Vietnam strengthens presence in Cambodia through 215 projects and sector focus

/ June 26, 2025


News Highlights

Economy and Industry

Vietnam strengthens presence in Cambodia through 215 projects and sector focus Vietnam holds 215 investment projects in Cambodia, focusing on sectors such as agriculture, telecommunications, banking, financial services, food processing, mining, aviation, and tourism. Vietnam's total registered capital in Cambodia is $2.94 billion, making it one of the top four foreign direct investors in the country. Vietnamese investment is present in 18 out of Cambodia's 25 capital and provincial areas, contributing to economic infrastructure, job creation, income generation, social welfare, and humanitarian efforts. Vietnamese businesses are exploring new investments or expanding their operations in Cambodia, with a focus on large-scale agriculture, agro-processing, telecommunications, information technology, renewable energy, mining, and construction. The Vietnamese Embassy in Cambodia will continue working with relevant agencies to support Vietnamese businesses in Cambodia. (Source: Khmer Times)

Cambodia's state-owned enterprises: growth outlook Cambodia's Prime Minister Hun Manet has outlined a strategic vision to boost capital mobilization through the issuance of shares and bonds on the Cambodia Securities Exchange (CSX). Three state-owned enterprises (SOEs) are among the 11 companies listed on the CSX, each showing resilience despite a prolonged bearish cycle. All three companies have posted consistent profits for the past three years. The Financial Sector Development Strategy 2016-2025 calls for additional SOE listings and expanded public share offerings by existing state-run firms. Phase one of the Pentagonal Strategy further reinforces this agenda, calling for enhanced development of the securities market, incentives for institutional investors, and increased support for domestic firms seeking to go public. Despite these policy frameworks, no new SOEs have joined the CSX in recent years. The market is currently at the crossroads, with rising non-performing loans, a cooling property sector, and a sluggish tourism rebound. (Source: Khmer Times)

Special economic zones drive close to a quarter of exports Cambodia's Special Economic Zones (SEZs) are boosting the country's exports to international markets, accounting for about one-fourth of its total export value over the past three years. Sar Sinera, deputy secretary-general of the Cambodian Investment Board, introduced the Eco-Industrial Park framework and discussed policies and regulations promoting green investment within SEZs. SEZs attract foreign direct investment and boost exports, with Cambodia's investment laws offering numerous incentives and benefits. Sub-decrees support the implementation of laws encouraging green investment in green energy, climate change mitigation technologies, environmental protection, biodiversity preservation, and circular economy initiatives. As of the end of 2024, there were 30 operational SEZs across Cambodia, with four new ones starting operations in 2024. SEZs offer well-planned infrastructure, facilitating business activities such as importing raw materials and exporting finished products. (Source: Khmer Times)

Corporate News

Coca-Cola Cambodia strengthens commitment to partnering with local raw material suppliers Deputy Prime Minister Sun Chanthol welcomed a Coca-Cola Cambodia Beverage Company delegation to the Council for the Development of Cambodia (CDC) office to discuss the company's investment process in Cambodia and strengthen cooperation between the state and companies. The CEO expressed commitment to finding local partners with high-quality raw materials and sufficient production capacity. The CDC, responsible for overseeing development cooperation, private investment, and special economic zones, continues to pay close attention to private investment support in Cambodia. The Royal Government of Cambodia views foreign direct investment (FDI) as a key factor in national economic growth, and investors who purchase inputs or use raw materials locally will receive additional incentives. (Source: Khmer Times)

Stock Market

CSX index rises 0.11% as GTI surges 6.67% On 26 June 2025, the CSX Index rose by 0.11%, closing at 408.4 points. On the Main Board, GTI (+6.67%), PWSA (+0.62%), PEPC (+0.38%), and ABC (+0.29%) were the gainers, while CGSM (-0.41%) and PPAP (-0.15%) recorded losses. PPSP, PAS, and MJQE remained unchanged. On the Growth Board, DBDE was up by 0.49%, while JSL declined by 0.72%. Total trading volume reached 63,867 shares, with a turnover of KHR 353 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
408.43 0.11 63,867 10,955

