Phnom Penh (FN), July 28 – Cambodia and Vietnam have reached an agreement on establishing the first border market model that would cost about $2 million in the special economic zone of “Thary Tbong Khmum” on Cambodia-Vietnam border of Dar Commune, Memot district, Tbong Khmum province, over 200km from Phnom Penh.

The signing ceremony for a Memorandum of Understanding was chaired by Minister of Commerce Pan Sorasak and with the attendance of many relevant Cambodian and Vietnamese officials at the office of Cambodia’s Ministry of Commerce.
The establishment of the border market model at Thary Tbong Khmum special economic zone will cost around 44,761 million Dong or around $2 million and it will be in the form of a grant provided by the Socialist Republic of Vietnam, according to the Ministry of Commerce.

Cambodia-Vietnam trade volume increased around 2.36 percent and that is from $3,292 million in 2014 to $3,370 million in 2015. Trade exchange between the two countries is expected to increase further in 2016, said Pann Sorasak after the MOU signing ceremony.

The minister also expressed his hope that the establishment of the border market model would bring about a double increase in trade exchange between the two countries.