Cambodia, Vietnam to strengthen trade, economic cooperation

Cambodia and Vietnam Monday agreed to further strengthen cooperation between the two countries in the fields of trade, investment, finance and economy.

The agreement was reached during the meeting between Cambodian Deputy Prime Minister and Minister of Foreign Affairs Hor Namhong and visiting Vietnamese First Deputy Prime Minister Nguyen Sinh Hung.

During the meeting, both leaders focused on the issue of how to strengthen trade and economic cooperation between the two countries in order to promote common development, Long Visalor, secretary of state of the Foreign Ministry, told reporters after the meeting.

Hor Namhong said that Cambodia seeks to strengthen cooperation with all nations in the world, especially the neighboring countries, in order to attract more foreign investment. "Cambodia should not depend on foreign donors to develop the country," Hor said.

Bilateral trade volume between the two countries in 2005 reached about 1 billion U.S. dollars, but mainly Vietnam's export to Cambodia, according to Long Visalor. Both sides agreed to strengthen and expand their trade relationship, especially the export from Cambodia, hoping bilateral trade volume will reach 2 billion dollars in 2010.

During the visit by Nguyen Sinh Hung, relevant work groups of the two countries will also discuss cooperation in the fields of supply of electricity, gas and oil, rubber plantation, aviation, trade and finance.

Nguyen Sinh Hung said that his country will continue to export electricity to Cambodia and encourage Vietnamese enterprises to invest in Cambodia's construction of hydropower plants.

Hor Namhong agreed with Nguyen Sinh Hung and expressed his welcome to Vietnamese enterprises.

Nguyen Sinh Hung arrived here Monday noon at the head of a delegation to pay a three-day official visit to Cambodia at the invitation of Hor Namhong.

During the visit, Nguyen Sinh Hung will be received in Royal Audience by King Norodom Sihamoni, and will pay courtesy calls on Senate President Chea Sim, acting-President of the National Assembly Nguon Nhel and Prime Minister Hun Sen.

It is Nguyen's first visit to Cambodia since he assumed the post in June.

Source: Xinhua