Việtnam, Cambodia Seek to Raise Bilateral Trade to $20 Billion
Phnom Penh, The Gulf Observer: Việtnam and Cambodia have reaffirmed their commitment to strengthening economic cooperation, expanding bilateral investment and increasing two-way trade to US$20 billion in the coming years, as the two countries seek to deepen their longstanding partnership.
The commitment was highlighted at the Việtnam–Cambodia Business Forum 2026, co-chaired by Vietnamese Prime Minister Lê Minh Hưng and Cambodian Prime Minister Hun Manet in Phnom Penh on October 9. The forum brought together government officials, representatives of relevant institutions and approximately 300 business representatives from both countries.
According to data presented at the forum, bilateral trade reached approximately US$11.4 billion in 2025, representing an annual increase of more than 12 per cent. Trade between the neighbouring countries totalled nearly US$8.7 billion during the first eight months of 2026.
Việt Nam is Cambodia’s largest trading partner within ASEAN and its third-largest trading partner globally, reflecting the growing importance of economic ties between the two countries.
Addressing the forum, Prime Minister Lê Minh Hưng described economic, trade and investment cooperation as a key pillar of bilateral relations, noting that considerable potential remained to be explored to bring economic collaboration in line with the strength of political ties.
He called for increased investment, stronger infrastructure and logistics connectivity, and simplified administrative procedures to facilitate cross-border business activities.
The Vietnamese prime minister also highlighted the complementary strengths of the two economies. Cambodia offers significant advantages in land resources, agriculture, raw materials and a young workforce, while Việt Nam brings processing capabilities, logistics infrastructure, seaports and extensive experience in international economic integration.
He said closer coordination could enable the two countries to develop competitive regional and international value chains, adding that the US$20 billion bilateral trade target was achievable through sustained cooperation between governments and businesses.
Prime Minister Hưng outlined several priorities for advancing economic ties, including aligning policies, streamlining investment and customs procedures, improving transport infrastructure and strengthening cooperation in agricultural production and processing.
He also emphasised the importance of expanding financial and banking connectivity, promoting local-currency transactions and cross-border QR payments, and exploring new areas of cooperation in digital transformation, e-commerce, renewable energy, tourism and human resource development.
On infrastructure, he called for accelerating the development of transport links, particularly the Ho Chi Minh City–Mộc Bài–Bavet–Phnom Penh expressway, alongside improvements to border crossings, border markets and logistics centres.
He further encouraged businesses to move beyond conventional trade towards joint investment, deeper processing, technological innovation and sustainable production, while ensuring compliance with local laws, environmental protection and contributions to host communities.
Prime Minister Hun Manet welcomed the strong participation of businesses at the forum, describing it as a reflection of growing confidence in the prospects for expanded trade and investment cooperation.
He stressed that improving the quality and depth of economic integration would be essential to achieving the bilateral trade target. He also called for stronger transport and logistics connections and closer links between production facilities, industrial parks, economic zones and markets in both countries.
The Cambodian leader highlighted the potential for expanding tourism cooperation, noting that more than one million Vietnamese tourists visited Cambodia in 2025. He encouraged travel companies, airlines, hotels and relevant authorities to develop joint tourism products and promote destinations to international visitors.
Both leaders also underscored the importance of creating a favourable business environment and encouraging enterprises to explore opportunities in manufacturing, agricultural processing and regional supply chains.
At the forum, representatives of the two countries exchanged five cooperation documents in the presence of both prime ministers. These included two amended overseas investment registration certificates for THACO AGRI’s crop cultivation and livestock projects in Cambodia’s Kratie and Ratanakiri provinces, involving total investment capital of US$648 million.
Việt Nam currently has 223 investment projects in Cambodia, with registered capital of approximately US$3.4 billion, covering sectors such as agriculture, telecommunications, banking and finance, aviation, food processing, trade and services. Cambodian businesses, meanwhile, have 50 investment projects in Việt Nam, with total capital of US$81.6 million.
The two governments expressed confidence that stronger economic engagement, improved connectivity and deeper cooperation between businesses would contribute to mutual prosperity and regional development.
The initiatives also come ahead of the 60th anniversary of diplomatic relations between Việt Nam and Cambodia in 2027, providing further impetus to strengthen their traditional friendship and long-term economic partnership.
