AGP Executive Report

National Infrastructure & Trade: Cambodia officially inaugurated the China-funded National Road 10, a 198.5-km link connecting Battambang–Pursat–Koh Kong, cutting travel distances and costs and boosting farm-to-market logistics and tourism along the corridor. Tourism Diversification: PM Hun Manet urged Cambodia to broaden its tourism brand beyond temples, pushing islands, mountains and ecotourism, with safety emergency stations for trekking areas. Tourism Demand Pressure: Angkor international arrivals fell 27.6% in the first nine months of 2026, with ticket revenue down 25.9%, as scams, Thailand border friction and higher fuel costs weigh on travel. Garment Wages & Living Costs: Cambodia set the 2027 minimum wage for garment, footwear and travel goods workers at $212 (up $2), but unions warn it won’t offset rising Phnom Penh living expenses. Food & Agribusiness Finance: ADB approved $600,000 for women-led Two Parrots Enterprise and Khmer Milky Food to scale processing, packaging and export readiness. Climate Shock to Farmers: Flooding after drought damaged rice across multiple provinces, affecting nearly 58,000 families and over 72,000 hectares. Banking & Cash Confidence: Hun Manet dismissed claims of a cash shortage tied to new 50,000- and 100,000-riel notes, saying they replace worn notes and are backed by continued salary payments. Online Gambling Crackdown: Cambodia banned online gambling and betting nationwide; casinos had to stop operations by Sept. 30 or face legal action. Business Partnerships: KB PRASAC Bank and KOCHAM signed an MoU to support Korean businesses with tailored banking, advisory and networking. Energy Storage Tech: Sungrow completed a grid-forming battery storage system in Cambodia with black-start capability, supporting power restoration and grid transitions.

Starbucks Expansion: DFI Retail Group says it will grow Starbucks in Vietnam and Thailand, opening 250 more stores, as it moves to take control of the Starbucks-licensed business across seven Asian markets including Cambodia. Minimum Wage Update: Cambodia set the 2027 garment, footwear and travel goods base wage at $212 after a $2 increase, keeping other benefits unchanged. Online Gambling Ban: Cambodia reiterated a nationwide ban on online gambling and betting; casinos in several provinces stopped live-streaming and online betting after the Sept. 30 deadline. IMF Warning on Casinos: The IMF flagged Cambodia’s casino ownership and licensing rules as deficient, urging stronger “fit and proper” checks and scrutiny of lawful fund sources. Non-Bank Finance Growth: Cambodia’s non-bank financial sector assets tripled to about $9B in 2025, with more securities listings and capital-raising expected. Infrastructure Push: National Road No. 10 was inaugurated, and PM Hun Manet reiterated more infrastructure investment, including better waterway connectivity via the Funan Techo Canal. Cybercrime Focus: Cambodia’s crackdown continues amid concerns about scam networks, while regional reporting highlights how fraud increasingly targets victims through psychology and cross-border operations.

Minimum Wage Update: Cambodia has set the 2027 garment, footwear and travel goods minimum wage at $212/month, up from $210, after a tripartite vote and Prime Minister Hun Manet added $2; workers’ total take-home is expected to rise via existing allowances and a $2.5 transport allowance. Macroeconomic Outlook: The IMF says growth will slow to 3% in 2026 (from 5.3% in 2025) as energy costs, weaker tourism and remittances, and scam-linked risks weigh on exports and investment, with a recovery to 4% in 2027. Trade & Industry Performance: Cambodia’s garment, footwear and bags exports posted strong gains over four years, with garment exports rising from $7.8bn to $11bn, while customs data shows total trade with major partners topping $50bn in the first eight months. Cybercrime & Scams: Interpol warns romance and investment scams are now a major national security threat, and Cambodia’s ACU reports scam tactics that can escalate from small “friend” trust-building to large “killer” stage withdrawals. Humanitarian & Social Protection: The Cambodian Red Cross delivered emergency relief to 1,412 Poipet households hit by flash floods and strong winds, while the government launched Social Protection Week 2026 and a 2026–2030 emergency response action plan. Business Expansion: DFI Retail Group agreed to take full control of Starbucks operations across seven Asian markets in a $340m deal, including Cambodia.

