On the heels of the recently concluded visit by President of the Cambodian National Assembly (NA) Khuon Sudary to Vietnam, followed by the signing of the landmark agreement between the two neighbours for a cross-border payment system, ties with Vietnam have rarely looked more promising. Trade between the two ASEAN neighbours is already more than $10 billion annually.
The two countries are marking the 55th anniversary of diplomatic ties, the Vietnam-Cambodia Friendship Year and the Cambodia-Vietnam Friendship Year 2022 with a variety of programmes and events. Along with Laos, the two countries also participated in a three-way convention of representatives from the Communist Party of Vietnam (CPV), Lao People’s Revolutionary Party and the Cambodian People’s Party (CPP), with a series of meetings between states, leaders, ministries, sectors and localities.
On Sunday, the central banks of Vietnam and Cambodia, the State Bank of Vietnam and the National Bank of Cambodia (NBC) respectively, initiated the historic cross-border QR code payment system in Siem Reap. Chea Serey, Governor of NBC and Nguyen Thi Hong, Governor of the State Bank of Vietnam lent their presence to the launch ceremony, along with representatives of various partner banks.
Vietnam currently ranks as the third largest trading partner and the biggest among ASEAN nations for Cambodia. In 2022, Cambodia’s exports to Vietnam rose 9.25 percent and imports from the country witnessed a 26.20 uptake annually. The figures mark an expansion of Cambodia’s trade deficit with Vietnam by 55.25 percent, from $1.158 billion in 2021 to $1.799 billion in 2022.
The two countries are also in the throes of joining hands in the transport sector with new expressway projects expressways from Phnom Penh to Bavet and from Bavet to Ho Chi Minh City. Apart from providing greater connectivity, they would translate into greater business and investment opportunities for both sides.
Earlier on Friday, during a reception held in honour of Sudary in Hanoi, General Secretary of the Communist Party of Vietnam (CPV) Central Committee Nguyen PhuTrong pledged support by his country in Cambodia’s national construction and development. Sudary wrapped up her official visit on Saturday at the invitation of Vietnam’s NA Chairman Vuong Dinh Hue.
The two neighbours share a border stretching 1,258 kilometres that segregates 10 provinces in Vietnam and nine in Cambodia. Border demarcation has been completed for almost 1,045 kilometres with 315 primary border markers at 264 locations, 1,511 auxiliary markers at 1,068 locations and 221 marker posts.
Source: Khmer Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
