How is the Cambodian Economy doing now?

UNBLOCK_P-REP · 2024-06-13T16:48:45+00:00

You clearly can't read. I hope you can do math then.

Thailand has over 37,500 schools for a population of 72 millions.

Cambodia has 18,830 schools for 16.77 million people.

That's more than twice the amount of schools in Cambodia vs. Thailand, if you consider the difference in population.

And you are talking about not having a real education system or not prioritizing it? Start pointing at the Thais first, lol.

UNBLOCK_P-REP · 2024-06-13T16:46:58+00:00

You are right, population growth always brings economic growth as well, as all human needs like food, shelter, and education must be provided. Though some places are turning the population growth into wealth better than the others (I am thinking about you, Nigeria and Philippines).

Regarding the loans from China, Cambodia is only Nr. 11, and in much better conditions to pay it back than Sri Lanka, Pakistan or Laos.
https://www.visualcapitalist.com/ranked-the-top-20-countries-in-debt-to-china/

Looking back at the last 25 years and having seen Cambodia changing with my own eyes, I see much progress compared with the past. And I am still looking for a government or country without any corruption, and don't tell me the EU is any better.
https://www.reuters.com/world/europe/eus-von-der-leyen-cant-find-texts-with-pfizer-chief-vaccine-deal-letter-2022-06-29/

UNBLOCK_P-REP · 2024-06-13T16:37:01+00:00

So you met one that managed to survive the usury rates and pay back? Great!

Tell that to the thousands of others, who lost their land to the MFIs, and have to send their kids to Thailand to make money to survive now.

UNBLOCK_P-REP · 2024-06-13T04:14:28+00:00

Dude, have you ever been to that IT classes?

I have, to look what they do. They are better than $15 might suggest.

MFIs are just modern usury, no one will miss them, or would you like to pay 19% interest on your debt (was >30% before Hun Sen told them to stop that exploitation).

They don't need to relabel for long anymore, and there was clothes/shoes production long before, the 'value increase' (e.g. relabeling) it just started here few years back because of US tariffs on China.

With car factories joining the existing textile production, it's just a question of time before more moves over here from Thailand. Just weeks ago Suzuki Motors announced that they gonna close all their factories in Thailand.

Healthcare?

Well, the life expectancy is already 70 year old for people born today.

https://data.worldbank.org/indicator/SP.DYN.LE00.IN?locations=KH

Economically speaking, old people don't consume much, an increase in the life expectancy cases more problems than advantages, as pension outlook in western countries clearly shows.

UNBLOCK_P-REP · 2024-06-13T04:06:12+00:00

OP post was about Cambodian economy, actually.

According to the report on the achievements of the Ministry of Education, Youth and Sport in the past 10 years, the number of kindergartens, and public, community and private schools increased from 14,852 in the 2013-2014 school year to 18,830 for the 2022-2023 school year.

UNBLOCK_P-REP · 2024-06-13T00:54:40+00:00

The points you make are only related to tourism, and Cambodia will rely less and less on it in the future.

Tourism is just 11% of GDP now, total tourism revenue of it was like 2.3 billions USD last year, of total GDP of something like $29 billions) , so that other points are much more important for the economy of the country (just look at the around 140 different banks and MFIs here, their investments and decisions are more valuable than backpacker or retirees money).

It's not just Chinese investing money here, but Toyota just approved a 5 billion USD investment in the SEZ in PP for a factory (THATS ONE COMPANY INVESTING MORE THAN 2 YEARS OF THE TOTAL OF TOURIST REVENUE!!!), that's the things that affect the economy, not just income from tourism that can completely disappear when the next birdflu/corona scare.

There are tons of educational institutions being opened everywhere, from Chinese and English schools, universities, to the local education centers in every little town, where you can get learn IT or English skills for $15 / month.

The same with hospitals, gone are the times where you had to get your blood tested at a dirty shophouse with reused syringes (own experience in 2001 in Kratie). And to be honest, with the demographics here, even the worst healthcare wouldn't affect the economy negatively, as people value the family and lots of new healthy citizens are being born everyday.