Garment Wages: Cambodia set the 2027 minimum wage for garment, footwear and travel-goods workers at US$212/month, after tripartite talks (employers US$210 vs unions US$225) and a Prime Minister add-on of US$2; with allowances, take-home could reach US$229–240 from Jan 1, 2027. Macroeconomy: The IMF cut Cambodia’s 2026 growth forecast to 3% (from 5.3%), citing higher energy costs, weaker tourism/remittances, slower garment exports and tighter financial conditions. Finance Sector: Cambodia’s non-banking finance assets tripled to $9B in five years, reaching 18% of GDP, with regulators pointing to more capital raising via securities markets. Energy & Power: Sungrow won full grid acceptance for a 108.4MW/215.6MWh BESS in Kandal, supporting grid stability and black-start capability. Trade & Investment: Cambodia launched a Chamber of Commerce representative office in Paris to boost France links, while Cambodia and Japan advanced space-sector cooperation via a national space policy and 5-year programme. Flood Impact: Severe flooding in Battambang affected 21,000+ families, submerging homes, roads and rice fields. Cybercrime Crackdown: Cambodia pushed international cooperation against online fraud, including the Phnom Penh Declaration and renewed focus on “masterminds.” US Pharma Tariffs: The US exempted Cambodia among 20 jurisdictions from 100% tariffs on select specialty drugs and ingredients, potentially easing costs for qualifying medicines.

Garment Wage Talks: Cambodia’s garment, textile and travel-goods workers are pushing for a $225 minimum wage in 2027, while employers want to hold at $210, leaving a $15 gap ahead of the National Minimum Wage Council’s Sept. 30 decision. Anti-Scam Push: Cambodia is expanding its cyber-fraud crackdown, targeting “masterminds” and networks behind online scams, with international coordination and a Phnom Penh Declaration on combating scams. Plastic Reboot Cambodia: A new four-year Plastic Reboot Cambodia initiative (with UNDP) will focus on cutting single-use plastic at the source, targeting food, beverage and tourism sectors in Phnom Penh, Siem Reap and Sihanoukville. Digital Payments & Connectivity: CellCard is lining up a $300 million Huawei-led overhaul of Cambodia’s network, while Cambodia also discusses expanding digital payment services with Mastercard. Trade & Diplomacy: Cambodia and Japan held a clean-and-green investment business matching on space economy co-creation, and Cambodia and Belarus met to advance trade and economic cooperation. Regional Context: Thailand approved $122m in emergency flood funding after deadly flooding, underscoring business disruption risks across the region.

Digital Finance & Trade: Cambodia will host the Black Swan Summit in Phnom Penh on Nov. 15-16, co-organised by the National Bank of Cambodia and GFTN, to discuss how technology can deepen ASEAN and Francophone financial links, with Cambodia’s Bakong payments system highlighted. Macroeconomy Watch: The IMF forecasts Cambodia’s growth slowing to 3% in 2026 (from 5.3% in 2025) as energy costs rise, tourism weakens, remittances cool, and scam activity and real estate risks weigh on demand. Telecom Investment: CellCard signed a multi-year Huawei deal worth about US$300 million to upgrade 5G, fibre, cloud and modular data centres, pushing Cambodia’s network modernization beyond basic coverage. Minimum Wage: Tripartite talks on the 2027 minimum wage hit an impasse, with employers holding at $210 plus a $2.50 transport allowance while workers press for $225, set for a final vote on Sept. 30. Exports & Jobs: Garments exports jumped from $7.8bn to $11bn over four years, while other categories like tires and toys/sports equipment also surged; separate customs data points to trade with major partners topping $50bn in the first eight months. US Tariff Relief: The US will exempt Cambodia (among 20 jurisdictions) from 100% tariffs on select speciality drugs and ingredients, covering rare-disease, fertility, cell/gene therapies and ADCs. Anti-Scam Pressure: Interpol warns online fraud and romance scams linked to Southeast Asian networks cost the world about US$442bn a year, as Cambodia and Myanmar move to dismantle scam operations. Public Health: Cambodia confirmed its sixth 2026 H5N1 human case in Oddar Meanchey, with authorities tracing contacts and urging vigilance after exposure to sick or dead poultry. Diplomacy: Cambodia and New Zealand signalled plans to deepen cooperation across economy, trade, technology transfer, renewable energy, tourism and human resource development. Regional Disruption: Bangkok flooding began easing after weekend rains affected about 700,000 people, with Cambodia also facing severe weather. Human Rights: An Australian human rights activist reported missing in Cambodia is said by a rights group to have been abducted by Vietnamese authorities, escalating calls for action.

