Cambodia-Vietnam Model Market’s Construction Plan To Be Completed in Late 2018

Cambodia and Vietnam have been committed to strengthen their economic and trade cooperation and to speed up the construction of a model border market so that it would be completed by the end of this year.

The commitment was made during the recent meeting in Phnom Penh between Cambodian Minister of Commerce H.E. Pan Sorasak and Deputy Minister of Industry and Trade of Vietnam H.E. Do Thang Hai.

According to news release of the Ministry of Commerce, H.E. Pan Sorasak informed his guest about the progress in Cambodia's trade sector and its strong economic growth of 7 percent on average during the last two decades, contributing significantly to poverty alleviation in accordance with the National Strategic Development Plan and Rectangular Strategy of the Royal Government of Cambodia, Phase III.

On the occasion, H.E. Pan Sorasak thanked the Vietnamese government for the over 2-million financial support for the construction of Da Market, the first ever Cambodia-Vietnam model border market, located in Memot district, Thbong Khmum province of Cambodia.

For his part, H.E. Do Thang Hai lauded the fast development of Cambodia, and reaffirmed his country's stance to increase the two-way trade exchange to US$5 billion as targeted in the coming years.

According to the statistics of the Ministry of Economy and Finance, the flow of FDI (Foreign Direct Investment) to Cambodia was stable in the last five years, between US$1.7 to 2 billion. In 2016, Vietnam ranked third with US$192-million capital investment, preceded by China and Hong Kong Special Administrative Region.

Source: Agency Kampuchea Press