CCC to sign MoU with Vietnam-Cambodia Business Association

/ July 15, 2025


News Highlights

Economy and Industry

CCC to sign MoU with Vietnam-Cambodia Business Association The Cambodia Chamber of Commerce (CCC) and Vietnam are set to sign a memorandum of understanding (MoU) to strengthen bilateral trade and investment cooperation. Trade relations between the two countries have seen a 7.2% increase in the first half of 2025, with Cambodia's exports to Vietnam reaching $2.19 billion and imports to $2.15 billion. CCC and the Vietnam-Cambodia Business Association will lead a high-level business delegation to Ho Chi Minh, Vietnam, to strengthen economic ties, promote bilateral trade and investment, and seek broader market access for Cambodian products. The visit will also include a Vietnam-Cambodia Business Networking Conference, facilitating discussions on potential partnerships, joint investments, and market development opportunities. The enhanced cooperation is expected to attract more Vietnamese investors to Cambodia and expand the bilateral market size. The Cambodia-Vietnam trade volume reached $7.78 billion in 2024, a YoY increase of 18.2%. (Source: Phnom Penh Post)

Cambodia's exports to the US exceed $5.5 billion in H1  Cambodia's exports to the US exceeded $5.5 billion in the first six months of 2025, a 25% increase compared to the same period last year, according to the General Department of Customs and Excise (GDCE). The US remained Cambodia's largest export market during the January-June period, followed by Vietnam, Japan, China, Canada, and Spain. Bilateral trade between Cambodia and the US reached $5.69 billion, with Cambodian exports accounting for $5.52 billion, a 25.6% increase compared to the same period last year. Imports from the US totaled $164.9 million, a 29% YoY increase. Cambodia's export growth to the US demonstrates the success of the Royal Government's economic vision and strategic policy implementation, according to economist Darin Duch. The current structure of trade with the US points to a mutually beneficial relationship, with Cambodia maintaining a surplus due to its export-oriented manufacturing base. Both sides should see the trade surplus as an opportunity to deepen cooperation, particularly in areas such as technology, education, green energy, and tourism. The US has lowered the reciprocal tariff imposed on Cambodian goods from 49% to 36%, following weeks of bilateral negotiations. (Source: Khmer Times)

Paving the way for institutional investment in Cambodia Cambodia's capital market faces a significant challenge due to a lack of institutional capital, affecting its evolution. As of Q1 2025, institutional investors accounted for only 0.09 percent of total market activity, with international capital absent and local participation minimal. The CSX index has declined over 30% since 2021, and ABC's share price has plunged over 50% since its IPO. A sustained recovery requires deepened financial infrastructure, enhanced investor confidence, and broader participation from institutional actors. The market's insufficient market depth and lack of governance standards are critical deterrents. A pragmatic solution is regulated access to offshore markets, allowing local institutions to gain exposure to market dynamics, risk management strategies, and portfolio diversification techniques. Cambodia's market future will follow a similar trajectory if domestic actors rise to the challenge. (Source: Khmer Times)

Corporate News

Second cohort of IMNEt program kicks off to strengthen inclusive mentorship for women entrepreneurs in Cambodia The Inclusive Mentoring Network for Entrepreneurs (IMNEt) program, co-designed by the Sasakawa Peace Foundation, Swisscontact Cambodia's Enhancing Entrepreneurial Ecosystem and Investments initiative (3Ei), and Impact Hub Phnom Penh, is set to launch its second cohort in May 2025. The program aims to empower women entrepreneurs and strengthen inclusive mentorship across Cambodia's provinces. The pilot phase, conducted from September 2024 to February 2025, trained 24 mentors and matched them with 24 mentees. The second cohort aims to onboard 20 mentors and 20 mentees from Battambang and Siem Reap, while continuing to support alumni from the first cohort. Improvements to the mentor training program include additional in-person sessions and a dedicated coaching skills module. The program will commence with mentor recruitment and onboarding in May 2025, followed by workshops on coaching skills, mentoring fundamentals, and matchmaking. (Source: Cambodia Investment Review)

Stock Market

CSX holds steady as gains in GTI and PEPC offset losses in PPSP and PWSA On 15 July 2025, the CSX Index remained unchanged, closing at 403.7 points. On the Main Board, GTI (+0.66%) and PEPC (+0.39%) posted gains, while PPSP (-0.47%) and PWSA (-0.32%) recorded losses. PPAP, PAS, ABC, MJQE, and CGSM remained unchanged. On the Growth Board, both DBDE and JSL also remained unchanged. Total trading volume reached 45,849 shares, with a turnover of KHR 218 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
403.7 0.00 45,849 10,828

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 6,200 -0.32 -4.32 -2.52 6,580 6,200 124,971 539
GTI 6,100 0.66 -6.15 20.08 8,660 5,860 108,797 244
PPAP 13,360 0.00 -1.62 -3.47 13,680 13,360 3,893 276
PPSP 2,110 -0.47 0.00 -2.76 2,130 2,100 106,822 152
PAS 12,000 0.00 -2.91 3.81 12,380 11,880 47,294 1,029
ABC 6,900 0.00 -0.29 -8.49 6,960 6,860 179,093 2,989
PEPC 2,570 0.39 -2.28 7.53 2,720 2,560 1,828 193
MJQE 1,990 0.00 -1.00 -4.33 2,030 1,990 301,738 645
CGSM 2,430 0.00 0.00 0.00 2,440 2,420 50,982 4,761
DBDE 2,030 0.00 -0.98 -1.46 2,060 2,020 14,182 37
JSL 2,800 0.00 1.45 -18.13 2,880 2,690 3,244 72
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 6.34 0.55 1.70 13.16
GTI 4Q24 48 7,057 127.08 0.86 0.73 23.17
PPAP 4Q24 2,550 22,115 5.24 0.60 1.63 3.29
PPSP 4Q24 220 3,866 9.60 0.55 2.85 5.04
PAS 4Q24 1,478 8,224 8.12 1.46 2.24 8.01
ABC 4Q24 1,140 13,790 6.05 0.50 0.91 NA
PEPC* 1Q25 -1,009 -17 NA -149.31 4.49 NA
MJQE 4Q24 37 307 53.61 6.49 3.93 11.96
CGSM 4Q24 52 606 46.71 4.01 6.79 16.11
JSL 4Q24 14 685 199.97 4.09 4.00 18.05
DBDE 4Q24 23 1,840 88.81 1.10 0.52 8.05
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% 2,383
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,425
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 3,045
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,249
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,696
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 874
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,436
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,644
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 891
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) 2,718
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,370
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,370
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,370
Government Bonds

Historical Issuance Summary

  1 Y 2 Y 3 Y 5 Y 10 Y
Total issuance ('K units) 238.1 312.0 187.3 10.0 0.0
Outstanding (KHR'bn) 58.0 236.0 187.3 10.0 0.0
Issuance ('K units, Latest) 34.0 0.0 12.0 0.0 0.0
Coupon rate (Latest) 2.70% 3.20% 3.50% 4.75% 5.25%
Successful yield (Latest) 3.25% - 3.50% - -
Latest bidding 23-Apr-25 21-May-25 25-Jun-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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