The monument by Ivan Kubalek was unveiled by Deputy Prime Minister and War Veterans Minister Jadranka Kosor.
Speaking to the press afterwards, she said that the remains of some 60 victims were expected to be exhumed in Belgrade starting from November 21.
Wreaths were also laid and candles lit.
During the Serb aggression in 1991, Vukovar's war hospital was located in the basement of the Borovo factory. When the defence of the town was broken in November of that year, about 200 gravely wounded persons were in the basement, together with several hundred civilians from Borovo Naselje who had taken refuge there.
According to victims' associations, the Serbs took away from the basement more than 100 captured defenders and civilians after seizing Borovo Naselje on November 19, subsequently killing them.
A total of 186 veterans were killed defending Borovo Naselje.