Vietnam invests US$2 million to build border market with Cambodia

09:03 | 19/01/2018 Trade

Work began on a model border market along the Vietnam-Cambodia shared border on January 16.

Vietnamese Ambassador to Cambodia Vu Quang Minh addresses the groundbreaking ceremony for the Vietnam-Cambodia border market on January 16 - Credit: VOV

Funded by the Vietnamese Government’s non-refundable aid, the US$2 million project covers an area of 20,000 sq.m in Da commune, Memot district in the Tbong Khmum province of Cambodia, which borders Vietnam’s Chang Riec border gate in Tay Ninh province.

Construction was launched by the Vietnamese Ministry of Industry and Trade and the host’s Ministry of Commerce, aiming to promote economic and trade exchanges, as well as improving the lives of the border residents of both nations.

Addressing the groundbreaking ceremony, Vietnamese Ambassador to Cambodia Vu Quang Minh stressed that the pilot project will create a foundation for the development of a system of markets along the shared border in the near future, towards further tightening the economic cooperation between the two countries.

Representatives from Vietnamese Ministry of Industry and Trade and Cambodian Ministry of Commerce reached a MoU on the construction of the border market in July 2016 - Credit: NDO

Cambodian Minister of Commerce Pan Sorasak expressed his sincere gratitude to the Vietnamese Government for its non-refundable assistance for the project, saying that this will bring common benefits to the two countries’ people and promote border trade, thus contributing to realise the goal of US$5 billion in two-way trade.

Once completed, the market will serve as a goods trans-shipment area between the Cambodian provinces of Kratie, Kampong Cham, Rattanakiri, Mondulkiri and Tbaung Khmum and Vietnamese localities.

Theo NDO