Several Thai companies have suspended or scaled back their operations in Cambodia amid ongoing tensions and nationalist sentiments following last year’s border clashes between the two countries. Although a ceasefire was established more than three months ago, strong negative sentiments persist among Cambodian consumers, compounded by continued nationalist narratives circulated through media outlets and social media influencers in both countries.
The border conflict and subsequent diplomatic strain have resulted in significant disruptions to Thailand’s trade with Cambodia. According to Thailand’s Ministry of Commerce, border trade with Cambodia dropped to zero baht in February 2026, a sharp contrast to substantial trade volumes with other neighbouring countries such as Malaysia, Laos, and Myanmar. The effective border closure has halted exports, and a boycott of Thai products by some Cambodian consumers has further hindered the market.
Major Cineplex Group Plc, Thailand’s largest cinema operator, officially exited the Cambodian market in February 2026 by selling its subsidiary, Major Holdings International Co Ltd, to Sabay Digital Group Pte Ltd for US$15.14 million. The group cited geopolitical tensions and declining consumer support as key factors behind the divestment. Revenue from its Cambodian operations fell by nearly 30% in 2025, from 533 million baht in 2024 to 380 million baht, amid border disputes and anti-Thai campaigns. Prior to the sale, Major Cineplex operated six cinema branches with 33 screens as well as a bowling business in Phnom Penh, Siem Reap, and Poipet.
Similarly, Thai President Foods Plc, the maker of Mama instant noodles, has removed Cambodia from its 2026 revenue projections. The company halted exports and suspended production at its Cambodian plant following the border closure. The company had planned to build a new manufacturing facility in Phnom Penh but has postponed those plans indefinitely due to the current political and economic climate. The general manager expressed optimism that the market would eventually recover, though likely not in the near term, emphasizing a commitment to customers despite current difficulties.
Osotsapa Plc, a leading Thai consumer goods manufacturer, also ceased exports to Cambodia in June 2025 after encountering boycotts of its products. The company does not anticipate a market recovery before 2027, reflecting a cautious outlook amid continued tensions.
Thai firms have adopted varying approaches in response to the challenges in Cambodia, with some exiting entirely while others have taken a wait-and-see stance. The situation remains fluid as nationalist pressures and trade restrictions continue to shape the business environment across the Thai-Cambodian border.