Minister of Industry and Trade Nguyen Hong Dien and Cambodian Minister of Commerce Pan Sorasak on June 2 signed an agreement on enhancing bilateral trade in the 2023-2024 period.

The first agreement of this kind was signed by the two countries in 2006 and has been renewed every two years.

It is a significant legal document for the business communities of the two countries, as it offers a range of preferential tariffs for advantageous products to enter the other’s market, thus facilitating trade between the two countries.

The agreement has contributed to boosting two-way trade turnover between the two countries over the years, according to the Ministry of Industry and Trade.

Two-way trade revenue recorded average growth of 18.5 per cent each year during the 2010-2015 period and over 21 per cent during the 2015-2020 period, figures from the ministry show.

Bilateral trade hit $10.57 billion last year, a year-on-year increase of nearly 11 per cent, making Vietnam the third-largest trade partner of Cambodia after China and the US.