[INNEWS Comprehensive Report] Recently, Ouk Prachea, Secretary of State of the Ministry of Commerce of Cambodia, held an eye-catching bilateral meeting with Zhang Hailong, President of the China Taizhou Chamber of Commerce and his delegation.
According to reports, the topic discussed by the two parties is very fascinating: jointly establishing an e-commerce center and possibly carrying out in-depth cooperation in this field.
Although Cambodia’s development in the field of e-commerce is still in its infancy, the rapid development of this emerging industry has become a consensus. Chhin Ken, Chairman of the Cambodia Digital Technology Association, emphasized that e-commerce has not only changed people’s shopping habits, but also reshaped the business ecosystem. However, as Cambodia’s progress in the field of science and technology has been relatively limited, there is a need to upgrade the technological skills of its people to adapt to this global trend.
Chhin Ken added that e-commerce is a new trend in global business and a potential business revolution. If Cambodia does not actively improve and expand its e-commerce capabilities, it may be left far behind in the global market.
The General Department of Taxation (GDT) of Cambodia released a report showing that the value-added tax revenue generated by e-commerce in the first quarter of 2023 was approximately US$20.91 million, which is a new revenue for the Cambodian government’s tax revenue generated from technology businesses. source.
It is worth noting that Cambodia’s e-commerce transaction volume has been growing significantly in recent years, and the “E-Commerce Law” officially came into effect on November 2, 2019. This law has 12 chapters and 67 articles, comprehensively covering all areas of e-commerce. Including electronic signatures, contracts, settlements, and quality standards for products and services.
In addition, according to a report released by the Cambodian Taxation Administration, in the first quarter of 2023, the value-added tax revenue generated by e-commerce was approximately US$20.91 million. For the Cambodian government, this is undoubtedly a new source of tax revenue. It can be seen that the development momentum of e-commerce in Cambodia is strong. This meeting not only indicates that China and Cambodia may take a solid step in cooperation in the field of e-commerce, but also means that the future of global e-commerce will be more prosperous and more competitive.