South East Asia

Date

Intellectual property (IP) filings in the country inched up by 2.5 percent in 2023 amid increased awareness on the importance of IP, according to the IP Office of the Philippines (IPOPHL). In a statement yesterday, the IPOPHL said applications of trademarks, patents, utility models (UM) and industrial designs (ID) reached 49,832 in 2023 from 48,600 in 2022......


Better macro conditions, robust infrastructure development and resilient consumer spending could hold up FBM KLCI stocks THE earnings momentum of the heavyweights on the Malaysian bourse’s key index may have eased up by over 11 per cent in the final quarter of last year from the same period in 2022, but analysts are not harping on that.....


WHILE Singapore remains an attractive global financial hub, wealthy families are now considering other options besides setting up their own single family offices (SFOs) here to better suit their needs. Industry players noted that SFOs in Singapore are likely to merge or find alternative models amid the rising cost of operations.....


At present, Air India, IndiGo, SpiceJet and Vistara operate flights between India and Bangkok India and Thailand have agreed to expand flight connectivity to boost trade and tourism. The two countries signed a memorandum of understanding on air services in Bangkok on Friday - a day before the announcement of general elections.....


The Songkran festival is expected to generate 24.4 billion baht during the five-day holiday, drawing 510,000 foreign travellers and 4.29 million domestic trips, according to the Tourism Authority of Thailand.The government plans to launch Maha Songkran World Water Festival 2024 to showcase water splashing activities and persuade more foreign tourists to visit the country....https://www.bangkokpost.com/business/general/2757553/tat-eyes-b24-4bn-fro…


Minister of Commerce Cham Nimul has emphasised the need to enhance the quality and sustainability of Cambodian rice exports to build a long-lasting reputation on the international stage.  “The primary focus for us is sustainability and trust in the quality of Cambodian rice. We’re not just looking at today or tomorrow, or even the next couple of years. Our vision is to elevate the Kingdom’s reputation on the international s…


Vietnam is the most important market of Argentina in the Association of Southeast Asian Nations (ASEAN), said the Secretary of Agriculture, Livestock and Fisheries of Argentina, Fernando Vilella. Speaking to a Vietnam News Agency reporter on the sidelines of the 2024 Argentina Agricultural Exhibition Expoagro in Buenos Aires, the official said that Vietnam is also a key market in Argentina's trade development strategy.....


2024-03-13

AMERICAN COMPANIES are looking to invest in the Philippines’ semiconductor industry with the aim of doubling the number of existing packaging, testing, and assembly facilities, the US Department of Commerce said on Tuesday. “The US companies realized that our chip supply chain is way too concentrated in just a few countries in the world,” US Commerce Secretary Gina M. Raimondo told a business forum in Makati City on Tuesday…


Malaysia continues to remain an attractive option for foreigners looking at a residency visa scheme, but the prolonged standstill in approvals for the Malaysia My Second Home (MM2H) programme is wearing their patience thin and could hurt interest. Industry players told The Business Times that Malaysia’s recently refreshed criteria with more attractive conditions under the visa programme have yet to have an impact as all new applic…


Singapore plans to further tighten scrutiny on the close to 3,000 firms providing corporate services, in a bid to strengthen the anti-money laundering controls here. Under a draft law it is planning, firms’ failure to comply with anti-money laundering/countering the financing of terrorism obligations could see them and their senior management fined up to $100,000 per breach if convicted....


The need to upskill and to learn new and diverse skills has accelerated as tech changes such as AI inject urgency to the need for an updated workforce in Singapore, say panellists at a roundtable organised by The Straits Times and The Business Times. Reskilling and upskilling have long been national priorities for Singapore, but with a rapidly ageing society, the need to equip the workforce for the future has become more urgent than ever.....


Phuket's rapid urbanisation has brought soaring property prices and highlighted its insufficient infrastructurePhuket has been in the limelight the past six months after the government announced a plan to elevate Thailand to an aviation hub, with Phuket the key gateway in the South....https://www.bangkokpost.com/business/general/2756524/overwhelmed-by-success


Prime Minister Pham Minh Chinh visited the Plan and Food Research Centre (PFR) in Auckland on March 10 as part of his official visit to New Zealand.The centre has been cooperating with farmers, scientists, food companies, exporters, the Ministry of Agriculture and Rural Development and the Ministry of Science and Technology in Vietnam in projects on raising crop output, quality and pest resistance, and promoting post-harvest and processing techno…


Malaysia emerged as Cambodia’s 15th-largest trading partner as their bilateral trade surged over 35% in January, according to the General Department of Customs and Excise (GDCE). Trade volume between the two nations reached $46.41 million in the first month of 2024, a 35.2% rise from $34.32 million in January 2023....