Stock Performance

Stock Close (KHR) 1D chg (%) MTD chg (%) YTD chg (%) 1M high (KHR) 1M low (KHR) MTD vol (shr) Mkt cap (KHR'bn)
PWSA 6,460 0.62 2.22 1.57 6,500 6,320 97,290 562
GTI 7,680 6.67 -4.24 51.18 8,700 7,200 422,090 307
PPAP 13,600 -0.15 1.49 -1.73 13,680 13,340 11,014 281
PPSP 2,110 0.00 -0.47 -2.76 2,130 2,090 128,233 152
PAS 12,280 0.00 2.50 6.23 12,380 11,920 23,828 1,053
ABC 6,940 0.29 0.29 -7.96 6,940 6,880 552,974 3,006
PEPC 2,630 0.38 -3.66 10.04 2,740 2,620 6,823 197
MJQE 2,020 0.00 0.00 -2.88 2,030 2,020 135,252 655
CGSM 2,420 -0.41 -0.41 -0.41 2,450 2,410 98,716 4,741
DBDE 2,050 0.49 -5.53 -0.49 2,170 2,040 52,788 38
JSL 2,750 -0.72 0.00 -19.59 2,860 2,700 19,291 71
1D = 1 Day; 1M= 1 Month; MTD = Month-To-Date; YTD = Year-To-Date; Chg = Change; Vol = Volume; shr = share; Mkt cap = Market capitalization


Valuation Ratios

  EPS BPS* P/E P/B P/S EV/EBITDA
  ttm,mrq (ttm,KHR) KHR (ttm,x) (mrq,x) (ttm,x) (ttm,x)
PPWSA 4Q24 978 11,199 6.61 0.58 1.77 13.32
GTI 4Q24 48 7,057 160.00 1.09 0.91 27.58
PPAP 4Q24 2,550 22,115 5.33 0.61 1.66 3.35
PPSP 4Q24 220 3,866 9.60 0.55 2.85 5.04
PAS 4Q24 1,478 8,224 8.31 1.49 2.29 8.14
ABC 4Q24 1,140 13,790 6.09 0.50 0.92 NA
PEPC* 1Q25 -1,009 -17 NA -152.80 4.60 NA
MJQE 4Q24 37 307 54.41 6.58 3.99 12.14
CGSM 4Q24 52 606 46.52 3.99 6.76 16.05
JSL 4Q24 14 685 196.40 4.01 3.93 17.86
DBDE 4Q24 23 1,840 89.68 1.11 0.53 8.12
NOTE: ttm= trailing-twelve months; mrq = most recent quarter; *FY ending in June, **excluding non-voting shares

Corporate Bonds

Trading Summary


Bond Symbol Trading Vol (Units) Trading Val (KHR'mn) Latest Yield Credit Rating Bond Feature Coupon Rate (%) Days to Maturity
ABC32A 0 0.0 - - khAA Subordinated Bond 8.50% 2,402
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,444
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 3,064
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,268
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,715
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 893
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,455
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,663
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 910
RRGT32B 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) and Year 6 to Year 10: SOFR+3,75% or 5% per annum (take which one is higher) 2,737
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,389
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,389
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,389
Government Bonds

Historical Issuance Summary

  1 Y 2 Y 3 Y 5 Y 10 Y
Total issuance ('K units) 238.1 312.0 175.3 10.0 0.0
Outstanding (KHR'bn) 58.0 236.0 175.3 10.0 0.0
Issuance ('K units, Latest) 34.0 0.0 90.0 0.0 0.0
Coupon rate (Latest) 2.70% 3.20% 3.50% 4.75% 5.25%
Successful yield (Latest) 3.25% - 4.25% - -
Latest bidding 23-Apr-25 21-May-25 19-Mar-25 45,581 45,525
*Total issuance is the accumulated issuance since September 2022; **Outstanding is aggregate principal value of government that remain outstanding; ***Successful yield: mid yields are shown if multiple price auction method was adopted.


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