Upload
others
View
3
Download
0
Embed Size (px)
Citation preview
Seizing business opportunities in Cambodia:A fascinating country in the making
Overview of Cambodia Trade and Investment
presented byMr. CHHIENG Pich, Commercial CounsellorRoyal Embassy of Cambodia to Singapore
atThe Singapore Contractors Association Ltd (SCAL)
1 Bukit Merah Lane 2, Singapore 159760June 15, 2009
Brief CV of Mr. CHHIENG Pich
• 1992 :Bachelor degree in Financial Management• 1993 :Private secretary to the Vice Minister, MEF• 1994 :Private secretary to the Minister, MoC• 1997 :Deputy Director, FTD-MoC• 1999 :Commercial Counsellor, Royal Embassy of
Cambodia to the US, Washington DC• 2005 :Deputy Director, FTD-MoC• Jul 2008 :Commercial Counsellor, Royal Embassy
of Cambodia to Singapore
Country Profile
• Territory: 181,035 sq. km (approximately 284 times the size of Singapore).
• Location: in the Lower Mekong region, border with Thailand in the west, Vietnam in the east and Lao PDR in the north.
• Population: More than 14 million (compared to 4.84 million in Singapore as of June 2008).
• Population growth 2.2% (2007)• GDP per capita: US$818 in 2008.
Prospects for Sustainable Growth in Cambodia:
4 key-factors to induce Foreign Direct Investments (FDI)
• Political Stability• Macro-economic Stability• Sound, Transparent Legal Framework• Access to Key World Markets
through Trade Preferences in terms of MFN/GSP
1st key-factor for investors
POLITICAL STABILITY
General Elections
- May 23-28, 1993
- July 26, 1998
- July 27, 2003
- July 27 2008
The 4th term of the Royal Government of CambodiaSeptember 25, 2008 ~ September 2013
• A coalition Government between the Cambodian People’s Party (CPP) and the FUNCINPEC Party (FUN)
• Long-term alliance between these 2 parties to ensure better political stability in Cambodia
• CPP has won three consecutive elections since 1998
AllParties
123 90 2 2 3 26100.00% 73.17% 1.63% 1.63% 2.43% 21.14%
Seats allocation in the 4th Term of the National Assembly
H.E. Samdech Akka MohaSena Padei Techo HUN SEN,
Prime Minister of the Kingdom of Cambodia, the
longest serving Prime Minister in Cambodia’s
history,now serving another 5-year
term (from September 2008 - till September 2013)
2nd key-factor for investors
MACRO-ECONOMIC STABILITY
GDP Growth (Annual Percent Change)
8.7 8.1
6.5
8.5
10.3
13.2
10.7 10.2
6
-0.5-2
0
2
4
6
8
10
12
14
2000 2001 2002 2003 2004 2005 2006 2007 2008 Pro2009
Source: IMF – April 2009
GDP Growth (current price – in million USD)
3.6533.984 4.283 4.657
5.332
6.2867.264
8.69
11.18211.892
0
2
4
6
8
10
12
2000 2001 2002 2003 2004 2005 2006 2007 2008 Pro2009
Source: IMF – April 2009
GDP per capita in Cambodia (US$)
288 309 326 349393
454512
648
818 853
0
100
200
300
400
500
600
700
800
900
2000 2001 2002 2003 2004 2005 2006 2007 2008 Pro2009
Source: IMF – April 2009
GDP per capita in Singapore (US$)
23,01820,669 21,15122,651
26,32028,354
31,621
36,38338,972
37,169
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 Pro2009
Source: IMF – April 2009 Roughly 47 times, more than Cambodia
CPI Inflation (end of period %)
Source: IMF – April 2009
-2
0
2
4
6
8
10
12
14
2000 2001 2002 2003 2004 2005 2006 2007 2008 Pro 2009
-0.8
0.6
3.7
0.4
5.66.6
2.8
10.7
13.4
3.5
Official Exchange Rate (Riels/US$)(average mid-point buying and selling rate)
27472570 2467
2640
2991
3774 37753910 3900 3935 3980 4031 4,116 4,046 4,000
4,136
0
500
1000
1500
2000
2500
3000
3500
4000
4500
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Jun-08
Source: MOP 2006-2010 CMDGs Progress Repor – ADB June 2008t
Cambodia’s Foreign Trade 1996 ~ 2008(million US$)
1,354 1,3231,922 2,160
2,785 2,999 3,1523,885 4,092
6,595
8,145
9,381
5,432
378
411 79
5
933 13
68
1496
1488 21
14
