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Logo of Phnom Penh Post newspaper Phnom Penh Post - Govt records 16pc spike in business registrations

Govt records 16pc spike in business registrations

NEW business registrations rose 16 percent during April 2010 compared to the same period last year, according to month-on-month data issued by the Ministry of Commerce on Monday.

Statistics show 444 businesses were registered in April this year, up from 384 in 2009. Of those registered, 250 were local companies and industries – a slight increase of 3.3 percent over last year – while foreign company registrations surged 35 percent to 193, up from 143 last year.

Total representing revenue generated from registrations rose 22 percent to US$25,000 from $20, 435.

Ministry Director General of Statistics Kong Putheara said the surge in foreign interest was mainly from Vietnam, which surpassed Thailand in registrations.

“We’ve recently seen a lot of companies from Vietnam coming to do business and invest in our country. It is fighting for market share now, as we are facing political standoff with Thailand,” he said. “Mostly, [the Vietnamese companies] are investing in the agricultural sector and daily consumer products.

“We’ve also noticed our local people starting to do more business in cooperation with Vietnamese businesses as they start accessing the money they kept in the bank during the crisis last year,” Kong Putheara added.

However, he said new company registrations from Thailand, China, Korea and European countries still remain sluggish, despite the recovering global financial situation.

Economic Institute of Cambodia senior researcher Neou Seiha said the increase was linked to the improving prospects for sectors such as tourism, construction and agriculture.

“Now people are beginning to spend their money to start a business and enlarge their business,” he said.

Kong Putheara said he now believes that new company registrations will continue to grow.

Previously, new company registrations fell 27 percent in 2009, compared to 2008.

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