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MARKETING PLAN FOR CA MAU FERTILIZER AND EXPORT TO CAMBODIA MARKETING PLAN FOR CA MAU FERTILIZER AND EXPORT TO CAMBODIA SUMMARY 1.1 INTRODUCTION: .1 PART CAMBODIAN MARKET ANALYSIS 2.1 CAMBODIAN MARKET: 2.2 SWOT ANALYSIS .6 PART SPECIFIC OBJECTIVES 3.1 OUR MISSION: Bring about a better life through great crops 3.2 GENERAL OBJECTIVE: By 2015 account for 70% market share in Cambodia and become a leading fertilizer manufacturer and distributor in Asia .7 PART MARKETING STRATEGY TO PENETRATE INTO CAMBODIAN MARKET 4.1 PRODUCT STRATEGY 4.2 PRICE STRATEGY Because 82% of Cambodians live in rural areas and 30% live in poverty (according to the National Bank of Cambodia), most Cambodian consumers are sensitive to price: 4.3 DISTRIBUTION STRATEGY: 10 4.4 PROMOTION STRATEGY: .11 4.5 IMPLEMENTATION 14 ESTIMATED BUDGET .15 PART 5: 15 REFERENCES 15 PART SUMMARY 1.1 INTRODUCTION: Name: PetroVietnam CaMau Fertilizer Limited Company In English: PetroVietnam CaMau Fertilizer Limited Company In abbriviation: PVCFC Foundation process and development orientation PetroVietnam CaMau Fertilizer Limited Company is a company directly under PetroVietnam (PVN) with 100% capital ownership, founded on 09/03/2011 to manage and run Marketing Plan for Ca Mau fertilizer and Cambodia market Ca Mau Fertilizer Factory in Ca Mau Gas – Electricity – Fertilizer Group Industrial Zone, Khanh An commune, U Minh district, Ca Mau province Its main business industries are the manufacture of fertilizer and nitrogen compound including: manufacture, business, storage, transportation, distribution, export and import of fertilizer, gasoline chemicals Model of Ca Mau Fertilizer Factory: Ca Mau Fertilizer Factory started to be built in July, 2008 and completed in 02/2012, in order to fundamentally meet the demand of fertilizer for Section 13, Mekong River Delta - Total investment: 900 million USD Capacity 800,000 tons Ure/year; Manufacture of high quality cloudy grain fertilizer with the most modern technologies from Denmark, Italy, Japan and assembly lines imported from developed countries of EU or G7 Product quality meets the standards of Vietnam and International Organizational structure: In 2011, PVCFC’s organizational structure included: Board of Members, Board of Directors and 04 Professional Boards with 25 staffs who mainly are the ones of Project Management Board In 2012, the structure was changed as follows: So to chuc Cong ty: Company’s organizational structure Hoi Dong vien: Board of Members Ban Kiem Soat: Control Board Ban Giam Doc: Board of Directors Pho gima doc ky thuat san xuat: Manufacture Technique Deputy Director Pho giam doc thuong mai kinh doanh: Business and Commerce Deputy Director Pho giam doc dau tux ay dung: Construction Investment Deputy Director Pho giam doc noi chinh: Internal Affairs Deputy Director Pho giam doc tai chinh: Finance Deputy Director Ban VHSX: Board of Manufacture Operation Ban KT: Board of Technique Ban KD: Board of Business Marketing Plan for Ca Mau fertilizer and Cambodia market Ban TM-VT: Board of Commerce and Materials Ban DTPT: Board of Investment Development Ban QLDA: Board of Project Management Ban VP: Board of Offices Ban TCNS & DT: Board of Financial Budget & Investment Ban TC & KT: Board of Finance & Economy Ban KH & CL: Board of Plan & Strategy 1.2 INTRODUCTION TO EXPORTED PRODUCTS: • Description of the export product: Granular urea product branded " Ca Mau Fertilizer" This is the only granular urea product which Vietnam has produced so far Comparing to the pilled urea, it has superior advantages which are of larger size of 2-6 mm, higher hardness so that it will not be glued in blocks or be broken in little pieces, helping to increase soluble time and save about 5% of the fertilizer in one area unit and higher-quality protein • Target market: The Cambodian market is selected because it has fairly similarities to Vietnam in terms of both geography and bilateral relations Because fertilizer products have large weight which leads to quite high shipping costs, Ca Mau Fertilizer Company targets Cambodian market to reduce transportation costs, compared with other domestic areas where has already other rivals (Ninh Binh and Ha Bac Fertilizer in the Northern Vietnam, Cong Thanh Fertilizer in the Central Vietnam, Phu My Fertilizer in the Southeastern Vietnam and Ca Mau Fertilizer in the Southwestern Vietnam) In addition, Cambodia is an agricultural country with 75% of the population employed in agriculture However, Cambodia's farming methods are obsolete so that it has still a big market sharing for products such as fertilizer, plant protection and etc Currently, Cambodia is ranked only 108th in the world, accounting for 