On September 5, 2024, H.E. Hem Vanndy, Minister of Industry, Science, Technology & Innovation, delivered a keynote address on the development of Cambodia’s informal economy to about 200 students at CamEd Business School. He emphasized that developing the informal sector is critical for Cambodia, especially to escape the middle-income trap and achieve Cambodia 2050 vision.

This marks the second time the minister has addressed CamEd students after the first address on Vision for SME Development delivered in November 2023, demonstrating his commitment to engaging with young minds on key national issues.

During the address, the Minister shared insights into Cambodia’s National Strategy for Developing the Informal Economy, launched in October 2023. He recalled the challenges faced during the COVID-19 pandemic in identifying vulnerable groups and businesses for government assistance, largely due to the informal nature of much of Cambodia's economy. Recognizing the critical role of the informal sector, he said, the government has made it a priority to formalize and support these enterprises, aiming to enhance their growth and resilience.

Minister Vanndy highlighted contributions by key stakeholders such as the National Bank of Cambodia, the General Department of Taxation, and the Ministry of Labor and Vocational Training, but emphasized that more work is needed at the provincial level. 

He also introduced the newly developed onboarding platform to streamline the registration of informal businesses, and engaged in a dynamic Q&A session with the students and faculty members.