Representatives from nearly 100 firms attended the Vietnam – Cambodia Trade and Investment Promotion Forum 2019 held in Phnom Penh on November 22.

The event took place at a time when Cambodia’s economy has enjoyed steady growth, reaching 7 percent annually over the past two decades while its people’s lives have improved.

About 50 Vietnamese firms and research units explored business opportunities and discussed with representatives from the Cambodian Ministry of Commerce and the Council for the Development of Cambodia (CDC) about regulations on licensing foreign projects in specific areas.

CDC Deputy Secretary General Chea Vuthy answered questions about regulations on land lease in Cambodia for agricultural development, adding that Cambodia wants to develop herbal plant zones to not only serve domestic demand but also exports to regional countries.

Vietnamese Ambassador to Cambodia Vu Quang Minh suggested several Vietnamese models, including linkage between the State, farmers, scientists and businesses to facilitate effective and sustainable farm produce production and consumption.

Vice President of the Cambodia Chamber of Commerce Oknha Lim Heng proposed that the Vietnamese government should open more border gates to facilitate Cambodian people’s traveling, especially development of medical tourism services.

Two-way trade between Vietnam and Cambodia hit 4.7 billion USD last year, up 23.8 percent from 2017. The figure reached 4.4 billion USD in ten months of 2019, up 13.8 percent year on year, and is estimated at 5.2 billion USD this year, surpassing the target of 5 billion USD set by the two prime ministers one year ahead of schedule.

The two nations have signed a number of agreements such as a framework agreement on Vietnam – Cambodia economic connectivity by 2030, an action plan for Cambodia – Laos – Vietnam economic connectivity, an agreement on double taxation avoidance, a Memorandum of Understanding (MoU) on transport cooperation till 2025 with a vision towards 2030.

The Vietnam National Administration of Tourism and the Cambodian Ministry of Tourism signed a MoU on tourism connectivity. On October 27, Cambodia’s airline Angkor Air opened a direct route connecting Phnom Penh and Vietnam’s Da Nang city.