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Category: Money

Explore opportunities to boost your income in Cambodia with Angkor Times. From insightful blogs on starting a business, investing, and making money online, to updates on the latest trends in startups and SMEs in Cambodia, this category offers practical tips and strategies to help you succeed in the Cambodian market. Stay informed and take your financial journey to the next level.

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Angkor Times
Angkor TimesExperienced
Asked: January 29, 2022In: Money

What is the business trend in Cambodia?

Cambodia is a highly open and accessible emerging market that has seen rapid economic growth and transformation over the last two decades. It has consistently been one of the fastest growing economies in the world, with GDP growing by 7 per cent ...Read more

Cambodia is a highly open and accessible emerging market that has seen rapid economic growth and transformation over the last two decades. It has consistently been one of the fastest growing economies in the world, with GDP growing by 7 per cent in 2019.

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Angkor Times
Angkor TimesExperienced
Asked: January 29, 2022In: Money

Is online gambling illegal in Cambodia?

What is online gambling? Online gambling is a widespread addiction that pervades all races and economic standings. With the proliferation of illegal online gambling sites, it has become difficult to protect one’s self from this scourge. In Cambodia, as ...Read more

What is online gambling?

Online gambling is a widespread addiction that pervades all races and economic standings. With the proliferation of illegal online gambling sites, it has become difficult to protect one’s self from this scourge. In Cambodia, as in many other countries across the world, gambling is illegal.

Is online gambling illegal in Cambodia?
Online Gambling in Cambodia is illegal

Is online gambling illegal in Cambodia?

Cambodia is a country that has been through a lot since the Khmer Rouge regime. Recently, Cambodia has been in turmoil due to its newfound status as an Internet gambling haven. With so much uncertainty and crime, it can be difficult for a gambler to find out whether or not an online casino is legitimate. In Cambodia, online gambling with casinos or gambling sites is illegal. If you want to start an online gambling business in Cambodia, we recommend reading this information carefully before starting it.

The public order follows a directive issued by Prime Minister Hun Sen in August 2019 effectively banning online gambling operations within Cambodia from 1 January 2020.

2021: Cambodia blocks 79 illegal gambling websites according to an article of asgam.com, released on Wed 17 Nov 2021 at 05:32

January 2022: The Telecommunication Regulator of Cambodia (TRC) collaborated with the National Police to shut down 123 websites operated illegal online gambling and lottery in Cambodia. Read full article:

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SOVANN
SOVANNExperienced
Asked: January 19, 2022In: Money

How can I import cars to Cambodia?

Car dealers in Cambodia today are mushrooming as demand in the country is high, especially used cars because they are cheaper and some people can afford to buy a family car. And today I would like to introduce you three ...Read more

Car dealers in Cambodia today are mushrooming as demand in the country is high, especially used cars because they are cheaper and some people can afford to buy a family car. And today I would like to introduce you three ways before you buy a new or used car from abroad at the original price, even after paying taxes, you can all benefit if you know the following tips on how to import a car from abroad by yourself.

How can I import cars to Cambodia?

1. Know the websites to buy cars

In fact, the used car market in Cambodia is very large and the type of car is also different, some people buy a car to use, not much, it is broken and run out of money, while others buy a good car to use for a long time, and in general, most of the cars imported to Cambodia are cars that are bought from big dealers, some are bought from car auctions (cars was hitted or broken) Or buy from large garages in the US, Japan and Arabia.

And if you want to know the price of a used car or new, you can visit through these websites: copart.com, Beforward.jp, picknbuy24.com, Japanesevehicles.com, Dubaicars.com and so on. There are many types of cars for sale on this website.

2. Know the Car Dealers

If you all know the car dealers, you are 50% safe because most of the work is almost entirely related to the car dealers, such as they can be looking for a car that you need to negotiate the price with the garage owner or auction directly. Get expensive or cheap depending on the car dealders, while in the current market in Cambodia there is no shortage of car import experts.

3. Payments and Supported Documents:

This point is also very important, because in the past there have been cases of fraud related to payment and fake supported documents, such as export documents or buy and pay taxes. If you are not sure, you can use the car dealers to help, but you must know the car dealers very well to avoid any scams. And in case you are familiar with the points mentioned above, you can also try it yourself, because it does not seem to be much complicated.

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Angkor Times
Angkor TimesExperienced
Asked: January 13, 2022In: Money, Work

Is Cambodia Ready for the AEC?

