Motorcycle Market Entry: Investment Potential in Cambodia

Competitive Market Research
Cambodia Market Research-Motorcycle
Entry Strategy Report
1

Siem Reap Province
Research Scope and Methodology
2
Research Scope
Country Overview • Country potential
• Currency
• Economic indicator
• Geographic consideration
Provincial Analysis • Study on 10 most populated
provinces
• Demographic
• Income and Expenditure
• Means of transportation
Business Regulator • Key informant interview with Mr.
Heng Piphop, the deputy chef of
business management officer, on
business regulatory for secondhand
motorbike to be established in the
Kingdom
Competitor
Analysis
• Brand
• Products Strategy
• Offline/Online Service Channels
• Payment Channels
• Strengths and Weaknesses
Methodology
There are various sources of information
used in this report as follow;
• Desk research information which
include company websites, government
official websites, government
databases, local and international news
from newspapers, magazines.
• Cambodia National of Statistic
database. Which tracks for the
information related to means of
transportation, and population.
• Key informant interview with deputy
chef business management officer on
business regulations and any
requirements for foreign investors.

Executive Summary
3

Siem Reap Province
4
Executive Summary (1/2)
Cambodia Overview
• Cambodia is a youthful country with more than 50% of population whose age under 25 years old. The country has a strong
GPD growth with the annual GPD growth rate at 7% over the last decade.
• Cambodia has its own currency, Khmer Riel (KHR). However, the country is dollarized where and most of the country
transaction are used in US Dollar.
• The most urban populated cities in Cambodia is in the Capital city, Phnom Penh and followed by Siem Reap, Sihanouk Ville
Kampong Cham and Battambang city. Although the cities are small, it is considered to be the most urban populated cities
compared to other provinces.
Provincial Analysis
• The country territory is divided into 24 provinces and a municipality. Kampong Cham is considered to be the most populated
province in the Kingdom and followed by Phnom Penh where it is the most urban populated city.
• The top 10 most populated provinces where conducted by the population inter-census in 2014 were Kampong Cham, Phnom
Penh, Prey Veng, Kandal, Battambang, Siem Reap, Takeo, Kampong Speu, Banteay Meanchey and Kampong Thom province.
• Phnom Penh is considered as the most urban population with high disposable income. The residents of Phnom Penh have an
income that is 58% higher than the average Cambodian’s income.
Demographic Analysis
• Investors are looking Cambodia as a potential country in terms of young and cheap labor forces. The population’s median age
is at 24.9 years old where is more than half of population are at the labor age.
• The household average number is seen high at 4.6 where the population’s density is seen high in the capital city and in
Kampong Cham province.
• Phnom Penh is seen as the highest number of literacy rate compared to the whole country. The average literacy in Phnom
Penh recorded about 91% for women and 97% for men.
• Generally speaking, the ratio of females in Cambodia are higher than males in all over the provinces.
Population income driven
• Cambodian people still heavily rely on agriculture. More than 50% of employed population are in the skilled agriculture,
fishery and forestry workers. Phnom Penh is seen as the highest number of employed population in services industry.
• Kandal and Kampong Speu are seen as the highest number of employed population in garment factories more than
agriculture. The territory of Kandal is surrounded with Phnom Penh and residents in the Kandal province also commute to
work in the Capital and return home in the evening.
• Siem Reap is seen as the highest number of foreign arrival in the province. The province welcomes more than 4 millions
foreign visitors annually and the most income driven are from the services and retailers. Battambang is seen as the second
tourist attraction city and the income driven in the province come from the goods and services, mainly trading with the
border, Thailand.

Siem Reap Province
5
Executive Summary (2/2)
Means of transportation
• Bike cycle is seen the most popular mean of transportation for Cambodian people. And motorbikes followed the second.
• According to the census, almost every family in Cambodia own a bike because it is cheap and affordable, in particularly for
the rural citizens.
• Motorbikes also seen as the highest mean of transportation. Phnom Penh is seen as the highest number of motorbike used
and it recorded 204,976 set followed by Kampong Cham recorded 188,167 set.
• Family cars also seen as the alternative ways for the mean of transportation. The number of family cars recorded high in the
capital city and followed the second in Siem Reap province.
• Other means of transportation such as row boats recorded high in the province where it closes to the Tonle Sap Lake. E.g,
Kampong Cham, Kampong Thom.
Business Regulatory
• Foreign investors are welcome to invest in the Kingdom. Foreign investors can own 100% on business operation in Cambodia.
However, if a foreign investor want to own land or property in Cambodia, 51% state of a local partner must be involved.
• The key informant interview with Mr. Heng Piphop, the deputy chef of business management officer for the secondhand
motorbike to import to Cambodia conducted with the following results;
 For company to import secondhand motorbike to Cambodia, the permission for importing those motorbike from the
authorized company must be obtained. E.g. if investor wants to import Honda secondhand motorbike to Cambodia, it is
important that the company is allowed by Honda Company to import it.
 To obtain the right to operate the physical shop in the Kingdom, the owner must have the physical store, the company name,
the and company registration with the ministry of commerce.
Competitor Analysis
• GLF is a financial leasing group that has operated in Cambodia since 2012.The company’s origin is from Thailand and
operates to more than 5 countries in SEA.
• GLF has tied up a strategic partnership with N.C.X Co., Ltd and SIAM KUBOTA Corporation Co., Ltd to offer financial leasing
for Cambodia citizens, in particularly focusing on the rural citizens.
• The company also has a good sale strategy by introducing the auction strategy where customers can purchase Honda
secondhand motorbikes or Kubota secondhand machineries with the biding prices.
• The GLF offers their services with 25 provinces and cities all over Cambodia.

