Veterans to receive payments through Canadia Bank

PHNOM PENH (Cambodia Herald) – Permanent Deputy Prime Minister Men Sam An has advised the Ministry of Social Affairs, Veterans and Youth Rehabilitation that the government will soon start making transfers to veterans through Canadia Bank.

“The government has carried out many tasks in social affairs with social and health services being expanded, especially for children, amputees and vulnerable people,” she told an assembly at the ministry on Tuesday.

Despite these achievements, Social Affairs Minister Ith Sam Heng, said: "Many challenges remain including natural disasters which affect people's livelihoods."

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World tea prices expected to remain firm in 2012

PHNOM PENH (Herald) - World tea prices are expected to remain firm this year as demand for black tea, which accounts for most of world production, has exceeded supply since 2009, the  Food and Agriculture Organization of the United Nations (FAO) said Wednesday.

In a statement from Rome, the FAO said tea prices averaged $2.85 a kilogram last year. "The high tea prices resulted in an estimated 2.2 percent increase in the export earnings of producing countries in 2011, significantly benefitting their rural incomes and household food security", the agency said, citing findings by the FAO Integovernmental Group on Tea.

Total world tea consumption climbed 5.6 percent to four million tonnes in 2010, the latest year for which figures are available, and was underpinned by the rapid growth in incomes, particularly in China, India and other emerging economies.

Production rose 4.2 percent to 4.1 million tonnes during the same period with black tea output increasing 5.5 percent in response to record prices and green tea output edging up 1.9 percent. China remained the world’s largest tea producing country with an output of 1.4 million tonnes and a 33 percent share of the world’s total.

A review of the market "indicates an improvement in the fundamental oversupply situation seen in recent years, with supply and demand coming into greater balance at prices higher than over the last decade.

"But that trend will not continue if growers over-react to current firm prices," the FAO warned.

Over the coming decade, black tea production is projected to  grow at almost 1.9 percent annually to reach 3.28 million tonnes by 2021 while green tea production is projected to grow much faster at 7.2 percent a  year to 2.6 million tonnes in the same period, reflecting anticipated growth in China, where production is expected to reach 2.3 million tonnes.

The FAO meanhwhile urged tea growers to diversify into other market segments such as organic tea.

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Ethnic minority villagers in Ratanakiri dispute Heng Veasna rubber investment

PHNOM PENH (Herald) - Some 100 members of the Tampoun ethnic minority in the remote northeastern province of Ratanakiri gathered outside the provincial hall earlier this week claiming that Heng Veasna Co had encroached upon 10 hectares of their land, Rasmei Kampuchea reported Thursday.

On Tuesday afternoon, the newspaper said, villagers from Andoung Meas district's Malech commune traveled in a convoy of motorbikes and trucks to the provincial hall in Banlung, parking at the house of Chok Merl, director of the provincial Department of Women's Affairs. 

The Andoung Meas district governor and a deputy provincial governor were seen meeting with the villagers. But the villagers told the newspaper that authorities told them to go back home, promising they would visit the site of the disputed land and resolve their problems on Friday.

Rasmei Kampuchea said the villagers have since continued to visit the provincial office to gather witnesses.

"Our only aim is to meet provincial officers to help settle the problem and seek justice," one of the Tampoun village representatives was quoted as saying, accusing Heng Veasna Co of bulldozing farmland and a spirit forest. "It never consulted or reached a settlement with villagers and consulted only with the village chief and the district governor."

Since getting investment rights from the government, the village representative said, the company has been bulldozing land and erecting poles deep into the hundreds of hectares of village land.

"We've repeatedly lodged complaints against the company at the district and provincial levels and with people's representatives via the village and commune offices to seek their intervention. But the authorities haven't done anything with the complaint so far," the representative said.

Norng Darith, the governor of Andoung Meas district, told the newspaper that he had urged villagers to return home and wait until Friday, by which time provincial officers could visit the site in a bid to reach a settlement.

According to various sources, Heng Veasna was granted a 70-year government land concession to grow rubber on 120,000 hectares of land. After excluding disputed land, the remaining concession is only 58,000 hectares.

Pen Bonnar, provincial coordinator for human rights group Adhoc, told the newspaper that Andoung Meas villagers came to the provincial hall on Tuesday but were prevented from entering.

