Cambodia's Healthcare, EV, Energy, and FMCG Sectors Face Growth Opportunities and Challenges

Cambodia’s business leaders gathered at Rosewood Phnom Penh on July 1 for the International Business Chamber (IBC) 6-Month Industry Review & Outlook for 2026, where leading executives from across the Kingdom’s major industries shared their assessment of current market conditions and the opportunities and risks expected during the second half of the year. In Part 2 we cover the perspectives from Mona Tep, CEO & Managing Director of Monaparady (Pharmacie de la Gare) and Advance European Medicare Center; Kunpei Kawamoto, Senior Manager of Group Corporate Strategy at MVL Foundation and Strategy Lead for ONiON Mobility; Yuan Liu, Managing Director & Country Chair of TotalEnergies Marketing Cambodia; and Maarten Van Leeuwen, Country Director of Danone Cambodia & Myanmar. Covering the healthcare, automotive, energy and FMCG sectors, the speakers highlighted how changing consumer behaviour, evolving technologies, geopolitical uncertainty and regulatory reforms are reshaping Cambodia’s business landscape. Cambodia’s healthcare sector is entering a period of sustained expansion driven by urbanisation, rising incomes and growing demand for specialised medical services, according to Mona Tep, CEO & Managing Director of Monaparady (Pharmacie de la Gare) and Advance European Medicare Center. Mona said healthcare demand continues to outpace supply, particularly for higher-quality diagnostic, laboratory and specialist services. While National Social Security Fund (NSSF) coverage has expanded significantly, access to quality healthcare remains uneven between urban and rural areas, leaving substantial opportunities for further investment. “Healthcare demand is continuing to grow, but patients are also expecting higher standards of quality, safety and specialised care.” She noted that Cambodia is also experiencing a steady rise in non-communicable diseases—including diabetes, cardiovascular disease and cancer—which is increasing pressure on both public and private healthcare providers. Looking ahead, Mona expects investment to accelerate in preventive healthcare, chronic disease management, telemedicine and digital health solutions, while partnerships between private providers and the NSSF are likely to expand access to healthcare services, leaning towards the model of Public-Private Partnership – PPP. “Quality, compliance and accreditation will increasingly become the factors that differentiate healthcare providers as competition grows.” She added that workforce development, specialist training and technology adoption will remain critical priorities as Cambodia seeks to strengthen its healthcare ecosystem over the coming years. Cambodia’s electric vehicle transition is entering a new phase, where success will depend less on vehicle sales and more on developing integrated mobility ecosystems, according to Kunpei Kawamoto, Senior Manager of Group Corporate Strategy at MVL Foundation and Strategy Lead for ONiON Mobility. Kawamoto noted that while Cambodia has approximately eight million registered vehicles, most are motorcycles, with electric passenger vehicles currently leading adoption while electric two-wheelers and three-wheelers remain underdeveloped despite representing the country’s largest daily transport segment. “The question is no longer whether electric vehicles can sell. The question is which business models can scale sustainably.” He argued that Cambodia’s biggest opportunity lies in accelerating electric mobility for daily commuting, tuk-tuks, delivery services, ride-hailing and last-mile logistics, where lower operating costs could create compelling commercial advantages. However, he stressed that widespread adoption will require affordable products, reliable charging infrastructure, customer confidence and practical ownership models rather than simply importing more electric vehicles. “Growth is shifting from selling vehicles to building complete mobility solutions.” Kawamoto said this is the direction MVL Group is working to advance through its broader mobility ecosystem, bringing together group companies such as ONiON Mobility and TADA with other partner companies. Kawamoto said cross-sector collaboration between automotive companies, financial institutions, energy providers, logistics firms and technology platforms will become increasingly important as Cambodia develops its electric mobility ecosystem. Global geopolitical tensions continue to influence Cambodia’s energy market despite fuel prices easing from recent highs, according to Yuan Liu, Managing Director & Country Chair of TotalEnergies Marketing Cambodia. Liu explained that retail fuel prices have largely returned to pre-conflict levels following government tax relief measures. Nevertheless, businesses should not assume price stability will continue indefinitely as international geopolitical developments continue to influence global energy markets. “Fuel prices have moderated, but volatility remains one of the biggest risks businesses should continue preparing for.” He encouraged companies to improve energy efficiency and secure long-term supply arrangements where possible, noting that predictable procurement strategies could reduce exposure to future market fluctuations. Liu also highlighted the growing interest in alternative energy solutions, including electric vehicles, although he suggested conventional fuels will remain an important part of Cambodia’s energy mix for the foreseeable future. “Businesses should focus on improving efficiency while maintaining secure and reliable fuel supply strategies.” Looking ahead, he expects moderate supply risks to remain alongside continued price uncertainty, encouraging companies to strengthen their energy planning rather than reacting only when disruptions occur. Cambodia’s consumer goods industry is becoming increasingly competitive as businesses respond to changing purchasing behaviour, affordability pressures and ongoing regional trade disruptions, according to Maarten Van Leeuwen, Country Director of Danone Cambodia & Myanmar. Van Leeuwen said the recent Cambodia–Thailand border dispute had temporarily disrupted FMCG market dynamics by influencing consumer sentiment, supply chains and purchasing decisions, while increasing logistics costs and operational complexity for many businesses. “Cambodia remains a growth market, but growth is becoming more selective and consumers are making more deliberate purchasing decisions.” Rather than relying solely on premium products or volume growth, he believes successful companies will increasingly adopt a two-speed strategy—offering strong value propositions while continuing to innovate within premium market segments. He also emphasised the importance of local market understanding, arguing that companies need to build brands around Khmer consumer preferences rather than relying exclusively on global strategies. “Winning companies will combine strong local relevance, value for money and disciplined execution.”