The new minimum wage is officially $204

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CSX fell 0.14%, led by declines in MJQE and CGSM On September 29, 2023, the CSX index fell 0.14% to close at 455.7 points. MJQE and CGSM all saw decreases, falling 0.48% and 0.41%, respectively. On the other hand, PPAP, PPSP, and PAS saw increases of 0.72%, 0.92%, and 0.16%, respectively. PWSA, GTI, ABC, and PEPC closed at the same price as the previous day. On the growth board, JSL plummeted 7.14%, while DBDE was down 0.46%. Trading volume decreased 20.4% from the previous day to 34,607 shares, or KHR 215 million. (Source: YSC Research)

Economy and Industry

The new minimum wage is officially $204 Cambodia's National Council on Minimum Wage (NCMW) has agreed on a new minimum wage of $202 for garment, travel goods, and bag industries, with an additional $2 per month by Prime Minister Hun Manet. This will enable factory workers to receive a monthly wage of at least $204 for 2024. The decision was reached during a meeting attended by labor unions, employer's associations, and the Ministry of Labour and Vocational Training (MLVT). Prime Minister Hun Manet will chair a forum for the government and private sector in November to address challenges faced by the minimum-wage industry. The additional wage will require the entire industry to increase $4 million per month or between $48 and $50 million per year, effective from January 1, 2024. (Source: Khmer Times)

Cambodia and AIIB sign a $43 million financing agreement The Royal Government of Cambodia (RGC) and the Asian Infrastructure Investment Bank (AIIB) have signed a $43 million agreement for a cross-border livestock health and value chain infrastructure improvement project. The project, worth $128.78 million, will be implemented by three stakeholders, with the AIIB financing $33 million and the Pandemic Prevention, Preparedness and Response Facility Trust Fund contributing $10 million. The project aims to promote animal production, strengthen animal and human safety, prevent communicative diseases, and develop cross-border trading activities among the Greater Mekong Sub-region members. The agreement was signed on the sidelines of the 8th Annual Meeting of the Board of Governors of AIIB. The RGC will use $40 million of the total concessional loans to enhance the performance and effectiveness of subnational officials in providing public services and managing their finances. The ADB will lend Cambodia $100 million to help transform the country into a technology-driven, knowledge-based industrial economy. (Source: Khmer Times)

In the first eight months, bilateral trade between Cambodia and Thailand exceeded $2.58 billion The bilateral trade between Cambodia and Thailand decreased by 19.9% in the January-August period of this year, reaching $2,585 million. Cambodia exported $646 million worth of goods to Thailand, a 5.4% increase from the same period last year, while its imports from Thailand decreased by 25.8% to $1,938 million. The main exports to Thailand include textiles, agricultural products, gems, raw materials, and semi-finished products, while imports include fish, meat, vegetables, automobiles, organic fertilisers, foodstuffs, and construction materials. Thai Prime Minister Srettha Thavisin visited Cambodia on September 28 for his first official visit, where he and Cambodian Prime Minister Hun Manet hold bilateral talks to deepen and expand mutually beneficial ties under bilateral and multilateral frameworks. (Source: Khmer Times)

Corporate News

Bridge Bank and BVMPP collaborate to finance affordable mortgages Bridge Bank Plc and Ly Hour Development Vimeanphnompenh Co Ltd have partnered to provide up to 80% of property value with a 25-year loan tenor for Borey Vimean Phnom Penh (BVMPP) customers. The partnership aims to provide affordable housing loans with a competitive interest rate and a 25-year loan tenor. The agreement aims to provide easy access to financing for customers and offer opportunities for Cambodians to own their dream houses or shop lots. The bank has conducted extensive research to ensure the developers are reputable and committed to completing the project. Moeurng Rotha, CEO of BVPP, encourages customers to request loans for high-cost products while maintaining their main budget for small and medium businesses. Bridge Bank's Chief Credit Officer Kosal Deno praised the partnership for its commitment to establishing and completing development projects. (Source: Khmer Times)

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