By: ASEANForum, Jessica Sander Cambodia’s integration into the ASEAN Economic Community is fast approaching amid much speculation on whether the country is ready to reach regional expectations, standards and demands. In a game of hide and seek, kids hide ...Read more

By: ASEANForum, Jessica Sander

Cambodia’s integration into the ASEAN Economic Community is fast approaching amid much speculation on whether the country is ready to reach regional expectations, standards and demands.

In a game of hide and seek, kids hide themselves in wardrobes, under beds and behind chairs while another one of them counts to 100. When that child has finished, she shouts, “ready or not, here I come”, before setting off in pursuit of her friends. This children’s party game has parallels with the current state of Cambodia as it gears up for the advent of the ASEAN Economic Community (AEC) at the end of the year.

Cambodia ASEAN-CamConnect
Cambodia ASEAN-CamConnect

“There’s a lot to do and not much time to do it, but I think that point is not lost on the government,” says Grant Knuckey, CEO of ANZ Royal Cambodia. “The court system, industrial policy, customs and educational systems are all experiencing clear positive change and reform.”

The question is whether these changes will be implemented in time for a smooth transition into a regional economic and trading bloc of 600 million people over the next few months with free movement of goods, services, investment, skilled labour and capital.

Proponents of the AEC say it will significantly boost investment, create more jobs and raise incomes across the region. While, in the short-term at least, Cambodian businesses will face increasing competition from its fellow ASEAN members, many anticipate that this competition will stimulate innovation, and improve both quality and productivity.

One person who is quite clear where Cambodia fits into this brave new economic world is His Excellency Sok Chenda, the Minister attached to the Prime Minister and Secretary General of the Council for the Development of Cambodia. He believes that the country has an important role to play in an integrated ASEAN production and supply chain. He cites rubber as a prime example of how this network might work.

“Cambodia has rubber plantations and sometimes exports under other brand names. I dream to have rubber processed into automotive parts and every day we send containers to the eastern seaboard of Thailand to be assembled into cars. In a car you have 20 to 30,000 parts, so why can’t Cambodia produce 10 of these? This is called value processing and production fragmentation.

“Production fragmentation means that there is not a single country that will wholly produce any one type of goods. So a car will be assembled in Thailand, and one part will come from Laos, another from Myanmar, then Cambodia and Vietnam and so on, based on each location’s competitive advantage. There are no borders, all the parts come from different places. AEC will provide this opportunity,” he says.

Currently, Cambodia benefits from its status as a least developed country, which allows it to incorporate inputs from other ASEAN member states – except Brunei and Singapore – into goods assembled in Cambodia and exported to the EU as duty-free and quota-free. Goods such as garments, footwear and bicycles manufactured in Cambodia are successful examples that should see little disruption when full integration is completed. Instead, regional trade will be enhanced and expanded, with the country gaining access to a potential export market of over 600 million – the population of ASEAN.

“The AEC will be a region where goods, services, investment, labour and capital have unfettered flow throughout the region. This … will affect and inform strategic decision making for years to come,” says Michael Lor, CEO of Canadia Bank.

Increased intra-regional trade should also have knock-on benefits across the economy, including financial institutions.

“Cambodia’s financial sector will be able to further develop having more direct access to new capital and technology,” says Her Excellency Chea Serey, director-general of the National Bank of Cambodia (NBC). “The development of this sector will also be supported by the expansion of regional trade and investment.”But while the advent of the AEC can provide long-term institutional benefits for Cambodia’s financial sector, the question remains whether the country is yet ready for December 31.

In a one-day seminar on Cambodia’s capacity to join the AEC held by the Asian Research Institute for ASEAN and East Asia in January this year, Dr Pich Rithi, the director-general for International Trade, Ministry of Commerce of Cambodia, outlined a number of challenges that the country will encounter with the advent of the AEC.

These include losing revenue as import tariffs are eliminated or reduced to a maximum 5 percent; improving the quality of goods in line with international standards; having sufficient financial resources to actively participate in all ASEAN economic activities; and implementing reforms to comply with ASEAN agreements.

Serey believes that Cambodia is facing a new financial landscape.

“The early stage of Cambodia’s financial sector remains the most challenging,” she says. “Deepening of financial integration is dependent on Cambodia’s readiness in terms of the quality of its financial markets, infrastructure, financial standards of practice and its institutional capacity to implement reform.”

Lor believes that this new landscape should see significant advances within the sector.

