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Cambodia-Vietnam market to boost trade

Cambodia-Vietnam market to boost trade

Cambodia and Vietnam plan to launch “Da Market” in Tbong Khmum province along their border later this month.

The Ministry of Commerce will cooperate with Vietnam’s Ministry of Industry and Commerce to jointly organise the Cambodia-Vietnam Trade Fair 2019, which runs from December 24 to 26.

In July 2017, officials signed a memorandum of understanding (MoU) to start the project, which is the first of its kind and reached the target of $5 billion in trade set by both leaders.

Construction on Da Market began in February 2018 and spans across 19,500sqm of the Thary Tbong Khmum Special Economic Zone in Memot district, Tbong Khmum province.

Tbong Khum provincial governor Cheam Chansophorn told The Post that there will be around 200 booths for the upcoming trade fair for the launch of the model market.

“This is a new opportunity for our people, especially businessmen from our two countries to trade at the border,” the provincial governor said.

Chansophorn said cross-border trade in his province reached $970 million in 2017 and jumped to $1.204 billion last year.

Vietnamese Ambassador to Cambodia Vu Quang Minh said during the construction’s groundbreaking ceremony in February last year, that the market aimed to build infrastructure between two countries to promote the economic and trade exchanges, which will raise the living standards of local residents.

“With its good location, Da Market will boost trade between our two nations,” he said, adding that all the products that locals produced in Cambodia’s Kratie, Kampong Cham, Rattanakiri and Mondulkiri province meet demands in Vietnam.

Cambodia-Vietnam bilateral trade reached $4.7 billion in 2018, which is an increase of 24 per cent compared to 2017. During the first six months of the year, the trade attained $2.72 billion and is expected to reach $5 billion ending this year.

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