2,08
2 2,77
3 3,53
7
3,89
7
2,30
5
976
912
1127
1227
1417
1503
1664
1771 2,01
0
3,82
2 4,60
8 5,48
4
3,12
7
-7
-822
-1,5
87
343-598
-501
-332
-294
72
-1,0
59
-1,0
71
-176
-49
-4000
-2000
0
2000
4000
6000
8000
10000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Aug-08
TotalExportsImportsBalance
Source: MOP 2006-2010 CMDGs Progress Report - CED December 2007 / Camcontrol September 2008
Cambodia’s garment exports
-
500
1,000
1,500
2,000
2,500
3,000
3,500
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1Q 2009
26 80 223
355
650
964
1,156 1,343
1,609
1,982
2,190
2,652
2,856
3,155
601
106 28
7
512
729 82
8 959 1,
123 1,
272 1,
564
1,90
6
1,99
9
1,98
7
355
26 74
112
62 13
7 220 30
9
355 40
7
580
490 57
1 631 78
6
136
4 14 19 28 78
130 134 174 235 308
110
Total
US
EU
Others, + Canada
Source: MoC, as of June 11, 2009
Year on year:- Up 5.25%- to US down to -0.6%- to EU up 7.23%- 1Q 2009 down to -23.2%
million USD
Textiles, garments, & footwear
Note: GSP/MFN from US in 1996 and Everything , but arms initiative from EU in 1996
Bilateral Trade Singapore International Trade
2003 2004 2005 2006 2007 2008Total Trade 515,894 628,952 715,723 810,483 846,607 927,654
Imports 237,316 293,337 333,191 378,924 395,980 450,892
Exports 278,578 335,615 382,532 431,559 450,627 476,762
Bilateral Trade between Cambodia - Singapore
2003 2004 2005 2006 2007 2008Total Trade 665 671 672 908 788 898
Imports 130 82 167 178 128 164
Exports 536 589 505 730 660 733
Value in million Singapore dollars
Value in million Singapore dollarsSource: International Enterprise Singapore Board
Cambodia share in your total trade is 0.096% in 2008.
Top ten export to CambodiaNo HS Product 2007 2008
1 27101972 Other Diesel Fuel (Tne) 64,180 95,978
2 27101116 Other Motor Spirit Refined Unleaded (Tne) 51,285 68,349
3 27101971 High Speed Diesel Fuel (Gas Oil) (Tne) 83,290 52,491
4 98930010 Fuel Oil For Ships Loaded On Board For Own Consumption (Tne)
21,401 29,473
5 71081290 Unwrought Gold In Other Forms (Kgm) - 22,845
6 84735011 Parts Equally Suitable For Use With Machines Of Two Or More Of Heading 8471 Electrically Operated
20,292 17,161
7 84151000 Window Or Wall Air Conditioners Self-Contained Or Split System (Nmb)
12,596 13,197
8 84733090 Other Parts & Accessories For The Machines Of Heading 8471
1,246 11,959
9 22083010 Whiskies 46% Or Less Alc Vol (Ltr) 10,343 11,955
10 22030090 Other Beer Incl Ale (Ltr) 11,498 11,925
Source: IE Singapore – Value in S$ thousand
Top ten import from CambodiaNo HS Product 2007 2008
1 25059000 Other Natural Sands (Tne) 3,996 85,768
2 71081300 Semi Manufactured Gold In Other Forms (Kgm) 20,527 29,869
3 24022090 Other Cigarettes Containing Tobacco (Kgm) 37,505 6,152
4 61046900 Trousers Bib Brace Overalls Breeches & Shorts Knitted Crocheted Of Other Textiles For Women Or Girls (Ten)
143 5,807
5 61142000 Other Garments Knitted Or Crocheted Of Cotton (Ten) 1,864 4,465
6 61103000 Jerseys Pullovers Cardigans & The Like Knitted Or Crocheted Of Man Made Fibres (Ten)
4,327 2,663
7 61102000 Jerseys Pullovers Cardigans & The Like Knitted Crochetedof Cotton (Ten)
3,679 2,037
8 62171000 Other Clothing Accessories Woven 67 1,745
9 64039900 Other Footwear With Outer Soles Of Rubber Or Plastic & Uppers Of Leather (Tpr)
2,373 1,708
10 61124100 Swimwear Knitted Or Crocheted Of Synthetic Fibres For Women Or Girls (Ten)
266 1,291
Source: IE Singapore – Value in S$ thousand
3rd key-factor for investors
SOUND, TRANSPARENT AND PREDICTABLE LEGAL FRAMEWORK
A receptive Government
• Once every 6 months, the Prime Minister, H.E. Samdech HUN SEN, will meet with foreign and local investors in a Government-Private Sector Forum (GPSF), and will address issues of interest of the private sector.
