Cambodian logistics providers predicted to face bankruptcy amid COVID-19
The on-going COVID-19 pandemic is seriously damaging Cambodian logistic providers, with about 10-15 percent heading for bankruptcy in the upcoming months, according to the Cambodia Freight Forwarders Association (CFFA).
Cambodian logistics providers predicted to face bankruptcy amid COVID-19 (Photo: The Khmer Times)
Phnom Penh (VNA) – The on-going COVID-19 pandemic is seriously damaging Cambodian logisticproviders, with about 10-15 percent heading for bankruptcy in the upcomingmonths, according to the Cambodia Freight Forwarders Association (CFFA).
The Khmer Times quoted CFFA President Sin Chanthy as saying that manyproviders are struggling to survive, some had already gone bankrupt, andothers will file for bankruptcy within the next two or three months.
The logistics providers have been adversely affected the COVID-19 pandemic, andit hasn’t seen any sign as to when the situation will recover, he said.
Chanthy added that the traffic of goods and product exports havedropped about 70-80 percent because there has been a dramatic decrease inbuying orders.
More than 100 member logistics firms of CFFA are struggling to survive as they arefacing financial distress, with an estimated 60 percent decrease in revenue, hesaid.
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Cambodian logistics providers predicted to face bankruptcy amid COVID-19 (Photo: The Khmer Times) 
