Following a virtual signing ceremony between Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Cambodian Minister of Commerce Pan Sorasak, Vietnam and Cambodia have agreed to increase bilateral trade in the period 2023-2024. This is a continuation of a practise that began in 2006, with agreements renewed every two years.
According to local media reports, the strategic agreement provides a critical legal framework for both nations' business communities, extending preferential tariffs to facilitate the entry of their beneficial commodities into each other's markets.
Annual bilateral trade has increased as a result of the agreement's influence, with growth rates of 18.5% from 2010 to 2015 and 21% from 2015 to 2020. Notably, despite the disruptive effects of the COVID-19 pandemic, trade between the two countries reached $10.57 billion last year, representing a nearly 11% year-on-year increase. As a result, Vietnam has surpassed China and the United States to become Cambodia's third-largest trading partner.
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