• This mechanism has been institutionalized since Year 2000.
• In the interval of 2nd Government-PS fora, 8 Government-PS Working Groups are meeting on a monthly basis to tackle urgent issues. Only cross-cutting issues are submitted to the Forum chaired by the Prime Minister himself.
The 8 Government-Private Sector Working Groups
1. WG on Agriculture and Agro-Industry2. WG on Tourism3. WG on Manufacturing and Distribution4. WG on Legislation, Taxation and Governance5. WG on Services, including Banking and Financial
Services6. WG on Energy, Infrastructure & Transport7. WG on Export Processing & Trade Facilitation8. WG on Industrial Relations
Investment Guarantees
• Investment law (no discrimination for all investors, no nationalization, no price fixing, 100% foreign own, land lease up to 99-year)
• Bilateral Investment Protection Agreement (1996)• Bound by WTO membership to implementing
international rules and practices in trade and investment sectors
• Multilateral Investment Guarantee Agency (MIGA)• International Convention on the Settlement of
Investment-related Dispute (ICSID)
4TH key-factor for investors
ACCESS TO WORLD’S MAJOR MARKETS ON A DUTY-FREE AND
QUOTA-FREE BASIS
JOININGWTO
JOININGASEAN
ACCESS TOTHE U.S.MARKET,MFN/GSP
ACCESS TO THEEU MARKET, Everything but armsinitiative
Cambodia has embraced the globalization process as part of its outward looking economic development strategy….
Huge Chinese Market
ASEAN-China Framework Agreement on Comprehensive Economic CooperationAgreement on trade in goods, already signed in Vientiane at the ASEAN-China Summit On December 1, 2004
Early Harvest for Cambodia418 Agricultural Products Quota-free & Duty-Free and many tariff lines related to
garment products from Jan 1, 2006
General System of Preferences (GSP) from Japan (previously 226 items – since April 2007: 98% of TL Duty-free & Quota-free) and Republic of
Korea (78 items)
Cambodia’s implications in the ASEAN FTA
• 2010: tariffs between 0% - 5%
• 2015: tariffs 0%, with some sensitive items up to 2018
• 2018: all tariff lines at 0%
Council for the Development of Cambodia (CDC)
http://www.cambodiainvest.gov.kh
Investing in CAMBODIA
FDI in Cambodia
Source: CDC September 12, 2008
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Aug-08
618 578 554 196 160 140 145 63
342
831
4,341
2,736
7,281
(in USD million)
342.
1
201
141.
1830.
7
589.
2
241.
5
4,34
1.0
2,39
0.20
1,95
0.802,73
6
1,38
2.50
1,35
3.20
7,28
1
5,40
9.20
1,87
1.80
0
1000
2000
3000
4000
5000
6000
7000
8000
Total FDI Local Investment
2004200520062007YTD2008
Source: CDC September 12, 2008
In Million USD
Total investment in Cambodia(local and foreign direct investments)
2004-2008
$15,530.8m $9,972.1m $5,558.4m
Investment by Sector
364.513%
708.6026%
1,261.1047%
374.414%
IndustryAgricultureInfrastructureTourism
2007
Value in Million US$
Investment by Sector
117.12%
1,124.1015%
5,748.8079%
290.64%
IndustryAgricultureInfrastructureTourism
Jan-Sep 2008Value in Million US$
FDIs in Cambodia in 2004 (by country)
141.13
107.96
32.24
11.377.33 6.88 5.05 3.9 3.16 2.16 1.96 1.91 0.71 0.52 0.29 0.01
15.57
0
20
40
60
80
100
120
140
160
Cam
bodi
a
Chi
naM
alay
sia
Sing
apor
eC
hine
se T
aipe
i
Fran
ce
RO
K
Thai
land
USA
Can
ada
Japa
n
Rus
sia
Uni
ted
Kin
gdom
Dom
inic
an R
ep.
