Cambodia is planning to build two more airports

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Mixed movements with PEPC as sole gainer on the main board On November 20, 2023, the CSX index concluded at 442.6 points, reflecting a 0.24% decline from the preceding day. PEPC (+0.88%) emerged as the only gainer on the main board. Conversely, PAS (-1.90%), PPAP (-1.73%), MJQE (-0.48%), PPSP (-0.46%), and GTI (-0.35%) witnessed declines on the same board. PWSA, ABC, and CGSM maintained unchanged positions. On the growth board, JSL experienced a 1.25% increase, while DBDE remained steady at KHR 2,110. The overall trading activity involved 115,504 shares, with a total trading value of KHR 781 million. (Source: YSC Research)

Economy and Industry

Cambodia is planning to build two more airports Cambodia is set to construct two additional airports, located in Mondulkiri and Koh Rong, to bolster connectivity with global tourism hubs, aligning with the nation's tourism strategy. The Techo International Airport, a $1.5 billion initiative led by China Construction Third Engineering Bureau Group Co., Ltd., is slated for completion in 2024. Anticipated to accommodate 13 million passengers in its initial phase, the airport's capacity is set to expand to 30 million in the second phase and ultimately reach 50 million by 2050. Concurrently, the $200 million Dara Sakor International Airport in Koh Kong province, developed by Tianjin Union Development Group, is nearing completion. Cambodia aims to leverage these infrastructure investments, including the recently inaugurated $1.1 billion Siem Reap Angkor International Airport, to draw more foreign tourists, evident in the 144% surge in air passengers recorded in the January-October period at the country's international airports. (Source: Khmer Times)

Vietnam's trade increased by 5% YoY in the first ten months Trade between Cambodia and Vietnam marked a notable 5% surge in the initial ten months of 2023, reaching an approximate $5.3 billion. Cambodian exports to Vietnam experienced a robust 36% increase, while Vietnam's exports to Cambodia witnessed a slight decline of 9.7%. The trade balance revealed a deficit of $753.84 million for Cambodia during this period, reflecting a substantial reduction from the $1.67 billion deficit in 2022. October alone saw trade amounting to $502.57 million, with Cambodian exports to Vietnam valued at $223 million and Vietnamese exports to Cambodia totaling $279.57 million. Anticipated growth is on the horizon as Cambodia attracts more investors, leading to increased productivity across diverse sectors. Lim Heng, Vice President of the Cambodia Chamber of Commerce, emphasizes Vietnam's investments spanning agriculture, industry, mineral resources, transportation, and finance. (Source: Khmer Times)

GDT receives $63 million in VAT from e-commerce The General Department of Taxation (GDT) in Cambodia successfully collected $62.8 million in value-added tax (VAT) from e-commerce during the initial ten months of 2023, achieving 85.8% of the budgeted target. This VAT revenue originated from 82 non-resident taxpayers, including enterprises and suppliers involved in the provision of goods and electronic services from abroad. The implementation of e-commerce VAT, initiated in April, targeted major international players such as Google, Facebook, YouTube, Alibaba, Microsoft, and TikTok. This taxation approach on foreign e-commerce transactions is designed to create a level playing field for local e-commerce operators. The GDT's modernization efforts have led to enhanced registration rates, improved taxpayer services, and expanded data storage capabilities. Notably, the government aims for a tax and customs income of $5.5 billion in 2023, representing a nearly 16% increase compared to 2022, without introducing new taxes or escalating existing tax rates to alleviate the burden on the public. (Source: Khmer Times)

Corporate News

Grand Twins report lower Q3 revenue amid global economic slowdown Grand Twins International (Cambodia) Plc, a Taiwanese garment manufacturer listed in Cambodia, witnessed a modest decline in its Q3 2023 performance due to a global decrease in demand, attributed to ongoing geopolitical challenges such as the Russia-Ukraine conflict. The company reported Q3 revenue of 66.432 billion riel ($1.6124 million), marking a 34.46% decrease compared to the same period in 2022. Profits before tax amounted to 512 million riel ($124,276), reflecting a 53.54% decline from Q3 2022. The quarter concluded with a loss after tax of 281.15 million riel (USD 68,327). As of September 30, GTI's total assets reached 351.55 billion riel ($85.33 million), a slight increase from Q3 2022. GTI's chairman, Yang Shaw-Shin, expressed the company's commitment to fostering strong relationships with key customers and exploring collaborations with new clients to augment revenue streams. (Source: The Phnom Penh Post)

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