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ខ្មែរ Economy and Finance
Chinese State-Backed Investors Inject US$7 Billion into YMTC to Propel Local Chip Component Production While US Moves to Produce in Vietnam
- 1 October 2023
In response to mounting geopolitical tensions and US trade restrictions, Yangtze Memory Technologies Corp (YMTC), China's premier memory chip manufacturer, is taking significant steps to bolster its domestic supply chain. The company received a substantial US$7 billion capital infusion from state-backed investors, including the Big Fund, earlier this year, according to SCMP on 30 September 2023. ...
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Cambodia & Thailand Pledge Joint Efforts to Boost Cross-Border Trade, Aiming for US$15bn by 2025
- 29 September 2023
In a harmonious display of regional cooperation, Cambodia and Thailand have joined forces to tackle cross-border trade challenges with the ambitious goal of reaching a staggering US$15 billion in trade volume by 2025. This commitment underscores their shared dedication to advancing mutual prosperity and peace, as declared in a press release from the Ministry of Foreign Affairs and International Co...
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ADB Revises Cambodia’s 2023 Economic Growth Forecast to 5.3% from 5.5%
- 26 September 2023
The Asian Development Bank (ADB) has adjusted its economic growth forecast for Cambodia, revising it from an initial estimate of 5.5% to 5.3% for 2023. This slight modification comes in light of slower-than-anticipated industrial growth during the first half of the year, with a notable 18.6% YoY decline in exports of clothing, footwear, and goods, according to ADB’s report released on 20 September...
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Non-Garment Manufacturing Sector Skyrockets by 172% in First Half of 2023, Amid Surging Foreign Investment
- 22 September 2023
Despite the prevailing global financial uncertainty, Cambodia has experienced a remarkable influx of foreign direct investment (FDI) in the first semester of 2023, with an astounding growth rate of approximately 41.6%. The real standout, however, is the non-garment manufacturing sector, which has seen an explosive expansion, surging by an impressive 172%. These encouraging statistics were unveiled...
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Vietnam Airlines Commits US$7.8 Billion for a Fleet Boost with 50 Boeing 737 Max Aircraft
- 20 September 2023
Vietnam Airlines has inked an agreement worth US$7.8 billion to acquire 50 Boeing 737 Max aircraft from the United States. The strategic move is aimed at modernising the airline's fleet to cater to surging flight demands, according to Reuters on 11 September 2023. The announcement of this significant agreement between Vietnam Airlines and Boeing was made by the White House during U.S. President...
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Cambodia’s Global Trade Sees 14.5% Dip in 2023, But Exports Buck the Trend
- 13 September 2023
In the first eight months of 2023, Cambodia's international trade experienced a significant downturn, with a 14.5% decrease compared to the same period in the previous year, according to data from the General Department of Customs and Excise (GDCE). However, in a surprising turn of events, Cambodia's exports managed to defy this trend, showing robust growth. During this period, Cambodia's total...
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New East Solar Energy: From Cambodia Brand to the USA, Lighting Up a Brighter Clean Technology Future
- 13 September 2023
New East Solar Energy, a prominent player in the solar industry based in Cambodia, is expanding its horizons across the globe. The company is set to inaugurate a colossal 2-gigawatt (2 million kilowatts) solar panel manufacturing facility in Phoenix, Arizona, contributing to the creation of 350 jobs. This groundbreaking development, reported by Solar Power World on 7 September 2023, marks a signif...
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Vietnam Emerges as Key Player in US Economic Diversification Strategy
- 12 September 2023
President Joe Biden's visit to Vietnam marks a pivotal moment in the strengthening of economic bonds between the United States and Hanoi. This strategic move aims to reduce America's dependence on China and signifies a significant diplomatic shift, according to CNN News on 11 September 2023. The two former adversaries have formally upgraded their diplomatic relations to a "comprehensive strateg...
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Employment Boom: Factories in Kampong Speu in urgent need of 4,000 Workers
- 11 September 2023
Kampong Speu province, a burgeoning industrial hub, is currently experiencing an urgent demand for an additional 4,000 skilled workers. This pressing need arises amid the backdrop of 385 active factories within the province, each contributing significantly to Cambodia's industrial prowess. Minister of Labor and Vocational Training, HE Heng Sour, highlighted this demand during a recent meeting w...
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Three Catalysts for Potential Growth of Asian Stocks in H2 2023
- 2 September 2023
As the global stock market maintains a "neutral" stance, propelled by the resilience of labor markets and the services sector, analysts find themselves in a cautious but optimistic stance. While uncertainties persist, and a definitive macroeconomic trend remains elusive, experts foresee three potential catalysts that could invigorate Asian stocks in the latter half of 2023, according to Schroders’...
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