Hon
g K
ong
SAR
Swed
enA
ustr
alia
FDIs in Cambodia in 2005 (by Country)
280.96
241.58
68.1758.38 56.84 54.93
35.89
12.8 7.64 4.99 3.96 2 1.92 0.670
50
100
150
200
250
300
China
Cambo
dia
Chines
e Taip
eiROK
Thailan
d
Singapore
Malays
ia
United
Kingdo
mFran
ceUSA
Canad
a
Austra
lia
Indonesia
Argen
tina
Investments in Cambodia in 2006 (by country)
1,039.80
822.5
278
103.8 62.2 52.7 12.3 11 5.5 2.1 0.1
1,950.80
0.00
500.00
1,000.00
1,500.00
2,000.00
2,500.00
Cambo
diaROK
China
Russia
Thail
and
USA
Vietna
m
Singap
ore
Malays
ia UKJa
pan
Canad
a
Source: CDC January 16, 2007
In Million USD
Investments in Cambodia in 2007 (by country)
Source: CDC Feb 2008
461,
532,
670.
00
174,
040,
534.
00
152,
755,
504.
00
141,
526,
035.
00
131,
200,
000.
00
81,8
90,4
40.0
0
62,1
40,4
87.0
0
56,4
60,5
85.0
0
25,5
77,6
12.0
0
20,7
13,4
96.0
0
18,9
28,0
32
18,2
90,4
37
16,4
00,0
00
11,3
86,6
05
2,96
1,90
0
2,88
6,98
2
1,73
2,89
9
1,44
9,81
5
585,
403
1,32
6,14
8,86
5
0
200,000,000
400,000,000
600,000,000
800,000,000
1,000,000,000
1,200,000,000
1,400,000,000
Cambo
diaChin
a
Thaila
ndROK
Vietna
m
Saudi
Arabia
Japa
n
Kazak
hstan
Malays
ia
United
Kingdo
mNep
al
Kyrgyz
stan
Austra
lia
Norway
Singap
ore
Sweden
USAIsr
ael
Netherl
ands
Uzbek
istan
Investments in Cambodia in 2008 (by country)
Source: CDC September 12,2008
1,87
1,53
9,54
5
1,23
7,94
6,92
9
48,0
00,0
00
45,0
00,0
00
30,1
07,6
72
19,9
02,5
75
9,50
8,55
0
8,79
0,84
5
5,90
4,67
2
3,91
5,35
8
1,84
5,58
5
3,99
8,32
8,95
2
0
500,000,000
1,000,000,000
1,500,000,000
2,000,000,000
2,500,000,000
3,000,000,000
3,500,000,000
4,000,000,000
4,500,000,000
China
Cambo
diaKore
a
France
Thaila
nd
Singap
ore
Viet N
amRus
sia
Austra
lia
Malays
iaUSA
United
Kingdo
m
Incentives according to the Law on Investments (2003)
20% Corporate Income Tax Tax Holiday 3 years plus, (Depend on sectors & the amount of investments)
Reinvestment of profit (40% special depreciation)Reinvestment of earning (withholding tax)5-year loss carry forwardFull Import Duty ExemptionNo Export TaxLicensing (Simple registration)
Corporate income tax rates in selected
economies
Cambodia corporate tax is 20%. It’s quite a
competitive in the region.
