Viet Nam's exports to Cambodia – which included textiles and garments, consumer goods and construction materials – dropped by more than 19 per cent to $1.14 billion, while Cambodian exports to Viet Nam, mainly agricultural products, went down by 15.5 per cent to $186 million.
Nguon Meng Tech, the chamber's chairman, blamed the global economic downturn for reduced consumer spending.
He said there were plenty of investment opportunities for Vietnamese enterprises in Cambodia this year, but that it would be difficult for the two countries to reach their targeted $2 billion trade turnover this year.
Prior to the crisis, Vietnamese exports to Cambodia had been rising by 40 per cent annually. Export turnover was five times higher than import costs.
More than 100 Vietnamese companies are now operating in Cambodia, mostly in agro-forestry, services and industrial sectors. In Viet Nam, many Cambodian companies are also doing business with local companies, including Golden Eagle Meng Sun Fish Sauce Enterprise, LyLy Food Industry and Sin Tai Seng Tea-Coffee factory.
Late last year, three more border gates were opened in an attempt to boost trade and tourism between the two countries.
Xa Mat Gate is located in Tay Ninh Province, Tinh Bien Gate in An Giang Province and Ha Tien Gate in Kien Giang Province, all in southern Viet Nam.
The move was part of an agreement signed between the two countries in 2005 to open seven border gates on the two countries' border to increase trade turnover. — VNS
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