Government launches E-Invoicing system to drive digital economy growth

Economy and Industry

Government launches E-Invoicing system to drive digital economy growth The Cambodian Ministry of Economy and Finance has launched the "Cambodia E-Invoicing System," a digital platform enabling the exchange, validation, and transfer of electronic invoices between sellers and buyers. Developed by the General Department of Digital Economy (GDDE), this system marks a significant step toward modernizing the nation's public financial systems. The platform aims to increase transparency and accountability in public financial management, support the implementation of Phase 4 of the Public Financial Management Reform Program, enhance tax compliance, contribute to sustainable development, and prepare businesses for integration with the ASEAN Digital Economy. By mitigating risks associated with manual processing - such as errors, fraud, and tax evasion - the system streamlines invoicing for businesses nationwide. It reduces administrative burdens, promotes a business-friendly environment, and offers businesses up to 90% cost savings on processing expenses. Additionally, it enables seamless integration with Enterprise Resource Planning (ERP) systems, enhances record-keeping, and supports scalability with business growth. (Source: Phnom Penh Post)

Cambodia's economy to experience stronger growth despite 2024 real estate decline In regard to downturn in the real estate sector, Cambodia's economy is expected to grow by 6% in 2024, up from 5% in 2023, driven by recovery in the garment industry, non-garment manufacturing, and tourism. Minister Aun Pornmoniroth forecasts 6.3% growth in 2025, with GDP reaching $51.39 billion and GDP per capita hitting $2,924. The industrial sector is expected to grow by 8.6%, the service sector by 5.6%, and agriculture by 1.1%. Inflation is projected at 2.5%. The World Bank predicts 5.3% growth in 2024, with trade and tourism as key drivers, though real estate remains weak, showing a 29.1% decline in property development. Experts hope the market will recover in 2025, supported by growing sectors and Cambodia's free trade agreements. (Source: Khmer Times)

Cambodia Trade Expo highlights growth and enhanced investment climate Cambodia is working to boost its business environment and explore new trade opportunities, with international trade growing by over 15% in the first 11 months of 2024. The Ministry of Commerce hosted the "Cambodia Trade Expo" from December 13-16, showcasing Cambodian products and services, and aiming to strengthen the investment climate and connect local and international businesses. Commerce Minister Cham Nimul reported that Cambodia's trade reached $50.45 billion, up nearly 16% from 2023, with exports rising 14.36% to $24.34 billion. Prime Minister Hun Manet praised trade growth and highlighted efforts to improve investment, market access, and digital transformation. (Source: Phnom Penh Post)

Corporate News

Phnom Penh Port Sees a 20% YoY Increase in Cargo Handled from January to November The Phnom Penh Autonomous Port (PPAP) saw significant growth in 2024, handling 4,644 vessels and processing over 436,000 TEUs, a rise of 27.64% YoY and 20.69% YoY respectively. Cargo and gas fuel volumes grew by 16.01% YoY, and passenger traffic increased by 25.35% YoY. November showed similar growth, with a 39% YoY rise in cargo vessels and a 32% YoY increase in container throughput. The completion of the Funan Techno Canal is expected to further boost growth by improving waterway transport and reducing shipping costs. Cambodia's international trade reached $4.99 billion, up 17.4% from last year, with both exports and imports growing. Business leaders are optimistic about future growth, especially around the canal project. (Source: Phnom Penh Post)

Stock Market

CSX index drops 0.29% amid mixed performance across stocks On December 16, 2024, the CSX Index declined by 0.29%, closing at 399.9 points. Gains on the main board were led by PEPC (+1.27%), PPAP (+1.20%), PAS (+0.53%), and GTI (+0.39%), while losses were recorded by CGSM (-0.82%), MJQE (-0.49%), and PPSP (-0.46%). PWSA and ABC remained unchanged. On the growth board, both DBDE and JSL held steady. The session ended with a trading volume of 44,462 shares and a turnover of KHR 185 million. (Source: YSC Research)

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