“As the banking industry in particular continues to grow and develop, I think we will see continued improvements in the regulatory regime, and more transparency between banking institutions, and the individuals and corporations with whom they conduct business,” he says. “I also expect to see more comprehensive industry-wide standardised practices for the banks to follow, bringing more coherent order throughout the system overall.”

Certainly many challenges lie ahead, and the ultimate rewards depend upon how quickly the country can adjust to the changing regional landscape and its demands. However, these rewards could be great.

“According to an ADB (Asian Development Bank) study, Cambodia is set to benefit the most from the AEC,” says His Excellency Vongsey Vissoth, the Secretary of State of the Ministry of Economy and Finance. “The potential growth will increase by 20 percent but with conditions. We need better institutions, better connectivity, better skills and a stronger business climate. I think we still have a long way to go around institutional capacity if we are to benefit more fully.”

The threat is that while Cambodia makes the necessary changes to its institutions, including education where the country lags the rest of the region, other more advanced ASEAN countries can better exploit the free market “If we compare to 10 countries in ASEAN, Cambodia is one of the least developed,” says Serey. “AEC means opening the door to more capital and product flow in the market, thus based on these conditions, I think that we will face some difficulties. It’s hard to compete with countries like Singapore, Thailand, Malaysia and Indonesia.”

At the end of a game of hide and seek, when everyone has been found, all the children sit down and enjoy some cake. At the moment the jury is still out on the benefits that AEC integration will bring to Cambodia. Three questions remain to be answered. Is the kingdom ready for the game? How long will it take to find all its friends? And, most important of all, how much of the cake will it get at the end of the game?

Source: http://www.aseanbriefing.com

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Angkor Times
Angkor TimesExperienced
Asked: January 13, 2022In: Money, Work

What will be the role of Cambodia in ASEAN?

On October 28, Cambodia officially took over the chairmanship of the Association of Southeast Asian Nations (ASEAN) for the third time since joining the group in 1999. Sitting atop ASEAN brings some passing power and prestige. Brunei, the 2021 chair, hosted ...Read more

On October 28, Cambodia officially took over the chairmanship of the Association of Southeast Asian Nations (ASEAN) for the third time since joining the group in 1999.

Sitting atop ASEAN brings some passing power and prestige. Brunei, the 2021 chair, hosted several ASEAN meetings and summits, including one with President Joe Biden. The Group of 20 (G20), which comprises the world’s major economies, also invited Brunei to its leaders’ summit, as it does every ASEAN chair.

Cambodian prime minister Hun Sen, a strongman who has been in power for almost 37 years and is personally invested in being accorded “respect” abroad, will certainly enjoy his country’s 15 minutes of fame.

The role of Cambodia in ASEAN-camconnect
The role of Cambodia in ASEAN-camconnect

Yet expectations for Cambodia’s chairmanship are low, owing to the country’s past obstructionism in ASEAN, its outright alignment with China, and the sheer number of challenges the region faces. The Biden administration is working to allay such concerns by preemptively engaging Cambodia. But with limited trade and investment—not to mention frosty diplomatic ties and an increasingly fraught security relationship—Washington has little leverage over Phnom Penh. Cambodian obstruction or inaction is thus likely.

Stasis, however, will push foreign powers to engage ASEAN members on a bilateral basis, thereby weakening the bloc’s claims to regional centrality. A failed or even stagnant Cambodian chairmanship will therefore accelerate ASEAN’s decline, which will proceed not with a bang, but with a slow, drawn-out whimper.

In normal times, inaction would be acceptable. ASEAN would make it through the year with limited controversy and few deliverables. Some progress would be made on the sidelines. Everybody would move on and do it again next year. But in 2022, there will be far too many ongoing crises for ASEAN to remain inert.

First, of course, is Covid-19.

After fending off the pandemic’s worst in 2020, Southeast Asia has in 2021 faced a massive outbreak. But on the back of increased vaccination rates (in many cases with Chinese vaccines of questionable efficacy) some countries are relaxing restrictions to “live with the virus”: Cambodia has declared itself fully reopened, with in-person school having resumed on November 1.

But Covid-19 has exacerbated Southeast Asia’s inequality and social divisions, which risks political instability. Most countries’ fiscal responses, while relatively small, have been crucial to the region’s limited recovery so far. Yet given rising global interest rates, which means increased borrowing costs and pressure on local currencies, smaller countries will have little choice but to limit these expansionary macroeconomic policies.

