Cambodia is seeing a meaningful shift in business sentiment, with growing confidence driven by the government’s aggressive crackdown on online scam operations. According to the latest AmCham Business Outlook 2026 report, 89% of businesses surveyed believe the government’s actions are either effective or somewhat effective, while only a small minority remain unconvinced. This marks a turning point after years of reputational challenges tied to the rapid rise of cyber scam networks across the country. Prime Minister Hun Manet’s firm stance on eliminating these operations is now being viewed as a strong signal that Cambodia is serious about creating a safer and more transparent business environment.

A long shadow from the scam economy

Between 2015 and 2025, Cambodia became widely associated with industrial scale online scams, alongside neighboring countries like Myanmar. These operations ranged from phishing schemes to romance scams and cryptocurrency fraud, often targeting victims across the globe. The consequences went beyond law enforcement concerns, affecting the country’s image and key sectors such as tourism. Many industry players reported a drop in regional tourist arrivals as safety concerns and negative perceptions took hold. The AmCham report estimates that the tourism sector could take an average of 2.7 years or more to fully recover, highlighting the depth of the damage caused by the scam economy.

Stronger enforcement begins to reshape perception

In response, the Cambodian government has stepped up enforcement in recent months. Authorities have carried out coordinated raids on suspected scam compounds, tightened oversight of suspicious businesses, and increased collaboration with international law enforcement agencies. There is also a stronger focus on regulating foreign owned operations and protecting trafficking victims forced into scam activities. While many businesses describe the short term economic impact as neutral, they are increasingly optimistic about the long term benefits of these actions.

“The short-term disruption is outweighed by the long-term gains,” the report suggests, noting that decisive action against illicit industries signals a commitment to sustainable and responsible economic development.

International cooperation strengthens credibility

Experts point out that one of the key reasons behind the improved sentiment is Cambodia’s growing international cooperation. Thong Mengdavid highlighted that the current crackdown is different from previous efforts because it is more deeply integrated into global enforcement frameworks.

“Cambodia has expanded collaboration with key partners such as the United States (coordination with agencies like the FBI), South Korea (through joint task forces and victim protection mechanisms), and the United Kingdom (notably through coordinated sanctions and financial investigations targeting scam-linked networks) and China as well as Vietnam. The crackdown helps reframe Cambodia from being seen as a hub of transnational cybercrime to a state actively addressing the issue and credible,” Mengdavid said.

He also emphasized the importance of Cambodia’s participation in regional agreements.

“Secondly, Cambodia’s participation in regional and multilateral initiatives, such as its ratification of the Hanoi Convention on combating online scams in October, signals a shift toward institutionalised, rules-based cooperation. Taken together, the survey result is understandable—the crackdown has likely improved business sentiment and Cambodia’s external image in the near term,” he added.

Business leaders see long term opportunity

From the private sector perspective, the crackdown is already helping to restore trust. Vichet Lor believes the government’s consistent approach to tackling illegal activities is key to rebuilding Cambodia’s global reputation and attracting investment.

“Strengthening law enforcement and pursuing social justice on a consistent basis will further enhance Cambodia’s international reputation and attract more foreign investors to the country. Prime Minister Hun Manet’s resolve to fully eradicate scam centres in Cambodia and transform the pockets of black economy to white economy is a resolute stance that sends a strong signal to the international community that Cambodia is a safe place for investing now and in the foreseeable future,” he told Khmer Times.

A cautious but positive outlook

Despite the progress, challenges remain. Rebuilding trust on the global stage will require consistent enforcement, transparency, and continued collaboration with international partners. Still, the survey results show a clear shift in sentiment, with nearly nine in ten businesses acknowledging improvement. Cambodia is now on a path toward repositioning itself as a safer destination for both tourists and investors, with reforms playing a crucial role in shaping its economic future.

Conclusion

Cambodia’s crackdown on online scams is beginning to deliver tangible results, not just in enforcement but in perception. With 89 percent of businesses backing the government’s efforts, confidence is returning and the country’s image is gradually improving. While recovery, especially in tourism, will take time, the long term outlook is increasingly positive. If the government maintains momentum and strengthens transparency, Cambodia has a real opportunity to turn a challenging chapter into a foundation for sustainable growth and renewed investor trust.