Fitch forecasts bright economic outlook for ASEAN members
Member countries of the Association of Southeast Asian Nations (ASEAN) have bright economic prospects for the coming years due to strong regional integration, better transport connectivity and reform momentum.
Workers process shrimps for export at a factory in Vietnam (Photo: VNA)
Hanoi (VNA) – Member countriesof the Association of Southeast Asian Nations (ASEAN) have bright economicprospects for the coming years due to strong regional integration, bettertransport connectivity and reform momentum.
A report released on November 24 by BMI Researchof Fitch Group notes that aside from the ASEAN Economic Community, the proposedRegional Comprehensive Economic Partnership and China’s Belt and RoadInitiative are expected to bring the region closer together and fuel growth.
Myanmar and Vietnam will be the region’soutperformers, the report said, noting that Myanmar is expected to grow at anaverage of 7.2 percent per annum over the next 10 years due to an increase ininvestment, aided by improvements to the business environment and greaterpolitical stability.
Vietnam’s growth will be boosted by a stablepolitical environment, reform momentum, an improving business climate and themanufacturing sector benefiting from multinational companies relocating to thecountry for lower production costs.
BMI Research sees the Philippines as anotherbright spot, with gross domestic product (GDP) growth likely to average 6.2percent over the coming decade.
It also remains positive on Indonesia's growthprospects, due to its huge young population, and the country will be one of thelargest recipients of projects under the Belt and Road Initiative in ASEAN.
Meanwhile, Singapore and Brunei which alreadyhave much higher GDP per capita are likely to see much slower rates ofexpansion, according to the report.-VNA
Thailand’s gross domestic product (GDP) increased 3.7 percent year-on-year in the second quarter of 2017, reported the National Economic and Social Development Board.
Vietnam ranks the fifth most optimistic country globally with an index score of 117 in the latest Consumer Confidence Index released by Nielsen, its highest score in the past five years and up five points from the last quarter of 2016.
An increasing proportion of Vietnamese plan to buy a car in the last six months of 2017, catching up with other ASEAN countries, according to the quarterly Financial Times Confidential Research.
The World Bank (WB) has forecast that the Indonesian economy will remain strong and record a growth rate of 5.1 percent in 2017 and 5.3 percent in 2018.
Vietnam’s retail sector is forecast to be stable in the coming years, attracting investment from many foreign enterprises thank to its large population, brighter economic outlook and greater purchasing power.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Workers process shrimps for export at a factory in Vietnam (Photo: VNA) 
