Logo of Phnom Penh Post newspaper Phnom Penh Post - Competition law deferred

Competition law deferred

Competition law deferred

Da Nang, Vietnam
CAMBODIA will wait to introduce new competition laws that could result in legal action being launched against domestic companies, Minister of Commerce Cham Prasidh said yesterday.

The Kingdom will wait until next year to consider whether to implement legislation, despite having “almost finalised” a draft version, he said.

The Association of Southeast Asian Nations issued regional guidelines on competition policy yesterday, illustrating international best practice.

Vietnam’s Industry and Trade Minister Vu Huy Hong said yesterday: “It is necessary to create a fair and transparent competitive environment in order to support enterprises as well as attract foreign investment.”

Surin Pitsuwan, ASEAN’s secretary general, said in a press release that the guidelines would lay the foundation for a competitive ASEAN community.

But Cambodia’s senior officials said that the Kingdom would not rush into anything. “We are trying to educate our local companies. But when we are still weak, we will lose under this law,” said Cham Prasidh at the 42nd ASEAN Economic Ministers Meeting.

“Foreign companies would put pressures and sue our local companies as they have not complied well on this issue,” he said. Cambodia Chamber of Commerce director general Nguon Meng Tech agreed that Cambodia could lose out.

ASEAN member states have until 2015 to comply.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro

  • Nestle’s debut may spur dairy market

    Leading confectionery manufacturer Nestle plans to invest in Cambodia by setting up an operation in the near future, a move majorly hailed by local dairy farmers as a means of boosting the fresh milk market in the Kingdom. During a visit by a delegation led

  • ACLEDA, WU to enable global money transfers

    Cambodia's largest commercial bank by total assets ACLEDA Bank Plc and global money transfer firm Western Union (WU) have partnered to offer customers cross-border money transfers to 200 countries via “ACLEDA mobile” app. In Channy, president and group managing director of ACLEDA, said the June 22 agreement