CCHR Report - Business and Human Rights in Cambodia - Constructing the Three Pillars

Dear all

The Cambodian Center for Human Rights (CCHR) today, 30 November 2010, releases a report titled "Business and Human Rights in Cambodia: Constructing the Three Pillars". The report, which is an output of CCHR's innovative Business and Human Rights Project, analyzes business and human rights in Cambodia through United Nations Special Representative John Ruggie's "Three Pillars" framework.

Please find attached a concise summary of the report in English and Khmer and the full report in English. 

Should you have any questions about the report or CCHR's Business and Human Rights Project please do not hesitate to contact us. 

All outputs by CCHR are available on our website www.cchrcambodia.org and the CCHR hosted Cambodian Human Rights Portal www.sithi.org

Thank you and kind regards

Click here to read the report in Khmer

Click here to read the report in English

Statement of Principles on Business and Human Rights in the Kingdom of Cambodia (2010)

Click on the statement in Khmer and English to zoom in

Click here to read related article

Ambitious Monk Mixes Business With Buddhism

Monk, Hoeurn Somnieng receives a degree in business management from St. Ambrose University in Iowa, USA. (Photo: Courtesy of Life and Hope Association)

Nuch Sarita, VOA Khmer
Washington, D.C Tuesday, 18 May 2010

“It was a very profound experience for me. In a period of great suffering, I was kind of not knowing what to do, and I just sat and closed my eyes and focused on my breathing.”

One determined monk says he wants to use his education and experience from the US to help fund a number of projects, including a network that helps combat child trafficking.

Hoeurn Somnieng is the deputy head of Wat Damnak pagoda in Siem Reap. He studied at St. Ambrose University in Iowa in 2008. He says now he plans to return to Cambodia with a degree in business management and ideas to help his home country.

“I want to use my education to represent people in need and to represent the poor and powerless,” Hoeurn Somnieng told VOA Khmer in a recent interview. “This education gives me a louder voice.”

Hoeurn Somnieng is the founder and executive director of a junior high school, a boarding house for girls, a vocational training program, an orphanage and the Life and Hope Association.

The Life and Hope Association is the umbrella organization for his school, partially funded by foreign aid programs in the US, Australia and Germany. The program pays for student transportation and meals and supplements salaries of government teachers.

The association also works to improve the lives of disadvantaged Cambodians, particularly children and women, through education, vocational training, and health services. Many of those students who attend the school are victims of domestic abuse, orphans or street children. Many of them live in misery; some are trapped in the sex trade.

Hoeurn Somnieng heads the NGO Network in Siem Reap, as well as the Chamber of Social Service Network Against Child Labor. He is a program director for the Salvation Center Cambodia, where he worked on HIV and AIDS, including as a provincial monk core trainer on the disease and drug prevention.

What has all this taught him?

“You can change your future,” he said. “Bring hope into your life and keep working hard. Your future will be bright.”

He’s even developed a mathematical formula. “Life plus hope equals change,” he said. “And life plus hope plus education equals a great change.”

John Hawry, who teaches at the nursing department of Black Hawk College and is a colleague of Hoeurn Somnieng, said the monk remains dedicated to his country and has as strong work ethic.

He “helped establish a small shrine for the Buddhist community that lived around us,” Hawry said. “We have many people that migrated from Vietnam, Thailand, Cambodia and Laos that lived in our town, so that was the first time that they had a shrine.”

Another colleague, Adam Vilmont, a graduate student at St. Ambrose, said Hoeurn Somnieng taught him meditation.

“It was a very profound experience for me,” he said. “In a period of great suffering, I was kind of not knowing what to do, and I just sat and closed my eyes and focused on my breathing.”

Another support of the monk’s work, Vivian Norton, said she organized a fundraiser for enough money to purchase 12 tons of rice—about a year’s supply—for the Life and Hope Association.

“I went to Cambodia three and a half years ago at a volunteer center that Venerable Somnieng established for young girls,” Norton said. “I met him at the sewing center and saw he had a project that worked and found him to be a very effective administrator for the project. But at the same time he certainly stands by Buddhist principles, and he is very devoted to his project and to his people.”

Businesswomen Find a Friend in Facebook

Ros Sothea, VOA Khmer
Phnom Penh Tuesday, 11 May 2010

“In the past, I was defeated many times. But afterward, I read information posted on Facebook, talking about the commitment and persistence of a restaurant owner to pursue her business, despite being defeated many times."

Around six month ago, Lim Viriya had abandoned her products distribution business—twice. The 29-year-old businesswoman from Siem Reap province nearly closed down her tour company, as she faced tight competition and thin profit margins.

Facebook saved her businesses.

“In the past, I was defeated many times,” she told VOA Khmer recently. “But afterward, I read information posted on Facebook, talking about the commitment and persistence of a restaurant owner to pursue her business, despite being defeated many times. She advised that with any kind of business, no matter how little we earn, as long as we persist, we will not fail.”

The site’s Cambodia Women in Business page encouraged her to carry on with her ventures, she said, and, since December 2009, things have been looking up.

The Facebook page was the initiative of the International Finance Corporation, the private-sector arm of the World Bank, which thought social networking could help Cambodian women looking to start their own businesses.

Cambodian women face a number of challenges starting or expanding their businesses. With often lower educations, they must make sense of regulatory information, and they have an uphill struggle against family values that disapprove of women in business.

Now the page has more than 300 members, many of them owners of small- or medium-sized businesses. There are female students, employers and researchers. Men are not excluded.

The page includes photographs of various businesses run by women and discussions about the challenges they face, such as difficulties with registration. It has suggestions on ways women can gain the support of their husbands. It includes market research, product prices and business management strategies. Members post articles on national and international businesswomen.

The page does have limitations. It is run in English, on the Internet, excluding many Cambodian women who can’t read English or don’t have access to the Web.

Still, IFC project manager Lil Sisambat says she’s confident it is helping.

“Facebook creates energy and a lot of ideas about how to do more business, to do better business and to have a way to solve the problems women are facing,” she said. “If one woman who starts a business faces difficulties, other women can help her online. So I think it is a very good source of support to make the environment easy to do business.”

Seng Stephene, an employee of a private business in Phnom Penh who wants to open a communication company, only joined Facebook a month ago. With it, she said, she learned how to start her own business and how to study the market.

Women who already have successful businesses, meanwhile, share their experiences.

“The moment that women face harder problem in their businesses, it will make them become stronger and be successful,” said Heng Chenda, manager of KNN Handicraft. “So, please, all women, behave with a strong commitment.”

