A farmer carries rice seedlings at a paddy area on the outskirts of Phnom Penh July 11, 2013. Photo by Reuters/Samrang Pring
Vietnam purchased almost 80 % of Cambodia’s almost $5 billion value of agriculture exports final 12 months.
It purchased 96-99 % of Cambodia’s cashew, pepper and mung bean exports, in response to a report by Cambodia’s Ministry of Agriculture, Forestry and Fisheries.
Exports of Cambodia cashew to Vietnam grew 4.6 occasions from 2020, and that of pepper and mung bean surged 4 occasions.
Other produce that Vietnam purchased in great amount from its neighbor have been rice, grapefruit, bananas and mangoes.
Cambodian Agriculture Minister Veng Sakhom informed Vietnam’s President Nguyen Xuan Phuc throughout the latter’s current go to that Vietnam was Cambodia’s greatest importer amongst 70 international locations and territories final 12 months.
Vietnamese firms had additionally harvested $200 million value of latex within the first 11 months final 12 months, he added.
“Rubber farming has created jobs for round 33,000 locals. Vietnamese firms additionally contributed to over 50 precent of Cambodia’s banana exports, creating jobs for round 14,000 staff.”
Insiders say the surge in Cambodia’s exports of agriculture produce to Vietnam got here as many Vietnamese firms have invested into Cambodian farming.
Agriculture skilled Vo Tong Xuan ascribed the development to Vietnamese companies and people taking benefit of Cambodia’s inexpensive land fund in addition to decrease labor prices.
“The yield is then exported again to Vietnam.”
In the primary 11 months final 12 months, commerce worth between Vietnam and Cambodia rose 84 % year-on-year to $8.6 billion, in response to Vietnam Customs.
Cambodia’s exports to Vietnam rose 337 % within the interval.