Part I: Country Profile
6

Siem Reap Province
7
Cambodia overview
• Cambodia has a strong GDP over the last decade. The country’s population made up of more than 50% are age under 25, while
only 4% are under than 65. The country is currently experiencing rapid population growth, with more than three births for every
death.
Currency
• Cambodia has its own currency, the Riel (KHR)
which pegged to the US dollar (USD) at rate of
approximately 4000Riel:1. The country is a partially
dollarized economy in which US dollars are used
widely accepted and represent more than 80% of
all deposits in Cambodian bank account.
Why Invest in Cambodia?
• Cambodia has some distinct edges over the rest of
ASEAN: Foreigners can own a company without a
JV with a local partner, and the Royal Government
of Cambodia is welcome of foreign investment
• Cambodia offers:
 Competitive tax rates: The profit tax rate for
companies is 20%, among the lowest in the
region.
 Easy foreign currency remittances: There are
no restrictions on foreign exchange through
official bank.
 Investor-Focused Policies. The government’s
Council for Development of Cambodia facilities
investment in the country, which include a
“Qualified Investment project” tax excemption
for up to nine years, and some exemptions
from import duty.
Economic Indicators
• GDP (Current USD): 18.05Bn
• GDP Per Capita (Current USD): 1,158.7
• GDP Growth: 7.0%
• GDP composition by sector: Agriculture: 28.2%,
Industry: 29.4%, Services: 42.3%.
• Labor force by sector: Agriculture: 45.3%, Industry:
24.3%, Services: 30.4%
• Tourist arrivals: 4.77 million
• Foreign Direct Investment Inflow (Current USD):
1.802bn
Geographic Consideration
• Residents of Phnom Penh have an income that is
58% higher than the average Cambodian’s income.
Phnom Penh, Siem Reap and Sihanoukville are
emerging as key cities for retailers
• In order of largest to smallest population, the cities
of Battambang, Siem Reap, Sihanoukville and
Kampong Cham make up Cambodia’s greatest
urban populations outside of Phnom Penh.

Siem Reap Province
8
Provincial Data
• The research will be focusing on 9 most populated provinces and
1 municipality in Cambodia. The provinces and city include;
 Phnom Penh, Kandal, Prey Veng, Battambang, Siem Reap,
Banteay Meanchey, Kampong Cham, Kampong Speu, Kampong
Thom and Takeo Province.
• The census data was last conducted in 2008 and the new
population census is expecting to start in March 2019.
• The inter census was conducted in 2014.
• The information is mainly taken from the official source and the
estimation from the worldpopulationreview
• The research will be demonstrated on the population data of each
provinces, which include the household income, the urban ratio to
the rural, the demographic and the purchasing power toward the
use of motorcycle modes.
• It is important to understand the local market format of each
provinces. In Cambodia provinces, it is divided with districts and
cities, except Phnom Penh, the capital city. One province could
consist of more than 5 districts. Each district is subdivided to
communes and villages. From my local experience, I believe that
for that it is an essential consideration for the secondhand
motorcycle to present itself through the district market as it is the
main targeting for the local rural citizens more than in the city.
• The following research will be conducting from the most
populated province to the least populated province.
Country Population Pyramid 2018.
(Source:Worldpopulationreview)
• Cambodia Median Age:
 Total: 24.9 Years Old
 Male: 24.2 Years Old
 Female: 25.6 Years Old
• There are 10,111,008 adults in Cambodia
Cambodia at the glance:
• Number of Provinces: (Including 1 Municipality): 25
• Number of Districts: Including 12 Khans and 26 cities
Research Data

Siem Reap Province
9
Kampong Cham Province

Siem Reap Province
10
Province Analysis (1/2)
• Kampong Cham is the one of the most populated province in Cambodia. The province is accounted for 11.1% of
total number of establishment and 8.5% for total number of person engaged in Cambodia.
• The total annual sales in the province accounted for 716 Million US Dollar, the formers accounted at 5.6% of total
annual amount of annual sales.
• The province consists of 16 districts and 157 communes. The province is occupying about 13% of total national
population and produce economic output at 6% of total economy.
Districts in Kampong Cham and Business Activities (2014)
Siem Reap Province
Districts Number of
Establishment
Number of
Person Engaged
Number of annual sale
(Million Us)
Population Number of
Communes
Batheay 3,118 6,325 31 102,924 12
Chamkar Leu 3,535 6,964 41 110,967 8
Cheung Prey 2,449 6,662 36 83,771 10
Dambae 1,586 3,581 17 80,490 7
Krong Kampong
Cham
4,880 15.007 90 47,300 4
Kampong Siam 2,538 10,786 23 100,047 15
Kang Meas 2,851 5,886 24 89,727 11
Kaoh Soutin 2,270 5,451 14 60,434 8
Krouch Chhmar 2,018 4,942 19 92,845 12
Ou Reang Ov 2,850 7,601 27 80,947 7
Memot 5,010 11,924 87 148,463 14
Ponhea kraek 4,472 12,087 85 135,318 8

Siem Reap Province
11
• Memot district had the highest number of population in the province, followed by Ponhea Kraek and Prey Chhor.
However, the number of business and amount annual sale was in Krong Kampong Cham which accounted for 90
million US Dollar
Districts in Kampong Cham and Business Activities (2014)
Siem Reap Province
Districts Number of
Establishment
Number of
Person Engaged
(Million Us)
Communes
Prey Chhor 4,016 9,319 41 125,352 15
Srei Santhor 3,304 6,799 27 86,563 14
Stueng Trang 2,784 5,293 21 118,907 12
Krong Suong 2,446 6,089 48 35,896 2
Total 56,263 143,044 716 1,757,223 157
Population as of 2014 by district

Siem Reap Province
12
• The province has the highest number of population and districts. The last census by national statistic in 2014,
population in the province increased to 1,757,223 persons with the annual population growth rate at 0.93%
compared to 2008.
Siem Reap ProvinceKampong Cham Province
• The population density in Kampong
Cham is 178/km square
• The average household size is at
4.35
• The Survey by NIS 2014, Kampong
Cham is the second largest literacy
rate for 15+ behind the Capital City
Phnom Penh.
• The total adult literacy rate of both
sex accounted for 929,015 persons
that was 440,833 persons for
female.
0
200000
400000
600000
800000
1000000
1200000
1400000
Mondul
Kiri
Pailin Ratanak
Kiri
Preah
Vihear
Preah
Sihanouk
Pursat Kampong
Thom
Kampot Kampong
Speu
Takeo Prey
Veng
Kampong
Cham
Adult literacy rate (15+ years)
Number - 2014
Total Female
Total Male
Total Both
Sexes

Siem Reap Province
13
Income and Expenditure
• The main source of income for population in Kampong Cham is driving from the occupation of skilled agriculture,
fishery and forestry workers. The number of total population employed with this segment accounted for
100,9786 persons followed by craft and trades workers which accounted for 14,601 persons.
• The employment percentage in the province is as high as 97.31% of the total population
Employment Sectors Both Sex
Crafts and related trades workers 26,023
Elementary Occupation 57,110
Legislator and Senior Officers 4,027
Plants and Machines Operators and Assemblers 11,725
Professionals 8,352
Services and Sales Workers 24,926
Skilled Agriculture, Fishery and Forestry workers 331,468
Technicians and associate professionals 4,405
Clerks 3,148
Employed Population by Occupation-2014

