Vietnam & Cambodia Collaborate to Boost Trade Efficiency and Reduce Shipping Costs

• Sommana Yan
• 30 October 2023
• Uncategorized
• 1867 Views

Vietnam’s Saigon Newport and Cambodia’s Phnom Penh Autonomous Port (PPAP) have joined forces to foster sustainable business development and further invigorate economic and trade growth, cementing the rapport between these two nations.

During the official signing ceremony on 28 October 2023, Ms. Her Panin, Deputy Director General overseeing the Phnom Penh Autonomous Port Operations, emphasized the burgeoning logistics relationship between Vietnam and Cambodia. She noted that this partnership has not only expanded geographically but also deepened along their shared border.

Over the years, bilateral trade between Vietnam and Cambodia has seen robust growth, with an average yearly increase of 18.55% from 2015 to 2022. Even amid the significant challenges posed by the COVID-19 pandemic, trade in 2021 surged by an impressive 79% compared to the previous year. Ms Panin highlighted the pivotal role Vietnam plays as a key trading partner, providing a gateway for Cambodian goods to reach vital seaports and facilitating exports to countries worldwide.

Simultaneously, Cambodia’s strategic location within the Greater Mekong Subregion and its crucial role in the East-West Economic Corridor, connecting Vietnam with its neighboring countries, makes this partnership even more strategic.

The collaboration extends further with both ports entering into a shipping cooperation agreement, thereby reinforcing import-export relations between Vietnam and Cambodia. Ambassador HE Nguyen Huy Tang, representing Vietnam to Cambodia, expressed confidence that this cooperation in road transport will be pivotal in driving local socio-economic development and fortifying export-import ties not only between Vietnam and Cambodia but also with neighboring countries in the region.

This venture also highlights the significant potential for further collaboration in various sectors, encompassing consumer goods production, electricity, mining, processing, agriculture, and fisheries.

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