Women play an important role in economic growth, and private enterprise is the main driver of economic development in Cambodia. It accounts for 92 percent of total jobs in the country, according to a 2008 study by the IFC. In those, women accounted for 55 percent of all business owners, mainly with micro- or small-sized ventures.

With Cambodian men the primary owners of medium and large businesses, women do not fulfill their potential as job creators, nor as developers of human resources—nor as taxpayers.

A network site like Facebook can help them put their voices together, said Veronique Salze-Lozac’h, the regional director of economic programs for the Asia Foundation.

“If they can actually find enough women to say, ‘Yes, this is really a problem,’ then they can come together and try to contact to the government to improve their situation,” she said. “So Facebook can be a very useful tool for businesswomen to push for some reforms.”

However, because of its unofficial nature, Ty Makara Ravy, an active member of the site, thinks the government may not take it seriously.

That may not be so. Minister of Women’s Affairs Ing Kantha Phavy, after all, reads the page. She told VOA Khmer the concerns and challenges she finds there could help steer government policy.

New Year Becoming a Boon for Shoppers

Cambodian shoppers browse a clothing stall at a market in Phnom Penh. (Photo: ASSOCIATED PRESS)

The days leading up to the New Year have become very good for shoppers, with stores around the city slashing prices by up to 70 percent on shoes, watches, electronics and even food, in an increasingly competitive market.

Ros Sothea, VOA Khmer
Phnom Penh Tuesday, 13 April 2010

“On the occasion of the New Year, we not only offer discounts, but we also offer gifts. It is an effective strategy to attract buyers that increases the numbers of customers from 15 to 20 percent.”

The days leading up to the New Year have become very good for shoppers, with stores around the city slashing prices by up to 70 percent on shoes, watches, electronics and even food, in an increasingly competitive market.

Shopkeepers say they will keep prices low through the last day of the New Year, which ends April 16.

At the third floor of the Sorya, traditional Khmer music drifted from the K-Four electronics store, where inside discounts were as high as 50 percent, for products that ranged in price from $1 to $10,000.

“On the occasion of the New Year, we not only offer discounts, but we also offer gifts,” the store’s general manager, Neb Chan Thavy told VOA Khmer. “It is an effective strategy to attract buyers that increases the numbers of customers from 15 to 20 percent.”

Deals could be found throughout the city, in places like the Belami clothing store, on Sihanouk Boulevard, where some items were 70 percent off.

“It’s the first year we’ve offered such high discounts, because we face high competition,” said Sreang Lynaro, the store’s owner. “Despite getting less benefit compared to undiscounted [prices], I’ve grabbed more customers than ever, which brought our revenue up.”

In developed countries, discounts at holidays are common, but in Cambodia, it has only been in recent years that stores have had to compete for holiday revelers looking to buy new things ahead of the New Year.

Cambodians are responding. Heng Chakrya, a 22-year-old university teacher, said she had scraped together $200 this year to buy clothes.

Foreigners, too, have noticed the change.

“We all wait for Khmer New Year to clean out our house and put in new things,” Leslie Ema, director of the Center for Peace and Conflict Study, said.

One place you won’t find a discount: travel. Buses and taxis that are crowded with passengers this time of year have raised their prices to destinations across the country.
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ក្នុង​ឱកាស​ចូល​ឆ្នាំ​ខ្មែរ ​ហាង​លក់​ទំនិញ​ធំ​តូច​ជា​ច្រើន​បញ្ចុះ​តម្លៃ​ពិសេស

ដោយ នាង រស់ សុធា វីអួអេ​ ខ្មែរ
ភ្នំពេញ ថ្ងៃអង្គារ, 13 ខែមេសា 2010

«ក្នុង ​ការ​ចូល​ឆ្នាំ​ខ្មែរ​ឆ្នាំ​នេះ​ មិន​ត្រឹម​តែ​យើង​បញ្ចុះ​តម្លៃ​ទេ ​គឺ​យើង​មាន​រង្វាន់​ថែម​ទៅ​ទៀត។​ ហ្នឹង​គឺ​ជា​យុទ្ធ​សាស្ត្រ​ មួយ​ទាក់​ទាញ​អតិថិជន។​ វា​អាច​កើន​ក្នុង​ការ​លក់​រហូត​ទៅ​ដល់​ពី​១៥% ទៅ​២០% បើ​ធៀប​ទៅ​នឹង​អ្វី​ដែល​យើង​មិន​បាន​ធ្វើ​ការ​បញ្ចុះ​តម្លៃ»។

