Cambodia's credit expansion reaches new heights

Economy and Industry

Cambodia's credit expansion reaches new heights  In 2024, Cambodia's total credit balance reached 236,429,266 million riels (approximately $59.1 billion), with 5.04 million borrowers. Phnom Penh, Kandal, and Siem Reap collectively accounted for about 60% of the total. Phnom Penh led with 119,021,947 million riels (50% of the total) and 696,000 borrowers, followed by Kandal with 12,697,649 million riels (5%) and 394,000 borrowers, and Siem Reap with 10,307,358 million riels (4%) and 324,000 borrowers. Provinces with the lowest loan volumes included Mondulkiri, Pailin, and Kep. On credit quality, the nationwide rate of loans overdue by 90 days or more (90+ DPD) stood at 6.03%. The National Bank of Cambodia underscored the significance of credit in stimulating economic activities, creating jobs, and bolstering productivity. (Source: Khmer Times)

GDT eyes AI adoption for enhanced productivity  The General Department of Taxation (GDT) in Cambodia is exploring the integration of artificial intelligence (AI) into its operations, aiming to modernize its processes and boost efficiency. AI offers immense potential in automating repetitive tasks, analyzing vast amounts of data, and improving decision-making accuracy. By adopting AI, the GDT seeks to streamline administrative workflows, reduce the time required for tax assessments, and enhance compliance monitoring. Globally, tax authorities are leveraging AI to increase transparency and ensure fair tax collection, and Cambodia's move aligns with these international practices. Moreover, integrating AI could help address challenges such as resource limitations and human errors, enabling the department to focus on strategic priorities. (Source: Khmer Times)

Cambodia unveils comprehensive five-year growth strategy  In a bid to foster sustainable economic progress, The Royal Government of Cambodia (RGC) has outlined an ambitious draft of the National Strategic Development Plan (NSDP). This strategic plan emphasizes adopting green practices, improving resource efficiency, and driving innovation across critical sectors such as agriculture, energy, and manufacturing. With a focus on sustainability, the government aims to strike a balance between economic development and environmental preservation. The roadmap aligns with Cambodia's pledge to achieve its Sustainable Development Goals and combat climate change's adverse effects. Initiatives under the plan include promoting renewable energy, encouraging eco-friendly farming practices, and developing technologies that reduce environmental impacts. (Source: Khmer Times)

Corporate News

Phnom Penh Port achieves notable financial milestone  The Phnom Penh Autonomous Port (PPAP) recorded a remarkable 28% revenue increase in the first two months of 2024. Revenue from port operations rose to $5.3 million, marking a 28% increase from $4.2 million. The port authority generated $1.04 million, reflecting a 25% rise. Revenue from other services reached $249,128, a 50% jump from $166,203 million. This growth was driven by higher cargo throughput and enhanced operational efficiency, reflecting the port's pivotal role in Cambodia's trade and logistics landscape. PPAP management attributes this success to its commitment to transparency, customer satisfaction, and strategic investments in modernizing port facilities. The revenue surge demonstrates the port's ability to adapt to evolving market demands while maintaining robust performance. (Source: Khmer Times)

Stock Market

CSX index was down 0.04% amid mixed stock performance The CSX index declined by 0.04%, closing at 413.3 points. On the main board, PPSP (+0.92%), PEPC (+0.79%), and PWSA (+0.32%) posted gains, while ABC (-0.27%) and PPAP (-0.14%) recorded losses. GTI, PAS, MJQE, and CGSM remained unchanged. On the growth board, DBDE edged up by 0.48%, while JSL remained unchanged. The session recorded a total trading volume of 23,689 shares, with a turnover of KHR 134 million. (Source: YSC Research)

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