Manet, Chinh strengthen long-term economic ties
CAMBODIA and Vietnam have agreed to enhance and broaden cooperation across various fields, aiming to benefit both nations, particularly in areas including politics, trade, tourism, health, education, national defence and security.
The agreement was reached during Prime Minister Hun Manet’s official two-day visit to Vietnam from December 11-12, upon the invitation of his Vietnamese counterpart Pham Minh Chinh.
“The visit has led to new achievements in the fruitful cooperation between Cambodia and Vietnam, with significant results in politics, diplomacy, economics, investment and trade,” stated a December 12 press release regarding the visit.
Manet and Chinh discussed the potential for further strengthening the relationship between the two neighbours.
Chinh expressed confidence that under Manet’s leadership, Cambodia would progress towards becoming an uppermiddle-income country by 2030 and high-income by 2050.
Manet thanked Chinh for the warm welcome and reaffirmed Cambodia’s foreign policy, focused on sustainable and consistent relationships.
He emphasised the importance of building friendships and strengthening cooperative ties at all levels, including in the legislature and the executive, to benefit both nations.
The two prime ministers exchanged views on the political, social and economic situations of their respective countries and reviewed the outcomes of past bilateral cooperation.
Jean-Francois Tan, a geopolitical expert and attache for Manet, stated in a press release on the evening of December 12 following the premier’s return that the two nations have been close friends with a 56-year relationship.
He said they have agreed to continue strengthening cooperation, particularly in economic matters.
“In the realm of politics, Manet emphasised the consistency of Cambodia’s foreign policy towards Vietnam, aiming to maintain the traditional friendship, solidarity and comprehensive, longterm cooperation between the two,” he stated.
“Regardless of the nature of
[ministry] is eagerly anticipating,” he added.
Hong Sok Hour, CEO of CSX, said the ministry has appointed two institutions – CSX and the National Bank of Cambodia (NBC) – as issuing agents for bonds to gather funds for public investments.
“We will assist the central bank in executing the government’s plans,” he stated.
The debt securities will be issued with a par value of one million riel ($243.31) and include semi-annual coupon payments, according to a ministry statement.
Recent data from the authority reveals the Kingdom had a total outstanding debt stock of $10.72 billion by the end of Q3 2023. This comprises approximately 99.5%, or about $10.67 billion, in public external debt – 64% from bilateral development partners (DPs) and 36% from multilateral DPs – and 0.5%, or around $51.99 million, in public domestic debt.
The government repaid debt services totalling $190.2 million in Q3 2023. From Q1-Q3 2023, the government repaid a total of $437.56 million in debt. This includes roughly $426.68 million for public external debt and around $10.88 million for public domestic debt, as per the ministry.