"After that, they came to our office asking us to be observers. The villagers said that if there's no proper solution soon, they'll file a complaint to Prime Minister Hun Sen to intervene," he reportedly said.

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Tensions at DFDL prompt creation of new firm

Two partners and about 20 employees at DFDL, a regional law firm that has consulted on some of Cambodia’s biggest investment projects over the past 16 years, stunned the company last weekend with an announcement of their departure to start a new tax advisory outfit.

The departing partners, who were based in Phnom Penh, yesterday said that months of negotiations to restructure DFDL’s tax unit had proved unsuccessful, leaving them no choice but to leave.

Edwin Vanderbruggen, now a former DFDL partner and managing director of the company’s tax and customs practice group, claimed that he and fellow partner Jean Loi had held discussions with management about the company’s tax division – and leaving the firm entirely – since at least the middle of last year. 

Those talks had proved unsuccessful, Vanderbruggen said.

“Something had to be done. These talks were dragging on and it wasn’t confidential anymore, and it was affecting the spirit and atmosphere in the office,” he said, claiming that DFDL employees, clients and competitors knew of the office tensions.

DFDL, however, said in a statement that it was caught unawares by the move and claimed that the partners were under obligation to the firm. 

“Appropriate measures” would be taken in response, it said.

“We were surprised and disappointed to learn about Edwin Vanderbruggen’s and Jean Loi’s sudden departure from DFDL,” the firm said. 

“The path chosen by Jean and Edwin is in conflict with their obligations to the firm.

“DFDL is taking the appropriate measures in this regard while carrying on servicing our clients in our core areas of expertise, including tax advisory,” according to the statement.

The company did not specify what those obligations were or the exact measures being taken in response, and declined to answer follow-up questions from the Post yesterday. 

But DFDL did say that further statements about Vanderbruggen and Loi’s departure may be coming this week.

Vanderbruggen and Loi originally described their split with DFDL as amicable, but were forced to retract those statements once DFDL released its statement to the press. 

In an email on Saturday titled, “Farewell from the DFDL Tax Team”, Vanderbruggen said that he, Loi and the other departing DFDL employees would be “pursuing our career in tax services in a new professional capacity”. 

Loi, who worked for more than a decade with PricewaterhouseCoopers in New Zealand, Cambodia and Vietnam prior to joining DFDL in 2011, was named in the email as Vanderbruggen’s partner in the new venture, VDB Loi.

The email said a group of 19 tax professionals working for DFDL, largely in Cambodia but also in Vietnam and Singapore, would join VDB Loi.

“We leave our friends at DFDL on good terms and we wish them every success,” Vanderbruggen said in the email.

Vanderbruggen and Loi said yesterday their goal was to create a tax and legal consultancy for businesses seeking to invest and operate in Southeast Asia. 

VDB Loi was up and running in Cambodia, Vietnam and Singapore, and would soon add an office in Laos. 

“If you want to deliver a real solution to the client, you need to be able to provide a very integrated tax and legal solution” to them, Vanderbruggen said, with Loi adding that the firm “can offer a one-stop shop for all my clients”. 

When first reached by phone yesterday, they reiterated their claim that the split from DFDL was amicable. 

“DFDL’s an excellent firm,” Vanderbruggen said. 

“These guys are my friends. I think they understand we all want to pursue our careers in our own way.” 

Loi also claimed their departure was a positive one, saying, “From my point of view, this has been an amicable split.”

However, DFDL’s statement rejected that notion. 

“Contrary to what they may have suggested in recent communications, this separation was not made with our consent and knowledge, and is not amicable.”

DFDL also disputed the claim the partners had left with “our entire team of tax advisers”.

“This is incorrect and misleading,” the statement said. 

“DFDL has a strong and loyal team of highly qualified tax advisers ensuring continuity of quality tax services to all our existing and future clients.”

When asked about DFDL’s response, Vanderbruggen said he did not know of any obligations to DFDL that prevented him, Loi or the other employees from starting the new business.

He claimed only that there were some “financial consequences” for partners, though he did not elaborate on what those consequences were.

Vanderbruggen also declined to comment on whether DFDL knew about the departure prior to Saturday’s email, or about which DFDL clients planned to follow him to his new firm.

“Once the dust has settled, I’m very confident we’ll have a very nice practice,” he said.

