Vietnam, Cambodia target US$20 billion bilateral trade turnover

Vietnam and Cambodia have agreed to work towards achieving a bilateral trade turnover target of US$20 billion soon while facilitating investment and business cooperation among their respective businesses.

Prime Minister Pham Minh Chinh (r) and his Cambodian counterpart Hun Manet (l). Photos: Nhat Bac

This view was shared during a meeting between Prime Minister Pham Minh Chinh and his Cambodian counterpart Hun Manet, who is currently on a visit to Vietnam.

Prime Minister Pham Minh Chinh warmly welcomed Prime Minister Hun Manet on his first visit to Vietnam and also his first to an ASEAN nation.

Chinh underscored Vietnam's unwavering commitment to fostering a relationship of "good neighborliness, traditional friendship, comprehensive cooperation, and long-term sustainability" with Cambodia. He emphasized the historical solidarity and mutual support between the two nations during the struggles for national independence and the ongoing efforts for national construction and development.

For his part, Hun Manet expressed his delight at his first visit to Vietnam since taking office in August. He congratulated Vietnam on its significant domestic and international achievements, which have strengthened its role and position in the region and the world.

Hun Manet expressed confidence in Vietnam's success in achieving the goals set for 2030, the 100th anniversary of the founding of the Communist Party of Vietnam, to become a developed country.

He added that the visit aims to take the traditional friendship, solidarity, and comprehensive cooperation between the two countries to new heights.

The Cambodian Prime Minister expressed his gratitude to the Vietnamese army and people for their support during Cambodia's fight against the genocidal regime of Pol Pot and appreciated the historic solidarity between the two countries during the anti-colonial struggle.

Overview of the meeting.

Both leaders expressed satisfaction with the positive development in Vietnam-Cambodia relations. Political ties have strengthened, with increased trust and regular high-level exchanges. Security and defense cooperation has been enhanced, and two-way trade exceeded $10 billion in 2022. Currently, Vietnam leads ASEAN in direct investment in Cambodia, with over 200 valid projects. They discussed plans to strengthen comprehensive cooperation, including increasing high-level visits, promoting key cooperation mechanisms, and organizing joint activities to celebrate the 45th anniversary of the victory over the genocidal regime.

On defense and security cooperation, the leaders agreed to continue efforts to maintain a peaceful and stable environment in each country. They reaffirmed their commitment not to allow any hostile force to use the territory of one country against the other.

Both sides are expected to closely coordinate in border management, combat transnational crimes, and address non-traditional security challenges. The Cambodian side reiterated its commitment to coordinate and support the search, retrieval, and repatriation of the remains of Vietnamese volunteer soldiers and experts who fell in combat in Cambodia.

In the field of economic, trade, and investment cooperation, the two prime ministers agreed to mutually support the development of independent, self-sufficient economies with profound and effective international integration. They aim to strengthen the interconnection of their economies, focusing on infrastructure, institutions, and policies, and to expand bilateral trade, particularly in border areas, while fostering economic development in these areas.

The two leaders witness the signing of cooperation agreement between the two countries.

On border cooperation, the leaders welcomed the continued close coordination among relevant authorities to maintain and fortify peaceful, stable, and developmental borders. They pledged to continue efforts to demarcate the 16% of the border that has not yet been delineated and to enhance the effectiveness of cooperation among functional forces and bordering localities.

In various other areas of cooperation, both Prime Ministers agreed to increase the exchange of experience, facilitate the training of officials from both countries, and promote cooperation in human resources. They also endorsed the expansion of transport connectivity, including highways and increased frequency of direct flights between major cities. Additionally, they pledged to collaborate with Laos to promote "One journey, three destinations" tourism packages.

Chinh expressed gratitude and urged the Cambodian Government to continue to pay attention to and create favorable conditions for people of Vietnamese origin to live and do business in Cambodia in a stable and legal manner so that they can serve as a bridge of friendship between the two nations.

Discussing regional and international issues, the leaders underscored the importance of maintaining peace, security, and stability in the region. They emphasized the significance of solidarity, a common stance, and ASEAN's central role in regional security, including addressing the East Sea issue. Both leaders reaffirmed their commitment to close coordination and mutual support in regional and international forums. They also highlighted the necessity of working with ASEAN member countries to strengthen the ASEAN Community and collaborating in the Cambodia-Laos-Vietnam Development Triangle and the Greater Mekong Subregion to narrow the development gap, as well as in the management and sustainable use of the Mekong River water resources.

Following the talks, the prime ministers witnessed the signing of three cooperation documents, including a memorandum of understanding on cooperation in science, technology, and innovation, another on cooperation between trade and industry federations, and a third on collaboration between the diplomatic academies of the two nations.