Cybercrime Crackdown: Cambodia says it is gathering evidence against “masterminds” behind large-scale cyber fraud, warning that legal action needs time and proof and that premature disclosure could let suspects flee. Public Health: Cambodia confirmed its sixth human H5N1 bird flu case in Oddar Meanchey, with the patient in intensive care and authorities tracing contacts after exposure to sick or dead poultry. Trade & Exports: The Ministry of Commerce says it helped promote Cambodian processed products to 23,000+ overseas supermarkets and mini-marts, while exports to foreign markets rose 19.7% to $24bn in the first eight months. Payments & Tourism: Vietnam is expanding cross-border QR payments for international visitors, with Cambodia-linked QR options highlighted as tourist spending becomes easier. Business Growth in SEZs: Royal Group’s Phnom Penh and Kandal special economic zones reported strong gains in exports, imports, and employment in Jan–Aug 2026. Scam Economy Spillover: A report details Vietnamese men jailed for organising illegal exit routes from Vietnam to Cambodia tied to online scam operations.

Special Economic Zones: Royal Group’s Phnom Penh and Kandal SEZs posted strong momentum in Jan–Aug 2026, with exports rising 45% to $1.907bn and imports up 61% to $2.160bn, while employment climbed 17% to 63,344 workers. Tourism Tech Push: Cambodia’s Tourism Minister urged operators to adopt AI and digital tools under a “Smart, Safe and Warm” approach, launching ASEAN hygiene and safety measures to lift service standards. Anti-Scam Cooperation: Delegates at ICCOS signed the Phnom Penh Declaration, committing to coordinated action against online scam networks, including asset seizure and protection for victims. Digital Payments at Home: A new report highlights Cambodia’s rapid shift toward cashless life, with QR payments and KHQR making everyday transactions easier. Health Spending: The government allocated $18m to upgrade 61 district referral hospitals nationwide, expanding 24/7 health centers and emergency response capacity. Diplomacy & Trade Links: Cambodia strengthened ties with New Zealand and established official relations with Niger, with talks covering trade, investment, agriculture, education, culture and tourism. Cambodia in Global Finance: US tariff relief lists include Cambodia for zero tariffs on selected specialty pharma products and ingredients. Mining & Investment: Unity Metals raised $3.5m to step up drilling at O’Phlay and Ngot in Cambodia, targeting follow-up exploration after 2026 results. Regional Risk Watch: Interpol warned that online financial and romance scams are increasingly threatening Asian economies.

Online Scams & Fraud: Interpol warned that online financial and romance fraud run by organised syndicates is escalating across Asia, with Cambodia and Myanmar among countries moving to dismantle scam operations. Digital Payments: India’s UPI is now the world’s largest retail fast-payment system by transaction volume, and the IMF-linked findings come as India weighs merchant charges to keep the system sustainable. Cambodia Anti-Scam Push: Cambodia used the UN General Assembly to call for coordinated action against scam networks, saying no country can tackle cross-border fraud alone. Trade & Food Security: Cambodia signed a deal to export 10,000 tonnes of milled rice to the Philippines, with the Commerce Ministry framing it as a step to expand agricultural exports. Tourism & Tech: PM Hun Manet urged using AI and digital tools to modernise tourism while keeping Khmer identity at the core. Energy & Resilience: Cambodia said it has enough fuel reserves for normal operations for days to weeks, and urged conservation amid regional supply risks. Diplomacy for Business: Cambodia established diplomatic ties with Niger, highlighting cooperation in trade, investment, agriculture, education, culture and tourism. Regional Business Links: Malaysia’s Cambodia business groups met Cambodia’s Commerce Ministry to boost bilateral trade and investment.