Dun Kosal, a senior adviser for tax compliance in DFDL’s Phnom Penh office, said yesterday he did not know of Vanderbruggen’s decision to leave until Saturday’s email.

Most of the tax team in Cambodia seemed to have left, he said, “except me”. 

Dun Kosal said he had largely no reaction to the news, and was waiting for word from the company’s remaining partners  on what would happen next. 

“I’ll go to work as normal … and we’ll see.”

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IMF says Cambodian economy to grow 6.5 per cent, but warns of risks

Phnom Penh - Cambodia's economy is expected to grow 6.5 per cent in 2012, up from 5.75 per cent last year, the International Monetary Fund said in its annual review, adding that government policies to boost the investment climate were paying off.

However, in its assessment, which was released overnight, the US-based body warned the kingdom's economy was vulnerable to the global slowdown, adding that its narrow export base made it susceptible to 'significant downside risks.'

Cambodia's economy is based on agriculture, garment manufacturing, tourism and construction, with the last three helping to buoy the economy last year. The garment industry was the largest foreign exchange earner in 2011 worth 3.75 billion dollars in exports.

'If you look at the report there has been quite a bit of progress on several fronts and that progress needs to be continued,' IMF country director Faisal Ahmed told dpa Tuesday, adding that one key area needing attention was the financial sector.

The IMF assessment called again for a moratorium on banking licences - more than 30 banks now operate in Cambodia, making it 'overbanked' - until the central bank has sufficient capacity to regulate the sector.

'The current degree of concentration and fragmentation poses risks to financial stability, while not delivering sufficient benefits from competition and innovation,' the report stated.

Stagnant tax revenues combined with increased spending following 2011's floods had cut the government's deposits to around 4 per cent of GDP, leaving it with limited room to tackle future challenges.

The IMF recommended the government boost efforts to increase the tax take and raise spending on infrastructure and high impact social programmes. Further improvements to the business environment would also reap rewards, contributing to an expectation of 7.6-per-cent growth over the medium-term.

The IMF again cautioned that guarantees to firms involved in build-operate-transfer power projects, particularly hydroelectric dams, could generate 'potentially large contingent liabilities.'

The high cost and poor reliability of the electricity supply has long proven a brake on inward investment, which is why the government has signed deals for dozens of projects over the next decade. However it has also guaranteed to buy all of the electricity generated by at least some of those projects.

Although the risk posed by that guarantee might not seem significant given the current shortage of electricity, the IMF said, 'the sheer size of these projects, and the fact that risks for complex infrastructure projects are difficult to quantify ex ante, call for continuous and careful monitoring.' source

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Vietnamese investors seek partners in Banteay Meanchey province

SISOPHON (Herald) – A Vietnamese investment delegation met Tuesday with local government officials, business leaders and other investors in Banteay Meanchey province, sources said.

During the meeting at the Banteay Meanchey Provincial Hall in Sisophon, the delegation from Ho Chi Minh City highlighted the province's potential for commerce, industry, agriculture, services, tourism and investment.

The delegation, led by Lu Thanh Phong, also said that high-ranking officials from Ho Chi Minh City would visit the province in April.

In 2011, a delegation from Banteay Meanchey visited Ho Chi Minh City for talks with Vietnamese investors.

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Agriculture minister worries about imported vegetables containing harmful substances

PHNOM PENH (CEN) – Agriculture Minister Chan Sarun said Tuesday that the government was worried about the possibility of harmful substances in imported vegetables since they are never checked.

With vegetable demand higher than local supply, he said Cambodia had no choice but to import vegetables from Thailand and Vietnam

“Daily demand for vegetables in Phnom Penh is about 1,000 tons," the minister said, adding that local farmers could only meet 40 to 60 percent of demand with imports from neighboring countries accounting for the rest.

Local vegetables usually cost more than imports as "people normally prefer organic vegetables, even the price is a bit higher,” he said.

At the same time,  “we worry about imported vegetables since we never check for levels of poisons or chemicals which could be harmful to people’s health.”

The minister said some local traders treated vegetables with chemical substances to make their vegetables last longer.

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DFDL, former partners continue their dispute

The dispute between DFDL, the regional advisory firm that over the weekend appeared to lose much of its Cambodian tax team, and its former partners continued yesterday as both sides argued over the split.

