Economy and commerce

Small businesses raising questions about the process of applying for a loan through the newly formed Credit Guarantee Corporation of Cambodia (CGCC)’s Business Recovery Guarantee Scheme (BRGS), has prompted CGCC’s chief executive officer Mr. Wong Keet Loong to provide an overview of how the scheme ...

Cambodia booked just $1.023 billion in international tourism revenue last year, representing a 79.4 percent nosedive from $4.919 billion in 2019 due to the sweeping effects of the global Covid-19 pandemic, the Ministry of Tourism reported on April 19. ...

Locally-listed Phnom Penh Autonomous Port (PPAP) reported $7,770,742 in revenue for the first quarter of 2021, up 2.19 percent over the $7,603,877 posted in the corresponding period last year. ...

The once omnipresent advertisements peppered throughout YouTube videos have disappeared for viewers in Cambodia, allowing domestic viewers to watch any video hosted on the site ad-free, regardless of its length or its country of origin. ...

Allegations that GoldFX Co Ltd (GFX) board members embezzled what is now understood to be $27 million took a twist as financial houses said they had no relationship with the derivatives company. ...

A number of Cambodia Rice Federation (CRF) member companies have reduced retail prices of milled rice by 10,000-20,000 riel ($2.50-5) per 50kg sack to participate in government efforts to improve people’s livelihoods during the ongoing two-week coronavirus lockdown in Phnom Penh and adjacent Takhmao town ...

The General Department of Taxation (GDT) has advised taxpayers and tax service agencies located in lockdown-restricted areas to electronically file income tax returns and avoid the risk of spreading the novel coronavirus. ...

Local and international companies registered 7,997 trademarks with the Ministry of Commerce 2020, up 30 percent over the previous year, the ministry reported. The ministry said it mediated 23 cases of infringement and dissolved 37 trademarks during the year. ...

Cambodia exported $99.07 million worth of merchandise to South Korea in the first quarter of 2021, marking a marginal increase of more than five per cent from $93.85 in January-March of last year despite the ongoing Covid-19 pandemic, according to data from the Korea International ...

The Cambodian government earned some $1.6 billion in revenue in the first quarter of 2021 from tax and customs.  This represents close to a 25 percent increase compared with revenue achieved during the same period in 2020. ...

The global Covid-19 pandemic caused the value of imported cars to Cambodia in 2020 to drop to nearly $1.1 billion, a decrease of more than 36 per cent compared to 2019, according to a report issued by the Ministry of Commerce. ...

US-based pizza chain Papa John’s International Inc on April 7 unveiled plans to open 15 new outlets in the Kingdom over the next three years. Papa John’s opened its flagship store in Phnom Penh late last month, the company said in a press release. ...

International tourists with proof of Covid-19 vaccination in the fourth quarter (Q4) of this year could be allowed into Siem Reap province’s Angkor Archaeological Park even within 14 days of arrival to Cambodia, amid tentative government plans to ease its quarantine policy, according to Minister ...

The Ministry of Agriculture, Forestry and Fisheries expects to receive €80 million ($95 million) in loans this year from the French government and Asian Development Bank (ADB) to develop two projects that support Cambodian agricultural value chains. ...

International Monetary Fund (IMF) managing director Kristalina Georgieva on April 7 said the Cambodian economy is expected to grow 4.2 percent this year, following a 3.5 percent contraction in 2020, but cautioned that local governments around the world should proceed with prudential policies and proactive ...

New figures paint a poor picture of exports for Cambodia, highlighting the debilitating effects of COVID-19 on trade. One reason is a massive increase of up to five times in the cost of shipping combined with a shortage of available containers. ...

The chief executive officer of the Agricultural Rural Development Bank (ARDB) and the president of ACLEDA Bank met to discuss the possibility of a joint-lending programme that would extend support to farmers in the country. ...

The Association of Banks in Cambodia (ABC) and Cambodia Microfinance Association (CMA) on April 7 ordered members to adopt six measures of financial relief in light of the economic fallout and depressed incomes caused by the February 20 community transmission of Covid-19. ...

Yields for this year’s dry-season crops, especially rice, increased significantly in the first quarter of 2021, though exports decreased compared to the same period last year, according to the Ministry of Agriculture, Forestry and Fisheries. ...

Keo Mom, the chief executive officer (CEO) of Lyly Food Industry, has been elected as the new president of the Cambodian Women Entrepreneurs Association (CWEA) for its fourth mandate.  Her term will last from 2021-2024. ...

Three prominent financial houses – Hattha Bank Plc, PRASAC Microfinance Institution (MFI) Plc and PPCBank Plc  – released their annual financial reports and, in so doing, delivered a comprehensive look at how the sector in general fared over the course of pandemic-struck 2020. ...

The Ministry of Commerce is working to establish more trade centres in China with the aim of promoting Cambodian products and boosting Khmer exports to China. ...

The Ministry of Commerce posted $12.7 million in revenue for 2020, down by 50.83 per cent over $26.60 million in 2019, driven down by reductions in business registration fees and an increasing number of merchants self-certifying their products’ origins. ...

Prime Minister Hun Sen on April 1 appealed to Cambodians’ sense of patriotism to use more local products and called on producers to provide an extra dose of care in their operations to win over consumers. ...