Cambodia-Philippines Trade: Cambodia’s City Rice Import Export and the Philippines’ DILAI Trading signed a deal to export 10,000 tonnes of milled rice, with Commerce Minister Cham Nimul calling it a step up for regional food security and bilateral business ties. Anti-Scam Enforcement: Cambodia says it has blocked more than 53,000 illegal websites tied to online scams, but analysts warn website blocking alone won’t stop syndicates unless prosecutions and cross-border cooperation intensify. Energy Security: Cambodia’s energy minister says the country still holds pre-conflict fuel and gas reserves, listing days of supply for aviation fuel, gasoline, diesel and LPG, while urging conservation amid regional shipping risks. Budget Transparency: Cambodia’s Open Budget Survey 2025 shows improved budget transparency, but oversight and public participation remain weak, with civil society pushing for broader engagement. Regional Business Links: Malaysia’s MCBA and MCAH met Cambodia’s Ministry of Commerce to boost bilateral trade, investment and business matching, including helping Cambodian products enter Malaysia. Climate Risk & Cooling Costs: UNEP warns that scaling heat-protection solutions needs financing, noting inefficient cooling is still widespread in Southeast Asia. Global Policy Context: At UNGA81, Malaysia’s foreign minister said middle powers and ASEAN can keep dialogue alive when major powers stall.

Cambodia–Malaysia Trade Push: MCBA and MCAH met Cambodia’s Ministry of Commerce in Kuala Lumpur to boost bilateral trade and investment, including business matching and easier market entry for Cambodian products. Anti-Scam Crackdown Focus: Cambodia says it has blocked more than 53,000 illegal scam websites, but analysts warn blocking alone won’t stop syndicates that can shift to new sites and messaging platforms—so prosecutions and cross-border cooperation matter. Energy Security Update: Mines and Energy Minister Keo Rottanak said Cambodia still holds pre-conflict fuel and gas reserves (e.g., 21 days gasoline, 15 days diesel) and urged conservation amid regional supply risks. Fuel-Price Relief: Cambodia launched cash support for 4.6 million people to ease fuel price pressure. Public Finance Watch: Cambodia’s Open Budget Survey 2025 shows improved budget transparency, but oversight and public participation remain weak. Pchum Ben Transport Plan: Phnom Penh will run free buses for the holiday—600 buses total, including routes to provinces and links to Siem Reap. Climate Finance Ahead of COP31: NGOs urged Cambodia to secure accessible, predictable climate funding as LDC graduation nears. Regional Tourism Signals: South Korea extended a group-tour visa fee waiver that includes Cambodia, potentially supporting travel demand.

Pchum Ben Transport: Phnom Penh will run free rides on 600 buses from Oct. 9–13, with 500 shuttling people between the capital and hometowns on six routes and 100 covering city routes plus the Airport Express to Techo International. Budget Transparency: Cambodia’s Open Budget Survey 2025 shows transparency improving (score up to 54 from 43), but oversight and public participation remain weak, with the participation score stuck at 2. Anti-Scam Cooperation: Cambodia’s International Conference on Combating Online Scams (ICCOS-2026) ended with the Phnom Penh Declaration and 11 commitments, while the next challenge is turning short-term crackdowns into lasting international trust. Online Fraud Enforcement: Cambodia is also pushing to target scam “masterminds,” expanding investigations and cooperation with partners like the FBI and Australian Federal Police. Economic Outlook: The ADB cut Cambodia’s 2026 growth forecast to 3.9% as tourism and related services stay soft, though it expects a rebound in 2027. Cash Support: The government is rolling out cash aid for 4.6 million people to cushion fuel price pressure, with payments scheduled across multiple rounds. Climate Risk: Civil society urged Cambodia to secure accessible, predictable climate finance ahead of COP31, warning reduced concessional support could hurt adaptation efforts. Extreme Heat Warning: New research flags “super El Niño” risks, projecting hundreds of thousands of extra heat deaths globally, with Cambodia included among affected countries.