Edwin Vanderbruggen, a DFDL partner who served as managing director of the company’s tax and customs practice group, announced on Saturday by email that he, fellow partner Jean Loi and a number of DFDL tax advisers had left to form an independent venture.

Although Vanderbruggen and Loi claimed they had left DFDL on good terms, DFDL later rejected that notion in a statement, saying the company was “surprised and disappointed” to learn of its employees’ “sudden departure”.

Vanderbruggen’s email listed as many as 15 DFDL employees, apart from the two departing partners, that would join the new company, VDB Loi. 

DFDL regional chief executive Michel Dauguet, however, said yesterday some of those employees were still with the company. 

He also said he could not confirm the exact number of employees who had left, as they had not submitted individual resignation letters.

“At least one adviser listed in Edwin’s announcement indicated that he/she was not even aware of his/her alleged change of employer,” Dauguet said.

“Another two indicated that they had not received any offer from the new entity.”

Vanderbruggen yesterday  denied that the list of departing employees in his Saturday email was wrong.  

“The list that I sent out is correct .  .  .  and there have been no changes.”

Dauguet noted that Vanderbruggen and the firm’s partners were in discussions about the split. DFDL would let those discussions “run their due course before settling on any appropriate course of action”, he said. 

“In order not to compromise our ability to implement any measures, whatever these might be, these will remain internal matters and not be disclosed publicly in the short term,” Dauguet said.

Vanderbruggen declined to comment on any discussions between him and DFDL about his contractual obligations to the firm, including non-compete clauses, saying it was “an internal matter”.

DFDL continued its operations yesterday, in addition to rebuilding its staff, Dauguet said. “We have serviced clients with integrated legal and tax services for 18 years . . . and we will continue doing so for many years to come.”

DFDL had named Jack Sheehan, who previously served as regional director of the company’s tax and customs practice  in Laos, to replace Vanderbruggen, Dauguet said.

He said DFDL was “finalising some discussions with high-calibre candidates” and planned to make an announcement “in the coming days” about new tax advisers that would join the firm.

In response, Vanderbruggen said he was “pleased to hear that DFDL will put together a team under Jack’s leadership”.

“I recruited Jack myself in Laos eight months ago. He’s a good guy. I have no doubt DFDL will continue to offer tax advisory services and will be good at it,” he said.

Dauguet rejected that suggestion, claiming another partner based in Laos was primarily responsible for bringing Sheehan on board. Vanderbruggen was a part of the overall recruitment process, though, he said.

“As it turns out, Jack’s loyalty remained to DFDL and . . . not to Edwin,” Dauguet said. source

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MFIs claim efforts to help flood victims

Cambodia's microfinance industry yesterday responded to Prime Minister Hun Sen’s call to aid farmers affected by the worst floods in a decade by claiming lenders were already taking steps to offer relief.

A man canoes across a flooded rice field in Kampong Thom Province last year.

About 350,000 Cambodians were affected by floods that swept through large areas of the country between September and November last year, Hun Sen said during a speech on Tuesday at the Ministry of Rural Development. 

As a result, thousands were struggling to repay loans to MFIs. 

Hun Sen then requested that interest rates on outstanding loans be frozen and payment deadlines suspended. 

But yesterday, the 30-member Cambodian Microfinance Association claimed during a meeting with Economy and Finance Minister Keat Chhon that it had already eliminated interest on loans to families affected by last year’s floods and would not seize property from flood victims in the event of default.

Microfinance institutions had not publicised the measures extended to flood victims because they feared an influx of false claims, CMA director Bun Mony told the Post.

“We had already taken the measures before the prime minister suggested them, but we did not publicly announce it because we wanted to avoid some clients who wanted to take advantage,” he said. 

“What we are afraid of is someone who wants to spoil the industry.”

Bun Mony claimed that no property had been, or would be, confiscated from flood-affected borrowers who defaulted on their loans.

Fewer than one per cent of microfinance borrowers had been affected by the floods, and the ratio of non-performing loans had decreased in 2011 to 0.25 per cent from   0.9 per cent the year before, he said.  

According a survey conducted in January by Oxfam, Care, Pact and CRS, nearly two-thirds of the 400 flood-affected households surveyed had taken loans from MFIs or unofficial lenders.

