Vietnam and Cambodia have discussed measures to improve customs clearance in order to smooth the trans-border supply chain in the face of Covid-19.
|Vietnam’s Minister of Industry and Trade Nguyen Hong Dien hands over part of Covid-19 relief to Cambodia’s Ambassador to Vietnam Chay Navuth in Hanoi on May 6. Photo: Bnews/VNA|
The two countries will both facilitate the import-export procedures at border gates and in waterways mostly for essential commodities like medical equipment and food, reported at a meeting in Hanoi on May 6 between Vietnam’s Minister of Industry and Trade Nguyen Hong Dien and Cambodia’s Ambassador to Vietnam Chay Navuth.
In details, businesses of the two sides will be supported in trade promotion, building brands and distribution networks.
At the governmental level, the two countries will speed up the joint comprehensive implementation of the Vietnam-Cambodia memorandum of understanding on the connection and development of border trade infrastructure.
In addition, they will review and adjust regulatory documents on commerce, especially the agreement for bilateral trade in 2022-2023.
|Moc Bai, Vietnam's largest border gate with Cambodia. Photo: Bao Tay Ninh|
Vietnam and Cambodia maintains smooth commercial links with the two-way trade worth US$5.2 billion in 2019, tripling that in 2010, according to Vietnam’s Ministry of Industry and Trade.
In the first quarter 2021, the two-way trade increased 103.68% on-year to US$2.69 billion. Of the total, Vietnam’s imports from Cambodia reached US$1.47 billion, up 443% on year.
Vietnam’s main staples to Cambodia were steel, accounting for 19.7% of the bilateral trade, garment and textile 15.3%, oil and gas 8%, and footwear 6.6%.
Cambodia’s main export items include cashew nut accounting for 48.1%, rubber 21.5%, veggies and fruit 1%.
Between 2010 and 2019, the bilateral trade posted an average growth rate of 18% annually.
Vietnam and Cambodia share a border line of more than 1,100 km with 33 border gates.