ចូល​ឆ្នាំ​ខ្មែរ ​គឺ​ជា​ឱកាស​ល្អ​សម្រាប់​អ្នក​ទិញ។ ​ចាប់​តាំង​ពី​ដើម​ខែ​មេសា​នេះ​មក​ម្ល៉េះ​ ហាង​លក់​ទំនិញ​តូច​ធំ​ជា​ច្រើន​ នៅ​ក្នុង​រាជ​ធានី​ភ្នំពេញ​បាន​ដាក់​លក់​បញ្ចុះ​តម្លៃ​ចាប់​ពី​១០ % រហូត​ដល់​៧០% នូវ​ មុខ​ទំនិញ​សម្រាប់​ប្រើ​ប្រាស់​រាប់​សិប​ប្រភេទ​ ដូច​ជា​សម្លៀក​បំពាក់​ ស្បែក​ជើង​ កាបូប​ នាទិ្បកា​ គ្រឿង​ថែ​រក្សា​សម្ផស្ស​ គ្រឿង​អេឡិច​ត្រូនិច​ និង​ចំណី​អាហារ​មួយ​ចំនួន​ផង​ដែរ​ប្រយោជន៍​ដើម្បី​ស្រូប​យក​អតិថិជន​ឲ្យ​បាន​កាន់​តែ​ច្រើន​ក្នុង​អំឡុង​ពេល​ពិធី​បុណ្យ​ចូល​ឆ្នាំ​ប្រពៃណី​ខ្មែរ។​ ពិធី​ចូល​ឆ្នាំ​ដែល​នឹង​ប្រព្រឹត្ត​ឡើង​ក្នុង​រយៈ​ពេល​៣​ថ្ងៃ​ចាប់​ពី​ថ្ងៃ​ពុធ​ស្អែក​នេះ​ទៅ។​ ហើយ​ការ​បញ្ចុះ​តម្លៃ​ភាគ​ច្រើន​ធ្វើ​ឡើង​រហូត​ដល់​ថ្ងៃ​សុក្រ​ដែល​ជា​ថ្ងៃ​បង្ហើយ​នៃ​ពិធី​បុណ្យ​ចូល​ឆ្នាំ។
នៅ​ជាន់​ទី​៣​នៃ​ផ្សារ​ទំនើប​សូរិយា​ដ៏​អ៊ូរអរ​ សំឡេង​តន្ត្រី​ចង្វាក់​ប្រពៃណី​បាន​លាន់​ឮ​ឡើង​កង​រំពង​ពី​ខាង​ក្នុង​ហាង​លក់​គ្រឿង​អេឡិច​ត្រូនិច​របស់​ក្រុម​ហ៊ុន​ខេហ្វ័រ។​ ក្នុង​រយៈ​ពេល​១៥​ថ្ងៃ ចាប់​តំាង​ពី​ថ្ងៃ​ទី៣​ខែ​មេសា​មក ​ក្រុម​ហ៊ុន​លក់​គ្រឿង​អេឡិច​ត្រូនិច​មួយ​នេះ​បាន​បញ្ចុះ​តម្លៃ​រហូត​ដល់​៥០% ជា​មួយ​នឹង​ការ​ផ្តល់​វត្ថុ​អនុស្សាវរីយ៍​ផង​នៅ​លើ​គ្រប់​មុខ​ទំនិញ​អេឡិច​ត្រូនិច​ដែល​មាន​តម្លៃ​ចាប់​ពី​១​ដុល្លារ​រហូត​ដល់​ជាង​១ម៉ឺន​ដុល្លារ។
ដោយ​សម្លឹង​មើល​ទៅ​ទូរទស្សន៍​ឡាសៀរ​ទំនើបៗ​ ដែល​ដាក់​តាំង​តម្រៀប​គ្នា​ជា​ជួរ​ និង​មាន​បិទ​ផ្លាក​បញ្ចុះ​តម្លៃ​ផង​នោះ​ លោក​ណឹប​ ចាន់​ថាវី ​អ្នក​គ្រប់​គ្រង​ទូទៅ​នៃ​ក្រុម​ហ៊ុន​ខេហ្វ័រ​ បាន​ឲ្យ​ដឹង​ថា អតិថិ​ជន​តែង​ចង់​បាន​របស់​របរ​ប្រើ​ប្រាស់​ថ្មីៗ​ នៅ​ពេល​ដែល​ឆ្នាំ​ថ្មី​ចូល​មក​ដល់​ ដូច្នេ​ះការ​បញ្ចុះ​តម្លៃ​ក្នុង​ឱកាស​ចូល​ឆ្នាំ​ខ្មែរ​នេះ​ គឺ​ជា​វិធី​សាស្ត្រ​ដ៏​គួរ​ឲ្យ​ទាក់​ទាញ​បំផុត។
«ក្នុង​ការ​ចូល​ឆ្នាំ​ខ្មែរ​ឆ្នាំ​នេះ​ មិន​ត្រឹម​តែ​យើង​បញ្ចុះ​តម្លៃ​ទេ ​គឺ​យើង​មាន​រង្វាន់​ថែម​ទៅ​ទៀត។​ ហ្នឹង​គឺ​ជា​យុទ្ធ​សាស្ត្រ​ មួយ​ទាក់​ទាញ​អតិថិជន។​ វា​អាច​កើន​ក្នុង​ការ​លក់​រហូត​ទៅ​ដល់​ពី​១៥% ទៅ​២០% បើ​ធៀប​ទៅ​នឹង​អ្វី​ដែល​យើង​មិន​បាន​ធ្វើ​ការ​បញ្ចុះ​តម្លៃ»។
ចុះ​ពី​ជាន់​ខាង​លើ ​នៅ​ជាប់​នឹង​ជណ្តើរ​ជាន់​ផ្ទាល់​ដី ​កៀក​ជាប់​នឹង​ខ្លោង​ទ្វារ​ចូល​ផ្សារ​ទំនើប​សូរិយា​ ឯ​ណោះ​វិញ​ នាទិ្បកា​ដៃ​ ទូរ​ស័ព្ទដៃ​ កាបួប​យួរ​ និង​គ្រឿង​តុប​តែង​ខ្លួន​ជាដើម​ ត្រូវ​គេ​រៀប​ដាក់​ជា​ជួរ​នៅ​ក្រោម​ដំបូល​សំពត់​តង់​ប្លាស្ទីក​ ប្រមាណ​ជា​១០​តូប​ ដោយ​ភា្ជប់​ជា​មួយ​នូវ​ផ្លាក​បញ្ចុះ​តម្លៃ​ធំៗ​ព្យួរ​នៅ​ពី​មុខ​ទៀត​ផង។
លោក​ ឈាន​ ហូរ​ ជំនួយ​ការ​នាយក​នៃ​ក្រុម​ហ៊ុន​លក់​នាទិ្បកា Romanson ដែល​ចុះ​ថ្លៃ​២៥% រំពឹង​ទុក​ដោយ​ផ្អែក​លើ​ចំនួន​លក់​ដែល​មាន​សន្ទុះ​កើន​ឡើង​ថា ​លោក​នឹង​អាច​លក់​នាទិ្បកា​បាន​ចំនួន​ យ៉ាង​តិច​៥០​គ្រឿង​ក្នុង​រយៈ​ពេល​១៣​ថ្ងៃ​នៃ​ការ​បញ្ចុះ​តម្លៃ​នេះ។​ ផ្ទុយ​ទៅ​វិញ ​បើ​គ្មាន​ការ​បញ្ចុះ​តម្លៃ​ទេ​ ក្រុម​ហ៊ុន​របស់​លោក​ត្រូវ​ចំណាយ​ពេល​យ៉ាង​តិច​​ណាស់​២​ខែ​ដើម្បី​លក់​បាន​នាទិ្បកា​ចំនួន​៥០​គ្រឿង​ ដែល​មាន​តម្លៃ​ចាប់​ពី​៩០​ដុល្លារ​រហូត​ដល់​៥០០ដុល្លារ។
«យើង​ត្រូវ​តែ​ធ្វើ​ការ​បញ្ចុះ​តម្លៃ​ ពេល​យើង​ធ្វើ​ការ​បញ្ចុះ​តម្លៃ​ទៅ​ យើង​រំពឹង​ថា ​យើង​អាច​លក់​បាន​៥០​គ្រឿង។​ មុន​ធ្វើ​ការ​បញ្ចុះ​តម្លៃ​ យើង​អាច​លក់​២​ខែ​បាន​អស់»។
គួរ​កត់​សម្គាល់​ថា ​នៅ​ប្រទេស​ជឿន​លឿន​នានា​នៅ​ក្នុង​ពិភព​លោក​ ហាង​លក់​ទំនិញ​ធំៗ​តែង​តែ​បង្កើត​កម្ម​វិធី​បញ្ចុះ​តម្លៃ​នេះ​ នៅ​ក្នុង​ឱកាស​បុណ្យ​ជាតិ​របស់​ពួក​គេ​ ជា​ពិសេស​នៅ​រៀង​រាល់​ដំណាច់​ឆ្នាំ​ ដើម្បី​លាង​សម្អាត​ទំនិញ​ចាស់ៗ​ឲ្យ​អស់ ​ពី​ឃ្លំាង​មុន​នឹង​នាំ​ទំនិញ​ថ្មី​ចូល។​ យុទ្ធ​សាស្ត្រ​នេះ​ត្រូវ​គេ​ទទួល​ស្គាល់​ជា​ទូទៅ​ថា ​ជា​វិធី​សាស្ត្រ​ដ៏​មាន​ប្រសិទ្ធិ​ភាព​ក្នុង​ការ​ទាក់​ទាញ​អ្នក​ទិញ​ និង​បង្កើន​ការ​លក់។