About 60 per cent of households said they had difficulty repaying the loans, and about six per cent said they had no hope of making repayments.

MFIs have been under fire  for practices some economists have called unsustainable.

Interest rates between 25 and 45 per cent a year have the potential to destabilise Cambodia’s agriculture sector as farmers default on loans, some of the Kingdom’s leading economists have said.

Concerns about informal microlending, which some Cambodian farmers employ to pay off debt to microfinancers, still exist among government officials and members of civil society.  

Informal loans often carry interest rates of more than 50 per cent a year.

Economy and Finance Minister Keat Chhon told the meeting with MFIs the government would take measures to deal with unofficial lenders.

In Channy, president and CEO of ACLEDA Bank, said the bank lent US$167 million in microloans but had only 63 borrowers affected by floods.

“Our bank had already suspended repayments and frozen interest on the loans. No property seizures have been made,” In Channy said.  source

The floods had only slightly affected the industry, National Bank of Cambodia governor Chea Chanto said. 

He confirmed that MFIs had been quietly helping borrowers affected by the floods.

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Cambodia's GDP per capita on track to hit $1,000 next year: report

PHNOM PENH (Cambodia Herald) - Economic experts say Cambodia's gross domestic product (GDP) is on track to reach $1,000 a head next year, up from an estimated $900 at the end of 2011 and echoing remarks made by Prime  Minister Hun Sen earlier in the week, Rasmei Kampuchea reported Friday,

In Channy, managing director of ACLEDA Bank Plc, reportedly said that growth was being driven by the garment  industry, tourism and agriculture. He noted that GDP, a country's total output of goods and services adjusted for foreign income, grew from $11.6 billion in 2010 to an estimated $12.6 billion last year and is expected to reach about $13.8 billion in 2012.

Heng Vanda, Rector of the Vanda Institute, was quoted as saying that growth of about six percent a year reflected political and socio-economic stability, noting that Cambodia had the second-fastest growing economy in the region after Laos.

Chan Sophal, president of the Cambodian Economic Association, reportedly said he also expected GDP to hit $1,000 next year but expressed concern about inequity between urban and rural people.

The newspaper quoted him as saying that much needed to be done to bridge the wealth gap such as increased investment in irrigation, roads, water, electricity and health in rural areas.

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Central bank sees fastest growth in four years in 2012: report

PHNOM PENH (Cambodia Herald) - 

Cambodia's central bank expects the country's economic growth to accelerate to its fastest pace in four years in 2012, fueled by agricultural exports, Channel News Asia reported Thursday 

"One of the priorities of the government is to develop the agriculture sector," National Bank of Cambodia director general Nguon Sokha was quoted as saying. 

"At the moment, growth is driven by garment sector, tourism sector and construction. Cambodia is an agriculture land so we need to develop based on our natural resource."

Nguon Sokha reportedly told the Singapore-based broadcaster that there was "a lot more interest from foreign investors to enter the banking industry in Cambodia given the good economic potential, macroeconomic stability and political stability.

"We need to balance between the need to establish a fair competition in the banking sector in order to reduce the cost in using the financial services for our consumer. 

"But at the same time, we also need to look into the components, like risk management," she reportedly said.

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Cambodia set for growth spurt: Central bank

SINGAPORE - Cambodia's central bank expects economic growth in 2012 to accelerate to its fastest pace in four years, led by new investments in agriculture and banking.

"One of the priority sectors of the government is to develop agriculture. At the moment growth is driven by the garment sector, tourism sector and construction. Cambodia is an agriculture land so we need to develop based on our natural resources," National Bank of Cambodia director-general Nguon Sokha told MediaCorp. 

Garment-making has been a mainstay of Cambodia's economy, which has grown by between 6 and 7 per cent annually over the past four years. Now, the government is turning its focus back to the land in the hope that rice growing and other farming produce will lift growth closer to 8 per cent, making it among the world's fastest-growing economies.

While ASEAN economies are expected to grow by about 5.5 per cent this year, the Asian Development Bank (ADB) has projected that Cambodia's gross domestic product may expand by 6.5 per cent this year.

Another potential growth industry is finance. Cambodia has relatively liberal foreign ownership rules compared to its neighbours, and Mrs Nguon said there has been a lot more interest from foreign investors keen to enter the banking industry, given the country's good economic potential, macro-economic stability, political stability.