10 priorities set by the Royal Government of Cambodia for the 4th term of the Legislature (2008-2013)
1. Agriculture
2. Water & Irrigation System
3. Transport Infrastructure
4. Electricity
5. Human Resource
Development
6. Labor-Intensive & Export-
led Industries
7. Tourism
8. Exploitation of Oil, Natural
Gas and Other Minerals
9. Information and
Communications
Technology (ICT)
10. Trade
Agro-business
Basic agrarian economyNatural endowments:
Abundant landRich fishery resourcesTimber resources
Organic cropsValue-added emphasis/ Food processingNew product development
Infrastructure: A definite prospect
Priority for infrastructureInfrastructure rehabilitationMultilateral aid availabilityDecentralizationRegional opportunitiesASEAN & GMS integrationPrivate Participation in Infrastructure (PPI): BOT, BOO, etc…
Physical Infrastructures: Work in progress
Asian Highway A1: Build and Rehabilitate Bangkok – Phnom Penh –Vung Tao RoadRehabilitate RN7 from Southern Laos to Sihanoukville Deep SeaportUpgrade and Expand Sihanoukville Port
Upgrade and Expand Phnom Penh, Siem Reap and SihanoukvilleAirports
Manufacturing & Export
Competitive labor cost
Tax incentives
• Market access
• Regional arrangement
Tourism
Natural beauty
World Heritage Monuments
Open Sky Policy to Siem Reap
Ability to attract “add-on” trips
Novelty value
Countries according MFN/GSPto Cambodia = 0% import duty or reduced import duty for
Cambodian exports
Australia Austria Belarus Belgium Bulgaria Canada China Czech
Republic Denmark Finland
Poland Portugal ROK Russian
Federation Slovakia Spain Sweden Switzerland UK USA
France Germany Hungary Ireland Italy Korea Luxemburg Japan Netherlands New Zealand Norway
Bilateral agreement on the promotion and protection of investments between the Kingdom of Cambodia and other countries
• Already signed:1. Malaysia2. Thailand3. USA (OPIC)4. China5. Switzerland6. Singapore (Nov 1996)7. ROK8. Indonesia9. Germany10. France
11. Philippines
12. OPEC
13. Croatia
14. Cuba
15. Vietnam
16. Netherlands
17. Pakistan
18. Austria
19. Australia
20. Japan
In the pipeline: Laos, Myanmar, Czech Republic, Ukraine, Egypt, Russia, PDR Korea, Libya, UK, Algeria…
MORE REASONS TO INVEST
• Open economy, with most liberal investment law in the region
• Pro-business government• Low operation costs (low labor costs)• Labor-linkage to trade policy• Special Economic Zone (SEZ - 19)• Oil & gas exploration coming out soon• Annual donors countries meeting (1b)• Abundant natural resources• World class tourist site• Strategic location
.
Phnom PenhThe Philippines
Singapore
Indonesia
MyanmarSouthern China
ManilaBangkok
Kunming
Yangon
Brunei
Jakarta
Begawan
Hanoi
Laoso Vientiane
Malaysia
Kuala Lumpur
ThailandVietnam
3hrs in average
Japan
CAMBODIA
Manufacture in Cambodia and you’ll have 565 million consumers in ASEAN, virtually at your doorstep…
Special Economic ZonesThe main rationale of establishing SEZs is to:
– Provide investors with adequate infrastructure and supportive facilities
– Effectively respond to the challenge of diversifying the Cambodian economy and to promote demand-driven development, such as export promotion
– Enhance competitiveness of garment industry and other labor intensive activities
– Promote agro-industry, food processing
– Promote assembling industry
– Promote electronic and electric appliances industriesThe following growth poles have been identified for industrial development:
– Poipet and Koh Kong (at the Cambodian-Thai border)
– Bavet and Phnom Den (at the Cambodian-Vietnamese border)
– Phnom Penh
– Sihanoukville
Sihanoukville Port has harbour facilities and “dry ports” which have been developed to enhance its competitive edge as an international commercial gateway
Phnom Penh SEZ1. Company name Phnom Penh SEZ Co., Ltd.
2) Location Khan Dangkao, Phnom Penh and Ang Snuol District, KandalProvince
3) Land area 350 Ha.
4) Capital UD$68 Million
5) Zone Developer Ms. Lim Chhiv Ho
6) License from CDC No.268 dated 20 February 2006
7) Sub-Decree No. 33 dated 19 April 2006
8) Project Implementation Infrastructure Development: building fence, roads, the administrative building, entrance, electricity, water, and telecommunication system.
