Economy and commerce

The Kingdom’s tax revenue increased 27.85 per cent in the first two months compared to a year earlier, a figure the opposition party said is low due to corruption and tax cheats. According to the data from the General Department of Taxation (GDT), total tax revenue ...

Eric Sidgwick, Country director of the Asian Development Bank (ADB) to Cambodia applauded Cambodia for managing it’s, sometimes problematic, public debts. During the Wednesday meeting with Deputy Prime Minister, Sok An, Eric Sidgwick said, good management led to the positive changes of donations and ...

Police have cracked down on illegal large-scale rosewood smuggling at the Cambodia-Thai border in the district of Malai. In the sting operation Tuesday night, led by Banteay Meanchey prosecutor, Phan Pirom, the authorities have seized around three tons of rosewood, hidden in the truck bed used ...

Local real estate company Vtrust Property Group plans to engage an underwriter in as little as two years to help it list on the Cambodia Stock Exchange, the company’s chairman, Kuy Vat, said yesterday. The company is now preparing the necessary documents on its business, corporate ...

A delegation from a Thai agricultural co-operative yesterday discussed means of improving agricultural products and market access with representatives of the Ministry of Commerce in Phnom Penh. Kamit Likhitvidhayavuth of the Thai co-operative said his team aimed to strengthen market access for Cambodian goods. No agreement ...

A BHP Billiton mining deal being investigated for alleged corruption was personally overseen by Cambodian strongman Hun Sen, diplomatic cables reveal. The miner’s aborted attempt to establish a bauxite mine in Cambodia, and its hospitality program for Chinese officials at the 2008 Beijing Olympics, are at ...

The Prime Minister said Tuesday there will be another discussion about the increase of minimum wages for factory workers. Speaking at an inauguration ceremony for the Toul Sophy Secondary School in the district of Ou Rang Ov, he said around 500,000 to 600,000 people are working ...

A week after British researchers released a study warning that the nation’s grasslands would soon be lost if drastic action was not taken to protect them, some agricultural experts have called for moderation, noting that the intensive rice cultivation blamed for the grasslands’ destruction is ...

The British chairman of a Biofuel firm is facing up to 15 years in jail after he was arrested by the Anti-Corruption Unit (ACU) in Phnom Penh on Saturday and charged with forgery, a court official said yesterday. Gregg Fryett’s company, Sustainable Agro Energy, has been ...

Malaysia-based Harta Packaging Industries Sdn Bhd opened a new Cambodian factory to meet the demands of a growing exports sector and benefit from Sihanoukville port’s ambitious expansion plans, officials said. Harta Packaging, a wholly owned subsidiary of HPI Resources Berhad and part of the Oji Paper ...

Cambodian officials say they will focus on nine different sectors in a bid to diversify and ensure continued national economic growth. Among the nine priorities, rubber will play a crucial role in Cambodia’s trade integration strategy. After opening a workshop on Cambodia’s trade strategy for the coming ...

Villagers who confiscated land-clearing equipment during a forest patrol yesterday in Khsuem commune in Kratie province’s Snuol district are claiming the equipment belongs to a rubber concessionaire attempting to expand into state land, an allegation local authorities denied. Villager representative Mom Sokkin said the Binh ...

Jarai ethnic minority villagers appeared at Ratanakkiri provincial court yesterday, demanding compensation from a Vietnamese company they say illegally cleared 30 hectares of community land in November last year. Chea Chanrith was granted a licence from the Ministry of Agriculture last year to clear land ...

The Department of Foreign Trade plans to set up a “rice trade zone” project in the East to process Cambodian rice for export to other countries. Tikhumporn Natvaratat, deputy director-general of the department, said his organisation plans to implement the project in Chanthaburi, Trat, Sa Kaeo ...

About a quarter of the garment factories in Cambodia that supply Swedish clothing giant H&M have been the scene of mass faintings or large-scale strikes since 2010, based on a suppliers list the clothing giant released late last week. Along with its 2012 sustainability report, the ...

A major Vietnamese bank is closing its brokerage and securities arm in Cambodia, an official said yesterday, amid the ongoing drought of listings on the Cambodian Securities Exchange (CSX). Sacombank, which will continue to operate as a bank in Cambodia, set up the securities firm ...

The British chairman of an embattled agricultural investment firm was arrested Saturday by Cambodian authorities over charges of forging documents and using them in an attempt to illegally purchase thousands of hectares of land, a court prosecutor said. Greg Fryett, the main shareholder of Sustainable Agro ...

The total number of new trucks registered last year increased slightly, but industry insiders said that even though more trucks are needed to boost the Kingdom’s trading volume, the country’s export capacity is relatively unaffected because of trucks bought in previous years. The number of big ...

Hard Rock Cafe, the iconic U.S. restaurant franchise known for its collections of rock ‘n’ roll memorabilia, will open restaurants in Siem Reap and Phnom Penh, in a deal with a local firm owned by the niece of Prime Minister Hun Sen, company representatives said ...

Malaysia-based Hibiscus Petroleum Berhad has tied up with Rex International Holding Pte Ltd to participate in exploration opportunities in Cambodia and 10 other countries across the Asia-Pacific region, according to a statement released last Thursday. Hibiscus’s wholly owned subsidiary Orient Hibiscus Sdn Bhd and Rex International ...

Cambodia’s import and export trade volume had amounted to US$2.7-B in the 1st 2 months of this year, up 28% compared to the US$2.1-B in the same period last year, the statistics of the Commerce Ministry showed Friday. Main products Cambodia imported are garment and textile ...

E. Sun Commercial Bank (玉山銀行), the banking arm of E. Sun Financial Holding Co (玉山金控), yesterday announced plans to buy a 70 percent stake in Phnom Penh, Cambodia-based Union Commercial Bank PLC (UCB) for US$69.33 million to facilitate its expansion into Southeast Asia. “We decided to ...

Vietnamese enterprises are increasingly investing overseas, especially in Myanmar, Laos and Cambodia, it has been announced. Elsewhere in the region, the Viet Nam Rubber Group has invested in growing rubber plantations in Laos and Cambodia since 2007 and aims to own 100,000 hectares by ...

The Cambodian government on Thursday announced a higher minimum wage of U.S. $80 per month for garment and footwear workers but they were not impressed, vowing to continue a strike until it is raised to U.S. $100. A tripartite meeting between the government, unions and Garment ...