Vietnam-Cambodia trade progressing toward $20 billion target

/ September 29, 2025


News Highlights

Economy and Industry

Vietnam-Cambodia trade progressing toward $20 billion target Bilateral trade between Cambodia and Vietnam has tripled between 2014 and 2024, reaching $10.1 billion, with an average annual growth rate of about 12%. The two countries have established a solid legal framework through key agreements, including the 2019 Memorandum of Understanding on Border Trade Infrastructure Development and Connectivity, the 2024 Border Trade Agreement, and the 2025-2026 Action Plan. Cambodia offers Vietnamese businesses attractive opportunities with political stability, a young workforce, a strategic location, and favourable investment incentives. However, challenges remain, such as underdeveloped transport infrastructure, technical standards, limited market information, and difficulties adapting to different administrative systems. To achieve the US$20 billion target, experts and officials propose a comprehensive set of solutions that require close coordination between both sides. (Source: Khmer Times)

$80M green financing secured by Leader Energy for Cambodia transmission network Cambodian Transmission II Co., Ltd. (CTLII) has secured a USD80 million green financing facility from a consortium of banks, led by Maybank (Cambodia) PLC. This facility will be used to refinance CTLII's high-voltage transmission assets, aligning with Leader Energy's strategic shift towards sustainable energy infrastructure. CTLII owns and operates a 230 kV transmission line, which connects Kampong Cham province to Kratie province, and plays a crucial role in enhancing grid reliability and efficient electricity delivery. The project strengthens the national transmission network to meet rising electricity demand and supports national targets towards a low-carbon future. Leader Energy Group Berhad, Executive Deputy Chairman and Group CEO, expressed gratitude for the trust placed in them by its banking partners, enabling them to continue delivering energy solutions that uplift societies and protect the environment. Maybank, a leading ASEAN bank and sustainability leader, has mobilized about RM140 billion in sustainable finance across ASEAN from 2021 to the end of June 2025. (Source: Khmer Times)

Offline and online sales bring dried fish enterprise to 50 million riel per month EPOV Dried Fish Processing Handicraft, based in Kampong Cham, has grown rapidly, with monthly revenue reaching up to 50 million riels. Registered in 2023, it sources fish from local farmers, fisherfolk, and traders, targeting low- to mid-income consumers, green shops in Phnom Penh, and Cambodians abroad. Selling up to 30 tonnes annually, the business has expanded to markets in France, Australia, the US, and Canada, leveraging a strong social media presence. Owner Touch Pao aims to upgrade facilities to meet the Cambodia Quality Seal (CQS) and improve packaging, while the government continues to promote quality local SME production. (Source: Kiripost)

Corporate News

Singapore Airlines commits to boosting Cambodia's aviation sector Singapore Airlines (SIA) is expanding its presence in Cambodia's aviation market, operating from the newly opened Techo International Airport (KTI) and Siem Reap's Angkor International. The airline is committed to delivering world-class travel experiences in this growing aviation hub, with 33 years of service in Cambodia and 60 years of diplomatic relations between Singapore and Cambodia. SIA currently operates five times a day from Cambodia to Singapore, three times from Phnom Penh and two times from Siem Reap. KTI, a state-of-the-art facility, offers connectivity to 125 global destinations. SIA's cabin crew, awarded the World's Best by Skytrax in 2025, provides signature hospitality and AI-driven personalisation. In November 2025, SIA Engineering Company partnered with Cambodia Airport Investment Co. Ltd to establish dedicated line maintenance services at KTI. SIA also focuses on corporate social responsibility, partnering with an organization that serves underprivileged children and employing eco-friendly meal packaging. SIA aims to deliver new products and services in the next five years, ensuring excellent service quality and maintaining high standards through collaboration with airport partners. (Source: The Phnom Penh Post)

Stock Market

CSX index slips slightly as PEPC declines, PPSP leads gains On 29 September 2025, the CSX Index fell 0.04% to close at 404.3 points. On the Main Board, PPSP (+0.49%), PPAP (+0.29%), GTI (+0.28%), and PAS (+0.16%) posted gains, while PEPC (-1.89%), MJQE (-0.51%), and PWSA (-0.32%) recorded losses. ABC and CGSM closed unchanged. On the Growth Board, DBDE edged up 0.49%, while JSL remained unchanged. Total trading volume reached 31,515 shares, with a turnover of KHR 179 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
404.26 -0.04 31,515 10,843

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 6,140 -0.32 -1.60 -3.46 6,240 6,140 59,629 534
GTI 7,120 0.28 -0.56 40.16 7,160 7,000 25,110 285
PPAP 13,600 0.29 -0.29 -1.73 13,660 13,500 3,644 281
PPSP 2,060 0.49 0.49 -5.07 2,070 2,050 181,533 148
PAS 12,180 0.16 1.50 5.36 12,200 12,000 7,159 1,045
ABC 6,780 0.00 0.00 -10.08 6,800 6,740 394,261 2,937
PEPC 2,590 -1.89 -0.38 8.37 2,680 2,530 5,611 194
MJQE 1,970 -0.51 -1.01 -5.29 2,000 1,970 87,015 638
CGSM 2,440 0.00 -0.81 0.41 2,460 2,420 93,665 4,781
DBDE 2,040 0.49 0.00 -0.97 2,050 2,020 12,859 38
JSL 2,770 0.00 -0.36 -19.01 2,900 2,760 3,190 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 2Q25 827 11,622 7.42 0.53 1.68 14.84
GTI 2Q25 29 7,023 244.34 1.01 0.87 40.01
PPAP 1Q25 2,951 22,115 4.61 0.61 1.58 3.97
PPSP 2Q25 735 4,376 2.80 0.47 0.94 2.08
PAS 1Q25 1,212 8,224 10.05 1.48 2.19 7.70
ABC 2Q25 1,460 14,410 4.64 0.47 0.81 NA
PEPC* 3Q25 -1,445 -1,303 NA NA 3.10 NA
MJQE 2Q25 45 340 43.61 5.79 3.85 12.64
CGSM 2Q25 25 618 99.32 3.95 6.97 19.35
JSL 2Q25 -82 492 NA 5.63 20.50 34.29
DBDE 2Q25 147 1,933 13.92 1.06 0.31 7.22
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% 2,307
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,349
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,969
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,173
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,620
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 798
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,360
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,568
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 815
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) 2,642
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,294
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,294
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,294
Government Bonds

Historical Issuance Summary

  1 Y 2 Y 3 Y 5 Y 10 Y
Total issuance ('K units) 238.1 312.0 227.3 18.0 0.0
Outstanding (KHR'bn) 58.0 208.0 227.3 18.0 0.0
Issuance ('K units, Latest) 34.0 0.0 40.0 8.0 0.0
Coupon rate (Latest) 2.70% 3.20% 3.50% 4.34% 4.60%
Successful yield (Latest) 3.25% - 4.30% 5.00% -
Latest bidding 23-Apr-25 21-May-25 17-Sep-25 45,861 45,889
*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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