A Change of Guard

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Thursday 12 March 2015

Vietnam, Cambodia bilateral trade to touch $5b by end of 2015 [It's one-way trade - Vietnam's way]

Two ministries sign MoU
Two ministries sign MoU
Vietnam and Cambodia based corporations are being encouraged to boost bilateral trade as the their respective ministries of investment and planning discuss signing of  a memorandum of understanding (MoU) for trade.
The provisions of the MoU were not disclosed, but generally the Vietnamese ministry will help its Cambodian counterpart with management expertise to enhance the efficiency in attracting investment.
“The growth of the Vietnamese economy means a lot to us,” commented Cambodia’s Minister of Planning Chhay Than, adding that the growth in Cambodia’s gross domestic product (GDP) and the recent decline in inflation was attributable to the support from Vietnam.
Meanwhile, the Vietnamese Minister of Investment and Planning Bui Quang Vinh said: “The more Cambodia grows, the more benefits Vietnamese investors will get.”
Vietnam has 128 investment projects in Cambodia, totalling $49.6 million in investment capital, while Cambodian companies have 13 investment projects in Vietnam with a combined value of $54 million.

Minister Chhan Thay pledged to offer incentives and land for Vietnamese firms to invest, and both parties will boost mutual investment in energy, agriculture, mineral and hydropower. Along with that, procedures for banks to make the presence in each country will be simplified so that there will be more banks coming to serve investors.
He expects that bilateral trade between the two countries will reach $5 billion this year.
Vinh noted that although inflation in Vietnam tended to decrease strongly, the country continued to achieve GDP growth. Last year was the first time Vietnam has seen GDP rise beyond target (5.98 per cent compared to 5.8 per cent).
Vinh said Vietnam will keep the GDP growth this year of at least 6.2 per cent and target an average of 6.5-7 per cent for the 2016-2020 period.
Last year also marked a drastic reform of the legal system, amending the vital laws on investment and enterprise towards a transparent market-oriented economy and international integration. In addition, Vietnam has launched the law on public investment for the first time to manage effectively the State budget.
Meanwhile, Cambodia is a potential market with a higher growth of 7.5 per cent in recent years. It has been seen increasing investment from large economies such as China, South Korea and Japan.

1 comment:

Anonymous said...

Begin of Drgunzet's comment.

Read the title: Vietnam, Cambodia bilateral trade to touch $5b by end of 2015 [It's one-way trade - Vietnam's way].

Let me give you folks two perspectives:

1. Thailand exports to Cambodia a lot more than Vietnam while buys a lot less from Cambodia than Vietnam.

Whenever Thailand played a trick of sudden stop importing Cambodian produces, Cambodia had always relied on Vietnam to bail them out.

Vietnam is very patient. They have been playing good guy for many years. United Nations will grant guardianship for Vietnam to rule Cambodia in the future.

2. China imports mostly from Cambodia the minerals dug up from the earth. These resources are not renewable. Once Cambodia is exhausted with these minerals, China will dump Cambodia like a used rag.

Vietnam only buy renewable resources which grows quickly in Cambodia, including timber. Cambodia is a tropical area, receiving 3 times as much sun light per area as compare to land in Europe. The cut-down timber in Cambodia can regrow rapidly.

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The Cambodian people are lazy and don't replant the forests. They only complain and want free help. Vietnamese are industrious. They have massive programs to regrow their forests so that they can harvest more timber in the future, perhaps in 10-20 years.

Vietnamese also plants massive number of mangrove forests to extend their land in the Mekong delta. I checked the satellite images in the last several years and see huge swath of new lands protruding to the ocean because of the new mangrove plantations.

Vietnamese think and plan 20-100 years into the futures. Khmer race is no match to the Vietnamese and will be put under control of the Vietnamese.

-Drgunzet-