Vietnam-Cambodia trade hit US$1.7 billion in 2008

Cross-border trades between Cambodia and Vietnam like this one is booming.

Two-way trade between Vietnam and Cambodia hit nearly US$1.7 billion in 2008, an increase of US$400 million from a year earlier, according to the Vietnamese Trade office in Phnom Penh.

Of the total figure, Vietnam exported US$1.45 billion worth of goods to Cambodia, the office said on January 10.

Between 2004-08, the volume of Vietnamese goods exported to the neighbouring country increased by 40 percent annually and the export value rose fivefold compared to the import value.

The leading export staples to Cambodia in 2008 were building steel, agricultural machines, fertilisers, plant pesticides, household utensils, farm produce, milk, seafood and petrol. Seafood products made up 80 percent of Cambodia’s market share, followed by building steel (68 percent) and farm produce (67 percent).

Cambodian exports were mostly wooden products, rubber latex, grains, unprocessed cashew nuts, tobacco and cassava.

By late 2008, 120 Vietnamese businesses opened their representative offices and showrooms in Cambodia.

Currently, Vietnam is Cambodia’s 10th largest foreign investor, with 19 licensed projects capitalised at US$228 million.