Winning in Cambodia: Lessons from Leading Multinational Corporations

On September 4, 2025, YCP and Confluences co-hosted the webinar, “Winning in Cambodia: Lessons from Leading Multinational Corporations,” highlighting why Cambodia is emerging as a key growth market in Southeast Asia. Drawing on the success stories of global companies, co-hosts Gary Murakami (Partner at YCP) and Dara Van (Market Access Manager at Confluences) shared insights into what makes Cambodia an attractive investment market—and what aspiring entrants can do to succeed.

Cambodia’s Growing Market Potential 

As Southeast Asian industries continue to expand, Cambodia stands out with significant potential. With positive economic projections, the World Bank forecasts Cambodia’s GDP per capita to rise from USD 2,430 in 2024 to USD 3,906 by 2030. YCP and Confluences also identify several other key factors defining Cambodia’s case, including:

• Market-friendly environment, with 100% foreign ownership
• Young workforce
• Low labor costs

With its open economy and 100% foreign ownership in most sectors, Cambodia provides one of the most accessible entry points in the region. 

What Does Winning in Cambodia Look Like?

Gary and Dara spotlight five successful case studies across banking, retail, manufacturing, agribusiness, and automotive. Throughout these sectors, these multinationals share key winning strategies:

1. Deploying significant capital in a relatively small market — Betting big on Cambodia’s growth, ABA Bank—backed by the National Bank of Canada—committed significant capital and advanced digital banking capabilities, rising to become the country’s #1 bank.
2. Introducing uncompromising global standards — Aeon Mall set the benchmark in retail by bringing in uncompromised global-standard quality and scale, establishing itself as the nation’s leading mall operator. 
3. Capitalizing on low competition to scale rapidly – Minebea grew into Cambodia’s largest industrial employer and leading exporter by entering a market with few manufacturing players, securing a workforce without intense competition.
4. Expanding vertically and horizontally – RMA group grew from a Ford distributor into a diversified enterprise, extending across the value chain and even venturing into food and beverage with household names like Krispy Kreme and The Pizza Company. Similarly, La Plantation turned Cambodia’s famous Kampot pepper into a global premium product through an integrated agri-business model.

These case studies show how investment, global standards, and strategic diversification can deliver results in a small but dynamic market.

Turning Ambition into Growth

Execution requires more than ambition—it calls for the right guidance. During the webinar, YCP and Confluences highlighted a set of practical concerns for companies entering Cambodia:

• Clear market and competitor insights — Companies must understand Cambodia’s market dynamics, key players, and areas of opportunity. Reliable frameworks and in-depth research make this possible.
• Go-to-market strategies — Knowing the market is only the first step. Businesses also need practical plans for how to enter and grow, informed by local insights and on-the-ground realities.
• Trusted local partners — The right distributors or partners can facilitate operations with ease. Careful identification and evaluation are essential.
• Acquisition and investment opportunities — For firms looking to acquire or invest, spotting the right M&A targets and assessing financial opportunities are fundamental first steps. 
• Trusted local resources — Beyond strategy, businesses often need hands-on support, from operational execution to interim management. 
  
  

For companies looking to enter or expand in Cambodia, YCP and Confluences provide the frameworks and on-the-ground expertise needed to translate ambition into growth.

Cambodia’s Ingredients for Success

While Cambodia is a smaller market, it offers outsized opportunities for players with the right strategies. With a fast-growing GDP, investor-friendly policies, and a young workforce, the country has the ingredients for scalable success. YCP and Confluences stand ready to guide businesses in this journey, helping companies not just enter Cambodia but win it.

To access the full webinar recording, visit our Youtube channel for detailed insights from YCP and Confluences.