More than three months have passed since the ceasefire between Thailand and Cambodia ended the 2025 border clashes, yet nationalist sentiment remains strong on both sides of the border, reports the Bangkok Post.
News outlets and social media influencers from both countries continue to promote nationalist narratives, further fanning the flames of hostility between them.
Thai businesses with exposure to the Cambodian market now face two major obstacles: an effective border closure that has halted exports, and a boycott of Thai products by some Cambodian consumers.
Thailand’s border trade with its four neighbours totalled B62 billion in February 2026, according to the Ministry of Commerce’s Department of Foreign Trade.
Border trade with Malaysia was worth B24.4bn, followed by Laos at over B23.8bn, Myanmar at B13.8bn, and Cambodia at zero baht, according to a press release issued by the Department of Foreign Trade.
Thai businesses have adopted varied strategies regarding the Cambodian market. Some have chosen to exit entirely, while others are temporarily withdrawing and adopting a wait-and-see approach.
In February, SET-listed Major Cineplex Group Plc, Thailand’s largest cinema operator, sold its Cambodian business.
Major Holding International Co Ltd, a subsidiary of SET-listed Major Cineplex Group Plc, disposed of all 7,000 ordinary shares, equivalent to a 70% stake in Major Platinum Cineplex (Cambodia) Co Ltd, for a total of US$5.14 million (about B165 million) to Sabay Digital Group Pte Ltd.
The decision was made to mitigate the impact of escalating geopolitical tensions and changes in consumer behaviour in Cambodia.
"In 2025, revenue from operations in Cambodia declined significantly, from B533mn in 2024 to B380mn in 2025, a 29% drop year-on-year, primarily due to border conflicts and public campaigns discouraging support for Thai goods and services," the filing stated.
According to its 2025 annual report, the company operated 188 branches and 854 screens in Thailand and overseas.
Of these, there were six branches with 33 screens in Cambodia, located in Phnom Penh, Siem Reap and Poipet. The company also operated a bowling business in Cambodia with three locations and 43 lanes, according to the same report.
INVESTMENT POSTPONED
SET-listed Thai President Foods Plc, the producer of Mama instant noodles, has removed the Cambodian market from its 2026 revenue projection, Pun Paniangvait, the company’s general manager, told the Bangkok Post.
He told another news outlet earlier this month that, following the conflict between the two countries, export sales dropped to zero due to the border closure, and the company also ceased production at its manufacturing plant in Cambodia.
Previously, the company had planned to build a new manufacturing plant in Phnom Penh to replace the existing one. He told the Bangkok Post that the plan has been postponed.
He believes the Cambodian market will eventually recover, though not this year, noting that it is currently being driven by circumstances and emotions.
"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 stopped exporting products to Cambodia in June 2025.
Cambodian customers are currently rejecting Thai products, she said, adding that the company does not expect the market to recover before 2027.