0.04% of total imports of fertilizers in the world These are favorable conditions for Urea products of our company which are able to penetrate into this potential market No I • Competitive advantage: Ca Mau Fertilizer has competitive advantages compared the other rivals in terms of the prices, sample packages and quality • Brand positioning: The brand of Ca Mau Fertilizer is positioned by the slogan " A Pearl Grain, Golden Crop" which confirms that the quality of Ca Mau fertilizer products will bring good harvests for the peasants) Currency Unit: USD Contents Annual Plan Notes Total expenses 24,065,000 Market research 15,000 Advertisement, offer 100,000 Management 100,000 10 persons Materials 16,575,000 Ammoniac gas Labor 510,000 Machine depreciation 5,000,000 Marketing Plan for Ca Mau fertilizer and Cambodia market II III Transportation Others Total revenue Discount (sales discount) Net revenue Before tax profits 1,000,000 765,000 25,500,000 765,000 24,735,000 670,000 Average 20 USD/ton (Interest, …) 50 thousand tons, average 510 USD/ton Discount 3% PART CAMBODIAN MARKET ANALYSIS 2.1 CAMBODIAN MARKET: • Political Environment: Cambodia is a constitutional monarchy which has the political pluralism Political parties: The ruling party is Cambodian People's Party ( CPP) led by Mr Chea Sim, Human Rights Party (HRP) by Mr Kem Sokha and some other parties Under the provisions of the Constitution, Cambodia follows the policy of neutrality policy, not allying permanently and not invading or intervening in the internal affairs of other countries Cambodia became the 10th member of ASEAN (4/1999), the 148 th official member of the WTO (10/2004)… Economic Environment: Agriculture is the top priority in development policies to ensure food security and promote other sectors, especially the supply of raw materials for the processing industry, increasing exports and creating jobs In quadrilateral strategy, the Government set out four main tasks for agriculture which are: + Increasing the productivity and diversity of agricultural products; + Demining and land reclamation; + Fisheries Development; + Forestry Sector Development - The policy of the Government is to allow investors to use land, including land transfer, shortterm and long-term lease (can be extended), in accordance with the provisions of the Land Code The investment priority areas identified by the Government include: irrigation, aquaculture, palm oil refining, food processing, rubber planting and processing, sugar, jute - In order to encourage investment and create an environment of free and fair trade , in 3/2003, the Cambodian National Assembly passed the Law on Investment Law Amendment (issued in 8/1994) with some new regulations as follows: + Investors not have to pay taxes for years and are entitled to more years depending on the activities or fields of the investment The taxpayer must only pay since the first profitable year but not exceeding the fourth year since the operation of their business + Cambodia's economy began to grow in the 1990s when the government implemented free-market economy Especially in recent years, the growth rate of GDP constantly is in two numbers, namely 6.2% in 2001, 8.6% in 2002, 10% in 2003, 10.3% in 2004, 13.3% in 2005, 10.8% in 2006 and 10.1% in 2007 and 5.5% in 2010 These growths are due to the development of tourism, garment exports and agriculture, while the inflation rate in 2007 is 10.8% According to renowned economist newspaper ''The Economist” and the Marketing Plan for Ca Mau fertilizer and Cambodia market International Monetary Fund (IMF), Cambodia ranks among the top 10 countries with the most growth in the past decade In 2009, under the impact of the financial crisis and global economic downturn, Cambodia's GDP declined to 2.4% In particular, industrial production decreased to 13% due to the sharp decline in exports and the stalled construction industry when foreign capital don’t flow so much Service sector growth was only 1.5%, much lower than the increase of 8.42% in 2008 Revenue from tourism declined sharply due to the impact of the global financial crisis Meanwhile, the agricultural sector remained at 4%, equivalent to the previous years (Source: http://www.economist.com/blogs/daily 01/daily_chart) • Cultural Environment: Cambodians are relatively easy and loyalty to the product For food items, they tend to choose the foods that suit their tastes, while Vietnamese companies don’t pay much attention to this fact For other products, they are more interested in price due to the current standard of living is not high and even if they satisfy with the products, they will accept them In the past, the people in the northwestern Cambodia used the goods imported from Thailand, but