National Assembly Chairman Trần Thanh Mẫn arrives in Phnom Penh for his official visit to Cambodia on Thursday afternoon. —VNA/VNS Photo Doãn Tấn

PHNOM PENH — National Assembly Chairman Trần Thanh Mẫn and a high-ranking delegation of Việt Nam arrived in Phnom Penh on Thursday afternoon, beginning their four-day official visit to Cambodia, where the top legislator will attend the 12th General Assembly of the International Conference of Asian Political Parties (ICAPP) and the 11th Plenary Session of International Parliament for Tolerance and Peace (IPTP).

Welcoming them at Pochentong International Airport were second Vice President of the Cambodian National Assembly Vong Soth, and Vietnamese Ambassador to Cambodia Nguyễn Huy Tăng, among others.

The visit, Mẫn’s first official visit to Cambodia as head of the Vietnamese legislature, holds significant importance, reaffirming the foreign policy set forth by the 13th National Party Congress, which gives high priority to the "good neighbourliness, traditional friendship, comprehensive cooperation, and long-term sustainability" with Cambodia.

It demonstrates the mutual trust and close bond between high-ranking leaders of the two nations, including between the NA Chairman and Cambodia's top leaders.

During the visit, the Vietnamese top legislator is scheduled to pay a courtesy call to King Norodom Sihamoni; hold talks with National Assembly President Khuon Sudary; pay a courtesy call to President of the Cambodian People's Party and President of the Senate Hun Sen; meet with Prime Minister Hun Manet; visit former NA President Heng Samrin; receive President of the Cambodia-Việt Nam Friendship Association and the Cambodia-Vietnam Friendship Parliamentarians' Group Men Sam An; and attend the inauguration ceremony of the Cambodian NA’s administrative building - a project built with support from the Party, State and people of Việt Nam.

The visit aims to take Việt Nam-Cambodia relations into a new phase of development, strengthen strategic trust and promote cooperation between the two legislatures.

With regard to ICAPP 12, the NA leader’s attendance at the event reflects the Vietnamese Party’s commitment to active and constructive engagement in ICAPP, aiming to strengthen ties with political parties across Asia, contribute to addressing regional issues, and enhance relations with the Cambodian People's Party.

Meanwhile, his attendance at IPTP 11 as a guest of the host country demonstrates Vietnam's support and goodwill toward Cambodia, particularly during its tenure as IPTP Chair.

Sustaining growth

According to Việt Nam's Ministry of Industry and Trade, bilateral trade relations between Việt Nam and Cambodia have grown robustly, playing a pivotal role in driving socio-economic development in each country and strengthening their comprehensive cooperation.

When the Việt Nam-Cambodia Trade Agreement was signed in 1998, bilateral trade was valued at US$117 million. In 2010, this figure rose to $1.8 billion.

Between 2010 and 2015, the two-way trade turnover grew at an average annual rate of 18.5 per cent, doubling to $3.35 billion in 2015. Việt Nam exports to and imports from Cambodia increased by between 15.5-32.7 per cent on an average yearly basis during this period.

From 2016 to 2020, the bilateral trade continued its upward trajectory, growing by 17 per cent annually on average to reach $5.31 billion in 2020. In 2019, the two nations surpassed their $5 billion trade target, initially set for 2020.

In 2022, the figure climbed to $10.57 billion, up nearly 11 per cent year-on-year. However, global economic complexities and weakened consumer demand led to a decrease of 19.5 per cent to $8.6 billion in the following year.

In the first ten months of 2024, trade rebounded, reaching $8.3 billion, an annual rise of 17.5 per cent. Việt Nam sold $4.4 billion worth of goods to the neighbouring nation, up 7.4 per cent year-on-year, while its import value surged by 31.5 per cent to $3.9 billion.

Việt Nam remains Cambodia’s largest trading partner within the Association of Southeast Asian Nations (ASEAN).

In this year’s first ten months, the country’s key exports to Cambodia were garment-textile, steel, and petroleum products, among others. Its major imports from the partner included cashew nuts, rubber, and fruits and vegetables.

For the first 11 months, Việt Nam's exports to Cambodia are estimated at $4.9 billion and imports $4.4 billion, increasing by 8.3 per cent and 31.7 per cent compared by the same period last year, respectively.

Trade experts said the countries have continuously improved their bilateral trade frameworks and border trade policies. The development of infrastructure serving border trade has received more attention, with roads, warehouses, and goods transit facilities in the area gradually upgraded and expanded. Việt Nam has held regular bilateral trade promotion activities in the country and in Cambodia.

However, challenges remain. Experts point out that legal frameworks for bilateral trade need further improvement. The countries’ 2013 goods transit agreement requires review and amendments.

Limitations in border infrastructure have prevented reductions in transport times and costs facing Vietnamese and Cambodian businesses. Additionally, smuggling persists in some border provinces.

Stepping up collaboration

During a working session between Việt Nam's Minister of Industry and Trade Nguyễn Hồng Diên and Cambodia’s Minister of Commerce Cham Nimul and Minister of Industry, Science, and Technology, Hem Vandy, the sides acknowledged significant progress in bilateral trade and industrial cooperation.

They agreed to pursue measures to elevate economic and trade relations, including revising related legal frameworks, better disseminating information on trade incentives, and enhancing anti-smuggling collaboration.

Their efforts will also focus on exchange experience to help Cambodia improve its business climate and investment attraction policies in the industrial production sector.

The Vietnamese Ambassador to Cambodia affirmed that in 2024 and beyond, Việt Nam will prioritise comprehensive cooperation with Cambodia, with economy-trade ties placed at the forefront.

The two nations will continue to implement signed agreements and memoranda of understanding, such as their border trade pact and bilateral trade promotion agreement for 2023-24, while exploring new investment and trade opportunities.

These efforts are expected to pave the way for achieving their ambitious bilateral trade target of $20 billion in the following years. — VNA/VNS