Property News Roundup 8th April 2024
We’re delighted to share the weekly news highlights below.
- Hun Sen seeks China’s support for Funan Techo Canal project
The article discusses Cambodian People’s Party President Hun Sen’s request for China’s support for the Funan Techo Canal project during his visit to China. The project aims to enhance Cambodia’s infrastructure by connecting the Mekong River system with the sea through a 180-kilometer canal, impacting 1.6 million people. It includes the construction of three waterway dams, 11 bridges, and a 208-kilometer pedestrian pathway, with a groundbreaking ceremony planned for late 2024. The discussions also covered cooperation under the Belt and Road and Diamond Cooperation frameworks, with China committing to increased investment and imports of Cambodian agricultural products.
April 1st, 2024, | Khmer Times | Link: t.ly/wRhqB
- NBC calls for more salary payments in Riel
Cambodia’s central bank, the National Bank of Cambodia (NBC), is encouraging businesses to pay salaries in the local currency, Khmer Riel (KHR), instead of US dollars (USD). This push is particularly aimed at the garment, textile, and footwear industries. The NBC believes wider use of Riel will strengthen Cambodia’s economic independence and growth.
April 1st, 2024, | Khmer Times | Link: t.ly/Xv6oA
- Cambodia’s economy projected to grow at 6.6 per cent in 2024, says PM Hun Manet ?
Ho Chi Minh City, Vietnam, wants to strengthen cooperation with Cambodian provinces. This desire reflects the overall goal of both countries to deepen their relationship. A Ho Chi Minh City official stated their commitment to working on specific projects that will benefit both sides. This could involve areas like trade, investment, or education. Cambodia’s representative welcomed this and highlighted the importance of these connections, especially between southern Vietnam and Cambodia.
April 3rd, 2024, | thestar | Link: t.ly/4EJDI
- Siem Reap-Angkor International Airport received direct flights from eight countries in 2024
Siem Reap-Angkor International Airport started receiving direct flights in 2024. As of the first quarter, they had connections to eight countries, mostly from Southeast Asia with additional flights from China and South Korea. They expect to add India in June and see continued growth in passenger traffic.
April 3rd, 2024, | Khmer Times | Link: t.ly/byZER
- HCM City looks to expand cooperation with Cambodian localities
Ho Chi Minh City, Vietnam, wants to strengthen cooperation with Cambodian provinces. This desire reflects the overall goal of both countries to deepen their relationship. A Ho Chi Minh City official stated their commitment to working on specific projects that will benefit both sides. This could involve areas like trade, investment, or education. Cambodia’s representative welcomed this and highlighted the importance of these connections, especially between southern Vietnam and Cambodia.
April 4th, 2024, | Vietnam+ | Link: t.ly/hx-ce
- NagaCorp’s GGR up 23.7% in 1Q24, VIP exceeds pre-COVID levels
NagaCorp, which runs Cambodia’s largest casino resort, NagaWorld, saw a significant rise in gambling revenue during the first quarter of 2024. Overall gross gaming revenue (GGR) increased by 23.7% compared to the same period last year, reaching over $145 million. This growth was driven by both the mass market and the VIP segment. The average number of daily customers in the mass market recovered to nearly 87% of pre-pandemic levels, while the high-rolling VIP segment surpassed pre-COVID revenue. Notably, premium mass gamblers spending big on table games fueled a 51% GGR increase in this category.
April 3rd, 2024, | AGBrief | Link: t.ly/gLnaE
- Bank Borrowers Total Reaches 5 Million
Cambodia’s credit landscape is booming with 5 million people having bank loans, totaling $57.6 billion. Phnom Penh leads the pack with the most borrowers and loan volume, followed by Kandal and Siem Reap. Repayment seems manageable with the national late repayment rate below 5%. However, Phnom Penh, Kandal, and Siem Reap show slightly higher delinquency rates.
April 3rd, 2024, | Cambodianess | Link: t.ly/wlXIx
- Mekong River bridge construction project in Kratie Province is 32 percent complete as of Q1
A new bridge across the Mekong River in Kratie Province, Cambodia is under construction. As of the first quarter of 2024, 32% of the bridge itself is complete. The project also includes connecting roads, with 45% of the bridge’s access road finished and overall road construction at 23% completion. Funded by China, the entire project will cost $111.98 million and is expected to take 3.5 years to finish. The bridge will be 1,761 meters long and 13.5 meters wide, along with a 31.69-kilometer connecting road.
April 5th, 2024, | Khmer Times | Link: t.ly/9DCtz
- Thai SMEs urged to tap trade opportunities in Cambodia and Saudi Arabia
Thai government agencies are urging Small and Medium-sized Enterprises (SMEs) to capitalize on trade opportunities in Cambodia and Saudi Arabia. These countries boast robust economic growth and a surge in investment projects, making them attractive new markets for Thai exports. The Board of Trade of Thailand anticipates Thailand-Cambodia trade to reach $20 billion by 2025, and events like the International Mega Fair in Riyadh are seen as opportunities for Thai SMEs to connect with potential buyers. Government support includes co-organized business forums and financial aid to smoothen market entry for Thai businesses.
April 5th, 2024, | The Nation | Link: t.ly/SAIJz
- Cambodia launches digital skills roadmap for 2024-2035
Cambodia unveiled a roadmap to build its digital workforce by 2035. Launched by the Ministry of Posts and Telecommunications, this “Digital Skills Development Guide” focuses on advanced digital skills needed for the country’s digital transformation. The plan targets not only higher education but also technical training and on-the-job experience. This initiative aims to close the digital skills gap and create a competitive local workforce as Cambodia embraces digital technologies in government, businesses, and the economy.
April 5th, 2024, | Khmer Times | Link t.ly/7Mj5P