Siem Reap Province
14
Transportation use in Kampong Cham
• The bicycle used is seen as relatively high as the same other provinces. Motorbike followed the second rank in
terms of transportation used for population in Kampong Cham.
• The number of motorbike was 188,167 set whereas the number of bicycle was 276,267 set.
• It is interesting to see that the number of water transportation means was high at the total of 24,182 set. It is
used for fishing, passengers and goods transporting.
Means of Transportation in Kampong Cham Province

Phnom Penh Capital City
15

Siem Reap Province
16
City Analysis
• Phnom Penh was the largest establishment in as the census in 2014. It accounted 19.2% to the total number of
establishment in Cambodia, followed by Kampong Cham at 10.5%.
• The territory of Municipality of Phnom Penh is divided into 12 districts and each district is subdivided into 6 to 13
communes.
• The municipality of Phnom Penh districts and population
 Chamka Mon: 182,004
 Dangkao: 193,227
 Doun Penh: 126,550
 Mean Chey: 266,865
 Prampir Meakara: 91,895
 Ruessai Kaev: 175,295
 SaenSokh: 120,579
 Toul Kouck: 171, 200
 Preaek Pnov:N/A
 Chbar Ampov:N/A
 Chrouy Changvar:N/A
 Pou Senchey:N/A
• The most populated area is in Mean Chey with 266,865
residents and 8 urban communes.
• The second most populated area is in Dangkao with 193,227
residents and 15 city districts.
Phnom Penh City

Siem Reap Province
17
City Demographic Analysis
• The capital city of Cambodia which consisted of 1,688,044 persons (Population Census 2014) and predicted to be
1,959,600 persons in 2017 (The projection by National Institute of Statistic).
• The census conducted that the number of Female in the city was outweigh number of male which was 871,900
persons for women and 816,145 persons for men. It was accounted in 52.88% for female and 47.12% for male
Phnom Penh City
• The capital city has the highest number of adults literacy rate. About
91% for women and 97% for men. In generally, men’s literacy rate was
higher than women’s literacy in all over Cambodia.
• The average population density in Phnom Penh was 2,468/km square
which was the highest density rate compared to other provinces.
• The average household size was 4.79 which was relatively the same as
other provinces.
Sex Ration in Phnom Penh
City

Siem Reap Province
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City Income and Expenditure
• Residential in Phnom Penh’s primary income derives from wage and salary. According to the National Statistic
conducted in 2015, the disposable income average per month of people in Phnom Penh accounted for 2,922
(Thousand Riel) which equivalent to the share in 99.4%.
• Average household consumption in the city recorded 1,715 Thousand Riel per household and 411 Thousand Riel
per capita. The average consumption per household increased dramatically between 2013 and 2015.
• The employed population in the city were mainly in the tertiary industry sector and least in the primary industry
sector. It accounted for 639,847 persons whereas primary industry sector at only 67,044 persons.
• The highest occupation in the city was services and sale workers and the least was legislators and senior officers.
Phnom Penh City
Professionals 36,327
Clerks 61,459

Siem Reap Province
19
Transportation use in Phnom Penh
• Motorbike is seen as the highest mean of transportation in the Capital. It recorded 204,976 set for the number of
motorbike used and followed by bicycle at 67,279 set.
• For the large scale means, family cars are seen as the highest number compared to other transportation modes. It
recorded 43,862 set and followed by trucks for goods transport that recorded 3,972 set.
• Other means of transportation such as row boats have also used for other purposes. It recorded 1,923 set.
Phnom Penh City
Means of Transportation in Phnom Penh City

Siem Reap Province
20
Prey Veng Province

Siem Reap Province
21
Province Analysis
• As the result of economic census 2014, the total population of the province occupying about 7.1% of the national
population produce the economic output 2.6% of the national economy.
• The number of establishments in Prey Veng were still relatively low at only 5.9% of the total establishments in
Cambodia. It was considered in term of production of goods and services lower than that of population.
• The territory of Prey Veng is divided into thirteen districts. The district of Pea Reang, Kampong Leav, and Svay
Antor are located in the central core area and other ten districts are located in the outskirts of the province.
• The most populated district was Preah Sdach with the inhabitants of 110,571 persons.
Prey Veng Province
Districts Number of
Establishment
Number of
Person Engaged
(Million Us)
Communes
Ba Phnum 2,194 6,707 29 72,576 9
Kamchay Mear 2,192 4,538 18 74,707 8
Kampong Trabaek 3,251 6754 20 109,291 13
Kanhchriech 1,528 3,525 12 54,791 8
Me Sang 2,860 5,655 22 89,885 8
Peam Chor 1,671 3,077 10 67,531 10
Peam Ro 3,190 7,378 79 60,791 8
Pea Reang 3,170 5,855 29 107,086 11
Preah Sdach 3,154 7,023 32 110,571 11
Krong Prey Veng 1,344 3,566 16 23,890 3
Kampong Leav 698 1,421 5 29,259 5
Sithor Kandal 1,707 3,426 12 56,486 11
Svay Antor 2,974 7,409 39 90,808 11
Total 29,933 64,335 324 1,156,739 116
Districts in Prey Veng and Business Activities (2014)

Siem Reap Province
22
• Prey Veng is in the top 3 listed most populated province in Cambodia. The province had total population of
1,156,739 as of 2014 and the ratio of female was outweigh male at 998,946 persons for female and 557,753
persons for male
• The population in the province is seen as high as on the migration scale in both domestic and oversea. As 2014,
the total number of migrants in the province accounted for 13.2% which equivalent to 157,677 persons for both
sexes.
• People migrant to work in Phnom Penh in garments industry as well as to work in Thailand.
• Age group structure in the province is shown as on of the potential
area to invest in.
• The projection by NIS, the group age of 15-19 years old has the
highest number in the province as 2018. They account for total of
130,480 persons and followed by the age group of 11-14 years old
which is 123,577 persons.
Prey Veng Province
• The population growth rate is the second highest in the country. The
annual population growth rate accounted for 3.99% between 2008
and 2014.
• The population density is at 237/km square
• The average household size in the province is at 4.52
Total Average Household
Size in Cambodia provinceSex Ration in Prey Veng
Province

