Cambodia 20250224
Mekong Memo Cambodia Weekly: Business, politics, finance, trade & legal news.
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Headlines:
Regional Leaders Unite Against Scams
Trilateral Ties Strengthen
Fast Forward on Digital Transformation
Economic Growth Keeps Momentum
Infrastructure Development Spending Continues
Tourism Recovery Increases Pace
Agricultural Investment from Vietnam
Marble Mining Growth, Gold Mining Regulation
International Relations: VN, RU, US, CN
Dropping the Hammer on Illegal Lending
Regional Leaders Unite Against Scams
Cambodia, Thailand, and Laos are increasing multilateral cooperation to try and beat transnational call center scams. Thailand's Deputy Prime Minister Phumtham Wechayachai is coordinating with Cambodian National Police and working with China and Myanmar to disrupt criminal operations. The strategy includes cutting off resources like water, power, and fuel at locations suspected to be tied to the call centers. Separately, two individuals were arrested in Cambodia this week for impersonating former Prime Minister Hun Sen in a $180,000 Telegram scam.
Read more: VIR (Regional Cooperation), VN Express (Telegram Scam)
Trilateral Ties Strengthen
Vietnam, Laos, and Cambodia's top leaders met to figure out how to work better together in political, defense, security, and economic sectors. The summit included Vietnam Communist Party General Secretary Tô Lâm, Cambodian Senate President Hun Sen, Laos President Thongloun Sisoulith, and their respective Prime Ministers. The leaders agreed to support economic integration in transport, trade, and tourism while promoting cultural exchanges and information sharing.
Read more: Asian News Network
Fast Forward on Digital Transformation
The Philippines and Cambodia signed an MoU focusing on ICT development, including knowledge exchange and capacity building. SpaceX and Starlink are looking at investment opportunities in digital services modernization and e-commerce platforms. Wing Bank partnered with the Ministry of Education for digital education advancement, and Nokia and Cellcard are upgrading the fiber network infrastructure to enable 10Gbps internet speeds.
Read more: Open Gov Asia (Philippines Partnership), Khmer Times (SpaceX Interest), Khmer Times (Education Initiative)
Economic Growth Keeps Momentum
Cambodia's economy is expected to grow 6.2% in 2025, with GDP reaching $51.39 billion and per capita GDP of $2,924. The banking sector showed strong performance, with credit growing 3% to $59.9 billion. The National Bank of Cambodia (NBC) has put in place several supportive measures including relaxed capital buffer requirements. January 2025 saw a 300% increase in approved investment projects valued at $748 million, with Chinese investors contributing 73.35% of that total.
Read more: Fibre2Fashion (Growth Forecast), Khmer Times (Banking Performance)
Infrastructure Development Spending Continues
The government has set aside $60 million for clean water infrastructure across five provinces. The Techo International Airport is 94% complete for its July opening, designed to handle 13 million passengers annually. The marble mining sector has grown to more than 70 companies with $200 million in investments. A Chinese firm secured a $233.1 million contract for a 250 MW solar power project in Prey Veng.
Read more: Khmer Times (Airport Progress), Khmer Times (Solar Project)
Tourism Recovery Increases Pace
Angkor Wat has welcomed nearly 28 million international tourists since 2000, with just over a million foreign visitors in 2024 pulling in $47.8 million in revenue. The tourism ministry is saying that it expects 7.2-7.5 million international tourists for 2025 (nationwide). The government launched a "Sacred Tourism 2025-2035" policy with the goal of two million "special tourists" by 2035, centered on high-end tourism development.
Read more: Khmer Times (Angkor Wat), Cambodia Investment Review (Tourism Policy)
Agricultural Investment from Vietnam
Vietnamese conglomerate THACO AGRI is making almost $1.3 billion in agricultural project investments in Kratie and Ratanakiri provinces. The 35,000-hectare venture will focus on banana cultivation, cattle raising, and fruit production, with expectations of $800 million in annual revenue by 2028. The project should create 40,000 local jobs and contribute $35 million in yearly taxes.
Read more: Phnom Penh Post
Marble Mining Growth, Gold Mining Regulation
The marble mining sector has grown from 30 to 70 companies, and investments have now breached to $200 million mark. The industry exported 5 million square metres of processed marble sheets in 2024, adding $90 million to national revenue. The Ministry of Mines and Energy has increased enforcement efforts against illegal gold mining, running 109 inspections that have lead to 272 closures.
Read more: Khmer Times (Marble Mining), Khmer Times (Gold Mining)
International Relations: VN, RU, US, CN
Vietnam set a bilateral trade target of $20 billion. Russia emphasized its view of Cambodia as an equal partner, offering 55 new scholarships. The US Congressional delegation discussed strengthening relations across various sectors. China maintains its position as Cambodia's leading investor, contributing 73.35% of total investment capital in January 2025.
Read more: VnExpress (Vietnam Trade), Khmer Times (Russia Partnership), Khmer Times (US Relations)
Dropping the Hammer on Illegal Lending
The National Bank of Cambodia has once again warned against borrowing from informal lenders, particularly Chinese-operated illegal operations. Legal lending institutions are restricted by law to charging a capped 18% annual interest rate, but illegal lenders have no problem charging much more. The Interior Ministry has begun a(nother) crackdown on unauthorized online lending platforms, asking citizens to report illegal activities and withhold payments to unlicensed lenders.
Read more: Khmer Times (NBC Warning), Crowdfund Insider (Ministry Crackdown)
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