Wholesale and trade sector surpasses pre-pandemic levels

Economy and Industry

Wholesale and trade sector surpasses pre-pandemic levels Cambodia's wholesale and retail trade sector has not only recovered post-Covid but also surpassed pre-pandemic levels, driven by higher disposable incomes and a growing economy. In 2023, wholesale and retail trade reached 13,182 billion riels ($3.2 billion), an 8% increase from 2020's low of 12,169 billion riels ($2.9 billion) and a 1.5% rise from 2019's 12,989 billion riels ($3.18 billion), according to government data presented by Professor Ky Sereyvath. This growth is evidenced by a 6% increase in commercial space rental, adding over 39,000 sqm by mid-2023, with an additional 101,000 sqm expected in 2024 and 116,000 sqm in 2025. Loan growth in the sector also surged, with wholesale trade loans up 4.8% and retail trade loans up 22% in 2023. CBRE Cambodia reports a shift towards standalone high-street locations for retailers, with a 9% increase in commercial rentals in these areas, contrasting with flat or declining rents in malls and community spaces. (Source: Khmer Times)

China to explore new SEZs and boost investments in Cambodia During an official visit to China from May 23-25, 2024, Cambodian Foreign Minister Sok Chenda Sophea held bilateral talks with Wang Yi, a high-ranking Chinese official. They discussed expanding economic relations, with China agreeing to explore the possibility of establishing more special economic zones (SEZs) in Cambodia. Wang Yi pledged to encourage Chinese companies to invest in Cambodia and increase agricultural imports from the Kingdom. Additionally, China offered support for major infrastructure projects, including transportation, logistics, irrigation, and the Funan Techo Integrated Water Management project. Both nations also agreed to enhance cooperation in education, tourism, modern agriculture, connectivity, digital economy, and artificial intelligence. (Source: Khmer Times)

MLVT announced over 51,000 job vacancies across multiple sectors The Ministry of Labour and Vocational Training (MLVT) announced on Tuesday that there are 51,863 local job vacancies across the industry, service, and agriculture sectors. The garment industry alone requires over 25,000 tailors, 555 weavers, and 870 designers. Other industrial sector openings include 661 machine packing and labeling operators, 953 manual packers, 1,100 dyeing machine operators, and 535 miscellaneous staff in textiles and leather handicrafts. The agricultural sector has 9,986 vacancies, while finance has 582 credit officer positions. Interested candidates can contact the National Employment Agency (NEA) for more information. Katta Orn, the ministry's spokesman, mentioned that job locations vary from Phnom Penh to neighboring and distant provinces, with some positions requiring specific education or training certificates. (Source: Khmer Times)

Corporate News

New Chinese HR management school opens in Cambodia Cambodia Juxian HR Educational Management Co., Ltd. opened its doors in Phnom Penh, symbolizing ongoing cooperation between Cambodia and China. The inauguration was attended by Mr. Zhou Wenhao, Chairman of Guangxi Bright Future Educational Management Group, Mr. Wang Shikui from China's Ministry of Agriculture and Rural Affairs, and Mr. Oknha Lim Tong, Executive Vice President of the Khmer-Chinese Coalition Association. Mr. Zhou highlighted that this first overseas investment is a significant step in Guangxi Bright Future's international strategy, aiming to leverage Cambodia's geographical advantages to enhance human resource management and educational services. Juxian's establishment seeks to facilitate professional human resources services and foster educational exchange between the two countries. As one of China's leading HR providers, Juxian is set to contribute positively to Cambodia's social and economic development through efficient recruitment and high-quality human resources management. (Source: Khmer Times)

Stock Market

CSX index closes at 415.8 points with mixed results on main board On May 30, 2024, the CSX index closed at 415.8 points, down 0.09% from the previous day. The main board showed mixed results: PPSP (+3.00%), PEPC (+1.73%), GTI (+0.42%), and PPAP (+0.15%) posted gains, while ABC (-0.52%) and PWSA (-0.27%) dropped. PAS, MJQE, and CGSM remained unchanged. On the growth board, DBDE and JSL rose by 0.46% and 2.33%, respectively. The total trading volume was 452,469 shares, with a cumulative trading value of KHR 1,204 million. (Source: YSC Research)

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