Siem Reap Province
23
• Prey Veng is heavily rely on agriculture.
• The percentage of total employed population was high at 97.73% for male and 98.11% for female.
• Primary industry sector was the main source of employ sector in the province. Agriculture and forestry workers
accounted for 233,972 persons and followed by crafts and trades workers which is 19,668 persons.
• The province also seen as top rate for the employment in the tertiary industry sector which accounted for 75,796
persons.
Prey Veng Province
Professionals 7,225
Clerks 3,378

Siem Reap Province
24
Transportation use in Prey Veng
• According to the CDB online database, Prey Veng mean of transportation still heavily use of bicycle and followed
by motorbike.
• The motorbike used in the province accounted for 93,143 set whereas the bicycle accounted for 181,723 set
• The number of cars used still relatively low. The trucks for goods transport were seen as the highest use with the
number of 1,483 set and followed by family cars at 1,172 set.
Prey Veng Province
Means of transportation in Prey Veng Province

Siem Reap Province
25
Kandal Province

Siem Reap Province
26
Province Analysis
• Kandal is the top four province in terms of population behind Prey Veng. The province completely surround the
national capital, Phnom Penh.
• The province is seen as a large potential as a central base for business and trade in Cambodia based on its
geographic advantage and well-developed transportation infrastructure.
• The province’s establishment was relatively high. It accounted for 8% in the Kingdom of Cambodia. The province’s
population produced economic outputs of around 6%o of the total national economy.
• The territory of Kandal province is divided into 11 districts and 127 communes. Krong Ta Khmau is located in the
central core area and other ten districts are located on the outskirts of the province.
• The most populated district is S’ang with the inhabitants of 195,445 persons.
Kandal Province
Districts Number of
Establishment
Number of
Person Engaged
(Million Us)
Communes
Kandal Stueng 2,865 6,052 24 82,625 18
Kien Svay 3,948 8,375 49 112,014 8
Khsach Kandal 2,904 7,569 26 117,322 18
Kaoh Thum 3,805 11,161 33 141,470 11
Leuk Daek 1,567 4,736 14 54,250 7
Lvea Aem 2,177 3,783 14 66,734 15
Mukh Kampul 3,094 7,736 35 69,359 7
Angkor Snoul 3,693 32,810 255 83,203 10
Ponhea Lueu 3,501 12,452 60 88,607 11
S’ang 7,214 32,350 183 195,443 16
Krong Ta Khmau 5,763 24,122 83 80,141 6
Total 40,531 151,146 775 1,115,030 127
Districts in Kandal and Business Activities (2014)

Siem Reap Province
27
• Kandal total population was 1,155,030 persons as in 2014. The number of population was predicted to be at
1,483,800 persons as in July 2017.
• The density of the population in Kanda was high at 260/km square whereas the household average was at 4.68.
• Adult literacy rate (15-45 years) was seen as increasing with the total of 724,091 persons with that men of
318,401 persons and female at 406,690 persons.
• The average annual population growth rate is at 0.45% which
relatively lower than Prey Veng.
• The age structure in 2018 is seen as increasing on the population at
age 0-4 years old with the total of 126,606 persons and steady the
same for the age group of 20-24 years old and 25-29 years old with
the total of 125,174 persons
Kandal Province
• The sex ratio of female was higher than male in the province. The
number of female increased to 577,924 persons whereas male at only
538,040 persons.
Sex Ratio in Kandal Province

Siem Reap Province
28
• Most of the provincial population being employed in garment and footwear factories, handicrafts, and
community and other enterprise sectors.
• Most of the population in Kanda also commutes to work in the capital Phnom Penh as daily basic.
• The percentage of employed population in Kandal was high at 99% for male and 97.96 for female. Most of the
employed population were in the primary industry sector and followed by tertiary industry sector.
• The highest number of employed population were in agriculture, fishery and forestry workers which accounted at
high at 137,305 persons and followed by the occupation in craft and related workers which accounted for 59,057
persons.
Kandal Province
Professionals 14,732
Clerks 5,786

Siem Reap Province
29
Transportation use in Kandal
• The mean of transportation in the province still rely on bicycle and followed by motorbike. The highest mean of
transportation was bicycle at 191,198 set and followed by the motorbike at 145,821 set.
• Family cars were seen as the highest number in term of large scale means. The family cars accounted for 5,911
set followed by trucks for good transports at 4,050 set.
Knadal Province
Means of Transportation in Kandal Province

Siem Reap Province
30
Battambang Province

Siem Reap Province
31
• Battambang is known as a business hub for western Cambodia. The province has well-developed transportation
system connecting both international markets, such as Thailand and Vietnam, and domestic markets such as Siem
Reap and Palin.
• Four districts of the province, Sam Loat, Kam Reang, Phnom Breuk and Sampovlone share a border with Thailand
and it is only 1.5h drive from Battambang city to the Thai border.
• The business activities in Battambang are also relatively high. The total number of establishments indicated
34,097 while the total of number of persons engaged showed 84,790 persons which accounts for 6.8% of total
establishment in Cambodia and 5.1% of total persons engaged in the Kingdom.
• The territory of Battambang is divided into 14 districts. Among the 14 districts, the most populated district is
Krong Battambang with inhabitants of 144,323 persons.
Battambang Province
Districts Number of
Establishment
Number of
Person Engaged
(Million Us)
Commune
Banan 2,696 5,704 30 92,138 8
Thmor Koul 3,434 7,955 52 113,443 10
Krong Battambang 9,345 29,216 237 144,323 10
Bavel 2,436 6,312 34 100,000 6
Aek Phnum 2,179 4,751 22 68,276 7
Moung Ruessei 3,497 7,425 57 112,704 9
Rotonak Mondol 1,266 2,367 18 41,170 4
Sangkae 2,269 6,060 25 111,663 10
Samlout 1,183 2,189 13 39,701 7
Sampov Lun 1,124 2,855 32 35,248 6
Districts in Battambang and Business Activities (2014)

Siem Reap Province
32
• Krong Battambang has the highest number of establishment and population. The least populated district is Koas
Krala with those of 25,766 persons.
• The province main industries derive from wholesale and retail trade and accommodation and food service
activities.
Battambang Province
Districts Number of
Establishment
Number of
Person Engaged
(Million Us)
Commune
Phnom Proek 1,730 3,403 24 49,722 5
Kamrieng 1,562 3,478 18 51,053 6
Koas Krala 706 1,694 9 25,766 6
Rukhak Kiri 670 1,381 5 39,967 2
Total 34,097 84,790 576 1,121,019 96
Districts in Battambang and Business Activities (2014)
Provincial Population per Establishment
by Province in 2014.

