 to reach nearly 11 billion USD. Of the figure, Vietnam's exports to Cambodia stood at 5.75 billion USD, up19% year-on-year while imports from Cambodia reached 4.82 billion USD, anincrease of 2.48%.
In the context of negative fluctuations in the world situation in the first 11 months of2023, trade between Vietnam and Cambodia totaled nearly 8 billion USD. Vietnam is Cambodia's third-largest trading partner and its largest trading partner in the Association of Southeast Asian Nations(ASEAN).
Vietnam has been developing a remarkable numberof projects in Cambodia to supply raw materials for domestic industrial production, especially rubber, thereby contributing to helping Cambodiastabilise people's lives and develop its economy. Cambodia is also a market for iron and steel products, construction materials, processed foods,and consumer goods from Vietnam.
The two sides agreed onseveral measures to promote economic - trade and i🦂ndustrial cooperationbetween the two countries, aiming for higher trade turnover in the coming timethroug🍬h reviewing, supplementing and signing new legal frameworks relating totrade.
They also pledged to strengthencoordination and exchange information to fight cross-bordersmuggling, enhance the exchange of experiences to improve the businessinvestment environment as well as policies to attract investment in the field of industrialproduction in Cambodia.
The ministers reached consensus on considering a mechanism of annual meetings of the three ministries topromote Vietnam-Cambodia collaboration in the fields of trade andindustry.
They♌ agreed to continueto coordinate closely to address the remaining obstacles in trade and industrialrelations between the two countries./.