9) Zone Investor 1- Navy Water Production Co.,Ltd (Drinking Water)2- Bok Seng PPSEZ (Dry Port)3- Redian Industrial Co.,Ltd (Garment Factory)4- Sivil (CP) Construction Product Ltd. (Electric Pole)5- Tiger Wing Co.,Ltd (Shoe Manufacturing Factory) 6- Evergreen Industrial Co.,Ltd (Garment)7- Cambodian Success Industrial Co.,Ltd (Steel Factory)8- Yamaha Motor (Cambodia) Company Limited (Assembly)9- Agricom (Cambodia) Co.,Ltd (Sugar Packaging)
Source: CDC
Manhattan SEZ1. Company name Manhattan International Co., Ltd.
2) Location Bavet Commune, Chantrea District, Svay Rieng Province
3) Land area 157 Ha.
4) Capital UD$15 Million
5) Zone Developer Mr. Clement Yang (Taiwan)
6) License from CDC No. 2942 dated 28 August 2005
7) Sub-Decree No.135 dated 29 November 2006
8) Project Implementation The company already built infrastructure, connecting power grid from Viet Nam and Fencing of the first phase of 70 Ha.
9) Zone Investor 1- Best Way Industry Co., Ltd. (Bicycle manufacturing )2- S.Y.G. Steel International Co., Ltd. (Bold-Nut)3- Kingmaker Footwear Co., Ltd4- Galaxy Textile Co., Ltd5- ARC Cambodia Corp. (Hi-tech equipment recycling)6- MSEZ Comfort Hospital Co., Ltd7- Pique Garment Co.,Ltd8- Forest Packaging Co.,Ltd (Package Manufacturing)9- Sheico (Cambodia) Co.,Ltd (Garment)
Source: CDC
Tai Seng Bavet SEZ
1. Company name Tai Seng Bavet SEZ
2) Location Bavet District, Svay Rieng Province
3) Land area 99 Ha
4) Capital US$ 37 Million
5) Zone Developer Mr. Ly Hong Shin
6) License from CDC No.024 dated 04 January 2007
7) Sub-Decree No.29 dated 04 April 2007
8) Project Implementation Infrastructure Development: Fencing, landfill, connecting electricity into the zone.
9) Zone Investor 1- Atlantic Cycle Co., Ltd. (Bicycle manufacturing)2- La More (Cambodia) Ltd. (Footwear manufacturing)3- DK Inc. (Garment manufacturing)
Source: CDC
Source: CDC
Current Licensed Special Economic Zones (SEZ)And other potential areas
O Neang Poipet SEZ
Neang Kok Koh Kong SEZ
Stoeng Hav SEZ
Kaam Samnor
Pailin
Kompong Cham
Kep
Eastern Seabordof Thailand
Ho Chi Minh-City
O’Yadao
Phnom Penh SEZSuoy Chheng Koh Kong SEZ
Duong Chhiv Phnom Den SEZ
Kirisakor Koh Kong SEZ
Oknha Mong SEZ
1st Sihanoukville SEZ2nd Sihanoukville SEZ
Sihanoukville Port SEZ
SNC Lavalin
Kampot SEZ
Manhattan Svay Reing SEZTay Seng Bavet SEZNLC SEZD&M Bavet SEZ
Goldfame pak Shun SEZ
Thary Kampong Cham SEZ
Cambodia’s 2007 Top 10 Exporting Destinations
Ranking Partner Value (US$) Share (%)
1. U.S.A. 2,3632. Germany 2983. Canada 1884. U.K. 1875. Japan 1266. Spain 1157. Vietnam 938. Singapore 779. France 50
10. China 46
Cambodia’s 2007 Top 10 Importing Sources
Ranking Partner Value (US$) Share (%)
1. Thailand 1,4912. China 9183. Hong Kong 6734. Singapore 4825. Vietnam 3356. South Korea 1817. U. S. A. 1538. Malaysia 1489. Japan 123
10. Indonesia 103
Investing in Cambodia• Council for the Development of Cambodia
www.cambodiainvest.gov.kh
• Ministry of Commercewww.moc.gov.kh
• Just for your info, IE Singapore team, Regional Director (Vietnam and Cambodia) Ms. Chiong Woan Shin, is in P. Penh for a business study trip, I arranged meeting with some rice associations & a few other companies.