They played France and Britain against each other and allowed each to have some commercial interests. They did keep a large standing army and were ready to ally themselves to both, and neither UK not France were particularly motivated to wage a war there – note that Cambodia, immediately to the east (and an open plains all the way to Bangkok ) became a French protectorate by choice/colony by administrative wrangling and not through military action, so France was pretty content to keep it that way.
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