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ខ្មែរ Economy and Finance
Cambodia’s Notable Factory Boom, 241 New, Amid Nearly 100 Closures in 2023
- 21 February 2024
A considerable swell in Cambodia's industrial landscape has been seen through 2023—a year marked by both substantial growth and notable challenges. According to the latest findings from the Ministry of Industry, Science, Technology, and Innovation (MISTI), the kingdom celebrated the launch of 241 new factories. Yet, it grappled with the closure of 98 industrial units, underscoring a complex narrat...
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Vietnam Initiates Trade Boost with Reduced Tariffs on Select Cambodian Goods
- 17 February 2024
In a bid to fortify economic ties, Vietnam has introduced preferential import tariffs for specific Cambodian goods, aiming to catalyze trade between the two neighboring nations. The recent issuance of Decree 5/2024/ND-CP by the Vietnamese Government outlines conditions under which lower import tariffs will be applicable for Cambodian imports. The move is expected to stimulate commerce, building up...
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Vietnam’s Central Bank Affirms No Interest Rate Hike in 2024
- 14 February 2024
In a pivotal announcement, the State Bank of Vietnam (SBV) declared its stance on interest rates for the year 2024, affirming a commitment to maintain current policy rates. SBV Deputy Governor Dao Minh Tu addressed the Vietnam Plus during a press conference on 3 January, outlining the central bank's strategic approach to economic support. Deputy Governor Dao Minh Tu emphasized that there would ...
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Hong Kong Economists Predict Global Economic Inflation to Remain Stagnant at 10% in 2024
- 13 February 2024
As the world steps into 2024, the global economy finds itself at a crossroads, grappling with a delicate balance of risks that could shape the trajectory of the year. Schroders, in their insightful analysis on 1 February 2024, sheds light on a nuanced economic landscape, hinting at potential challenges and opportunities. Schroders underscores a notable risk concerning the effectiveness of monet...
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Asia House Forecasts: Vietnam to Outshine its Asian regional Counterparts Throughout 2024
- 10 February 2024
In the realm of thriving Asian economies, Vietnam emerges as a standout performer, poised to outshine its regional counterparts throughout 2024, according to the Asia House Annual Outlook released on 23 January in London. The report anticipates approximately 5% overall growth across eight key Asian economies, with Vietnam and the Philippines leading the charge. Focused on Vietnam's robust funda...
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Cambodia’s Labour Landscape Thrives: Nearly 50k Registered Businesses Employ Over 1.7m Workers
- 9 February 2024
The Ministry of Labour and Vocational Training boasts registration numbers of 49,075 factories and businesses, collectively employing more than 1.7 million individuals. This impressive statistic was revealed during a meeting at Sokha Hotel in Phnom Penh on 8 February by Prime Minister Samdech Hun Manet. Prime Minister Hun Manet emphasised that the registered factories and businesses, documented...
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Hong Lai Huat To Sell Two Subsidiaries in Cambodia at US$37.5 Million & Exit from Agricultural Ventures
- 7 February 2024
Singaporean property developer Hong Lai Huat has announced plans to divest two underperforming subsidiaries in Cambodia, marking its departure from the agricultural sector. The proposed disposal, with a total consideration of US$37.5 million, underscores the company's strategic shift away from an agricultural business that has faced profitability challenges since its establishment in 2008, accordi...
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CGCC Empowers Cambodian SMEs with US$164m in Loans Over Three Years
- 6 February 2024
The Credit Guarantee Corporation of Cambodia (CGCC) has played a pivotal role in fostering the growth of small and medium enterprises (SMEs) by approving a total credit guarantee of approximately US$164.72 million as of 31 December 2023. This update was revealed during its annual meeting held on 31 January 2024. This three-year initiative has provided essential financial support to nearly 2,000...
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Cambodia’s Construction & Real Estate Sectors Exhibit Slower Growth in 2023, Navigating Economic Dynamics
- 5 February 2024
The landscape of Cambodia's economic sectors, particularly construction and real estate, witnessed a tempered growth trajectory in 2023, as outlined in the National Bank of Cambodia's report released on 29 January. In 2023, the construction sector experienced a growth rate of 1.1%, a measured pace compared to the 2022 figure of 0.5%, indicating a cautious upward trend. The report attributes thi...
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Hong Kong Court Orders Liquidation of China Evergrande Amidst Ongoing Financial Turmoil
- 4 February 2024
In a significant development, the Hong Kong Supreme Court issued a verdict mandating the liquidation of China Evergrande, the embattled real estate giant, on 29 January. This decision follows a prolonged period of financial distress, spanning over a year, during which the company struggled to meet its debt obligations. Despite granting more than 18 months for debt settlement, the court, faced with...
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