There is still much untapped potential for cooperation in agriculture, aquaculture and food processing between Cambodia and Vietnam, Leng Rithy, a senior adviser to the Cambodian Government, told a seminar in Ho Chi Minh City on Friday.
As neighbours, the Kingdom and Vietnam have huge potential and advantages in trade and investment, he said.
Vietnamese economist Tran Trung Nam said the two countries have many similarities in terms of culture, market demand and consumer habits, which means Vietnamese goods and services are well-regarded in the Cambodian market.
Besides bilateral agreements, Nam said, Asean trade deals also connect the two economies, and they should work together in sectors like consumer products, energy, mining, aquaculture and forestry.
Border infrastructure has been improved as well, creating favourable conditions for the two countries’ businesses and people living along the border to foster trade and investment, he said.
Government agencies and local authorities in the two countries should regularly organise meetings and exchange delegations to strengthen understanding and resolve economic and trade difficulties, he added.
To better tap the bilateral economic potential, he said the two sides should maintain a more open business and investment environment and complete their legal framework for collaborative activities particularly by their small- and medium-sized enterprises, and simplify administrative and investment procedures.
Data from Vietnam’s Ministry of Planning and Investment shows that Vietnam had invested nearly $2.8 billion in Cambodia as of September, the third highest out of 76 countries and territories.
Cambodia has invested $63.7 million in 21 projects in Vietnam, mostly in agro-forestry-fisheries, trade, transportation, manufacturing, and processing, the data shows.
Bilateral trade between the two countries reached $4.7 billion last year, up 23.8 per cent from 2017’s $3.8 billion, data from the General Department of Vietnam Customs shows.
VIET NAM NEWS/ASIA NEWS NETWORK