With more foreign direct investment flowing into the region, the ADB says emerging markets should also leverage off China's increasing presence in the region and make better use of the regional connectivity, in order to fully realise their growth potential.

At the moment, more than 50 per cent of Cambodia's foreign direct investment comes from China, but there are also issues that must be addressed. 

Among those include "significant infrastructure deficiency in both physical and soft infrastructure", said ADB's assistant chief economist Cyn-Young Park. source

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Kingdom must diversify its economy, ADB says

Asian Development Bank vice president Stephen Groff, who started with the bank in October, sat down with Post reporter May Kunmakara yesterday to discuss the Cambodian economy, its investment environment, as well as the bank’s future in the country.

Pha Lina/Phnom Penh Post

Stephen Groff, a vice president at the Asian Development Bank, speaks to the Post earlier this week in Phnom Penh.

Cambodia has enjoyed rapid growth over the past decade. How is ADB targeting its grants and loans to ensure more equitable development?

I think when you have an economy that depends on the agricultural sector, there is a need to ensure that we strengthen the linkages between rural and urban areas. Our work also focuses on promoting education so that we can provide better employment opportunities for people living in both rural and urban areas. This is important for the economic growth that we see happening in Cambodia – to be more and more equitable.

Cambodia’s growth has relied on a handful of industries such as tourism, agriculture and garments. Where should investment be targeted to broaden the economic base?

Well, I agree. We need to see much more broadening and deepening of the economy. Much of the economy is largely focused on the agricultural sector and in manufacturing.
But, in the manufacturing sector, we have seen some positive diversification. China and Japan have invested to diversify the manufacturing sector here, which is good for making sure the country is not too dependent on a single area or single sector.

What are the ADB’s forecasts for growth over the next few years for Cambodia? What industries and sectors are the most promising?

For the region as the whole, we are really optimistic. The region had 7.5 per cent economic growth recently. We think this will slow somewhat to 7 per cent next year, depending on Europe's current problems. Similarly, Cambodia had 6.8 per cent growth, and we’re projecting 6.5 percent this year, a slight decrease.

How will Cambodia be impacted by the recent economic troubles in the EU and US?

For any countries where the economy depends largely on exports, diversification is very important. There was a time not too long ago where the main export markets in the world were the EU and the US, which has changed dramatically over the last few decades. And now, there is a lot of trade happening with China and India, so there are a lot more countries in the world's export market to choose from.

Cambodia is going to chair ASEAN this year. How important is this chairmanship for the country?

Well, I think it’s very important for Cambodia and a great opportunity because the country can play an important role in representing the concerns and perspectives of the smaller ASEAN members. There's many shades of challenges and issues ASEAN’s smaller members face, and Cambodia will be looking to play a vital role as spokescountry for the views of all these countries. I also think it is time and a great opportunity for Cambodia to showcase its own very positive movements towards economic growth and poverty reduction, considering the progress that the country has made over the last decade.

Will ADB be involved in helping Cambodia?

We are supporting through SNEC [Supreme National Economic Council]. And we are providing some advice as well. But the focus should still be on the government’s decision. source

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Siem Reap flight grounded over fuel payment dispute

A Siem Reap-bound plane was grounded yesterday in Taiwan’s Taoyuan International Airport after a US$100,000 fuel dispute between two Taiwanese airlines. 

Without warning, Far Eastern Air Transport grounded the passenger plane it leased to Tonlesap at 10:25 am, according to a statement posted on Far Eastern’s website. 

Far Eastern claimed Tonlesap owed it $101,500 in fuel. 

The plane was scheduled to carry 138 passengers to Siem Reap and return to Taiwan with 109 passengers yesterday afternoon, according to Focus Taiwan, a Taiwanese news service. 

Tonlesap Airlines issued a separate statement claiming it owed  $33,800, far less than a deposit it had paid to Far Eastern, according to Focus Taiwan. 

Neither company could be reached yesterday for comment. 

Tonlesap Airlines, the first carrier to make direct flights between Cambodia and Taiwan, launched in February, 2011. 

The Post reported at the time the company was backed by investors from Taiwan, Cambodia, Singapore and Britain. 

The airline said it hoped to run flights between Siem Reap and Sihanoukville, the Post reported last August, but no flights have materialised.  source

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