The Vietnamese business community is gearing up to establish the Vietnamese Business Club in Cambodia (VBCC), a move set to foster and expedite trade and investment between these two ASEAN neighbors.
Vietnamese Ambassador to Cambodia, Nguyen Huy Tang, convened a meeting on January 16 with 50 Vietnamese business owners and representatives to discuss the challenges and plans for founding the club this year. The VBCC aims to serve as a unifying platform for all Vietnamese firms operating in Cambodia.
Lim Heng, Vice-President of the Cambodia Chamber of Commerce (CCC), highlighted that the club would act as a central hub for businesspeople from both countries. Here, investors from Cambodia and Vietnam can engage in direct dialogues and exchange views, facilitating investment opportunities and partnerships.
Heng also emphasized the CCC’s commitment to providing accurate and updated information about Cambodia’s regulations, laws, and economic development. The CCC has already established six representative offices abroad, demonstrating foreign countries’ trust in investing and conducting business in Cambodia.
In June last year, Cambodia initiated the construction of the Phnom Penh-Bavet Expressway, connecting to the Vietnamese border in Svay Rieng province. This $1.3 billion project, undertaken by the China Road and Bridge Corporation (CRBC) on a Build-Operate-Transfer (BOT) basis for 50 years, is set to enhance tourism and freight traffic between Cambodia and Vietnam.
Bilateral trade between the two nations has been steadily growing, reaching $6.58 billion in 2023, marking a 7.3% increase from the previous year. Cambodia’s exports to Vietnam, valued at $2.97 billion, surged by 37.1%, while imports from Vietnam amounted to $3.61 billion, a modest decrease of 8.9% year-on-year.
Cambodia primarily exports paddy rice, rubber, cashew nuts, cassava, corn, bananas, mangoes, tobacco, and natural resources to Vietnam. In return, Cambodia imports construction materials, machinery, fuel, electrical equipment, electronic components, agricultural fertilizers, spices, vegetables, and fruits from Vietnam.
The establishment of the Vietnamese Business Club in Cambodia signals a deepening of economic ties, further propelling trade and investment between these two Southeast Asian nations.
Source: Khmer Times