Siem Reap Province
33
• The total population of Battambang province recorded 1,21,019 persons based on the results of 2014 population
census and predicted to increase by 1,260,700 persons as July 2017. It accounts for 7.7% of the total population
of the Kingdom.
• The annual population growth rate is seen as average at 1.79% between 2008 and 2014. The repaid increase of
total number of population are mainly in the city, Krong Battambang.
• The population density in the province was at 96/km square.
• The average household size in Battambang was 4.87 which was same as Siem Reap.
• The number of adult literacy rate was high compared to the total
population in the province.
• The total adults literacy rate (15+ Years) accounts for 634,829
persons as 2014.
Siem Reap ProvinceBattambang Province
Adults literacy rate (15+ Years)
Number Total Both Sexes
• The sex ratio in Battambang was not that different from other
provinces. The number of female was outweigh the number of
male which was 563,855 persons female and 557,164 persons
were male

Siem Reap Province
34
• Rice milling is a major industry for the province. Most of the population are employed in the primary industry
sector (Agriculture, workers, etc.)
• The number of population who employed in the primary industry sector accounts for 385,944 persons and
followed by tertiary industry sector at 139,196 persons.
• The percentage of employed population in Battambang was high at 96.71%. However, it was lower that those in
Kandal province which accounts for 98.46%.
• The most employed population by occupation was in agriculture, fishery and forestry workers recorded 183,634
persons. And the least employed population by occupation was in technicians and associate professionals
recorded at 1,734 persons.
Professionals 6,716
Clerks 6,234

Siem Reap Province
35
Transportation use in Battambang
• Bicycle is the main mean of transportation use in the province. However, there are also people who adapted to
use other mode of transportation and motorbikes followed second.
• There were 104,024 set of bicycle recorded in the province and 88,747 set of motorbikes.
• As seen in the survey, for the large scale means, family cars were seen higher used than trucks for goods
transport. It accounted for 4,419 set for the family cars and 2,389 set for trucks for goods transport.
Means of Transportation in Battambang Province

Siem Reap Province
36
Siem Reap Province

Siem Reap Province
37
Province Analysis
• The province consists of 12 districts and 100 communes. Siem Reap is one of the major tourist attraction in
Cambodia. The city welcome foreign visitors more than 3 millions annually.
Districts in Siem Reap and Business Activities (2014)
Siem Reap Province
Districts Number of
Establishment
Number of
Person Engaged
(Million Us)
Commune
Angkor Chum 1,069 2,629 11 53,768 7
Angkor Thom 416 1,029 2 24,335 4
Bantey Srei 1,236 2,576 9 43,773 6
Chi Kraeng 2,949 6,164 25 125,367 12
Kraland 1,851 4,057 25 57,690 10
Puok 2,792 7,392 35 112,883 14
Prasat Bangkong 1,851 4,013 16 61,425 8
Krong Siem Reap 14,555 55,298 336 230,714 13
Soutr Nikom 3,289 7,011 34 98,378 10
Srei Snam 808 1,825 7 31,359 6
Svay Leu 590 1,911 4 25,726 5
Varin 727 1,141 6 32,026 5
Total 32,120 94,326 511 896,443 100

Siem Reap Province
38
• The province is the fourth largest in term of population and businesses in Cambodia. As January 2017, the
number of total population in Siem Reap increased to 1.042.286 people which increased by 3% compared to the
last population census in 2014.
• The province has total families of 206,385 as January 2017
• The population density was 101,2/km square
• The number of adolescence (18 years old up) was 712,658 persons
which 414, 079 persons were female
Siem Reap Province
City overview
• The city has largest number of population compared to other districts
in the province.
• There were 256,018 persons and 131,528 persons were female
• The household in the city accounted for 50,824 inhabitants
• The average family size was 5
• There are 5 millions tourists as January 2017, and 3.5 Millions
foreigners.
Sex Ratio between male and
female in Siem Reap

Siem Reap Province
39
• Farmers, fishers, and hunters accounted for the highest number of occupation in the province which was 141,207
persons for male and 171,893 persons for female as 2014. The second largest income occupation come from
labor in mining, construction, manufacturing and transport which accounted at 11,855 persons for male and
4,063 persons for female.
Income Driven by Occupation (2014)
Employment Sectors Sex Total
Male Female
Government 11,648 3,806 15,454
State Owned Enterprise 751 261 1,012
Cambodian Enterprise (Private) 214,152 222,612 436,764
Foreign Enterprise 4,179 3,078 7,257
Non Profit Institution 250 66 316
Household Sector 451 252 753
Embassies, NGO’s and Development agencies 501 252 753
Other 39 18 57
Total 231,971 230,798 462,769
Siem Reap Province

Siem Reap Province
40
Transportation use in Siem Reap
• Bicycle is seen as the leading mean of transportation in the province. The motorbike is seen as the second largest
mean of transportation.
• The motorbike recorded 81,790 set whereas bicycle recorded 140,333 set. The other means of transportation like
Ox-carts are still using.
• The large scale means are seen in the family cars which recorded high at 4,103 set. The other large scale means
were also used as the main commuting and transporting goods, such as trucks, etc. The total of large scale means
recorded 7,319 set.
Siem Reap Province
Means of transportation in Siem Reap Province

Siem Reap Province
41
Takeo Province

Siem Reap Province
42
Province Analysis
• Takeo is one of the potential location in term of population growth and good transportation infrastructure,
besides its smaller land compared to other provinces.
• The province has a railroad connecting Phnom Penh and Shihanouk Ville that stops in the province. Water
transportation routes connecting to Vietnam via Takeo river is also available.
• The economic census 2014, listed Takeo as the top five provinces in terms of the biggest number of establishment
in the Kingdom. The province’s establishment was 32,778 or 6.4% behind Siem Reap that the province’s
establishment recorded 37,617 or 7.3%.
• The territory of Takeo province is divided into 10 districts. Bati, Borei, Cholsar, Kiri Vong, and Kaoh Andaet are
located in the outskirts of the province, and the other districts are located on the central core area.
• The most populated district is Tram Kak with the inhabitants of 152,170 persons.
Takeo Province
Districts Number of
Establishment
Number of
Person Engaged
(Million Us)
Commune
Angkor Borei 1,062 2,540 9 46,261 6
Bati 5,712 12,372 45 131,031 15
Borei Cholsar 681 1,609 12 26,055 5
Kiri Vong 2,770 5,723 30 97,711 12
Kaoh Andaet 993 2,160 8 48,039 6
Prey Kabbas 6,039 11,733 24 94,416 13
Samraong 4,520 10,609 26 107,807 11
Krong Doun Kaev 2,822 7,316 58 41,383 3
Tram Kak 4,378 9,400 45 152,170 15
Treang 3,020 7,334 30 93,033 14
Total 32,776 70,796 288 923,373 100
Districts in Takeo and Business Activities (2014)

