The opening ceremony of the annual border market 2024 between Gia Lai and Ratanakiri provinces. — Photo baoxaydung.com.vn

Sharing the border with Cambodia, the Central Highlands province of Gia Lai is striving to develop its border trade infrastructure connections with Ratanakiri province of the neighbouring country, aiming to strengthen economic links and make import-export turnover on a par with the great potential of both countries.

A highlight of this scheme is the annual border market held at the Lệ Thanh International Border Gate Economic Zone in Đức Cơ District that is jointly organised by Gia Lai and Ratanakiri. The market is a golden opportunity for people, businesses, and production facilities of the two sides to promote trade in goods, helping to realise the two Governments' joint vision for a borderline of peace, cooperation and development.

Moeu Malaiy, deputy director of the Commerce Department of Ratanakiri, said that the department is promoting economic development policies, particularly in the trade sector, by boosting production and supporting the sale of products through trade fairs.

Cambodian firms also hope to seek partnerships with Vietnamese businesses participating in fairs held in Cambodia, she said.

Despite a year-on-year surge of 56 per cent in its cross-border trade turnover in the first nine months of 2024, Gia Lai is still facing many challenges.

Nguyễn Như Trình, head of the Gia Lai Economic Zone Authority, pointed out that the challenges stem from inconsistencies in border trade policies, weak mechanisms for attracting investment to border areas, a shortage of currency exchange services, unclear direction for border markets, and the limited scale and capacity of businesses. Currently, border trade activities in the province are mainly conducted in the form of small-scale transactions, leading to low and unstable tax revenues.

Meanwhile, Moeu Malaiy admitted certain problems in customs procedures, product quality, pricing, transportation, and market access, stressing that deeper cooperation between the two countries in these areas is essential.

Đào Thị Thu Nguyệt, deputy director of the Gia Lai Department of Industry and Trade, said that the export turnover between Gia Lai and Ratanakiri is still low compared to the potential of the two sides. She suggested that Cambodia intensify trade promotion efforts, establish distribution systems, and further expand the market.

She also stressed the need for more investment in infrastructure, trade promotion, and the diversification of goods and services to create a bustling and prosperous border region. Close coordination between the administrations, businesses, and residents of the two sides is also crucial to unlocking the full potential of border trade between Việt Nam and Cambodia. — VNA/VNS