To prevent further societal scarring, ASEAN must therefore seek financial and capacity-building support from a diverse swath of international partners. China will come to the table regardless of how active ASEAN is. But Southeast Asia cannot afford to rely on just one country. The region needs to engage the United States, the United Kingdom, the European Union, and others on a multilateral level to secure these funds. Forcing Southeast Asian countries to seek out such support on a bilateral level—the natural result of an idle ASEAN—will slow and fragment the region’s recovery, raising tensions within the bloc.

Second, there is the violent conflict that has consumed Myanmar since the military’s February coup.

Cambodia was initially hesitant to speak out against the junta, citing ASEAN’s principle of noninterference, but its patience has worn thin: Phnom Penh supported ASEAN’s decision to accept only a “nonpolitical” representative from Myanmar, thereby excluding the junta from last month’s virtual summit hosted by Brunei. Hun Sen defended this step in surprisingly strong terms, saying, “ASEAN did not expel Myanmar from ASEAN’s framework. Myanmar abandoned its right. . . . Now we are in the situation of ASEAN minus one. It is not because of ASEAN, but because of Myanmar.”

ASEAN’s decision predictably incensed the Myanmar military. Cambodia, then, comes into its chairmanship while Myanmar teeters toward civil war as the junta refuses to back down or seriously engage the bloc. Cambodia has promised to set up an ad hoc task force to work with Myanmar’s “conflicting parties quietly or through back-door diplomacy,” but it is hard to imagine this effort being effective. The crisis will drag on, and ASEAN will need Cambodia to play a strong leadership role in stopping it.

Cambodia’s government, however, has no commitment to democracy, human rights, or any of the other principles that Malaysia, Indonesia, and others have said they want reinstated in Myanmar. Rather than work with these countries, Cambodia will be more likely to defer to China, which for now remains nominally pro-junta but is increasingly fed up with the junta’s inability to control the country and protect Chinese investments. (Beijing is accordingly maintaining ties with and providing vaccines to some of the ethnic armed organizations that have long battled Myanmar’s military.) Cambodian leaders, meanwhile, have little personal interest in Myanmar, lacking strong historical ties or significant trade with the country. The likely result is paralysis, which will allow the crisis to fester and undermine ASEAN’s image.

Third, the South China Sea remains an albatross.

When Cambodia last chaired ASEAN in 2012, the bloc failed to issue a joint statement for the first time because Cambodia refused to accept language criticizing China’s assertiveness in the South China Sea. Cambodia has since drawn even closer to China, repeatedly blocking ASEAN statements that are critical of Beijing. China, for its part, has only become more aggressive in the South China Sea.

Just as with Myanmar, the bloc will not make much progress. Cambodia does not want to touch security issues because they are sensitive and consensus will be difficult to build, as the Cambodian government has admitted. Even if Phnom Penh does not outright block statements as it has in recent years, Cambodia will push the South China Sea off the agenda as much as possible.

Thanks to Cambodia’s hesitance and pro-China outlook, along with ASEAN member states’ disagreements and the bloc’s consensus-based process, it is difficult to imagine ASEAN and China finalizing a Code of Conduct (COC) for the South China Sea in the next year. The two sides agreed on a preamble in August 2021, but more substantive negotiations have proven difficult and produced little progress. This inaction will likely lead to increased tensions.

Fourth, a Cambodia-led ASEAN will struggle to navigate the growing U.S.-China rivalry, in which most Southeast Asian countries do not want to choose a side.

As chair, Hun Sen’s Cambodia will serve as ASEAN’s spokesperson and chief executive. Cambodia counts on China for nearly 90 percent of its foreign direct investment; it has reportedly signed a deal that will give Chinese forces access to a naval base on the Gulf of Thailand; it supported China’s human rights abuses at the United Nations; and it even banned the Taiwanese flag from being displayed in Cambodia. Clearly, the government of Hun Sen, who has extolled Beijing because the “Chinese leaders respect me highly and treat me as an equal,” is not best positioned to maintain ASEAN’s careful balancing act.

Under Cambodia, the bloc will more likely tilt a bit toward China, or at least lie prone while China and the United States duke it out. This latter position—of passivity in the face of foreign rivalry—might seem acceptable, but the history of the Cold War in which ASEAN was founded teaches otherwise. Nobody will look out for Southeast Asia’s best interests if regional states don’t do it themselves through ASEAN.

Unfortunately, Cambodia appears unwilling to accept that challenge. Its time as chair will likely see ASEAN stagnate, reinforcing international claims of the bloc’s futility and prompting foreign powers to further prioritize bilateral engagements with its members.

Source: http://www.csis.org

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