ដោយ​ឡែក​ នៅ​ប្រទេស​កម្ពុជា​ការ​ប្រើ​ប្រាស់​យុទ្ធ​សាស្ត្រ​បញ្ចុះ​តម្លៃ​នេះ​បាន​រីក​សុស​សាយ​យ៉ាង​ខ្លាំង​ក្នុង​រយៈ​ពេល​ ២​ឬ​៣​ឆ្នាំ​ចុង​ក្រោយ​នេះ នៅ​ពេល​ដែល​មាន​ការ​ប្រកួត​ប្រជែង​កាន់​តែ​ខ្លំាង​ឡើង​ក្នុង​ចំណោម​ហាង​លក់​ទំនិញ​នានា។
នៅ​តាម​ដង​មហា​វិថី​ព្រះ​សីហនុ​ឆ្ពោះ​ទៅ​កាន់​វិមាន​ឯករាជ្យ​ ដែល​ជា​មហា​វិថី​ពាណិជ្ជ​កម្ម​ដ៏​មមាញឹក​មួយ​ ហាង​លក់​សម្លៀក​បំពាក់​បែប​យុវវ័យ Belami បាន​បញ្ចុះ​តម្លៃ​រហូត​ដល់​ទៅ​៧០%។
លោក​ ស្រៀង​ លីណារ៉ូ​ ម្ចាស់​ហាង Belami បាន​និយាយ​ថា ​ក្នុង​ឱកាស​ចូល​ឆ្នាំ​ខ្មែរ​បែប​នេះ​ ហាង​និមួយៗ​បាន​ប្រកួត​គ្នា​បញ្ចុះ​តម្លៃ​ដែល​តម្រូវ​ឲ្យ​ហាង​របស់​ធ្វើ​ការ​បញ្ចុះ​តម្លៃ​ដែរ​ បើ​មិន​ដូច្នោះ​ទេ​ លោក​មិន​អាច​អូស​ទាញ​អ្នក​ទិញ​បាន​នោះ​ទេ។​ ម្ល៉ោះ​ហើយ​ដើម្បី​ដណ្តើម​បាន​អតិថិ​ជន​ លោក​សុខ​ចិត្ត​ចំណេញ​តិច​ហើយ​បញ្ចុះ​តម្លៃ​ឲ្យ​បាន​ច្រើន​ដែល​លោក​មិន​ធ្លាប់​ធ្វើ​ពី​មុន​មក។
«ឆ្នាំ​ហ្នឹង​គឺ​ខ្ញុំ​បញ្ចុះ​តម្លៃ​ពិសេស​រហូត​ទៅ​ដល់​៧០% ។ ពី​ដើម​ឡើយ​មក​អត់​ដែល​មាន​ទេ​ គឺ​ដោយ​សារ​តែ​គូ​ប្រកួត​ប្រជែង​ហ្នឹង​គឺ​គេ​ធ្វើ​ដល់​៧០%។​ អញ្ចឹង​ បើ​ទោះ​បី​ខ្ញុំ​ចំណេញ​អត់​បាន​ច្រើន​ប្រៀប​ធៀប​ទៅ​នឹង​ការ​ដែល​អត់​បាន​បញ្ចុះ​តម្លៃ​​មែន​ ប៉ុន្តែ​មាន​ភ្ញៀវ​ច្រើន​ទិញ​ ហើយ​ប្រាក់​ចំណេញ​ហ្នឹង​គឺ​បាន​លើស​មុន»។
យ៉ាង​ណា​ក៏​ដោយ​ ការ​ប្រកួត​ប្រជែង​គ្នា​នេះ​បាន​ផ្តល់​ផល​ចំណេញ​សម្រាប់​ប្រជា​ជន​ខ្មែរ​ដែល​សម្លឹង​រក​ទំនិញ​ដែល​មាន​តម្លៃ​ថោក។
ក្នុង​ឈុត​ខោ​ខាវ​ប៊ូយ​ អាវ​យឺត​រឹបរាង​ នារី​សក់​ទង់​ដែង​វ័យ​២២​ឆ្នាំ​ នាង​ ហេង​ ចរិយា​បាន​ដើរ​យឺតៗ​នៅ​ក្នុង​ហាង​លក់​ សម្លៀក​បំពាក់​មួយ​ដោយ​កែវ​ភ្នែក​របស់​នាង​រេចុះ​រេឡើង​សំដៅ​រក​ទិញ​ស្បែក​ជើង​ដែល​មាន​ពណ៌​ស័ក្តិ​សម​នឹង​រូប​នាង។​ នាង​ ហេង​ ចរិយា​ ដែល​មាន​មុខ​របរ​ជា​គ្រួ​បង្រៀន​នៅ​សាកល​វិទ្យា​ល័យ​ បាន​និយាយ​ថា ​នាង​បាន​ត្រៀម​កញ្ចប់​ប្រាក់​ចំនួន​២០០​ដុល្លារ​ សម្រាប់​ទិញ​របស់​របរ​ប្រើ​ប្រាស់​ផ្ទាល់​ខ្លួន​ក្នុង​ឱកាស​ចូល​ឆ្នាំ​ខ្មែរ។
«ឥឡូវ​ហ្នឹង​គឺ​គេ​ចាប់​នូវ​វិធី​សាស្ត្រ​បញ្ចុះ​តម្លៃ​ ជា​ពិសេស​ជិត​ដល់ថ្ងៃ​បុណ្យ។​ ខ្ញុំ​គិត​ថា​ វា​ល្អ​មែន​ទែន​ ព្រោះ​យើង​អាច​ទទួល​យក​បាន​នូវ​ទំនិញ​ដែល​ល្អ ​និង​តម្លៃ​ថោក»។
មិន​ត្រឹម​តែ​ប្រជា​ជន​ខ្មែរ​នោះ​ទេ​ ដែល​ចាត់​ទុក​ឱកាស​ចូល​ឆ្នាំ​ខ្មែរ​នេះ​ជា​ឱកាស​ល្អ​សម្រាប់​ទិញ​ទំនិញ​ សូម្បី​តែ​ជន​បរទេស​មួយ​ចំនួន​ក៏​យល់​ឃើញ​ដូច​គ្នា​នេះ​ដែរ។
នៅ​ក្នុង​ហាង​លក់​គ្រឿង​អេឡិច​ត្រូនិច​មួយ​ លោក​ស្រី ​នាយក​មជ្ឈ​មណ្ឌល​សន្តិ​ភាព​និង​វិបតិ្ត​ដែល​បាន​រស់​នៅ​ក្នុង​ប្រទេស​កម្ពុជា​រយៈ​ពេល​១៣​ឆ្នាំ​ហើយ​នោះ​ បាន​និយាយ​ផង​សើច​សប្បាយ​ផង​នៅ​ពេល​លោក​ស្រី​កំពុង​ទិញ​ឆ្នាំង​អ៊ុត ​ថា​ លោក​ស្រី​តែង​តែ​ទិញ​ទំនិញ​នៅ​រៀង​រាល់​ពេល​បុណ្យ​ចូល​ឆ្នាំ​ខ្មែរ​ ព្រោះ​លោក​ស្រី​អាច​ទទួល​បាន​តម្លៃ​ពិសេស​ ខុស​ពី​ថ្ងៃ​ធម្មតា។
« រីក​រាយ​ណាស់​ដែល​អាច​ទិញ​របស់​បញ្ចុះ​តម្លៃ​ និង​ទទួល​បាន​កាដូ​ពិសេស​ថែម​ទៀត។​ វា​ពិត​ជា​ល្អ​ខ្លំាង​ណាស់។​ ពួក​យើង​តែង​តែ​រង់​ចាំ​ថ្ងៃ​ចូល​ឆ្នាំ​ខ្មែរ​ចូល​មក​ដល់ ​ដើម្បី​បោស​សម្អាត​ផ្ទះ​របស់​យើង​ និង​ទិញ​របស់​ថ្មីៗ​ដាក់​ក្នុង​ផ្ទះ។
ថ្វី​បើ​ប្រជា​ជន​មួយ​ចំនួន​ទទួល​បាន​ផល​ប្រយោជន៍​ពី​ការ​លក់​ទំនិញ​ចុះ​ថ្លៃ​ក្នុង​រយៈ​ពេល​នេះ​ ក៏​ប៉ុន្តែ​ មាន​ប្រជា​ពល​រដ្ឋ​​មួយ​ចំនួន​ទៀត​ កំពុង​ប្រឈម​នឹង​ការ​តម្លើង​ថ្លៃ​សេវា​កម្ម​ដឹក​ជញ្ជូន​ដ៏​ខ្ពស់​ ដូច​ជា​តម្លៃ​រថយន្ត​ក្រុង​ និង​តម្លៃ​តាក់ស៊ី ​ជា​ដើម។​ តម្លៃ​សម្រាប់​អ្នក​ធ្វើ​ដំណើរ​ម្នាក់​បាន​កើន​ជា​មធ្យម​ពី ​១​ម៉ឺន​ទៅ​១៥.000 រៀល​ សម្រាប់​ការ​ធ្វើ​ដំណើរ​តាម​មធ្យោ​បាយ​ដឹក​ជញ្ជូន​ទំាង​ពីរ​ប្រភេទ​នេះ​ ទៅ​តាម​ខេត្ត​ជិត​ឬ​ឆ្ងាយ​ នៅ​ទូទំាង​ប្រទេស​ ដោយ​សារ​តែ​ចំនួន​អ្នក​ដំណើរ​កើន​ឡើង៕

