Cambodia & Tourism: transforming the sector, creating value, restoring confidence

The evidence is clear: competitor markets manage to monetise each visitor up to 3.5 times more than Cambodia, regardless of the size of the influx. So the key issue for Cambodian decision-makers is not quantity, but the value generated by each visitor.

In 2024, Cambodia welcomed 6.7 million international visitors, generating tourism revenue of 3.63 billion dollars, or around 542 dollars per visitor. By comparison, Thailand, its neighbour, welcomed over 35 million foreign travellers for a tourism revenue of THB 1.8 trillion (around $1,400 to $1,500 per visitor), while Singapore welcomed 16.5 million tourists for a revenue of between SGD 27.5 and 29 billion (or $1,668 to $1,758 per visitor).

Volatility of flows: the lesson of recent months

The last few months have taught us a crucial lesson about the fragility of the Cambodian tourism model. In August 2025, international arrivals fell by 38.4% year-on-year. Arrivals from Thailand came to a virtual standstill (down 91.6%), while Chinese tourists rose by 30.2%.

Restrictions on land borders, particularly during the conflict with Thailand, have revealed the vulnerability of a model that will be 63% dependent on land border crossings in 2024 (52.2% in the first half of 2025).

This sharp drop in volume shows that a system centred on the land border remains unstable, while air arrivals - which are more resilient and offer high added value - have increased.

Infrastructure ready to transform the landscape

Cambodia has built impressive infrastructure, laying the foundations for high-end tourism: Siem Reap-Angkor international airport (opening in October 2023, capacity 7 million passengers) and the new Techo international airport (September 2025, capacity 13 million).

The potential capacity is now 20 million passengers a year, offering considerable leverage to improve the quality and segmentation of tourist flows.

Confidence and image challenges

The kingdom is nevertheless facing major structural challenges. Cambodia's international image, affected by ‘scam compounds’ and other cyber scams, has a direct impact on the perception of risks for Western travellers and weighs heavily on bookings and the choice of air routes. In 2025, Amnesty International identified 53 sites of this type linked to forced labour, and the US authorities have postponed sanctions against several networks. Restoring confidence requires greater transparency and regular publication of actions taken (raids, prosecutions, assistance to victims).

Reforming strategy: investing in value

Arnaud Darc is calling on operators and decision-makers to change their approach:

• Prioritise resilient air markets. In the face of fluctuations, focus on China (+30.2% in August) rather than on established habits.

• Value the experience rather than mere access. Angkor Archaeological Park generates just USD 46 per foreign tourist, well below the USD 1,000 regional target.

• Making public action visible. Communication on anti-fraud operations must become an essential marketing tool.

Closing the regional gap

Cambodia now has infrastructure, hospitality potential and solid domestic demand (22.5 million domestic trips in 2024). If incentives are aligned with the value per visitor and confidence restored through rigorous transparency, the country will be able to close the gap with its competitors quickly.

The room for improvement is there:

What remains is to align strategy and ambition to transform Cambodian tourism and make it a driver of value creation for the whole of society.