July 29, 2011

Cambodia trade grows by 56.7%


HCM CITY — Trade between Cambodia and Viet Nam was worth US$1.35 billion in the first half of the year, a year-on-year increase of 56.7 per cent, trade officials said.

Addressing the Vietnamese Business Forum organised by the Ministry of Industry and Trade and the Vietnamese embassy in Phnom Penh on Tuesday, Deputy Minister of Industry and Trade of Viet Nam Le Danh Vinh said trade and transit agreements signed between the two countries have helped promote their commercial links.

Trade between the two countries topped $1.82 billion last year, while Cambodia licensed 89 Vietnamese FDI projects worth nearly $2 billion.

Vinh praised the significant contributions of the Vietnamese community in the neighbouring country, saying they were a major factor in the close ties between Cambodia and Viet Nam.

The chairman of the Vietnamese Business Association in Cambodia, Nguyen Van Dinh, said most Vietnamese businesses operating in Cambodia were medium and small enterprises who wanted easier access to bank loans. Vinh wanted Vietnamese authorities to simplify import-export formalities, enabling temporary import and re-export of vehicles.

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