Billionaire's private jet a symbol for Vietnam's emerging entrepreneurs

April 3, 2010
Bloomberg

There is still money to be made in one of Asia's fastest growing economies, write Yoolim Lee and Beth Thomas.

Nguyen Thanh Trung brings Vietnam's only privately owned plane level at 24,000 feet over the Central Highlands towns of Pleiku and Dalat before swinging right and bringing the eight-seat Beechcraft King Air 350 in for a smooth landing at Ho Chi Minh City airport.

Trung is familiar with the landscape: 35 years ago he was a Vietcong agent and fighter pilot who recalls dropping two bombs on the headquarters of the American-aligned southern regime in the city then known as Saigon, one of the last skirmishes before the end of his country's civil war.

Today Trung, 62, is on a mission that symbolises his country's transformation: he is the personal pilot for Doan Nguyen Duc, an entrepreneur who is one of Vietnam's richest men.

Duc, 46, estimates his empire, which includes the country's biggest listed property company, gave him a personal wealth of 28.4 trillion dong ($1.63 billion) at the end of last year. Trung says: ''Duc owning a private jet is very good for Vietnam's economy; it shows that Vietnamese people can also be successful like businessmen in other countries. This is a time for dynamic entrepreneurs.''

But foreign investors in Vietnam are experiencing a bumpier ride than Duc and his pilot are. Indochina Capital Advisors last year decided to liquidate a London-listed Vietnam equity fund that had lost 50 per cent of its value. In November the San Francisco-based hedge fund company Passport Capital demanded the return of uninvested cash from a fund that had bought Vietnamese and Cambodian property.

The Ho Chi Minh City Stock Exchange's benchmark VN Index, Asia's best performer in 2006, plunged 66 per cent in 2008 as inflation followed by global recession destroyed confidence in Vietnamese investments. The index rose 57 per cent last year. It was up 2.1 per cent this year eight days ago.

Investors who have the stomach to stay in Vietnam are quietly bullish. It is possible to make money in this land of 86 million people provided you are willing to ignore the market froth, says Mark Mobius, the chairman of Templeton Asset Management, which had $24 million invested in Vietnam in February.

