The Viet Nam Ministry of Industry and Trade and Cambodia Ministry of Commerce on Tuesday began constructing a model border market in Memot District, Tbaung Khmum, Cambodia.

The 20,000sq.m market would have a total investment of US$2 million from the non-refundable aid the Vietnamese Government provided to Cambodia.

Located near Chang Riec Border Gate, Tay Ninh Province, the market aimed to promote economic exchange and bilateral trade, as well as to enhance the quality of living of residents near the border between the two countries.

Vietnamese Ambassador to Cambodia Vu Quang Minh said the border market was the initial step in the development of a border market system of the two countries.

Cambodian Minister of Commerce Pan Sorasak appreciated the non-refundable aid of the Vietnamese Government, which he said would not only bring benefits to residents, but also contribute to boosting trade between the two countries to reach $5 billion threshold.

In the first 11 months of 2017, Viet Nam and Cambodia reached a bilateral trade of more than $3.4 billion, representing a rise of 31.5 per cent over the previous year. — VNS