Vietnam, Cambodia look forward to 20 billion USD trade

Monday, 24/06/2024 19:45
Trade has been a bright spot in the Vietnam-Cambodia relationship, experiencing impressive growth over the past more than a decade and expected to reach 20 billion USD, reported Vietnam News Agency.
An article highlighting Vietnam-Cambodia trade on the front page of SBM News (Photo: SBM News) 

Cambodia serves as a source of many raw materials for Vietnamese industry, particularly rubber. It is also a major consumer of Vietnamese products like iron and steel, construction materials, processed food and consumer goods.

Data from the Ministry of Industry and Trade's Asia-Africa Market Department revealed a strong upward trend. Two-way trade grew by an average of 18.5% annually between 2010 and 2015, and 17% per year between 2016 and 2020, reaching 5.31 billion USD in 2020 from 2.92 billion USD in 2016.

The year 2022 saw a significant jump of 11% to 10.57 billion USD in trade value. The positive momentum has carried into 2024, with the first five months recording a trade value of 4.6 billion USD, reflecting a 13.4% increase.

Vietnam's exports to Cambodia during the first half of 2024 were estimated at 2.5 billion USD, mainly consisting of iron and steel, apparel, and petrol and oil. However, this represented a 1.1% decrease compared to the same period last year.

Meanwhile, Vietnam's imports from Cambodia in the period surged by 38.4% to an estimated 2.9 billion USD, driven by cashew nut, rubber, fruits and vegetables.

Vietnamese Ambassador to Cambodia Nguyen Huy Tang said in 2024 and beyond, the two countries will continue to coordinate to realise existing agreements and memoranda of understanding, including the border trade and the 2023-2024 bilateral trade promotion agreements.

Trade experts believed that fostering a favourable and stable business environment is crucial to facilitate exports. They also advocated for increasing investment in research and development to enhance the quality and competitiveness of Vietnamese goods, and pursuing free trade agreements and economic accords with Cambodia as well.

Vietnamese businesses are encouraged to focus on producing high-quality and competitively priced products and services to attract Cambodian consumers. Building a broad and stable distribution network in Cambodia is also seen as a key step toward further success.

29th Vietnam-Laos meeting on martyrs’ repatriation held in HCM City

Vietnam's search teams located and collected the remains of 184 martyrs in Laos in the 2023-2024 dry season, with nine identified by name and hometown, heard a meeting between special task forces of the Vietnamese and Lao governments held in Ho Chi Minh City on June 24.

Deputy Minister of National Defence Senior Lieutenant General and the head of the Vietnamese task force Vo Minh Luong (right) and Deputy Minister of National Defence and head of the Lao task force Senior Lieutenant General Thongloi Silivong sign the minutes of the 29th meeting in Ho Chi Minh City on June 24. (Photo: VNA) 

According to Vietnam News Agency, the meeting, the 29th of its kind, discussed the search, collection, and repatriation of the remains of Vietnamese volunteer soldiers and experts who died in Laos during wartime.

In his remarks, Deputy Minister of National Defence Senior Lieutenant General and the head of the Vietnamese task force Vo Minh Luong underscored that the traditional friendship, special solidarity, and comprehensive cooperation between the Parties, States, and people of Vietnam and Laos form the foundation for their development and standing on the international stage, contributing to peace, stability, and development in the region and the world.

In response, Deputy Minister of National Defence and head of the Lao task force Senior Lieutenant General Thongloi Silivong affirmed that the Lao Party, Government, army, and people always remember and appreciate the Vietnamese side’s significant support for the country in its past struggle for national independence and current phase of national construction and development.

As heard at the meeting, the nations’ special task forces and local authorities have regularly coordinated to promptly resolve any challenges in the organisation and execution of the search and repatriation mission. The Lao side assisted Vietnam’s search teams in all activities and encouraged locals to provide details about possible burial sites.

