Vietnam, Cambodia agree upon a range of trade promotion measures
VOV.VN - Minister of Industry and Trade Nguyen Hong Dien and Cambodian Ambassador to Vietnam Chay Navuth discussed a wide range of measures to bolster bilateral ties across trade, industry and energy during a recent working session in Hanoi.
The measures will be focused on maintaining and renovating customs clearance model at border gates on roads and waterways, while ensuring that the supply chain will not be disrupted, especially for necessities such as medical and food supplies, amid the COVID-19 pandemic.
In addition, both sides consented to review, revise and sign legal frameworks related to trade, especially an agreement between the two governments to enhance bilateral trade for the 2022-2023 period.
They pledged to fast-track the implementation of a master plan to realize a memorandum of understanding on connectivity and development of border trade infrastructure between the two governments.
Further support will be given to enterprises to promote trade, build trademarks and distribution channels, enhance information sharing, fight against smuggling across the border, step up power purchase partnership, and ensure the stability and safety of each nation’s electricity system.
According to the Department of Asian-African Markets under the Ministry of Industry and Trade, during the 2010 to 2019 period, bilateral trade between Vietnam and Cambodia reached an average growth rate of roughly 18% per year, with last year's trade turnover posting a three-fold increase in comparison to 2010.
Notably in 2019, Vietnam - Cambodia trade turnover hit US$ 5.2 billion, exceeding the US$5 billion trade target set for 2020 by the two countries' senior leaders.
During the first 3 months alone, both nations' trade turnover reached US$2.69 billion, up 103.68% over the same period from last year.
On the occasion, Vietnamese minister of industry and trade presented 10,000 anti-bacteria clothing masks to the Cambodian Embassy in Vietnam, and 10,000 others to each of the Cambodian Ministry of Commerce, the Ministry of Industry, Science, Technology and Innovation, and the Ministry of Mines and Energy.
He also affirmed the Ministry of Industry and Trade’s readiness to work closely with the Cambodian Embassy and other units in an effort to further strengthen Vietnam – Cambodia relations in the time ahead.