Siem Reap Province
43
• Population in Takeo recorded 923,373 persons as 2014 which increased 1.78% from 844,906 persons in 2008. The
number of population in the province was projected to increase to 950,500 persons as July 2017.
• Takeo’s female population was outweigh of male. There were 482,568 persons of female and at 440,805 of male.
• The population whose age over 18 years old was also relatively high. There were 596,211 persons for those who
age over 18 years old which the number of male recorded 2,89,442 persons and female recorded 306,70 persons.
• The average population density in the province was at 271/km square,
whereas the average household size was at 4.61 persons
• Adults literacy rate has seen dramatically change over the period. The
number of adults literacy rate (15+ Years) increased to 270,549
persons as in 2014.
Takeo Province
female in Takeo
• As 2018, the highest number of population in the province is in the
age between 24-29 years old. They account for 109,699 persons,
followed by the age group of 20-24 years that accounts for 105,190
persons.

Siem Reap Province
44
• Takeo economy’s centers around agricultural farming, fishing, and rice and fruit cropping. Rural households in
particular depend on agriculture and its related sub-sectors.
• The population employed percentage was quite high. The percentage of total employed population accounted for
98.75% which mean most of the jobs are employed in the primary industry sector.
• Most Takeo’s employed population was mainly in the agriculture and fishery. They accounted for 191,905 persons
and followed by the occupation of craft and trades workers that accounted for 22,428 persons.
Takeo Province
Professionals 9,017
Clerks 3,448

Siem Reap Province
45
Transportation use in Takeo
• Total population in Takeo still heavily use bicycle as the mean of transportation. The motorbike was also used
widely in the province.
• The motorbike recorded 85,538 set and 139,377 set was bicycle.
• There was a large number used for the large scale means. Trucks for goods transport was seen as the highest
number of transport mode in the province. It recorded 1,700 set for the total of 4,2258 set.
• Water transportation means also recorded high at 7,845 set.
Takeo Province
Means of Transportation in Takeo Province

Siem Reap Province
46
Kampong Speu Province

Siem Reap Province
47
Province Analysis
• Kampong Speu is one of major section of garment industry in Cambodia. The province ranks at eight position in
the number of establishments, and ranks sixth in the number of person engaged.
• Samraong Tong district is one of the major manufacturing area where there is larger amount of annual sales and
person engaged among all districts.
• The territory of Kampong Speu is divided into 8 districts. The provincial capital is located at the district Krong
Chbar Mon and other districts located on the outskirts of the provincial capital.
• Among the 8 districts the most populated district was Samraong Tong with inhabitants of 142,545 persons.
Districts in Kamong Speu and Business Activities (2014)
Siem Reap Province
Districts Number of
Establishment
Number of
Person Engaged
(Million Us)
Communes
Basedth 2,840 7,366 25 119,531 15
Krong Chbar Mon 2,617 7,325 48 46,850 5
Kong Pisei 2,841 7,185 22 112,921 13
Aoral 713 1,984 5 29,883 5
Odongk 5,282 13,120 46 119,213 15
Phnum Sruoch 2,756 5,917 28 95,227 12
Samrong Tong 3,734 25,022 130 142,545 15
Thpong 1,758 4,422 8 50,774 7
Total 22,541 72,341 312 755,456 87

Siem Reap Province
48
• Kampong Speu recorded 755,456 persons based on the result of inter census in 2014. It accounts for 6.2% of the
total in the Kingdom.
• As July 2017 the population in the province projected to increase to 811,700 persons.
• The province had the annual growth rate at 1.05% which was relatively in average and strong population density
at 108/km square
• The average household size in the province was accounted at 4.78
• The sex ratio male and female were relatively a bit different. There
was a high number of female which accounts at 368,432 persons
(51.39%) and 328,512persons for male which equivalent to 48.61%.
Siem Reap Province
• It was high tendency of literacy rate for adults in the province. The
total adult literacy rate accounts for 442,068 persons
• However, there was relatively low for the population who completed
for the Diploma level which had only 4,075 persons.
female in Kampong Speu

Siem Reap Province
49
• Kampong Speu population occupying about 5.4% of the national population produced the economic output of
about 2.5% of the national economy.
• Kampong Speu has high number of employments. It accounted for 97.27% for male and 96.52% for female
• The province has highest number in the primary industry which means high number of population were working
in the farm and mining.
• There is no doubt that the high number of employment occupation is agriculture, fishery and forestry workers
which is 134,719 persons followed by craft and related trades workers which is 31,801 persons.
Siem Reap Province
Legislator and Senior Officers 771
Professionals 5,378
Clerks 3,037

Siem Reap Province
50
Transportation use in Kampong Speu
• The mean of transportation use in the province still rely on bicycle use more than other modes. Ox-Cart and
horse-carts still relatively high as the mode of transportation. Motorbike followed the use as the transportation
mode to commute in the province.
• The number of bicycle used in the province accounted for 102,040 set whereas the number of motorbike used
accounted for 73,243.
• In the large scale means, the trucks for good transport is higher than the number of family cars. The number of
trucks for good transport accounted for 2,420 set whereas only 1,910 set for family cars.
Siem Reap ProvinceKampong Speu Province
Means of Transportation in Kampong Speu Province