Vietnam and Laos agreed that in the 2024-2025 dry season, they will collaborate until no further information about burial sites is available. Additionally, efforts will be intensified to promote and encourage the citizens of both countries to provide information about the martyrs and their graves, with their special task forces and provincial military commands tasked with conducting regular contacts and experience exchanges.

Largest regional wastewater treatment facility to open in HCM City next year

Construction of the Nhieu Loc - Thi Nghe wastewater treatment plant project in Ho Chi Minh City, which will be the largest in Southeast Asia, is around 41% complete and is expected to be put into use in June, 2025, reported Vietnam News Agency.

 Construction of Nhieu Loc - Thi Nghe wastewater treatment plant in HCM City (Photo: VNA)

The project’s investor, the city’s Urban Infrastructure Construction Investment Project Management Board, has recently announced that the project is one of eight component projects of the second phase of the city’s environmental sanitation project worth 11.13 trillion VND (524 million USD).

The plant will treat wastewater that is currently being discharged untreated into the Sai Gon River.

It uses advanced Moving Bed Biofilm Reactor (MBBR) technology, which is one of the most popular biological treatment methods.

The MBBR wastewater treatment method helps remove organic substances in wastewater.

In this method, the reactor is filled with thousands of biofilm carriers (plastic balls) that protect the bacteria used to break down pollutants in the wastewater. A diffuser grid produces the air required to effectively disperse the biofilm carriers throughout the basin, while also providing the necessary aeration for biofilm growth.

Once completed, the Nhieu Loc - Thi Nghe wastewater treatment plant can treat 480,000 cubic metres of wastewater per day.

The city now treats about 644,000 cu.m of wastewater per day, accounting for only 40% of its daily wastewater discharge.

The new facility will raise the city’s daily wastewater treatment capacity to 1.1 million cu.m per day, or about 71% of the daily wastewater discharge.

The second phase of the city’s environmental sanitation project began in 2025, aiming to complete the wastewater collection and treatment system for the entire Nhieu Loc - Thi Nghe area and former District 2.

The project will benefit some two million people in Thu Duc city and districts 1, 3, 10, Phu Nhuan, Tan Binh, Binh Thanh, and Go Vap.

It will also provide technical assistance to improve the city’s sanitation and wastewater management practices.

Vietnam’s Q2 GDP growth to moderate amid higher inflation: Standard Chartered

Vietnam’s GDP growth in the second quarter of the year is forecast to moderate to still-strong 5.3% from 5.7% in the first quarter, reported the Voice of Vietnam according to the Standard Chartered Bank’s recent macro-economic updates about Vietnam.

Illustrative photo (Source: VOV) 

Standard Chartered economists noted that retail sales and export growth in June are expected to ease to 8.2% and 14.2% compared to 9.5% and 15.8% in May, respectively, while electronics exports are likely to continue their year-to-date improvement.

Meanwhile, imports and industrial production in June are likely to grow by 26.0% and 5.2% compared to 29.9% and 8.9%, respectively, recorded in May.

Inflation in June may rise to 4.5% from 4.4% in May, thereby marking a third straight month when it has stayed above 4%. Education, housing and construction materials, health care, and food have all contributed to driving inflation recently, and this trend is likely to continue over the coming months.

Illustrative photo (Source: 

“Despite the likely slowdown in the second quarter, we think Vietnam’s recovery remains intact. However, economic challenges could persist in the third quarter amid rising price pressures, foreign exchange weakness and soft global demand,” said Tim Leelahaphan, economist for Thailand and Vietnam of Standard Chartered Bank.

The bank anticipates that the State Bank of Vietnam (SBV) will move to hike the refinancing rate by 50 basic points ahead in the fourth quarter of the year in response to rising inflation. Foreign exchange weakness supports the financial institution’s call for a hike in the fourth quarter of the year, or possibly earlier. According to experts, the US Federal of Reserve moves will be key to the SBV’s policy decisions.


Compiled by BTA