A number of Thai businesses have suspended their operations in Cambodia, as lingering resentment among segments of Cambodian consumers continues to weigh on cross-border activity.
Although more than three months have passed since a ceasefire formally ended the 2025 border clashes between Thailand and Cambodia, nationalist sentiment remains deeply entrenched on both sides.
Media outlets and online influencers in both countries have continued to amplify nationalist rhetoric, contributing to sustained tensions and shaping public sentiment.
As a result, Thai companies operating in or exporting to Cambodia are confronting two key challenges: an effective shutdown of border trade and a consumer-led boycott targeting Thai goods.
According to the Ministry of Commerce’s Department of Foreign Trade, Thailand’s border trade with its four neighbouring countries reached 62 billion baht in February 2026.
Trade with Malaysia accounted for 24.4 billion baht, followed by Laos at more than 23.8 billion baht and Myanmar at 13.8 billion baht, while trade with Cambodia recorded no value during the same period, based on official data.
Thai firms have responded with differing strategies. Some have opted to exit the Cambodian market entirely, while others have temporarily withdrawn operations, awaiting clearer conditions before re-engaging.
Market Exit
In February, SET-listed Major Cineplex Group Plc divested its Cambodian operations, marking a full withdrawal from the market.
Its subsidiary, Major Holding International Co Ltd, sold all 7,000 ordinary shares—representing a 70% stake in Major Platinum Cineplex (Cambodia) Co Ltd—to Sabay Digital Group Pte Ltd for US$5.14 million.
The move was aimed at limiting exposure to rising geopolitical risks and shifting consumer behaviour in Cambodia.
“In 2025, revenue from operations in Cambodia declined significantly, from 533 million baht in 2024 to 380 million baht in 2025, a 29% drop year-on-year, primarily due to border conflicts and public campaigns discouraging support for Thai goods and services,” the company said in a filing.
The company’s 2025 annual report shows it operated 188 branches and 854 cinema screens across Thailand and international markets.
In Cambodia, its footprint included six branches with a total of 33 screens, located in Phnom Penh, Siem Reap and Poipet. It also ran a bowling business with three locations and 43 lanes in the country.
SET-listed Thai President Foods Plc, the producer of Mama instant noodles, has excluded Cambodia from its 2026 revenue outlook, according to general manager Pun Paniangvait in comments to the Bangkok Post.
He had earlier told another outlet that exports to Cambodia had fallen to zero following the border closure, prompting the company to halt production at its local manufacturing facility.
Plans to construct a new factory in Phnom Penh to replace the existing plant have also been put on hold, he said.
Despite the current downturn, he expressed confidence in a long-term recovery, though not within this year, noting that the market is presently influenced by external pressures and sentiment.
“If the market recovers earlier than expected, we are ready to sell. We care about our customers. We do not have any problem with our customers,” he said.
Ratiporn Ratcharoen, group chief financial officer at SET-listed Osotspa Plc, said in March 2026 that the company had ceased exports to Cambodia since June 2025.
She noted that Cambodian consumers are currently turning away from Thai products, adding that a meaningful recovery in the market is not expected before 2027.
