The Ministry of Commerce has earned more than $15 million to bolster the national budget, an increase of more than six percent over 2021, according to a report.
According to the Ministry of Commerce's annual report, total income in 2022 amounts to 63,049 million riels (approximately $15 million), equivalent to 124.8 percent of the plan, compared to 58 909 million riels in the same time in 2021. This marks a rise of 4,146 million riels, equivalent to 6.57 percent.
It said that the Ministry of Commerce earned money through the provision of public services, fines from business registration, and fines from the General Department of Consumer Protection, Competition, and Anti-fraud, as well as hosting various exhibits and other services.
However, the Ministry of Commerce spent 101,912 million riels (approximately $25 million) in 2022, it added.
Hong Vannak, an economic researcher at the Royal Academy of Cambodia, said that the income generated by the Ministry of Commerce will contribute to the national economy, allowing the government to use it as a flow.
The government can afford to improve public services while repaying the debt, he added.
“Despite the fact that this income is not large, it plays an essential role in the national budget,” he said. “It allows the government to fund new projects in order to improve public services for Cambodians.”
He added that the increase in income from each ministry contributing to the national budget will allow the government to afford to implement additional projects.
“The more sources of income there are for our Cambodian society, the better,” he said. “Increasing income and making better use of it is beneficial to social development.”
The Ministry of Commerce earned more than 113 billion riels in 2019, 52.87 billion riels in 2020, and 58.90 billion riels in 2021.