since then the Vietnam goods fair in Battambang Province in 2009, they prefer Vietnamese ones more According to Vietnam's commercial counselor in Cambodia, it's time for Vietnamese goods to reach to the rural areas of Cambodia and if it can be done good in marketing while still maintains the good quality of the products, the northwestern province of Cambodia will be a potential market • Competitive Environment: + Direct: The company has to compete with the products of urea from Thailand and China In particular, Thailand urea now dominates the Cambodia market with over 90% of its sharing Marketing Plan for Ca Mau fertilizer and Cambodia market + Indirect: Besides, companies have to compete with other brands of fertilizer which have had foothold in the Cambodian market Typically: Binh Dien Fertilizer Company signed the contract to supply 80,000 tons of NPK fertilizers to Cambodia in 2005, with the total value of $ 20 million Products of Binh Dien Fertilizer has now become familiar to farmers in 16 provinces of Cambodia Five-star fertilizer company has undertaken its project of establishing "Cambodian Five Star International Fertilizer Company" in 12/2009 with a total investment of $ 65 million In addition, it is subject to the competitiveness of firms in domestic and from neighboring countries such as Sayimex, Chai Heng Pich • Legal environment: The legal system is still weak A number of laws relating to economic activities have been issued but not yet implemented decrees In addition, the weakness of management, bureaucracy, and corruption is a major problem, leading to increase the costs of business in Cambodia A review of the Ministry of Commerce showed that enterprises had boldly set up their establishments in Cambodia to distribute goods directly, but also small in nature; a distribution network has not been set up They are mainly small and medium enterprises while the big commercial enterprises have not penetrate into this market yet due to the legal environment in Cambodia lacks transparency and has cumbersome procedures • Administrative procedures are cumbersome, customs are not clear and the tax is too high In addition to the 7% of import duty and 10% of VAT, businesses must be borne to imported fee of customs department as 120 USD per time, customs declaration fee of 200USD/container - too high compared to the value of shipments only about 16000-18000 USD 2.2 SWOT ANALYSIS STRENGTH - There are sources of stable supply of raw materials to ensure continuous plant operation; - Input materials are endowed with low price, leading to reduced production costs and improved competitiveness; - Products are of high quality and produced by technologies of Denmark, Italy, Japan in particular stages Because the new plant has just built so that its lines and equipments are still new; - It receives the immense help from the Vietnam Oil and Gas Corporation in terms of capital, human resources and etc - Granular urea product has many advantages over other products on the market WEAKNESS - The brand are still strange to Cambodia market - The diversity of products is not high; - The new staff lacks experience Marketing Plan for Ca Mau fertilizer and Cambodia market OPPORTUNITIES THREATS - Both countries have many similarities in climate and agricultural cultures so it is easy for the products to infiltrate into this market; - There is a long border line with many terminals and roads Therefore, it facilitates the exchange of goods between the two countries; - Bilateral economic and political relations are good; - Many Vietnamese businesses have invested into Cambodia in the field of agriculture Legal relations between two countries are convenient, giving each other many preferences - Cambodia is an agricultural country Most people are farmers so that this is an opportunity for the company to grow in this market; - Method of production and cultivation of Cambodia is backward, seldom uses fertilizer so that market potential is still great - Thailand fertilizer is of good quality but penetrate into the market spontaneously while china fertilizer is low quality This creates a space in market for the Vietnamese fertilizer - Experiences in the Cambodian market are not much; - Cambodia's infrastructure is weak, freight takes time; - The purchasing power of the market is not high; - Cumbersome customs procedures, loose regulatory framework; - Must compete with many other competitors which have had their footholds in the Cambodian market - The cost to bring products into the distribution system of Cambodia is very high; distributors prefer to be paid in consecutive style, like quick profits and less desire long-term investments - It takes time for Cambodian to move from Phu My, Thailand