''Investors should see the real value of specific investments without being driven by pure sentiment,'' he says. ''The private sector continues to grow and has become more important to the development of the economy.''

That new realism follows a decade of unbridled enthusiasm for Vietnam. After the shift to a more market-oriented economy in 1986, foreign direct investment commitments in Vietnam went from zero to$60.3 billion by 2008, almost three times Vietnam's foreign exchange reserves at the end of that year.

Gross domestic product grew 7.2 per cent a year on average from 2000 to 2009, making Vietnam the fastest growing economy in Asia after China and Cambodia, according to the International Monetary Fund. The government forecasts GDP growth of 6.5 per cent this year.

''Vietnam was viewed as the final frontier of Asia,'' says Son Nam Nguyen, the managing partner of Vietnam Capital Partners. He advised global investors on more than $30 billion in financing as the former head of Citigroup Inc's investment bank in Vietnam. ''No one wanted to miss out on the next China.''

However, some investors grew tired of the roller coaster. Shareholders of the Indochina Capital Vietnam equity fund voted to shut it down in September after its net asset value had plunged to $243 million by June 30, from $500 million in March 2007.

Passport Capital, which held a 13 per cent stake in the property fund JSM Indochina Capital, won the backing of shareholders to replace three of the directors of the London-listed fund and begin the return of uninvested cash.

From its inception in June 2007 JSM Indochina, listed on London's Alternative Investment Market, had fallen 70 per cent by November 18 2008.

''Historically, because of bad experiences with inflation and currency depreciation, people are very quick to lose confidence,'' says Manu Bhaskaran, a Singapore-based partner and the head of economic research at Centennial Group Holdings, which provides advice on emerging markets.

Duc, the tycoon with the private plane, has become a symbol of Vietnam's emerging class of Western-style entrepreneurs.

When he bought the Beechcraft there was no luxury-goods tax on such purchases. He has since ordered an $18 million Embraer Legacy 500 jet from Empresa Brasileira de Aeronautica that will be delivered in 2012.

This time Duc will have to pay a $5.4 million new levy on the deal.

''They had to set the tax level for private jets after I bought the jet,'' he says with a smile.

With that, Duc departs for the war-era Rex Hotel in central Ho Chi Minh City, where Vietnam's most prominent capitalist keeps a suite in the building that was used as a US military media centre during the US fight against communism.

Businessmen back graft law but doubt it will be enforced

Friday, 12 March 2010
Bejan Siavoshy
The Phnom Penh Post

Legislation could improve business environment, analysts say

"I don't think any businessperson in Phnom Penh thinks corruption is going to be immediately fixed."

BUSINESS leaders expressed optimism regarding the potential effectiveness of Cambodia’s anticorruption law to stave off graft within the private sector, as the long-awaited legislation was passed Thursday.

Though there was little mention of business regulations in the law, which was 15 years in the making, Article 19 declares that a soon-to-be-formed Anticorruption Committee will have the power to command any public or private figure to disclose personal financial information.

Kith Meng, president of Phnom Penh’s Chamber of Commerce and CEO of the Royal Group, one of Cambodia’s most prominent conglomerates, said Wednesday that passing the bill is a sign that the government is dedicated to combating corruption in the Kingdom, which would produce positive results for the private sector.

“With more transparency, the private sector will become more open for foreign investors from all over the world. It will ultimately be a good thing for the private sector and a good thing for the country,” he said, adding that he was not concerned about the law’s lack of material regarding the business community.

Stephen Higgins, CEO of ANZ Royal bank, added Wednesday: “Anything that improves transparency is a good thing for business.”

The Kingdom’s business leaders share an air of optimism about the new law, which they view as a promising sign of change; however, some believe that other concerns will need to be addressed for Cambodia’s economy to reach its full potential.

Khaou Phallaboth, president of Khaou Chuly Group, a conglomerate with holdings in Cambodia’s agricultural and construction sectors, said Thursday: “It is good news for all of Cambodia, but for businesses, corruption is not the most important point.

“The most important concerns are political stability and investment regulations, so [that] a business climate that provides incentives for all kinds of investors can exist.”

Marc Faber, a Hong Kong-based economic analyst and head of the investment advisory and fund-management firm Marc Faber Group, expressed mixed feelings on the new legislation in an email Thursday.

Faber said that the law is not likely to have an impact on the private sector because it will probably not be rigidly enforced.

However, he agreed that Cambodia is set for further economic development.

“I have no doubt that it will improve. I am very optimistic about the prospects of Cambodia,” he wrote.

Corruption ingrained

Earlier this week, a survey of business executives found that Cambodia was perceived as the second-most corrupt country among 16 nations in the wider Asia-Pacific region. The survey was carried out by the Political and Economical Risk Consultancy (PERC) and examined both domestic political and social risks.

Bob Broadfoot, managing director of the PERC, said Wednesday ahead of the law’s being finalised: Passing the law “is a step in the right direction, but I don’t think any businessperson in Phnom Penh thinks corruption is going to be immediately fixed.”

Transparency International’s annual Corruption Perception Index for 2009, assigned Cambodia a score of two – with one being the most corrupt and 10 being the least – in a survey of 180 countries across the world.

Cambodia's Business Registration Surges in Early 2010

2010-03-05
Xinhua

New businesses registered with the Cambodian Ministry of Commerce increased by 18 percent in the first two months of 2010 compared to the same period of last year, local media reported on Friday, citing the statistics released from the ministry.

Official data, released by the ministry's Business Registration Department, stated that 338 enterprises and companies were granted licences in January and February this year.

This compares to 286 firms registered during the same two months of last year, and represents a tax revenue increase of 5, 200 U.S. dollars for the government given that registration rates have remained unchanged.

During the same time period, six companies were dissolved this year, compared to a total of nine in 2009, a year largely considered the worst on record for the Cambodian economy as international agencies including the International Monetary Fund and World Bank predicted a small contraction in gross domestic product.

An official at the department, who asked to remain anonymous, was quoted by the Phnom Penh Post as saying that registrations started increasing at the back end of 2009 and consisted of numerous South Korean and Vietnamese enterprises.

Many of the South Korean businesses, she said, have registered in preparation for the May launch of Cambodia's stock exchange, while the Vietnamese registrations were concentrated in the agricultural sector.

The official added that the procedures and laws had been improved to ease the granting of licences to traders and investors.

Nguon Meng Tech, director general of Cambodia's Chamber of Commerce, was quoted as saying on Thursday that the business climate in the country had improved so far this year.

