Vietnam, Cambodia hold untapped economic cooperation potential
There is still much untapped potential for cooperation in agriculture, aquaculture and food processing between Vietnam and Cambodia, Oknha Leng Rithy, a senior advisor to the Cambodian Government, told a seminar in Ho Chi Minh City on November 22.
Oknha Leng Rithy, a senior advisor to the Cambodian Government, speaks at the seminar. (Photo: hochiminhcity.gov.vn)
HCM City (VNA) - There isstill much untapped potential for cooperation in agriculture, aquaculture andfood processing between Vietnam and Cambodia, Oknha Leng Rithy, a senioradvisor to the Cambodian Government, told a seminar in Ho Chi Minh City onNovember 22.
As neighbours, Vietnam and Cambodiahave huge potential and advantages in trade and investment, he said.
According to Tran Trung Nam, aneconomist, the two countries have many similarities in terms of culture, marketdemand and consumer habits, which means Vietnamese goods and services arewell-regarded in the Cambodian market.
Besides bilateral agreements, ASEANtrade deals also connect the two economies, and they should work together insectors like consumer products, energy, mining, aquaculture, and forestry.
Border infrastructure has been improvedas well, creating favourable conditions for the two countries’ businesses andpeople living along the border to foster trade and investment, he said.
Government agencies and localauthorities in the two countries should regularly organise meetings andexchange delegations to strengthen understanding and resolve economic and tradedifficulties, he added.
To better tap the bilateral economicpotential, he said the two sides should maintain a more open business andinvestment environment and complete their legal framework for collaborativeactivities particularly by their small- and medium-sized enterprises, andsimplify administrative and investment procedures.
According to the Ministry of Planningand Investment, Vietnam had invested nearly 2.8 billion USD in Cambodia as ofSeptember, the third highest out of 76 countries and territories.
Cambodia has invested 63.7 million USDin Vietnam, mostly in agro-forestry-fisheries, trade, transportation,manufacturing, and processing.
Bilateral trade between the twocountries is forecast to reach 5 billion USD by 2020./.
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Oknha Leng Rithy, a senior advisor to the Cambodian Government, speaks at the seminar. (Photo: hochiminhcity.gov.vn)
