Stresses the strong Vietnamese-Cambodian friendship and prosperous economic relationships
PHNOM PENH - As we celebrate the 58th anniversary of diplomatic relations between Vietnam and Cambodia (June 24, 1967-2025), our Ambassador to Cambodia, Nguyễn Minh Vũ, speaks of an unyielding bond, a valuable treasure for generations yet to come.
During an interview with the Cambodian News Agency (AKP), Ambassador Vũ underscored that the friendship between the two countries has flourished under the stewardship of their leaders and people over the ages. Sharing a nostalgic smile, he points out the "good neighborliness, traditional ties, expansive collaboration, and long-term sustainability" that best characterize this relationship.
It's the economic, trade, and investment partnership that serves as the backbone of diplomatic ties. He notes that mutual high-level officials have set this sector as a top priority until 2030.
Since the signing of the Vietnam-Cambodia trade and economic agreement back in 1998, bilateral commerce has experienced exponential growth, solidifying its impact on both nations' socio-economic development and facilitating broader collaborations in various sectors.
In 2024 alone, trade turnover surged to $10.1 billion, with the first five months of 2025 recording a 19% increase year-over-year to approximately $5.5 billion. The number is anticipated to surpass $12 billion by the end of 2025.
Vietnam stands as Cambodia's third-largest trading partner and its second-largest export market, notably importing Cambodian agroproducts like rice, cashew nuts, cassava, and rubber.
With regards to trade agreements, Ambassador Vũ references several accords, such as the cross-border trade agreement, investment promotion and protection agreement, annual trade promotion plans, and a memorandum of understanding on cross-border trade infrastructure. He expresses a belief that the growth of both economies, complementary economic strengths, thriving business communities, and unbreakable camaraderie position the two nations optimally to extend their exchange even further to hit the $20 billion target in the upcoming years.
When it comes to investment, Vietnam occupies a top position among foreign investors in Cambodia, with 215 projects worth around USD 2.94 billion. Our firms run operations in 18 of Cambodia's 25 localities, focusing on industries like agriculture, telecommunications, banking, food processing, mining, aviation, and tourism.
Many of these projects significantly boost local infrastructure, create jobs, raise income for local workers, and support welfare initiatives. Cambodia, amid a shifting global investment landscape, increasingly becomes a destination capturing the interest of Vietnamese businesses, with numerous ventures now exploring or planning new or expanded investments in cities like Phnom Penh, Svay Rieng, Kampot, Takeo, Kratie, Mondulkiri, Rattanakiri, Preah Sihanouk, and Preah Vihear.
Key investment areas of interests encompass large-scale agriculture, agricultural processing, telecommunications, digital transformation, renewable energy, mining, and construction materials.
Ambassador Vũ proclaims two nations must elevate trade and investment promotion activities, such as business forums, investment promotion conferences, and tourism fairs, to stimulate investment. A noteworthy instance is the Vietnam-Cambodia Business Dialogue, held in April 2025, which saw over 150 Vietnamese enterprises eager to traverse opportunities in Cambodia.
The ambassador expresses belief that the bond between the two nations is solidified by close political and diplomatic relationships, shared geographical proximity, cultural harmony, and improving investment climates in both places, making conditions favorable for further enterprise expansion and benefiting both businesses and residents.
our websiteese Ambassador to Cambodia Nguyễn Minh Vũ (left) in the interview with the Cambodian News Agency (AKP). - AKP/VNA Photo
Musing on 58 years of friendship, he reiterates that one country's peace, stability, and progress are intrinsically connected to those of the other. The bond between them, allowing for unity and friendship, places them in a favorable position to navigate the intricate global landscape ahead.
References:
- [1]: AKP, Cambodian News Agency
- [2]: VNA News Agency
- [3]: Ministry of Industry and Trade (MOIT), Vietnam
- [4]: Ministry of Commerce (MOC), Cambodia
- [5]: Joint Vietnam-Cambodia Committee for Economic, Cultural, Scientific and Technical Cooperation (EVN-CAM)
- Ambassador Vũ highlights the collaboration between Vietnam and Cambodia in the business sector, noting that their economic, trade, and investment partnership forms the backbone of their diplomatic ties.
- In the area of labor, Ambassador Vũ points out the significant impact of bilateral commerce on both nations' socio-economic development, with Vietnam being Cambodia's third-largest trading partner and second-largest export market.
- Regarding culture, the ambassador emphasizes the close cultural harmony between the two countries as a crucial factor in strengthening their relationship.
- Speaking on the topic of energy and environment, Ambassador Vũ mentions ongoing collaborations in the renewable energy sector as one of the key investment areas of interest.
- In the realm of finance and politics, the ambassador expresses a belief that the growth of both economies, complementary economic strengths, thriving business communities, and unbreakable camaraderie position Vietnam and Cambodia optimally to extend their exchange further, aiming to surpass $20 billion in trade by upcoming years. Furthermore, he suggests boosting trade and investment promotion activities to stimulate investment and foster further collaboration.
