Cambodia-Vietnam Border Market Launched To Boost Trade

The first Cambodia-Vietnam border market was launched on Tuesday after two years of construction.

Dubbed "Da Market", the 68-booth

PHNOM PENH, (UrduPoint / Pakistan Point News - 24th Dec, 2019 ) :The first Cambodia-Vietnam border market was launched on Tuesday after two years of construction.

Dubbed "Da Market", the 68-booth market is located along the border in Thary Tboung Khmum Special Economic Zone in Memot district in southeast Cambodia's Tboung Khmum province.

Cambodian Prime Minister Samdech Techo Hun Sen and Vietnamese Deputy Prime Minister Trinh Dinh Dung took part in the inaugural ceremony.

Hun Sen said the market was a new achievement in the development of border areas between Cambodia and Vietnam.

"The market will facilitate trade exchanges between the peoples of the two countries, and it will importantly contribute to boosting trade volume between our two countries." The Cambodian prime minister added that such a market will also be built in Svay Rieng and Kampot provinces along the border of the two countries in the near future.

Dung said the market was a new testament to the niceties between the two countries, and it would contribute to alleviating poverty for residents along the border.

"I believe that the market will become a new catalyst to boost trade between the two countries." Cambodia-Vietnam trade volume reached 4.8 billion U.S. Dollars in the first 11 months of 2019, up 14 percent over the same period last year. Dung said the bilateral trade volume is expected to hit over five billion U.S. dollars this year.

On the investment front, Vietnam ranked the fifth largest foreign investor in Cambodia, he said, adding that Vietnam has so far invested a total of 3.3 billion U.S. dollars in 214 projects in Cambodia.

Cambodian Minister of Commerce Pan Sorasak said the market, occupied about two hectares of land, was made possible under the grant aid of nearly two million U.S. dollars from Vietnam.