or Chinese to Ca Mau Fertilizer PART SPECIFIC OBJECTIVES 3.1 OUR MISSION: Bring about a better life through great crops 3.2 GENERAL OBJECTIVE: By 2015 account for 70% market share in Cambodia and become a leading fertilizer manufacturer and distributor in Asia PART MARKETING STRATEGY TO PENETRATE INTO CAMBODIAN MARKET Marketing Plan for Ca Mau fertilizer and Cambodia market 4.1 PRODUCT STRATEGY Cambodia has the characters of climate, soil and major agricultural products like Vietnam Additionally, PetroVietnam has previously exported its urea fertilizer into Cambodia in the trademark of Phy My fertilizer; therefore, the export of Ca Mau fertilizer shall contribute to expand the Group’s market share To products: Input materials: Exploited from natural gas from Plot PM3-CAA and Cai Nuoc mine, Hoa Mai mine and 46.2 mine in the Southern west sea of Vietnam Capacity 800,000 tons/ year Meet the requirements of safety, health and environment Standards of Urea appearances tested by visual methods as stipulated by Cambodia Quality standards: Quality standards Unit Appearance Nitrogen (N) Biuret Moisture % % % Cambodian standards Announced standards Cloudy, hard, free of impurities, visible and dissolvable in water 46.0 46.1 1.5 max 0.95 max 1.0 max 0.3 max Comparison between cloudy grain urea with competitors Standard Products Price PVCFC Thai Fertilizers; Chinese Fertilizers Exported to Cambodia is the cloudy grain urea that is better than clear grain urea Advantages: in comparison with other competitors inland or abroad, PVCFC always has the advantage of high quality cloudy grain urea Urea marked in Ca Mau fertilizer is reasonable in price and aims to cheapprice favor customers in Cambodia Thai cloudy grain urea is equivalent to the quality but the package and sale policy of Chinese cloudy grain urea is worse Thai urea and Chinese urea are higher in price Package, mark, storage, transportation, use instruction and expiry date: - Grains in pill shape with anti-moisture and convenient for storage and transportation Marketing Plan for Ca Mau fertilizer and Cambodia market - Package: made of general plastic, PP layer outside and PE layer inside or HDPE/LDPE, moisture keeping, no tear and broken in case of transportation, 50 kg for net weight to each product Language on package: Vietnamese and English Contents: Nitrogen contents: 46.1% Biuret: 0.95 % max Moisture: 0.3% max Not use hook Product of PetroVietnam CaMau Fertilizer Limited Company Name and address of manufacture: Ca Mau Fertilizer Factory, Plot D Industrial Zone, Ward 1, Khanh An commune, U Minh district, Cam Mau province, Vietnam Storage: maintain urea in dry, clean, avoid from rain and sun and not direct contact with moisture Not mixture with other fertilizers and chemicals Transportation: road, waterway covered to avoid from rain and sun Use: suitable to all kinds of plants and soils (detailed instructions enclosed) Expiry date: for years since the date of manufacture 4.2 PRICE STRATEGY Because 82% of Cambodians live in rural areas and 30% live in poverty (according to the National Bank of Cambodia), most Cambodian consumers are sensitive to price: - According to "A Study of the Cambodian market in 2009" done by Ho Chi Minh city Center for Promotion of Trade and Investment, currently two Cambodia's largest fertilizer Marketing Plan for Ca Mau fertilizer and Cambodia market suppliers are from Thailand and China In particular, Thailand fertilizers accounted for almost the entire market share in Cambodia (97.7% in 2007) Thailand fertilizer is of good quality but don’t take care of design and is simple in type Moreover, Thailand fertilizer penetrates into Cambodia naturally, not accompanied by synchronous extension programs as done by an exporter of Vietnam Currently, granular urea prices of Thailand are at 515520 USD / ton China is the second largest supplier of fertilizer behind Thailand in Cambodian market From mid-2008, the Chinese Ministry of Finance continued to increase export duties on fertilizers to meet the demand for fertilizers in agricultural production in domestic, making China's fertilizer prices increase the price of Chinese granular urea is 530 USD / ton => price competitiveness of Chinese goods fell - - Cloudy grain fertilizer has several advantages over pilled one Today, the world fertilizer price is rising rapidly and the Cambodian people seem to be sensitive to price, so the price difference between granular urea product of different brands, whether small but to make a difference in purchasing power Therefore, we decided to make price for the product as follows: + Export volume is estimated at 50,000 tons / year in the first year, and it may increase in subsequent years + Product price ranges from $ 510 - 515/tan (with the exchange rate of VND/USD = 20,850), of which: Production costs = production cost + shipping cost + taxes + profit + other expenses: Shipping Costs: Waterways: From Ca Mau - An Giang => Phnom Penh Port: VND 200-300 thousand/ton Discount: Discount rate for exclusive distributors ranges from 3-4% 4.3 DISTRIBUTION STRATEGY: 4.3.1 Mode of transportation: Cambodia is neighboring country of Vietnam Therefore, to transport the products to Cambodia, we use two methods of transportation namely land way and waterway The comparison between such methods as follows: Object Waterway Standard Land way Transportation expense Transportation expense by barge Transportation expense by car is 200-300 thousand VND/ton in fro, 600-800 thousand VND/ton average Time of transportation 1-2 days 2-3 days Advantages - Great quantity - Lower expense Active for transportation timetable Marketing Plan for Ca Mau fertilizer and Cambodia market Disadvantages - Depend on the timetable of forwarder or barge owner - May affect to the quality (because steam may make products moisture) - The quality is not more than by waterway - Maybe meet transportation risks, expenses - Due to various channels in the Western region, it shall take a lot of time in case of land way due to many barges, bridges or fee collection stations Through the table above, it can be concluded that waterway transportation to Cambodia is faster 4.3.2 Distribution channel: Distribution channel building is very important to all of enterprises in the international market Currently, Vietnamese products are highly assessed by Cambodian customers; however, almost of enterprises are meeting difficulties in building up the distribution system Currently, Vietnamese products are almost transported to Phnom Penh then distributed to other provinces However, after a time of getting acquainted, building up the market, it is better if the company can be active in distributing goods to provinces; but it depends on each company’s capacity and products Currently, there are two main distribution methods: direct and indirect: Direct distribution: products directly distributed to consumers by building up its own distribution system and chain of stores Indirect distribution: - Distributed through exclusive ones: Distributed to a exclusive distributor in Cambodia, then to other provinces for wholesalers or retailers to consumers The establishment and administration of distribution channels are made by distributors Sold to various distributors: The Company shall select some agents or distributors in Cambodia, then such agents or distributors shall sell to retailers before consomers By this method, the company may have some advantages and challenges 4.4 PROMOTION STRATEGY: Guideline: Along with the guideline in Vietnam, Ca Mau fertilizer commits to travel with farmers with the slogan: “Pearl grain, Gold crop” Trademark: CA MAU FERTILIZER Logo: Marketing Plan for Ca Mau fertilizer and Cambodia market Trademark recognizing body: Signboards in front of halls, signboards used for branches in Cambodia:    Introduction Official documents: Receipts, stamps, input or output invoices Personal card, company card, store system card, uniforms for officials, salespersons, posters, brochure, reception tables, stores, Advertisement banners 4.4.1 ADVERTISEMENT Cambodian consumers are both easy and choosy To be choosy, they only buy Vietnamese high quality products To be easy, they not bargain or ponder when they decide to buy the products They shall use the products and always be loyal to such product when they recognize that such products are good However, there are many Cambodian consumers who not know about Vietnamese products One of the main reasons is due to the fact that Vietnamese companies not pay attention to product advertisement Television: According to the survey result of the Institute of Republic International (IRI) of the Unites States, the most popular television channel is CTN Advertisement on this channel on the golden time from 19h to 21h for times shall help to popularize the company’s images and products Outside advertisement: Focus to made advertisement at crossroads and near markets The product’s image and logo should be used in the advertisement design to increase the product recognition Website: Build up the website http://www.pvcfc.com.vn/ Marketing Plan for Ca Mau fertilizer and Cambodia market Website’s design uses the green as major one with a golden rice as its logo as this color is familiar, suitable to Cambodian liking and the image of strong rice makes Cambodians feel popular 4.4.2 PR : Vietnam – Cambodia International Fair: According to the research of Investment and Commerce Promotion Center, Ho Chi Minh city, in 