As of June this year, there are 215 Vietnamese investment projects valued at $2.94 billion operating in Cambodia, and an increasing number of businesses are expressing interest in investing or expanding their existing investments in the country, according to Nguyen Minh Vu, Vietnamese Ambassador to Cambodia, in an interview with Khmer Times.
Vietnamese-owned investment projects have been effectively implemented, contributing to Cambodia’s economy and society in numerous ways, including infrastructure development, job creation, income improvement for a large number of Cambodian workers, as well as social welfare and humanitarian contributions, the Ambassador stated.
Vietnamese investments can be found in 18 out of 25 provinces and cities in Cambodia, focusing on key sectors such as agriculture, telecommunications, banking, financial services, food processing and manufacturing, mining, aviation, and tourism. Some businesses are also interested in construction, real estate, and building materials production, as well as infrastructure development projects.
To further encourage Vietnamese investment in Cambodia, Ambassador Nguyen Minh Vu suggested the establishment of additional special economic zones (SEZs) along the two countries’ border.
Data from the Cambodia Development Council (CDC) shows that as of March this year, Cambodia has 26 operational special economic zones, eight of which are located in areas along the Cambodia-Vietnam border.
The Royal Government of Cambodia is working to remove and reduce trade barriers, simplify customs procedures, streamline business registration processes, and build a transparent and clear legal environment.
Cambodia and Vietnam have agreed to establish a joint committee on bilateral trade to promote trade growth between the two countries, with a target of reaching $20 billion in the near future.
In the first five months of this year, bilateral trade between the two neighboring countries reached $3.84 billion, an increase of 8% compared to the same period last year, according to a report from the General Department of Customs and Excise of Cambodia.
In 2024, the total bilateral trade between Vietnam and Cambodia reached $10.1 billion, an increase of 17.5% compared to 2023, reversing the downward trend of the previous year and demonstrating a positive and sustainable recovery in the context of global economic fluctuations.
Vietnam is currently Cambodia’s third-largest trading partner in the world (after China and the United States) and the largest within ASEAN. Conversely, Cambodia is Vietnam’s fourth-largest trading partner within the ASEAN bloc.
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