A highlight of this scheme is the annual border market held at the Le Thanh International Border Gate Economic Zone in Duc Co 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% in its cross-border trade turnover in the first nine months of 2024, Gia Lai is still facing many challenges.
Nguyen Nhu Trinh, 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.
Dao Thi Thu Nguyet, 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 Vietnam and Cambodia.