ADB Forecast Cut: The Asian Development Bank trimmed Cambodia’s 2026 growth outlook to 3.9% from 4.1%, blaming weaker tourism and related services, while still expecting a rebound to 4.7% in 2027 on manufacturing exports and investment. Festival Transport Boost: Phnom Penh will deploy 600 free buses for Pchum Ben travel (Oct. 9–13), with 500 buses linking the capital to six major routes and 100 continuing local services. Living-Cost Relief: Cambodia launched cash support for about 4.6 million people hit by fuel and gas pressure, with payments starting Sept. 25 and scheduled for four instalments through Dec. Anti-Scam Push: Cambodia says it is gathering evidence to target cyber “masterminds” as critics question whether crackdowns reach top figures; the ICCOS-2026 conference ended with the Phnom Penh Declaration, backed by Canada. Digital Safety Skills: Experts at Cambodia ICT Camp 2026 stressed stronger digital literacy to help people spot online risks. Trade & Business Links: Cambodia approved a Cambodian Chamber of Commerce representative office in Paris to deepen trade ties, and Commerce promoted Cambodian processed goods to 23,000+ supermarkets and mini-marts abroad. Workforce Development: Cambodia and China signed an MoU to expand vocational training, green skills, and digital modernisation of TVET.

Cybercrime Crackdown: Cambodia says it is gathering evidence against suspected “masterminds” behind large-scale cyber fraud, stressing legal action needs time and proof, while critics question whether senior figures are being reached. International Anti-Scam Push: Delegates at Cambodia’s global anti-scam conference adopted the Phnom Penh Declaration, calling for faster cross-border information sharing, stronger law enforcement cooperation, and better asset freezing and recovery. Banking & Currency: The National Bank of Cambodia issued new 50,000-riel and 100,000-riel banknotes to circulate alongside existing notes, with updated designs featuring royal and heritage imagery. Tourism & Air Links: IndiGo will resume direct Kolkata–Siem Reap flights from Oct 1 after a three-month suspension, potentially boosting travel packages and business travel. Real Estate Resolution: Cambodia will auction about 1,300 vacant land plots in Siem Reap tied to stalled projects linked to Leng Navatra, and begin ownership-transfer applications for affected buyers. Skills for Jobs: Cambodia is expanding TVET cooperation with Finland and France, and also discussed skilled labor mobility with Türkiye. Climate Risk: A new study warns the “Super El Niño” could drive major heat-related deaths across Southeast Asia, including projected impacts reaching Cambodia.

Anti-Scam Summit Wraps: Cambodia’s ICCOS-2026 ended in Phnom Penh with the Phnom Penh Declaration, where Deputy Prime Minister Neth Savoeun pushed for faster cross-border cooperation to break transnational scam networks, while the declaration still leaves funding and concrete next steps unclear. Online Fraud Crackdown Next Phase: Cambodia also signaled it will move beyond dismantling scam compounds to target licensed casinos suspected of being fronts for illicit cybercrime and gambling. Digital Payments Push: The National Bank of Cambodia and Mastercard discussed expanding digital payment services for international visitors, including the Bakong Tourists app, alongside stronger fraud monitoring. Growth Forecast Cut: The Asian Development Bank lowered Cambodia’s 2026 growth forecast to 3.9% from 4.1%, citing weaker tourism and related services, even as manufacturing and investment help cushion the impact. Climate Risk Watch: New research warns “Super El Niño” could drive about 451,000 excess heat deaths globally, with Cambodia projected to see additional heat-related fatalities alongside Vietnam, Thailand and the Philippines.

Macroeconomy: The Asian Development Bank cut Cambodia’s 2026 growth forecast to 3.9% (from 4.1%) as weak tourism drags activity, while expecting a rebound to 4.7% in 2027 on resilient manufacturing, export diversification and FDI. Anti-Scam & Finance: Cambodia’s ICCOS-2026 wrapped in Phnom Penh with calls for stronger cross-border cooperation on online fraud, including information sharing, financial investigations and victim protection; Cambodia’s Information Minister said authorities inspected 832 sites, dismantled 86 large-scale scam compounds, referred 446 cases to court and froze over $300m in scam-linked bank accounts. Energy & Households: Chum Kiri district (Kampot) became Cambodia’s third Smoke Free District after all 39 villages met clean-cooking standards, with firewood use down 75% and thousands of households shifting to electricity/LPG. Business & Trade: A report highlights Cambodia’s export momentum, with $20.81bn exports in the first seven months of 2026 (+21.3%), and notes exporters need smarter trade finance/payment terms as they sell to more buyers across China, ASEAN, the US and Europe. Climate Risk: Global research warns super El Niño could drive ~451,000 extra heat deaths worldwide by late February, raising pressure on food, energy and health systems.