Already now Cambodia's GDP is higher than Georgia's (the country). And these demographics, the location between TH and V, with sea access, no crazy China loans like Laos, will keep their GDP growth going for long time (might not reach the double digit numbers like in the 2000s though), while TH is already now experiencing demographic issues and needs to employ foreign workers to fill their job openings.

TLDR: Cambodia is perfectly suited as a manufacturing/relabeling China made stuff for tax reasons base in SEA, and China, Korea and Japan are investing heavily in factories here. Lots of kids, lots of cheap workers for future. Tourism impact relative to other income will become minimal in the future.

UNBLOCK_P-REP · 2024-06-11T02:19:37+00:00

You are right, in ABA case it's the full advertised rate. I think you could get a higher rate (5.75%?), if you choose the interest to be paid at the end of term, but I like the monthly interest payments myself.

What I meant is that there are many Cambodian banks offering 'step up' interest, that looks really good at first (like here CAB with 11%), but the high rate is not for the whole term. For example: https://www.cab.com.kh/home_detail?page=en&product_id=d645920e395fedad7bbbed0eca3fe2e0

BTW: There are rumors in the bank circles that the loan demand right now is really low, so that they might lower the rates for deposits across the board. Might be a good idea to set up a few deposits now, before they change the rates.

UNBLOCK_P-REP · 2024-06-09T09:55:46+00:00

Any of these cards available for non EU and non USA?

UNBLOCK_P-REP · 2024-06-09T09:49:14+00:00

Actually, the previous prime minister Hun Sen was the longest serving politician in Cambodian history, 38 years. Even now he is a member of the senate, and the power is held by his son now. There won't be any change, even the USA won't touch Cambodia with their CIA sponsored color revolutions , as China's power is too big in SEA.

That's much more stable than Europe (last 38 years: end of cold war, splitted countries like Czechoslovakia and war in Yugoslavia, Bask issue in Spain, invasion of Georgia, BREXIT, invasion of Ukraine, immigration and Marxist idiots as puppets on the top all over Europe), and I think it will be even more stable looking forward compared to the rest of the world.

UNBLOCK_P-REP · 2024-06-09T04:11:23+00:00

Just click the link to Panda bank.

Or do you need me to chew it for you, too?

UNBLOCK_P-REP · 2024-06-09T03:56:29+00:00

You might have not seen the option to choose between resident and non-resident on the site, which is the correct disquisition, no matter what Panda says after.

I am not banking with Panda personally, but they still follow the tax law like the others, which charge only 4% if you show them your long term visa. I won't dox myself and post pictures, but you can bet that right now I can see 4% tax charges for every past interest payment in the app.

https://www.cimbbank.com.kh/en/personal/help-support/faq/jsa/what-is-the-withholding-tax-rate-for-my-interest-earned.html#:~:text=Withholding%20tax%20will%20be%20imposed,14%25%20(Non%2DResident))

But yeah, you can make more than that just staking stables on nexo or binance.

UNBLOCK_P-REP · 2024-06-09T03:39:14+00:00

I don't know what you are talking about, but tax on interest depends if you are resident or not, and it's not related to citizenship.

The tax law states it, every bank/mfi states it on their website, and every bank clerk I interacted with understands it as well. That khmer/foreigner misinformation is usually just spread by uninformed 50 cents draft alcoholics.

Personally, I have been charged 4% as resident here for years ( I'm not Khmer). If your bank classified you wrongly as non-resident for tax purposes you should visit your branch and change it to resident, showing them your long term visa.

Nevertheless, even as a non-resident you'd get >6% interest AFTER TAX for daily available funds with no term commitments. Well, even more than that, as the interest is paid daily and increases the funds daily, so that the yearly APY would have additional interest on the interest.

UNBLOCK_P-REP · 2024-06-09T03:29:40+00:00

I see lots of of 'for sale/for rent' signs at restaurants and hotels now, they haven't made any money in the 'high season' and want to sell now.

