Vietnam, Cambodia strengthen cross border [ONE-SIDED] trade

A Vietnam-Cambodia border market area (Photo: VNA)

Thu, January 10, 2013
VNA

The Ministry of Industry and Trade (MIT), in conjunction with the Cambodian Ministry of Commerce, held the 5 th Conference on Vietnam-Cambodia Border Trade Development Cooperation in southern Binh Phuoc province on January 9.

The event aims to review the results of cooperation in cross border trade between the two countries, and propose important orientations and measures to exploit the border area’s potential.

According to Minister of Industry and Trade Vu Huy Hoang, bilateral economic and trade relations have developed in recent years. Customs statistics showed that two-way trade turnover reached 2.83 billion USD in 2011, a year-on-year increase of 55 percent. The figure for 2012 is estimated to exceed three billion USD.

At the conference, the two ministries agreed to coordinate the development of the border market system, continue building preferential policies and mechanisms for border trade, and provide each other with customs incentives, especially for agricultural products.

The two sides will continue to implement signed agreements within the framework of the two countries’ economic, cultural and science-technology cooperation, as well as regional agreements and cooperation.

They will establish border trade development programmes to attract greater investment from other countries in the region and the world to reduce poverty and improve the living standards for local people in the two countries’ border areas.

At the event, Minister Hoang and Cambodian Minister of Commerce Cham Prasidh signed an agreement to implement the development plan of the Vietnam-Cambodia border market network. Nguyen Cam Tu, Deputy Minister of Industry and Trade, and Keo Sok Nay, Secretary of State of the Cambodian Commerce Ministry, signed a Memorandum of Understanding on the 5 th Vietnam-Cambodia border trade development cooperation.

Earlier on January 8, the construction of a pilot Vietnam-Cambodia border market began along the border between Tay Ninh province of Vietnam and Kompong Cham province of Cambodia.