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Chinese firm to carry out 160-mln-USD logistics project in Cambodian capital | World | Vietnam+ (VietnamPlus)


Chinese firm to carry out 160-mln-USD logistics project in Cambodian capital hinh anh 1The Cambodian private transport sector currently faces a severe shortage of lorry parking (Source: Phnompenhpost)

Phnom Penh (VNA) China Good Cars Holding Ltd is looking for a strategic
location for its proposed 160-million-USD modern heavy vehicle parking terminal
on the outskirts of Phnom Penh to serve as a major gateway into the capital,
the Phnom Penh Post reported on July 2.

Company
representatives recently met with Phnom Penh municipal Governor Khuong Sreng to
discuss the project.

Spokesman of the Phnom
Penh Municipal Hall Met Meas Pheakdey said the capital city strongly supports
the project, given the severe shortage of lorry parking in the capital.

Cambodia Logistics
Association President Sin Chanthy stated that the facility, once operational, will
improve freight transportation and logistics in the country.

He said the private
transport sector currently faces a severe shortage of lorry parking.

The number of
registered vehicles in Cambodia rose 13 percent last year. Newly registered
vehicles last year totalled 640,183, including15,956 heavy vehicles, 92,958
cars and 531,269 motorcycles.

The COVID-19 is
seriously affecting the country’s logistics sector, with 10-15 percent of firms
forecast to go bankruptcy in the next three months./. 

VNA





LOGISTICS VIETNAM

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Cambodian logistics providers predicted to face bankruptcy amid COVID-19 | World | Vietnam+ (VietnamPlus)


Cambodian logistics providers predicted to face bankruptcy amid COVID-19 hinh anh 1Cambodian logistics providers predicted to face bankruptcy amid COVID-19 (Photo: The Khmer Times)

Phnom Penh (VNA) – The on-going COVID-19 pandemic is seriously damaging Cambodian logistic
providers, with about 10-15 percent heading for bankruptcy in the upcoming
months, according to the Cambodia Freight Forwarders Association (CFFA).

The Khmer Times quoted CFFA President Sin Chanthy as saying that many
providers are struggling to survive, some had already gone bankrupt, and
others will file for bankruptcy within the next two or three months.

The logistics providers have been adversely affected the COVID-19 pandemic, and
it hasn’t seen any sign as to when the situation will recover, he said.

Chanthy added that the traffic of goods and product exports have
dropped about 70-80 percent because there has been a dramatic decrease in
buying orders.

More than 100 member logistics firms of CFFA are struggling to survive as they are
facing financial distress, with an estimated 60 percent decrease in revenue, he
said.

The Cambodian Government decided to cut the 2021 State budget to 4 billion USD due to the impact of COVID-19, 50
percent drop from this year’s State budget. The Southeast Asian nation’s economy
is expected to grow by 3.5 percent next year.

Previously, the Asian Development Bank predicted Cambodia’s economic growth
will expand 2.3 percent  in 2020, while the
International Monetary Fund forecast that Cambodia’s GDP will experience a negative growth of 1.7 percent in 2020./.

VNA





LOGISTICS VIETNAM

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