VN-Cambodia trade turnover hit US $1.7 billion
VGP - The Việt Nam Agency for Trade Affairs in Cambodia announced on Saturday that the two-way trade turnover between Việt Nam and Cambodia in 2008 reached nearly US $1.7 billion, an increase of US $400 compared to that of 2007. Việt Nam earned more than US$ 1.45 billion by exporting products to Cambodia and spent US $250 million for imports from the neighbor.
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Việt Nam’s building steel holds a large market share in Cambodia |
During the period of 2004-2008, the annual volume of exports from Việt Nam to Cambodia increased by 40% and the export turnover grew 5 times higher than the import value.
In 2008, Việt Nam’s top-ten exports to the neighbor market were steel for construction, agricultural machinery, fertilizers, pesticides, industrial consumer goods, processed agro-products, dairy produce, seafood and re-exported petroleum.
Seafood occupied a large market share in Cambodia (80%), followed by building steel (68%) and agro-products (67%). The remaining items accounted for 45-60% of Cambodia’s market share.
Việt Nam mainly imported from Cambodia processed timber, latex, rice, cashew nuts, tobacco and cassava.
By the end of 2008, 120 Vietnamese companies opened their offices or showrooms in Cambodia’s capital city of Phnom Penh to expand businesses activities.
Việt Nam has also acquired licenses from the Council for the Development of Cambodia (CDC) for 19 investment projects worth of US $228 million.
Việt Nam is now the 10th largest foreign investor in Cambodia.
By Ngọc Vân
