Higher education institutions (HEIs) are crucial in promoting economic growth and reducing poverty through human resource development. However, managing higher education and skills development is a complicated issue involving different actors. This article provides a stakeholder analysis of the higher education governance in Cambodia. It proposes policy options for the government, universities, students, and technical and vocational education and training (TVETs) that can further calibrate skill development policies to address the country’s skill mismatch and labour issues.