2009, fairs are highly effective method in Cambodia Through fairs, we may display product sample boothes and sell company’s products Special subject conference: Our tecnhical officials shall instruct the use of products, agricultural techniques through the experimental models and experience sharing with Cambodian farmers - Support and consult agents on product information and sale techniques Implement and supervise sale support programs and promotion programs of the Company in the region under management Build up model fields: The implementation of such method is rather popular in order to improve consumers’ awareness to fertilizer trademarks Such method is rather effective and applied in Mekong River Delta provinces by Ca Mau fertilizer Marketing Plan for Ca Mau fertilizer and Cambodia market 4.4.3 PROMOTION: To distributors: One of main characters of Cambodian distributors is that they not want to make long term investment but they just want to get profits in short timel therefore, the expense for goods flow is always high, unstable and overlaping payment Initially, we should give immediate awards to any distributor who gets the set-out revenue The proposed award may be about from 2-3% of revenue 4.5 IMPLEMENTATION Time Process Step 1: Preparation process Step 2: Promotion and sales Contents In 2013 Oct No De Jan In 2014 Feb Mar Ap Body in charge May Market survey Marketing Office Penetration planning Planning Office Sample product, package Manufacture Office Product price assessment Marketing Office Distribution channel selection Sales Office Marketing Office Negotiation, distributor selection Sales Office Initial promotion policy implementation Marketing Office Marketing Plan for Ca Mau fertilizer and Cambodia market Step 3: Comparing and adjusting plans Products sold out to the market Sales Office Collecting the responding information from the market Marketing Office Continue to give out suitable sale promotion policies Re-assessing the penetration process and adjustment (if any) Sales Office Marketing Office Planning Office ESTIMATED BUDGET Currency unit: USD No I II III Contents Total expenses Market research Advertisement, offer Management Materials Labor Machine depreciation Transportation Others Total revenue Discount (sales discount) Net revenue Before tax profits Annual plan 24,065,000 15,000 100,000 100,000 16,575,000 510,000 5,000,000 1,000,000 765,000 25,500,000 765,000 24,735,000 670,000 Notes 10 persons Ammoniac gas Average 20 USD/ton (Interest, …) 50 thousand tones, average 510 USD/ton Discount 3% 4.6.2 Capital plan Currency unit: USD No I II Contents Total capital source for month business period Market research Advertisement, offer Management Materials Labor Transportation Others Total capital mobilized Materials paid later (70%) Group’s preference capital Quarter plan Notes 4,792,500 15,000 40,000 25,000 4,143,750 127,500 250,000 191,250 4,792,500 2,900,625 1,891,875 PART 5: REFERENCES PetroVietnam, the Project Management Board of Ca Mau gas – electricity – fertilizer group, “ mostly meet the demand of fertilizer for all the country” From: Marketing Plan for Ca Mau fertilizer and Cambodia market http://www.cpmb.com.vn/index.php?option=com_content&view=article&id=294:-ap-ngphn-ln-nhu-cu-phan-m-ca-c-nc&catid=85:gioi-thieu-chung&Itemid=269 PetroVietnam, the Project Management Board of Ca Mau gas – electricity – fertilizer group, “General Introduction” From: http://www.cpmb.com.vn/index.php? option=com_content&view=article&id=196:about&catid=85:gioi-thieuchung&Itemid=269 PetroVietnam, PetroVietnam CaMau Fertilizer Limited Company From:http://www.pvcfc.com.vn/ Vietstock, “Cambodia: Economic potentials and risks” From:http://vietstock.vn/PrintView.aspx?ArticleID=175063 The economics, “ Africa’s impressive growth” From: http://www.economist.com/blogs/daily 01/daily_chart) Vietnam – Cambodia conference From: http://www.vncam.vn/index.php? d=clb&f=clbchitiet&clb_id=25&p1=2 Enterprise Conference, “Enterprises which are too much practical shall pay heavy price” From: http://dddn.com.vn/20090914025623910cat130/doanh-nghiep-qua-thuc-dung-se-phai-tragia-dat.htm ... the Cambodian people seem to be sensitive to price, so the price difference between granular urea product of different brands, whether small but to make a difference in purchasing power Therefore,... distribution network has not been set up They are mainly small and medium enterprises while the big commercial enterprises have not penetrate into this market yet due to the legal environment in Cambodia... exceeding the fourth year since the operation of their business + Cambodia's economy began to grow in the 1990s when the government implemented free-market economy Especially in recent years, the growth