In 2009, the total number of new companies registered declined sharply by an annualized 27 percent to 2,011 companies from 2,755 in 2008, the ministry figures showed.

Cambodian military, business cosy up as premier calls for support

The tycoons in the entourage of Cambodia's Strongman

Thu, 25 Feb 2010
DPA

Phnom Penh - Cambodia's Prime Minister Hun Sen has asked business leaders to help fund the country's military, saying all citizens of the South-East Asian nation have a duty "to defend the nation," national media reported Thursday. "This is not a legal duty that you have to do - the support is voluntary according to your ability," the Cambodia Daily newspaper quoted him as saying.

Hun Sen's speech was followed by a get-together late Wednesday hosted by the prime minister where senior military officials were scheduled to meet 250 leading business people.

Government spokesman Prak Sokhon told the newspaper that the aim was to establish a strong relationship between business and the military.

"To sponsor a battalion - well, 'sponsor' is a big word, but the private companies will help as far as they can," Prak Sokhon said. "In the past they sent food and so on to the border - it will be this kind of relationship."

Earlier this month Hun Sen addressed troops near the Thai-Cambodian border and heaped praise on a number of businessmen for providing support to the army.

"[They] donated 7,000 wooden beds at a total cost of 210,000 dollars," Hun Sen said, before outlining further requirements. "I need 30,000 beds for the [army], military police and the police who are standing by at the Cambodian-Thai border."

Hun Sen also announced Wednesday that he would visit troops on the Cambodian-Thai border this weekend in the north-western province of Battambang.

However, he refuted any link with the imminent verdict in the case against Thailand's fugitive former premier Thaksin Shinawatra. Thailand's Supreme Court is set to rule Friday on whether to seize 2.3 billion dollars of Thaksin's assets.

Thaksin was appointed as an adviser to the Cambodian government last year, a move that ramped up tensions between the two nations.

Cambodia's military has long been accused by human rights groups of involvement in illegal activities, including logging, mining, land grabs and human rights abuses.

Bank of India applies to open in Cambodia

Aug 26, 2008
DPA

Phnom Penh - Cambodia has welcomed an initial application by the Bank of India to open in Phnom Penh, local media reported Tuesday.

The Cambodia Daily newspaper quoted Finance Ministry director of investment Chan Sothy as saying the nationalized Indian bank, which has a presence in all the major trade centres of the world, applied to open in April.

The paper quoted Sothy as saying he and Finance Minister Keat Chhon met with outgoing Indian ambassador Aloke Sen Friday and 'welcomed the Bank of India to open a branch in Cambodia.'

The officials discussed various ways of increasing Indian investments in Cambodia, the report said. It quoted banking officials as saying the Bank of India application was still being processed and therefore no concrete date could be set.

The two nations have close historic ties and Cambodia has been keen to foster closer economic ties with India as investment from other powerhouse Asian economies such as China and South Korea continues to grow.

Doing business in Cambodia: It all boils down to connection with political leaders and organized crime

Political Links Influence Way Of Doing Business In Cambodia

November 07, 2007
From D. Arul Rajoo

PHNOM PENH, Nov 7 (Bernama) -- A study on the investment climate in Cambodia undertaken by the World Bank showed that companies with links with political leaders and organised crime have more influence over business regulations in the country.

Charis Woerffel, social research director of Indochina Research which is carrying out the study for World Bank, said initial results from 100 respondents showed they are also influenced to a lesser extent by business associations and foreign firms operating in Cambodia.

Asked who have less influence on them, the respondents, mostly small companies, mentioned international development agencies, said Woerffel at the Cambodia Investment, Trade and Infrastructure Conference here today.

But she was quick to point out it was preliminary results as they have only interviewed 100 of the targeted 500 firms operating in Phnom Penh, Seam Reap, Sihanoukville, Kampong Cham and Battambang.

The selected firms are in the garment, tourism, retail and trade industries, she said.

On a positive note, Woerffel said the respondents wanted to invest more in the next three years but also cited concern over corruption, anti-competitive issues and high electricity tariffs.

Senior partner of Sciaroni & Associates, Brett Sciaroni, described Cambodia as the "best kept secret" of Asia despite some rating agencies and international development agencies giving it poor marks.

"There is a lot of potential in the country. With all the poor reports and rankings, the country still attracts interest and that is why we have 600 participants today, more than double the number two years ago," he said.

One of the main reasons for the foreign interest was political stability, Sciaroni said, adding that the current government has been in office for some time and likely to win the mandate again in the election next year.

"There are little changes to the ministries and the ministers are the same. So there is not much swing in policies," he said.

Thai investors' view on Cambodia: the [Cambodian] people are not as hard-working or inquisitive as the Vietnamese

A closer look at Vietnam

Among the Asean countries in which Thais put their money, Vietnam seems to be offering the best value

Saturday September 22, 2007
WITTAYA SUPATANAKUL
Bangkok Post

This is the second of a two-part series on why Vietnam has emerged so rapidly as an important investment destination and how Thailand and its investors should adjust to the new environment.

Thai investors seeking to invest abroad are usually looking at countries within the 10-member Asean as they have more common grounds than differences.

Their proximity and the familiar way of dealing with people, governments and related agencies have helped keep Thai investors glued to their Asean neighbours.

Furthermore, the lower transport and logistics costs and potential gains from the Asean Free Trade Area (Afta) play a key role in their considerations. Under the Afta, goods and services are taxed between zero and 5% and the tariffs are set to be fully liberalised over the next two years.

Apart from Asean, there is also a huge interest in countries such as China, mainly due to the abundance of labour, the large domestic market and the low cost of production. But the market has become very competitive in nature.

Facts about Asean There are some points of consideration when investing in Asean:

- We would not invest in countries such as Malaysia and Singapore because the labour costs are higher than in Thailand.

- Laos has a population of 6.5 million, while Ho Chi Minh City alone has more than 8.5 million people.

- Burma is a closed country with no political or currency stability.

- Cambodia has a small population but the people are not as hard-working or inquisitive as the Vietnamese.

- The Philippines is too far. Its political situation is not very stable. It also is prone to a lot of natural disasters.

- Indonesia, among all the Asean countries, is the only country in which Thai entrepreneurs could invest. Its population is about 250 million. It has a low labour cost, but also has a lot of crime and ethnic conflicts, especially with the Chinese community.

The country also has lots of religious problems and terrorist threats, and the government's stability is also not very good. But if you cater to the domestic market, or need to use local content, then this is where you should pour the money in.

