Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia-Vietnam market to boost trade

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.

MOST VIEWED

  • US imposes sanctions on Oknha Pheap and Kun Kim

    The Ministry of Foreign Affairs and International Cooperation expressed strong dismay on Monday over the designation of Cambodian tycoon Oknha Try Pheap and General Kun Kim under the US’ Global Magnitsky Act. “It is very disturbing when the public figures of a country become the

  • Mother, daughter killed in hotel fire

    The bodies of a mother and daughter were found locked in an embrace after they were killed in a hotel fire in Phnom Penh at around 3:30am on Wednesday at the Phkar Chhouk Tep 2 Hotel and Restaurant in Phsar Doeum Kor commune, in the capital’

  • EBA withdrawal a destruction of EU achievements, PM says

    Prime Minister Hun Sen said the EU’s possible suspension of its Everything But Arms (EBA) agreement amounted to a destruction of its achievements in the Kingdom and the demise of the opposition group. Hun Sen made the remarks while addressing more than 6,700 students during

  • Rights Day forum denied in Sihanoukville

    The Preah Sihanouk provincial administration last Saturday denied the request of land communities for a public location in the province to celebrate International Human Rights Day 2019 as the administration had already held forums to discuss land issues. However, the land community representatives said they would

  • Kingdom calls on Japan to increase number of direct flights to Siem Reap, Phnom Penh

    Cambodia is requesting Japan to increase the number of direct flights from Japanese cities and provinces to Phnom Penh and Siem Reap, so as to contribute to increasing cooperation and tourist numbers between the two countries. During the opening ceremony of 3rd Japan Travel Fair

  • Sri Lanka’s LOLC Holdings plans to sell Cambodian unit

    LOLC Holdings Plc, Sri Lanka’s second-largest publicly traded company by revenue, plans to sell its 70 per cent stake in Prasac Microfinance Institution Ltd, which also counts Hong Kong’s Bank of East Asia Ltd. as a shareholder, LOLC deputy chairman Ishara Nanayakkara said. Nanayakkara