Cambodia’s construction sector remains stable
The Cambodian Ministry of Land Management, Urban Planning and Construction said the construction industry in the country remains stable despite a serious downturn facing many sectors globally due to impact of COVID-19.
Phnom Penh (VNA)
– The Cambodian Ministry of Land Management, Urban Planning and Construction
said the construction industry in the country remains stable despite a serious
downturn facing many sectors globally due to impact of COVID-19.
Khmer Times quoted the ministry’s spokesperson Seng Lot as saying that construction projects are on the rise in the Southeast Asian country.
He noted more than 500 construction projects applied for permits with the ministry by the end of February this year, compared to only 300 applications pending in the same time period in 2019, which showed the industry isn’t being negatively impacted.
The top three investors are China, the Republic of Korea and Japan, he said, adding that despite a rise in the number of COVID-19 cases in Cambodia, there has been no postponement of major construction projects.
According to the ministry’s official figures, investment in the sector reached around 11 billion USD in 2019, surging by nearly 90 percent from the 5.5 billion USD in 2018.
Kim Heang, regional operating principal of the US-based real estate firm Keller William Cambodia, said the effects of the COVID-19 epidemic could provide a golden opportunity for savvy construction companies as the price of construction materials and construction labour is going down, while at the same time, registered developers are also benefitting from a four-percent stamp tax exemption from the government from February 2020 to January 2021./.
Khmer Times quoted the ministry’s spokesperson Seng Lot as saying that construction projects are on the rise in the Southeast Asian country.
He noted more than 500 construction projects applied for permits with the ministry by the end of February this year, compared to only 300 applications pending in the same time period in 2019, which showed the industry isn’t being negatively impacted.
The top three investors are China, the Republic of Korea and Japan, he said, adding that despite a rise in the number of COVID-19 cases in Cambodia, there has been no postponement of major construction projects.
According to the ministry’s official figures, investment in the sector reached around 11 billion USD in 2019, surging by nearly 90 percent from the 5.5 billion USD in 2018.
Kim Heang, regional operating principal of the US-based real estate firm Keller William Cambodia, said the effects of the COVID-19 epidemic could provide a golden opportunity for savvy construction companies as the price of construction materials and construction labour is going down, while at the same time, registered developers are also benefitting from a four-percent stamp tax exemption from the government from February 2020 to January 2021./.
You should also see
PM urges village elders, citizens to help preserve cultural heritage
Prime Minister Pham Minh Chinh has asked village elders and chiefs, skilled artisans and reputable citizens to make greater efforts to preserve and promote tangible and intangible cultural heritage, which is the quintessence and core value of the nation.
See more
World
Indonesia develops sustainable tourism
Indonesia has been working to realise its goal of building a quality, sustainable and environmentally friendly tourism industry.
World
Vietnam to have many opportunities from digitalisation, green transformation: IMF
The International Monetary Fund (IMF) has forecasted that Vietnam will have many opportunities from digitalisation and green transformation, according to IMF Asia and Pacific Department Director Krishna Srinivasan.
World
Thailand’s EV sales forecast to miss target
Electric vehicle (EV) sales in Thailand may fail to reach the estimate of 130,000 units this year as prices are likely to keep changing, according to Hyundai Mobility Thailand.
World
Thailand, EU hope to sign FTA in mid-2025
Before the Songkran holiday, senior officials from Thailand and the European Union (EU) met in Bangkok to discuss ways to promote their relationship, including the framework of the Free Trade Agreement (FTA), green transformation, and Schengen visa waiver, Thai media has reported.
World
India’s trade deficit with ASEAN widens
India's trade deficit with the Association of Southeast Asian Nations (ASEAN) has more than doubled since the implementation of the ASEAN-India Trade in Goods Agreement (AITIGA) in 2010.
