The Council for the Development of Cambodia (CDC) and Vietnam-Cambodia Business Association (VCBA) discussed ways to strengthen cooperation in the promotion of Cambbodia’s potential sectors especially the agriculture industry – rice and rubber – to Vietnamese businessmen to attract more investments, contributing to the development of the agribusiness.

Sun Chanthol, Cambodian Deputy Prime Minister and First Vice-Chairman of CDC on March 12 met with representatives from 16 Vietnamese companies led by Leng Rithy, President of VCBA, and exchanged views on strengthening Vietnamese investment flow into Cambodia’s agriculture industry.

During the talk, Chanthol apprised the efforts of the Royal Government of Cambodia (RGC) to maintain peace and economic stability in the nation, producing an open investment law as well as developing infrastructures across the country to facilitate the transportation of goods and services including expressways, logistic ports, connected road network and railways improvement.

To reduce the cost of transportation while keeping an eye on environmental concerns, the Cambodian Deputy Prime Minister said that RGC plans to use 70 percent of clean energy and commit to making it possible by 2030.

Noting Cambodia’s remarkable development, Rithy applauded the efforts of RGC as he shared his successful experience of investing in agriculture, especially in the rice and rubber industries.

The President of VCBA committed to strengthening collaboration with CDC to further promote Cambodia’s potential sectors to Vietnamese businessmen aimed at attracting more investments to boost the development of agribusiness.

On the same day, CDC and the Ministry of Economy and Finance (MEF) of Cambodia organised a two-day mission trip on March 6-7 to inspect the progress of the special economic zone (SEZ) in Bavet – a bordering town along the international gate between Cambodia and Vietnam.

Phan Phalla, Secretary of State of MEF led a working group to Svay Rieng province to examine the significant development of investors and their direct business operations in Bavet SEZ, proving RGC’s concern toward trade connectivity at the border pass between the two countries.

According to a CDC release, MEF also visited Vietnam and Thailand to learn about the progress of development and exchange views on investment attraction strategies to enhance the development of those potential industries.

During the 2024 Inter-Regional Business Forum organised by the International Strategy Institute (IS) in Malaysia last week (March 5), Erick Aponte, Trade Commissioner for ASEAN of the Peru Export and Tourism Promotion Board told Khmer Times that it is extremely risky to export the raw products to only one country as the buyer can play around with the price.

He added that farmers or producers want to have specific prices that can bring balance to their businesses and market share. “In fact, Cambodia was allowed to access the international market which is a sign of agriculture exportation possibility,” Erick said.