Đa market, the first Cambodia - Việt Nam model border market, was opened on Tuesday.- VNA/VNS Photo Lê Đức Hoảnh

HÀ NỘI – Đa market, the first Cambodia – Việt Nam model border market, which was inaugurated on Tuesday, was expected to boost cross-border trade and leverage economic cooperation between the two countries.

Attending the inauguration ceremony were Cambodian Prime Minister Samdech Techo Hun Sen, Vietnamese Deputy Prime Minister Trịnh Đình Dũng, Government officials and thousands of locals living in the shared border area.

Speaking at the ceremony, Hun Sen said that Đa market would be an important place for trade and contribute significantly to reducing poverty, enhancing the living standards of the locals as well as deepening the traditional friendship and comprehensive partnership between the two countries.

Hun Sen expressed the expectation that the bilateral trade between Việt Nam and Cambodia would reach US$5 billion in 2020, adding that it was necessary to boost trade exchange via border markets and encourage trade and investment cooperation between companies from the two countries.

Dũng said that economic and investment cooperation between Việt Nam and Cambodia saw significant growth in recent years, becoming an important pillar in the two country’s friendship.

Dũng said that Việt Nam was one of the top five biggest investors in Cambodia, with 214 projects, worth a total of $3.3 billion in registered capital.

Two-way trade was expected to hit $5 billion in 2020, Dũng said.

Dũng also asked ministries from both sides to continue enhancing cooperation in operating the Đa market efficiently.

Đa market covers 19,628 sq.m at Thary Tboung Khmum Special Economic Zone, Đa Kandorl Village, Đa Commune, Memot District, Tboung Khmum Province, opposite Việt Nam’s Chàng Riệc border gate in Tân Biên District, Tây Ninh Province.

Construction started on January 16, 2018, with total investment of nearly $2 million in non-refundable aid of the Vietnamese Government to Cambodia.

Vietnamese Minister of Industry and Trade Trần Tuấn Anh said at the ceremony that Đa market would create conditions to efficiently exploit the potential and advantages of the two border provinces and contribute to expanding trade exchange, building distribution systems and generating jobs.

Tuấn Anh hoped that Đa market would help turn the area that was formerly a remote area into a vibrant economic zone and contribute to the urbanisation process.

Tuấn Anh expected Đa market would operate efficiently and that more border markets would be built to facilitate trade between Việt Nam and Cambodia.

The ministry’s statistics showed that Việt Nam – Cambodia bilateral trade reached $4.81 billion in January-November, representing a rise of nearly 11 per cent over the same period last year.

Việt Nam’s export to Cambodia was $3.97 billion, up 15.8 per cent.

Việt Nam ran a trade surplus of $3.14 billion with Cambodia in the period. - VNS