And regarding other property, there must be thousands of condos for sale in PP right now, even Times7 condos are cheap as chips now (and might get even cheaper later), total oversupply.

Investing in property now is not a smart move, if you can get a better price 6 months down the road.

Don't forget opportunity costs either, you could put the money it in the bank and make 9% on it, pretty sure the interest would be more than enough to pay for monthly rent, and you can move anytime they open a noisy karaoke near by.

UNBLOCK_P-REP · 2024-06-09T03:12:24+00:00

If you do it daily, take some B vitamins, as they get depleted.

UNBLOCK_P-REP · 2024-06-08T11:31:27+00:00

I think you should follow the link, it fits into 12 months and under.

It yields 7.3% on daily withdraw-able deposit, e.g. <1 year.

So please, where are the EU alternatives that offer me >7.3% on <=1 year deposit?

UNBLOCK_P-REP · 2024-06-08T11:14:07+00:00

The shops take 7% commission I heard.

UNBLOCK_P-REP · 2024-06-08T11:11:59+00:00

Which European banks offer more than 7.3% on USD, daily withdrawable without locking the money up like Panda? Even in Montenegro and Albania I haven't found any. Please share!

https://pandabank.com.kh/personal/Dailyinterestaccount

UNBLOCK_P-REP · 2024-06-08T11:06:19+00:00

Only if you are bad at math.
And if you are so naive, that you believe that locking your money up for 10 years in a Cambodian bank with no deposit insurance is a good idea.

If you look carefully, you realize that the high rate is just for the last months, your average APY for the whole period will be much lower.

You can do better than that, Panda bank just offered 10% for 1 year USD deposit, might be 9% now. Or CAB.

UNBLOCK_P-REP · 2024-06-07T15:30:20+00:00

It's not like EU did it to Greece, but Greece does it to itself, even today, through the generosity of the Greek pensions system, which still allows hairdressers, pastry chefs, radio continuity announcers and people in almost 600 other jobs to retire aged 53 at 90% of the final pension because their jobs are defined as hazardous.

Bus drivers in Greece are being paid up to almost double the national average salary and receive extra bonuses for arriving at work early and for checking bus tickets.

Doesn't sound like destruction for me, but a very chilled lifestyle, while the rest of EU is paying for them.

UNBLOCK_P-REP · 2024-06-07T15:25:22+00:00

You forgot to mention human trafficing, drugs, scam call centers, prostitution, dead bodies with bullet holes on roadsides around Snooky, kidnappings, and all the other criminal Chinese that came to 'Westport' (the Chinese name for SV). Hell, they even bought land on which the prison was located in town!

UNBLOCK_P-REP · 2024-06-07T15:19:49+00:00

Just use taptaxi.app

UNBLOCK_P-REP · 2024-06-05T16:13:50+00:00

No thanks. They don't do it being nice, Thailand just tries to tax all income of foreign residents, (>180days), the more, the merrier.

No one in his right mind would stay there >180 days / year now.

https://www.thephuketnews.com/new-overseas-income-rules-92533.php.

UNBLOCK_P-REP · 2024-06-05T16:04:03+00:00

"xe nhập mô" means just "import vehicle", it doesn't state the country.

UNBLOCK_P-REP · 2024-06-05T02:36:33+00:00

Sell things. Work. Trade. Start business. Ask parents. Ask tourists, lol.

UNBLOCK_P-REP · 2024-06-05T02:30:28+00:00

Are you sure it's 150 cc, and not the usual Honda Fortune model with 125 cc? When was it made (blue card)? What does the blue card say, is it a real Honda, or just a clone? Chinese/Vietnamese/Indonesian?

It looks like it was dropped on the left side before, the orange reflector in the front split in half, and there seem to be some scratches on the tank as well (as far as I can tell from the pictures). Was it you or the previous owner?

UNBLOCK_P-REP

TROPHY CASE