Cambodia raises minimum wage to $208 from 2025

Economy and Industry

Cambodia raises minimum wage to $208 from 2025 Cambodia has announced a new monthly minimum wage of $208 for workers in the garment, footwear, and travel goods sectors, which employ nearly 1 million people. This represents a 1.96% increase from the current $204 and will take effect on January 1, 2025. The decision came after discussions by the National Council for Minimum Wage, which initially recommended a wage of $206. The government's objective is to enhance workers' living standards while ensuring the competitiveness of Cambodia's key export industries. In addition to the base wage, workers will continue to receive supplementary benefits, including a $10 monthly bonus for regular attendance and an additional $7 per month for transportation and housing. The garment industry, a vital part of Cambodia's economy, contributes billions in annual exports. The government seeks to balance improving worker welfare with maintaining industry sustainability. (Source: Cambodia Investment Review)

Thai and Vietnamese tourists make up more than half of all international arrivals In the first seven months of 2024, Cambodia welcomed nearly two million tourists from Thailand and Vietnam, marking a 20% increase compared to the same period in 2023. This group accounted for over half of all foreign arrivals. From January to July, Cambodia saw 3,742,230 international visitors, a 23.2% rise YoY. Thai tourists made up 30.7% of the total with 1,147,534 arrivals, while 757,437 Vietnamese visitors represented 20.2%. Chinese nationals followed with 463,980 visitors, and Lao and American tourists accounted for 224,871 (6%) and 129,517 (3.5%) respectively. Other notable visitor numbers came from South Korea, Indonesia, France, the UK, and Japan. Khieu Thy, president of the Khmer Angkor Tourist Guides Association (KATGA), observed that Thai and Vietnamese tourists visiting Siem Reap's ancient temples remain fewer in number compared to those from the US or Europe. (Source: Phnom Penh Post)

The CDC requests collaboration from Thailand BOI on a 'Plus One' strategy Cambodia's First Vice President, Sun Chanthol, has called on the Thailand Board of Investment (BOI) to collaborate on a "Plus One" strategy aimed at strengthening the private sector's supply chain. The proposal was made during a visit by a Thai delegation led by Patcharada Nawakawongkarn, Executive Director of the Thai Enterprise Development Division at BOI. The delegation praised Cambodia's progress in attracting private investment, citing its favorable investment climate, which includes peace, political stability, supportive laws, incentives, and well-connected infrastructure. Nawakawongkarn expressed optimism about fostering collaboration through a business matching forum between the two countries, aimed at enhancing mutual investments and encouraging greater Thai investment in Cambodia. (Source: Khmer Times)

Corporate News

Two additional airlines set to begin flights to Siem Reap Angkor International Airport next month Thai Airways and AirAsia will commence regular flights to Siem Reap Angkor International Airport (SAI) this October, according to Deputy Governor Dy Rado. Thai Airways will launch daily Bangkok-Siem Reap flights on October 27, while AirAsia will begin flights between Phuket and Siem Reap on October 29. This development is a significant boost for the aviation and tourism sectors in the province. In the first eight months of 2024, Siem Reap welcomed over 650,000 international tourists, a 31% increase from 2023, with Americans, British, and French tourists making up the largest groups. SAI, located in Tayek commune, Sotr Nikum district, began operations in October 2023 and is projected to handle up to 12 million passengers annually by 2040. Currently, ten airlines operate at the airport, connecting it with six ASEAN countries and China. The provincial administration is working to enhance tourism services and develop new tourism products through inter-sectoral cooperation. (Source: Khmer Times)

Stock Market

CSX index edges up 0.13% with mixed performance across main and growth boards On September 20, 2024, the CSX index rose by 0.13%, closing at 411.0 points. On the main board, PEPC gained 1.23%, while PPAP (-0.73%), PWSA (-0.60%), ABC (-0.27%), GTI (-0.26%), and PAS (-0.17%) posted declines. MJQE and CGSM remained unchanged. On the growth board, DBDE dropped 0.97%, while JSL increased by 1.16%. The total trading volume reached 141,952 shares, with a cumulative trading value of KHR 968 million. (Source: YSC Research)

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