Vietnam Streamlines Trade with Cambodia

The Vietnamese Government has issued Decree 5/2024/ND-CP, which includes special preferential import tariffs for Cambodian goods. This is part of the implementation of the bilateral trade promotion agreement for the 2023-2024 period, as reported by VNA.

The decree provides detailed information on special preferential tax rates and the conditions to be entitled to those rates. These conditions include being on the list in Appendix I to the decree, having a C/O form S issued by authorized agencies of Cambodia, and being transported through specific border gates specified in Appendix III to the decree.

Photo: VNA

In addition, the decree also stipulates specific tariffs and import quotas for rice and unprocessed tobacco leaves originating from Cambodia.

According to the decree, rice products that are produced with the support of Vietnamese firms, households, and individuals in Cambodian provinces bordering Vietnam must comply with the existing regulations on export and import taxes when imported into Vietnam.

For rice and unprocessed tobacco leaves originating from Cambodia and imported into Vietnam by Vietnamese enterprises for re-export to other markets, the decree mandates adherence to the temporary import and re-export mechanisms established by the Vietnamese Government and relevant regional and global agreements signed by both countries.

Bilateral trade between Vietnam and Cambodia has been growing by more than 20% annually during the 2015-2020 period and reached USD 10.57 billion in 2022, representing a nearly 11% year-on-year increase. It is expected to reach USD 20 billion in the future.

According to a report by the Vietnamese Ministry of Planning and Investment, as of 2023, Vietnam had a total of 206 projects in Cambodia with a registered capital of USD 2.94 billion, ranking fifth among the countries and territories investing in Cambodia.

Hannah Nguyen

The post Vietnam Streamlines Trade with Cambodia appeared first on Vietexplorer.com.

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