Indonesia is also abundant in its natural resources such as seafood, mineral ores and coal.

China vs Vietnam When it comes to China and Vietnam, the following comparison could be helpful for those wondering which offers the better value and greater return.

From the information available to me in my dealings with customers, especially investors from Taiwan, here are some of the key differences between the two countries:

- Labour costs: The costs of labour are about the same but China's cost structure is on the upward trend, while in Vietnam, the cost rises only once every few years. For example, over the past 10 years, wages rose only once in April this year from $35-45 a month to the current level of $45 to $55.

- Incentives: As for privileges offered for raw materials imported for production, Vietnam gives a tax break of nine months while China collects 17% when goods are imported and returns 9% when the products are exported.

The remaining 8% is returned in the future, but in reality the funds are asked to be donated to local organisations that are underprivileged and it is difficult to say no; therefore, doing business in China ends up being more expensive.

- Currency value: The Vietnamese dong has had a tendency to depreciate and over the past four years it has weakened by 1% annually. The yuan, on the other hand, has been appreciating against the US dollar and Beijing is under intense pressure from the United States and European countries to float its currency.

- Dumping problems: China faces various anti-dumping measures from countries such as the United States and the European Union but Vietnam sees its products welcomed, especially by European countries.

This has caused a lot of companies in China, such as furniture and candle producers, to close shop and move to Vietnam.

- Tax rates: The tax rates in both countries also make a difference. As a member of the 10-member Asean, Vietnam has the advantages that China does not have. Import and export taxes are therefore lower and transport and logistics are more convenient and cheaper as it is closet to Thailand.

- Policies: The policies of the central and provincial governments are in line with each other in Vietnam, but in China this is not always the case. In one case, the court in Beijing allowed Thai businessmen to invest in Shenzhen but the local administration in the province blocked the move, citing local laws.

- Preferred businesses: Vietnam welcomes large corporations, as well as small and medium-sized investors, whereas in China the red carpet is laid out primarily for large multinationals with deep pockets and good connections.

Apart from these advantages, Vietnam has lots of natural resources such as seafood, ores, crude oil and natural gas. It also exports farm products in large volumes such as rice (second-largest in the world), coffee (second after Brazil), cashew nuts (second to India), pepper (world's largest), frozen food (sixth largest in the world), and tea leaves (seventh largest).

These strengths, coupled with the highly efficient workforce in Vietnam, have help attract some of the labour-intensive industries out of the various countries in this region.

Another area that could be of interest to Thai investors is the tourism industry, an inherent strength of the Thai people, as tourism continues to show tremendous growth in Vietnam.

Vietnam has more than 3,260 kilometres of beachfront and has beautiful beaches such as Na Trang, Phan Thiet, as well as the world heritage site Halong Bay.

Other areas that Thai investors could look to tap into are the automobile industry.

Although right now car sales in Vietnam are not very high, they are increasing every year and the area that is really booming is the motorcycle market.

Currently, there are 20 million motorcycles in Vietnam and the number is increasing by two million a year. Thai entrepreneurs can look to tap this growing market by supplying parts and accessories, exporting or building clusters of factories.

Wittaya Supatanakul is Bangkok Bank Plc's adviser on Vietnam. He was the general manager for Bangkok Bank's Ho Chi Minh City branch before becoming the adviser on the bank's Vietnam strategy.

Cambodia seeks effective ways to spread key information to SMEs

September 13, 2007

Participants from Cambodian public and private sectors Thursday discussed effective strategies to spread information about key developments in the business environment to small and medium enterprises (SMEs).

The Cambodian government is currently undertaking significant reform measures to improve the business environment and in particular creating a more enabling environment for SMEs, which constitute well over 90 percent of all of Cambodia's business enterprises, a press release said.

Discussions focused on how to get information about new commercial laws, the streamlined business registration process, the decentralized business registration initiative in Battambang, the SME Subcommittee's new business licensing hotline, and the financial accounting template for SMEs, it said.

The participants noted the different strategies required to disseminate information to SMEs and local government officials, and they exchanged experiences on what works well in Cambodia and elsewhere, it added.

"There have been extensive improvements made by the government to facilitate the development of SMEs over the past two years, but we need to improve awareness of these reforms among the small business community and local government officials," said Keo Rottanak, Secretary of the SME Subcommittee.

"By getting more information about the reforms out to SMEs and local government officials, enterprises will be able to take advantage of the improved legal and regulatory framework for business," he added.

The meeting was hosted by the SME Secretariat and the Cambodian Ministry of Industry, Mines and Energy (MIME) through support of the Asian development Bank's technical assistance under the Cambodia SME Development Program, the press release said.

Source: Xinhua

JSM Indochina makes first investment in Phnom Penh retail centre

Thu, 09 Aug 2007
Property Funds World

JSM Indochina, an AIM-listed company focused on retail and residential investment and development in Vietnam and Cambodia, has completed its first investment as part of the initial portfolio detailed in the company's admission document published on June 22.

Embassy Center is to be an anchored-retail shopping centre featuring 30,515 square metres of retail space along with 100 high-rise serviced apartments in Phnom Penh, with apartment sizes ranging from one to three bedrooms. The property is situated near Central Market, the US Embassy, Wat Phnom, the Governor's House, Le Royal Hotel and the developing financial district. Embassy Center is a few kilometres from Pochentong International Airport.

JSM Indochina estimates that the overall total investment commitment relating to Embassy Center will be approximately USD42m over several years, inclusive of land acquisition, construction and development costs. It is expected that the first phase of the development will be completed and initial rents will commence by 2010.

The Embassy Center was acquired by JSM Indochina chief executive Craig D. Jones in two phases in 2006 for USD13.1m. As set out in the admission document, his consideration for transferring the property to the company will be in new ordinary shares subject to a lock-in for 12 months from the date of admission. On May 30, CB Richard Ellis assessed the unimproved value of the land relating to Embassy Center at USD14.1m.

'We are delighted to have concluded our first investment following the AIM listing in July,' Jones says. 'JSM Indochina gives investors access to one of South East Asia's fastest-growing economies and developing property market. We believe that Vietnamese and Cambodian real estate fundamentals now offer extremely attractive opportunities for investors.'

JSM Indochina was established to investing in Vietnamese and Cambodian real estate, focusing on the development and management of high specification retail and serviced apartment assets in leading cities. The company, which raised USD220m when it listed on AIM on the London Stock Exchange on July 2, aims to provide shareholders with attractive total shareholder returns over the mid- to long term. The manager is JSM Capital Indochina.