Siem Reap Province
51
Banteay Meanchay Province

Siem Reap Province
52
Province Analysis
• The main economic segmentation of the province is driven from wholesale and retail trade which is accounted for
36.6% followed by manufacturing which is 31.7%.
• The territory of the province is divided into 7 districts and two cities (krong), each of districts and krong is
subdivided into 2 to 13 communes. The two krong (city) are Srei Saophoan, located in the central core area, and
Paoy Paet, located near the border of Thailand.
Districts in Banteay Meanchey and Business Activities (2014)
Siem Reap Province
Districts Number of
Establishment
Number of
Person Engaged
(Million Us)
Communes
Mongkol Borei 4,034 10,864 58 139,315 13
Phnum Srok 1,035 2,347 10 46,935 6
Preah Netr Preah 1,969 4,453 21 87,089 9
Ou Chrov 1,135 3,023 13 47,196 7
Krong Srei
Saophoan
4,034 11,389 66 90,279 7
Thma Puok 1,369 3,319 23 61,189 6
Svay Chek 1,165 2,752 15 55,596 8
Malai 901 1,865 10 42,284 6
Krong Paoy Paet 5,899 27,258 213 107,989 2
Total 21,541 67,370 430 354,604 64
Banteay Meanchey Province

Siem Reap Province
53
• The province listed in top 10 of the major cities that has the largest number of population. The inter-census
population in 2014, the province had total population of 354,604 persons. The projection of national statistic as
July 2017, the population in Banteay Meanchay increased to 837,600 persons.
• The annual growth rate of population in the province was 1.47 which
relatively low compared to the last survey in 2008 and 2014.
• The density of population in the province was 109/km square
• The average household size was 4.52
• There were 437,318 persons for population whose age over 18 years
old, 216,367 persons were male and 220,951 were female
Siem Reap ProvinceBanteay Meanchey Province
• There is a noticeable migration rate in the province. It impacts the
income levels as well as household and village demographics
• Migration in Banteay Meanchey is counted as high as 60% of total
household
• People immigrates to work in Thailand border area, sometimes long
period of time.
female in Banteay Meanchey

Siem Reap Province
54
• Banteay Meanchey population’s primary income is driven from the primary industry sector (farm, fishing, mining,
etc.) which is accounted for 311,558 persons for both male and female. The percentage of employed population
accounted for 97.81%, with the percentage of male at 97.86% and female at 97.76%.
• The highest number of total employed population fell into the skilled agriculture, fishery, and forestry workers. It
accounted for 146,758 persons of the total population and followed by Service and sales workers which
accounted for 14,113 persons.
Employment Sectors Total Both Sex
Primary Secondary Tertiary
Banteay Meanchey 311,558 41,350 67,178
Employment Sectors by Industry (Inter-Census Survey 2014)
0
100000
200000
300000
400000
500000
600000
700000
800000
900000
Kep
Pailin
MondulKiri
KohKong
PreahSihanouk
StungTreng
PhnomPenh
RatanakKiri
PreahVihear
OtdarMeanchey
Kratie
Pursat
Kampong…
Kampot
SvayRieng
KampongSpeu
Kandal
SiemReap
Banteay…
KampongThom
Battambang
Takeo
PreyVeng
KampongCham
Employed population by industry
Number - 2014Total Both Sexes
Secondary
Total Both Sexes
Primary
Total Both Sexes
Tertiary

Siem Reap Province
55
Transportation use in Banteay Meanchey
• Most population’s mean of transportation is bicycle. However, motorbike followed the second.
• The total bikes used for transportation was accounted for 79,927 set and 52,629 set was motorbike.
• For the large scale means, family cars counted higher than other modes. It accounted for 3,274 sets and followed
by trucks for goods transport at 1,359 set. The least mean of transportation in the large scale was Buses and mini-
buses for passengers which accounted for only 187 set.
Means of transportation in Banteay Meanchey Province

Siem Reap Province
56
Kampong Thom Province

Siem Reap Province
57
Province Analysis
• Strategically, Kampong is in the heart of Cambodia where it connects to two major cities, Siem Reap and Phnom
Penh on an excellent transportation infrastructure along national road No. 6A,
• The province is Cambodia’s second largest province in area with numerous of Angkorian sites in the area.
• As economic census 2014, listed Kampong Thom in the top 10 in terms of establishment. It accounted for 4.4%
of total establishment in the Kingdom.
• The territory of Kampong Thom is divided into 8 districts. Krong Steung Saen is located in the central core area
and the other seven districts are located in the outskirts of the province.
• The most populated district is Baray with the inhabitants of 167,581 persons.
Districts Number of
Establishment
Number of
Person Engaged
(Million Us)
Commune
Baray 6,990 14,125 64 167,581 18
Kampong Svay 2,242 4,588 12 89,206 11
Krong Steung Saen 3,477 8,456 56 54,033 8
Prasat Ballangk 1,477 2,989 4 47,193 7
Prasat Sambour 1,057 2,546 7 39,402 5
Sandan 1,551 3,380 8 49,689 9
Santuk 2,632 6,383 22 80,229 10
Stoung 2,858 5,680 21 104,076 13
Total 22,284 48,147 195 690,414 81
Districts in Kampong Thom and Business Activities (2014)

Siem Reap Province
58
• The total population in Kampong Thom accounted for 690,414 persons as 2014. The number of population in the
province expected to increase to 691,800 persons as July 2017.
• The province’s population occupying about 4.7% of the national population produced economic outputs of about
1.5% of the national economy.
• The number of total population for female was higher than male in the province. Female accounted for 356,434
persons, whereas male accounted for 333,979 persons.
• The total annual population growth rate in the province was in
average. The percentage of annual population growth rate was at
1.78% between 2008-2014.
• The average household size in Kampong Thom was 4.62 as the
average for the total size of family household in Cambodia at 4.64.
• Since the Kampong Thom is large in terms of in area, the average
population density was only 50/km square.
• The adults literacy was lower than that in Takeo province. The total of
adults literacy in the province accounted for 325,889 persons which
was 157,307 persons were female and 168,582 persons were male.
• The province’s age group is seen high in the group age between 0-4
years old at 83,737 persons and followed by the age group between
20-24 years old at 81,384 persons. Sex Ratio between male and
female in Kampong Thom

Siem Reap Province
59
• The province’s income is driven from the agriculture. The total employed population in the primary industry
sector accounted for 320,051 persons followed by the tertiary industry sector at 52,654 persons.
• Most of the employed population are in the agriculture, fishery, and forestry workers that it recorded 151,418
persons and followed by the occupation in craft and related trades workers that recorded 9,851 persons.
• The percentage of employed population in Kampong Thom was high and recorded 98.18%.
Siem Reap ProvinceKampong Thom Province
Legislator and Senior Officers 908
Professionals 2,735
Clerks 1,733

