The first "Cambodian border market model " will be built in the fourth quarter of this year, with the Vietnamese government's non-refundable financial aid of VND44 billion (US$2 million). — Photo vov.vn

HA NOI (Biz Hub) — The first "Cambodian border market model" will be built in the fourth quarter of this year, with the Vietnamese government's non-refundable financial aid of VND44 billion (US$2 million).

The project, an investment of the Vietnamese industry and trade ministry, will cover nearly 20,000sq.m in the Thary Tboung Khmum Special Economic Zone in Memot District in Tboung Khmum Province in Cambodia's central lowlands. 

It will be located opposite Chang Riec border gate in the southern Tay Ninh Province's Tan Bien District. 

The market, scheduled to become operational in 2018, will include a one-storey trading area, a two-storey market management office and supporting facilities such as goods storage, parking lot, restrooms and water and electricity supply stations. 

It is expected to promote the strengths and potential of the two bordering provinces and create favourable conditions for them to expand trade, build distribution and import-export systems, and improve the living standards of the local people in the shared border areas.

Viet Nam and Cambodia signed a memorandum of understanding on the project yesterday in Phnom Penh, Cambodia.

Viet Nam's Deputy Minister of Industry and Trade Nguyen Cam Tu and Cambodia's Secretary of State of the Ministry of Commerce Mao Thora signed the document, which is part of the agreement reached at the 13th session of the Viet Nam-Cambodia Joint Committee on Economic, Cultural and Scientific and Technological Co-operation on February 11, 2014. 

The value of trade between Cambodia and Viet Nam increased 2.4 per cent from $3.3 billion in 2014 to touch $3.4 billion in 2015. In 2015, Cambodia's imports from Viet Nam reached $2.4 billion and Cambodia exported goods worth $953 million to Viet Nam. — VNS