Government to waive VAT on domestic food products from 2026-2028

/ December 2, 2025


News Highlights

Economy and Industry

Government to waive VAT on domestic food products from 2026-2028 The Ministry of Economy and Finance of Cambodia has announced a Value-Added Tax (VAT) exemption on locally manufactured food from January 1, 2026, until the end of 2028. This measure aims to alleviate the rising cost of living for families and enhance the domestic supply chain by exempting basic foods such as meat, eggs, fish, shrimp, sugar, and soy sauces from VAT, though restaurant goods are excluded. Economist Duch Darin suggested that the exemption would help reduce financial burdens, stabilizing market prices and allowing citizens to invest in education and savings. Sron Pov, President of the Cambodia Livestock Raisers Association, expressed support, noting that this is the first instance of such tax relief in the sector and urging the government to also lower electricity and transportation costs to bolster local production against imports. (Source: Kiripost)

Cambodia approves new double tax deals with Laos, Philippines to attract investors Cambodia's National Assembly has approved double taxation agreements (DTAs) with Laos and the Philippines, garnering 108 out of 110 votes. Aimed at boosting cross-border investment, enhancing regional competitiveness, and increasing investor confidence, the agreements eliminate double income taxation and prevent tax evasion. These DTAs, signed during visits by the Cambodian Prime Ministers to both countries, are expected to reduce investment costs, promote fiscal certainty, and attract foreign direct investment (FDI). Economist Duch Darin highlighted that such agreements will facilitate Cambodian firms' operations abroad and position Cambodia as an attractive investment destination, fostering technology transfer and stronger value chain linkages. Cambodia has previously signed DTAs with several countries and is negotiating with others, including Japan and France. (Source: Kiripost)

Blockchain platform 'Bakong' may advance financial inclusion in Cambodia, Pending Trust and Cash Gap Solutions - AMRO 2025 Cambodia's digital payment growth, spearheaded by the National Bank of Cambodia's Bakong platform, shows promise for enhancing financial inclusion. Analysts from the ASEAN+3 Macroeconomic Research Office (AMRO) emphasize that long-term economic benefits will hinge on effective policy execution. Although digital payment adoption surged, particularly among banks and e-wallets, financial access remains inequitable, especially in rural areas. Cash wages in the informal sector hinder wider participation. Pilot projects in wage digitization show potential but lack scalability. Moving forward, key policy initiatives must focus on enhancing trust, raising digital literacy, promoting digital wage payments, ensuring rural connectivity, and fostering inclusive finance models to transform digital access into genuine financial empowerment. (Source: Cambodia Investment Review)

Corporate News

Wing Bank supports community wellbeing and learning in Takeo Wing Bank (Cambodia) Plc organized an event at Trab Kor Primary School to promote hygiene awareness and improve student welfare, coinciding with National Environmental Sanitation Day. The initiative, under the theme "Clean Habits, Clean Families, Good Environment," involved hygiene demonstrations and the donation of educational materials to over 300 students. Wing Bank provided essential facilities, including a new boys' restroom, water tank, trash bins, and fire extinguishers, emphasizing their social responsibility. Additionally, they donated computers and televisions to enhance modern education. The Principal of Trab Kor expressed gratitude for the contributions made to improve hygiene and educational quality, highlighting the impact on both student comfort and teaching methods. Wing Bank is committed to fostering a safe learning environment and supporting sustainable development in Cambodia. (Source: Kiripost)

Stock Market

CSX index rises 0.47% to 419.8 points On 02 December 2025, the CSX Index rose 0.47% to close at 419.8 points. On the Main Board, PEPC (+2.55%), ABC (+1.41%), PPAP (+0.71%), and PAS (+0.32%) recorded gains, while GTI (-0.28%) declined. PWSA, MJQE, and CGSM remained unchanged. On the Growth Board, DBDE and JSL decreased by 0.93% and 1.48%, respectively. Total trading volume reached 95,359 shares, with a turnover of KHR 502 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
419.76 0.47 95,359 11,259

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 6,300 0.00 0.00 -0.94 6,300 6,160 6,554 548
GTI 7,020 -0.28 -0.28 38.19 7,100 6,920 3,825 281
PPAP 14,100 0.71 0.71 1.88 14,100 6,220 1,600 292
PPSP 2,080 0.00 0.00 -4.15 2,100 2,050 21,648 150
PAS 12,520 0.32 1.29 8.30 12,520 12,120 1,507 1,074
ABC 7,200 1.41 2.27 -4.51 7,200 6,760 82,761 3,119
PEPC 2,810 2.55 2.93 16.12 2,810 2,510 2,327 211
MJQE 2,000 0.00 0.50 -3.85 2,000 1,970 20,062 648
CGSM 2,520 0.00 0.80 3.70 6,220 2,450 16,140 4,937
DBDE 2,140 -0.93 0.00 3.88 2,180 2,020 3,993 40
JSL 2,660 -1.48 -0.75 -22.22 2,790 2,650 8,063 68
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 7.62 0.54 1.72 14.94
GTI 2Q25 29 7,023 240.91 1.00 0.86 39.61
PPAP 1Q25 2,951 22,115 4.78 0.64 1.64 4.10
PPSP 2Q25 735 4,376 2.83 0.48 0.95 2.11
PAS 1Q25 1,212 8,224 10.33 1.52 2.25 7.85
ABC 2Q25 1,460 14,410 4.93 0.50 0.86 NA
PEPC* 3Q25 -1,445 -1,303 NA NA 3.36 NA
MJQE 2Q25 45 340 44.27 5.88 3.91 12.82
CGSM 2Q25 25 618 102.58 4.08 7.19 19.91
JSL 2Q25 -82 492 NA 5.40 19.68 33.49
DBDE 2Q25 147 1,933 14.60 1.11 0.33 7.46
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% 2,243
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,285
ABC32C 0 0.0 - - khAA Subordinated Bond 7.50% p.a. 2,476
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,905
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,109
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,556
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 734
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,296
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,504
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 751
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) 2,578
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,230
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,230
Government Bonds

Historical Issuance Summary

  1 Y 2 Y 3 Y 5 Y 10 Y
Total issuance ('K units) 238.1 312.0 384.8 18.0 0.0
Outstanding (KHR'bn) 0.0 0.0 0.0 0.0 0.0
Issuance ('K units, Latest) 34.0 0.0 157.5 8.0 0.0
Coupon rate (Latest) 2.70% 3.20% 3.40% 4.34% 4.60%
Successful yield (Latest) 3.25% - 3.90% 5.00% -
Latest bidding 23-Apr-25 21-May-25 22-Oct-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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