Siem Reap Province
60
Transportation use in Kampong Thom
• Bicycle still the main mean of transportation for population in Kampong Thom. The second largest mean of
transportation was seen as Ox-Carts and horse-carts which was higher than the use of motorbike.
• Motorbike recorded 50,231 set, and Ox-carts and horse-carts recorded 65,676 set.
• Other means of transport such as water transportation means is also seen as high in the province because of its
territory connecting with the Tonle Sap Lake.
Siem Reap ProvinceKampong Thom Province
Means of Transportation in Kampong Thom Province

Part II: Business Regulatory
61

Siem Reap Province
62
Regulatory for Investor (Key Informant Interview)
The interview result
• Investor doesn’t need to have a local partner if the operating
locations are rented. In case, the foreign investor wants to own
property in the Kingdom, 51% stake of Cambodian partner must be
involved.
• For secondhand motorbike, investor can import to Cambodia, but the
permission from those motor companies must be obtained although
it is secondhand one. (E.g. To import secondhand Honda to
Cambodia, the company need to ask permission from Honda Thailand
to import to Cambodia).
• To obtain the right to operate the physical shop in the Kingdom, the
owner must have the physical store, the company name, the and
company registration with the ministry of commerce.
Additional information
• VAT: 7%
• Company Tax: 20%
• Social security contribute paid by employers; 0.8%
• In a few sectors, such as cigarette manufacturing, movie production,
rice milling, gemstone mining and processing, publishing and printing,
radio and television, wood and stone carving production, and silk
weaving, foreign investment is subject to local equity participation or
prior authorization from authorities.
• Key informant interview was conducted with Mr. Heng Piphop, the deputy chef of business management
officer, to provide insight into business regulatory on any requirements as well the regulations for
secondhand motor shop to be established in the Kingdom.
Mr. HENG PIPHOP, Contact Card,
• To ask for any enquiries regarding
business regulatory and
requirements to obtain the business.
• His office based in Siem Reap
Province.

Part III: Competitor Analysis
63

Siem Reap Province
64
Brands
• Group: Group Lease PLC
• Origin: Thailand, Listed on Thailand Stock Exchange,
(Symbol GL)
• Operates: Indonesia, Thailand, Cambodia, Singapore,
Sri Lanka, and Myanmar.
• Offers: Loan, motorcycle , and Kubota Agriculture
Machinery money leasing

Siem Reap Province
65
Group Lease Cambodia
Product Strategy
• Group Lease PLC’s strategy is to serve the financial lease to rural citizens in Cambodia to purchase motorcycle, or Kubota
Machinery for the agriculture .
• Group Lease PLC has a strategic partnership with N.C.X Co., Ltd to offer financial leasing to Cambodian people to purchase all
kind of Honda motorcycles and the official partnership with SIAM KUBOTA Corporation Co., Ltd in providing financial leasing
services on Kubota agricultural machineries at all Authorized Kubota Dealers.
• Auction Strategy: The company also has the auction strategy where customers can put a bid on secondhand Honda
motorcycles and Kubota machineries. The event host on specific day and open to public for bidding.
Honda financial leasing
• Offers financial leasing to purchase all Honda
series, ranging from the brand-new to the
secondhand.
• Customers can choose;
 0% down payment
 No guarantor
 Special low interest rate 1.5%
 Customers can get a motorcycle within 24h
 Pay very low monthly installment
 Leasing term from 1-3 years
Kubota machinery financial leasing
• Offers financial leasing to purchase all Kubota
machinery models.
• Customers can choose to buy the machinery
products from one of the Kubota authorized dealer
in throughout Cambodia.

Siem Reap Province
66
Auction Strategy
• Auction strategy is used to promoted their business and increase sale.
• The auction offers customer’s choice by offering secondhand motorcycle and Kubota machinery on bidding.
• The event open to public on specific day.
Auction Strategy
• Buy Honda secondhand motorcycle and Kubota
agriculture machinery with good quality and reasonable
price
• Can check motorcycle’s machine before bid price
• Easy and fast auction process to get motorcycles and
Kubota agriculture machinery
• Many models of motorcycle and kubota agriculture
machinery to choose

Siem Reap Province
67
Online/Offline Service Channel
• For the online service, people in Cambodia can get in touch with the GLF Financial to ask for any enquiries or information via
their Facebook Page.
• The company also offer online leasing via customers can download the app that is available on both Android and iOS and
follow the instruction.
• The offline channel, customers can make a phone call or go to its head office which is located in Phnom Penh.
• GLF Financial also has its agent throughout 25 provinces in Cambodia.
GLF Finance Facebook Page
• Post information on company’s
promotion and auction event.
• Post information on financial leasing
• Accumulate like of more than 100K
• Can be accessed via: Link
GL Digital Finance
• The mobile application that is created
for corporate agent in the aim to
serve customer’s process more
convenient.
• Key features include;
 Free! Quick to apply all products
(Honda, Kubota)
 Apply to be agent
 Easy to earn money, and use
 Few steps to complete
• Available on both iOS and
Android.

Siem Reap Province
68
Payment Channel
• GLF has also tied up with some money transfer agents in providing convenient and fastest way for leases to pay the lease to
the company.
TrueMoney
• The money transfer agent
in Cambodia
Pay&Go
• Owned by ABA Bank for
money transferring.
Wing Money
• The first and large money
transferring agent in
Cambodia
eMoney
• The money transferring in
Cambodia.

Siem Reap Province
69
GLF Strengths and Weaknesses
• GLF finance has a strong brand presence in over 25 provinces and fast service approval, unlike the other microfinance.
• It mains focus for the rural citizens.
Strengths
• Strong brand presence all over Cambodia: GLF has its
agents all over 25 provinces.
• Has tied up strategic partnership with N.C.X Co., Ltd and
SIAM KUBOTA Corporation Co., Ltd to offer financial
leasing for Cambodia citizens. They strength is to focus
on the rural citizens where those people made up of over
40% of the total population, in particularly farmers.
• Offers creative sale strategy: The auction strategy
increase the company’s sale on both secondhand Honda
motorcycle and Kubota machinery.
Weaknesses
• Limited brand offers: The leasing group offers only for
the Honda motorcycle brand where the other brands like
Suzuki doesn’t exist in the leasing program.
• Doesn’t own the physical shop: The group only work with
the Honda or Kubota agent to offer the financial leasing
to rural citizens.

Motorcycle Market Entry: Investment Potential in Cambodia

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