Nghe An promotes trade and connects trade in Cambodia
The trade connection activities between Nghe An enterprises and the Chamber of Commerce and Enterprises of Cambodia 2024 are opportunities for businesses of both sides to seek cooperation and investment opportunities based on each other's strengths and development potential.
Opportunity to promote products and learn about the investment environment
With the active connection and support of the Vietnam Trade Office in Cambodia, the trade connection activities between Nghe An enterprises and the Chamber of Commerce and Enterprises of Cambodia 2024 have just taken place successfully. This is an opportunity for businesses of both sides to seek cooperation and investment opportunities based on each other's strengths and development potential.
Nghe An has Vinh international airport, Cua Lo seaport that can accommodate international ships up to 70,000 tons, railway, road system, international border gate; Nghe An is located on the trans-Asian route connecting 3 countries Vietnam - Laos - Thailand - Myanmar via National Highway 7 through Nam Can international border gate to Cua Lo port.
Nghe An is growing strongly, becoming an attractive investment destination, especially FDI capital, ranked in the top 10 provinces and cities nationwide. In recent years, Nghe An province has been evaluated as a destination for foreign investors in the fields of electronics, semiconductors, auto parts, textiles, footwear, etc.
The total export turnover of Nghe An province has grown strongly over the years (from 1 billion USD in 2018, increasing to 2.45 billion USD in 2022, reaching 3.1 billion USD in 2023, the average growth rate in the period 2018-2023 is 18-20%/year). Currently, about 50 diverse and rich products and groups of products are exported (electronics, textiles, wooden furniture, cement, steel, processed agricultural products, aquatic products, seafood...) to 150 countries and territories around the world.
In the first 7 months of 2024, Nghe An province's export turnover continued to achieve remarkable results with the total export turnover of goods in the first 7 months of 2024 reaching 1,676.9 million USD, an increase of 25.97% over the same period in 2023, reaching 61% of the 2024 plan target. Some items with good growth turnover: Electronic equipment and components, textiles, steel sheets of all kinds, footwear, stone powder, cassava starch, wood chips, electric wires and cables, rice...
Located in the ASEAN region, sharing a border with Vietnam (1,258 km of border with 10 Vietnamese border provinces, including: Kon Tum, Gia Lai, Dak Lak, Dak Nong, Binh Phuoc, Tay Ninh, Long An, Dong Thap, An Giang and Kien Giang), Cambodia is considered a traditional and important partner of Nghe An province's enterprises.
Assessing the opportunities for cooperation and development between Nghe An and Cambodian enterprises, Mr. Pen Bona - Secretary of State of the Ministry of Commerce of Cambodia, commented on the advantages in the major trade relations between the two sides such as: Sharing a border with Vietnam, businesses on both sides also enjoy many incentives from agreements: ASEAN Free Trade Agreement, ASEAN - China, Vietnam - Cambodia Border Trade Agreement signed in 2022... Businesses on both sides have great prospects in linking to create supply chains in production and export for product lines such as: construction materials, stone powder, plastic beads, cassava of all kinds,...
Currently, many Nghe An enterprises wish to cooperate and learn about the investment and business environment in Cambodia. Thanh Hung Company wishes to learn about the investment environment to build a cassava starch processing factory in provinces with favorable locations in terms of seaports, close to Vietnam, and advantages in raw material areas; learn about electricity prices and investment policies in Cambodia.
In addition, units such as: Trung Hai Company (white stone powder), Thanh Cong Company, Phu Quy Mineral Company (tiling stone), Lam Giang Forestry Company (tea products, OCOP products), Hong Son Company (ladles, spoons, wooden chopsticks), Sy Thang Company (peanuts) ... are also actively looking for partners to consume their products.
Exploiting room for development
In recent times, economic, trade and investment cooperation between Vietnam and Cambodia has been increasingly strengthened and consolidated, becoming a bright spot in the relationship between the two countries.
Although the cooperation and export development between Cambodia and Nghe An has developed rapidly, in recent times, the import and export turnover of Nghe An to Cambodia is still modest, not commensurate with the potential of the two sides. In 2020, the export turnover reached 1.0 million USD, in 2023 it increased to 4.86 million USD, in the first 6 months of 2024 it reached 2.63 million USD including the following items: Superfine white limestone, molasses, liquid sugar, plastic additives (the largest turnover is superfine white limestone of Trung Hai Group Joint Stock Company). Imports account for a small proportion (400 thousand USD in 2023, no turnover in 2024).
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Sharing about the trade connection activities between Nghe An enterprises and the Chamber of Commerce and Enterprises of Cambodia 2024 that just took place, Mr. Pham Van Hoa - Director of the Department of Industry and Trade said that this is an opportunity for enterprises of both sides to exchange information, directly meet, connect, and seek potential partners. Thereby, building a long-term business and investment cooperation relationship, for the benefit of enterprises, for the development of the two economies of Vietnam and Cambodia.
In order to promote trade cooperation between Nghe An province and Cambodian enterprises, Mr. Pham Van Hoa - Director of the Department of Industry and Trade of Nghe An province informed about the socio-economic situation of the province, and the import and export activities of the province, about the trade cooperation situation between Nghe An province and Cambodia. At the same time, he proposed to establish a regular information channel on products and enterprises of the two sides to grasp the market situation, products, conditions, barriers and technical standards of goods of the two sides to create a bridge of connection for enterprises.
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Propose that the Vietnam Trade Office in Cambodia, the Cambodian Chamber of Commerce and enterprises, based on the conditions and export products of the province, support enterprises in finding trade partners, import and export between the two sides. The Department of Industry and Trade also acts as a bridge for Cambodian enterprises to seek cooperation opportunities in Nghe An. The Vietnam Trade Office in Cambodia is interested in information to support and promote Cambodian enterprises to cooperate and invest in Nghe An, especially in industries and fields such as: Forestry, high-tech agriculture, clean agriculture in line with new trends.
"Nghe An has advantages in agricultural production, processed medicinal products, cassava... In addition, the province also has potential to develop construction materials, transportation logistics, and minerals. In the coming time, we will introduce more companies and more suitable cooperation industries to Cambodia. Nghe An will support Cambodian businesses to approach Vietnamese partners," Mr. Hoa shared.
Also within the framework of trade connection activities between Nghe An enterprises and the Chamber of Commerce, Cambodian enterprises 2024, a trade fair was held to introduce and promote Nghe An products. Participating in this fair were a number of enterprises promoting more than 30 agricultural products of the province such as medicinal herbs, peanuts, tea, OCOP products, etc. Many enterprises, representatives of departments, branches, associations, and Cambodian people attended the fair, learning about Nghe An agricultural products.