Leaders of Vietnam and Cambodia promise $20 billion in trade

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Positive movements on the main board on December 13 As of December 13, 2023, the CSX index concluded at 454.6 points, reflecting an increase of 0.20% compared to the previous day. Positive movements were observed on the main board, with GTI (+1.07%), PAS (+0.98%), PEPC (+0.80%), PPAP (+0.29%), PWSA (+0.27%), and ABC (+0.21%) all demonstrating gains. PPSP, MJQE, and CGSM exhibited consistent performance with no significant fluctuations. On the growth board, DBDE experienced a minor decline of 0.47%, while JSL surged by an impressive 9.46%. The overall trading activity involved 27,743 shares, with a total trading value reaching KHR 161 million. (Source: YSC Research)

Economy and Industry

Leaders of Vietnam and Cambodia promise $20 billion in trade Leaders of Cambodia and Vietnam have pledged to boost bilateral trade to $20 billion in the coming year, despite economic uncertainties. This commitment is grounded in the strong political and economic ties between the two ASEAN neighbors. The leaders are focused on fortifying their economic connections, including infrastructure, institutions, and policies. They aim to promote exchanges in border trade and create opportunities for collaboration within their business communities. To formalize this commitment, the Cambodia Chamber of Commerce (CCC) and its Vietnamese counterpart have signed a memorandum of understanding. The recent Cambodia-Vietnam Investment and Trade Promotion Forum on December 12 underscored the long historical relationship between the two nations as a significant factor for further enhancement across various sectors. (Source: The Phnom Penh Post)

Exports to China jump by almost 20% in first 11 months of 2023 Cambodia's exports to China exceeded $1.3 billion in the initial 11 months of 2023, marking an almost 20% surge from the previous year. The overall bilateral trade value expanded to $11.08 billion, reflecting a 4.7% growth compared to the previous year's $10.58 billion. China maintains its status as Cambodia's foremost trading partner, contributing 26.06% to the nation's total international trade volume. In November, the trade volume between the two nations reached $1.01 billion, a 5.94% increase from November 2022's figure of $954.97 million. Cambodia primarily exports agricultural products and textiles to China, while imports from China include raw materials for textiles, construction materials, pharmaceuticals, automobiles, machinery, electrical equipment, electronic components, food, agricultural fertilizers, and agrochemicals. The Cambodia-China Free Trade Agreement (CCFTA) has played a pivotal role in boosting exports. The Cambodian Investment Board (CIB) at the Council for the Development of Cambodia (CDC) has prioritized high-tech sectors and agriculture and processing industries as key areas for Chinese investors. To further assist Chinese investors, the CDC has established a China Desk to provide guidance and support. (Source: The Phnom Penh Post)

UK will help the Kingdom increase infrastructure investment The British Government is poised to assist Cambodia in advancing its infrastructure as part of the deepening bilateral ties between the two nations. A Memorandum of Understanding (MoU) was recently executed by Meas Soksensan, Secretary of State at the Ministry of Economy and Finance (MEF), and Dominic Williams, the British Ambassador to Cambodia. This MoU is designed to offer technical assistance and foster investment opportunities within Cambodia. It includes initiatives to leverage private sector resources, vocational expertise, and connections to expand regional and international infrastructure financing platforms. Additionally, the MoU will facilitate collaboration between the MEF and the UK Foreign, Development, and Commonwealth Office (FCDO) in establishing green infrastructures in Cambodia as a Public-Private Partnership (PPP) project. This initiative aims to integrate renewable energy, energy efficiency, and circularity elements into the country's infrastructure development. (Source: Khmer Times)

Corporate News

Viettel consider increase the size of its Cambodian telecom network Metfone, the Cambodian arm of Viettel Telecom, is set to expand its telecommunication network and technology sectors, contributing to economic growth and job opportunities. During a meeting in Hanoi, Prime Minister Hun Manet and Viettel Group CEO Tao Duc Thang discussed the investment climate and potential opportunities. Ranked among the top 15 global telecom companies, Viettel operates in 11 countries, serving around 100 million customers across Asia, America, and Africa. In Cambodia, Metfone provides extensive network coverage, the fastest 4G and 4.5G LTE services, and has created nearly 3,000 full-time jobs. As a technology pioneer, Viettel leads in 5G, IoT, AI, big data, e-payment, and e-government. The company also invests heavily in education, healthcare, and various sectors to improve the quality of life and spur development. Established in 1989, Viettel Group stands as Vietnam's largest telecommunications, industrial, and technology enterprise. (Source: Khmer Times)

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