Hanoi (VNA) – Vietnam earned 3.15 billion USD from exporting goods to Cambodia in the first eight months of 2021, up 16.7 percent year-on-year.
However, Vietnam reported a trade deficit of 354.4 million USD with Cambodia in the reviewed period.
One of the reasons behind the trade deficit was increases in import turnover of six main products from Cambodia compared to the same period last year, with the imports of cashew nut and rubber witnessing the highest rises.
Vietnam spent almost 1.83 billion USD on importing cashew nuts from Cambodia in the first eight months, a 7.1-fold hike year-on-year. Meanwhile, Vietnam's rubber imports from the neighbouring country were 5.3 times higher than the figure of the same period last year, reaching 821.8 million USD.
Vietnam's registered investment in Cambodia hit over 2.85 billion USD, mainly in agriculture, including cashew and rubber planting.
Vietnamese businesses have invested in Cambodia to take advantage of cheap labour costs and favourable conditions in terms of land, climate and incentives, and then exported their products back to Vietnam.
To balance the trade value with Cambodia, Vietnam needs to promote processing to improve the added value of export goods, increase yields and quality of cashew and rubber, and seek to expand export markets for cashew nuts and rubber products.
Attention should also be paid to strictly controlling the import of these goods to ensure origin rules, and enhancing inspection of commodities exported to Vietnam through Cambodia./.
Vietnam’s exports to Cambodia up 16.7 percent in eight months have 256 words, post on en.vietnamplus.vn at September 27, 2021. This is cached page on Talk Vietnam. If you want remove this page, please contact us.