The Bangko Sentral ng Pilipinas (BSP) is studying the impact of generative artificial intelligence (AI) in the banking industry as it seeks to implement some “guardrails” to mitigate potential risks. BSP Governor Eli Remolona Jr. said the central bank is trying to understand generative AI, as banks have inevitably begun exploring programs such as ChatGPT and other forms of machine learning.


MIDF Research has maintained a positive outlook on the property sector as it remains sanguine on property companies going forward. In a note today, it said buying sentiment on property is expected to remain healthy going forward as the landscape for the property sector is improving.....


ECONOMISTS upgraded the first-quarter growth forecast for Singapore’s economy, with some attributing the gains in part to Taylor Swift’s Eras tour concerts. Gross domestic product (GDP) probably expanded 2.9 per cent in the three months ending Mar 31, the quickest pace in six quarters, according to the median estimate in a Bloomberg survey....


2024-03-10

Goodyear is currently collaborating with several companies, including Proton Holdings Bhd to employ its workers who are affected by the closure of its factory in Shah Alam. Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz said the company has taken steps to ensure a smooth transition for its workers....  


2024-03-10

Cambodia had exported 90,153 tons of milled rice in the first two months of 2024, down 7.2 percent from 97,153 tons over the same period 2023, said a Cambodia Rice Federation’s report released on Saturday. The country earned a total revenue of $65.4 million from the export of the commodity during the January-February period this year, also down 9.9 percent from $72.6 million over the same period 2023, the report said..... More https://…


The Vietnamese electric vehicle (EV) giant of Vingroup last week formally inked a cooperation agreement with Bahwan Automobiles Trading (BAT) to distribute EVs in Oman. This event not only marks VinFast’s inaugural foray into the Middle East but also represents a pivotal step in the Vietnamese EV manufacturer’s global expansion journey....


United Airlines, one of the largest carriers in the world, is launching non-stop flights from Cebu to Tokyo in July, marking another first for the operator shaking up the local aviation landscape. United Airlines will operate daily flights between Cebu and Tokyo starting July 31, expanding its Philippine network for the second time in less than a year....


Singapore has been reaping the benefits as billions of dollars from Middle East investors continue to pour into Asia. These investors – keen to diversify from their region’s overreliance on oil – laid out around US$57 billion (S$75.5 billion) in private capital deals from 2020 to 2023, well above the US$12.9 billion that flowed into Asia from 2016 to 2019.....


Australia has lifted its anti-dumping measures on Indonesian A4 copy paper, giving Jakarta some hope that it could boost its exports to the close neighbor. Australia previously imposed an additional duty on A4 copy paper imported from Indonesia. These anti-dumping measures, however, officially got revoked on May 5, 2023. Australia also lifted similar measures on paper products from Brazil and South Korea, among others.....


OR’s SDG = Small-Diversified-Green policy boosts economic growth and sustainability in Thailand through coffee cultivation. The mission for most large organisations, both in Thailand and globally, is to achieve a reduction in carbon footprints by 2030—just 6 years away. Thailand faces numerous critical challenges in its pursuit of success. However, the key issue it needs to address to move forward... https://www.bangkokpost.com/b…


CelcomDigi Bhd hosted its initial 2024 instalment of the MY5G CEO Series, bringing together a diverse group of industry leaders and decision-makers on Thursday. It discussed the potential created by the integration of 5G, artificial intelligence (AI) and cloud computing in propelling the evolution and expansion of Malaysian businesses


Tourism and trade relations between Cambodia and India are expected to show more positive signs in the near future, as the Kingdom’s national flag carrier, Cambodia Angkor Air, announces plans to launch direct flights to the latter’s capital New Dehli. “Let’s go experience our new destination! Our new route to New Delhi, India will commence operation soon,” said a social media post from the airline.....


2024-03-09

THE PHILIPPINE central bank is considering issuing more licenses to digital banks on top of the six operating now after receiving expressions of interest from several entities, its governor said. “Once we understand more, we’re happy to open it up so that we can issue more digital licenses,” Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. told a news briefing on Wednesday. “We’re looking at what&…


The country is also planning to deploy new international subsea cables and establish regional data centres Vietnam’s Ministry of Information and Communications has announced bidding documents for the usage of three blocks of frequency radio wave bands for 5G commercial deployment.....


AFTER earlier reluctance, the Ministry of Transport (MOT) is now open to reviewing two ideas with major implications for drivers: a one-off increase in the vehicle population alongside higher usage-based charges, and a separate Certificate of Entitlement (COE) category for private-hire cars (PHCs). Both ideas have been raised repeatedly by Members of Parliament in the name of lowering COE prices to make cars more affordable.....


It's a nation at the heart of a fierce contest for influence, courted by powers great and small — as well as those somewhere in between. On Thursday, Vietnam and Australia signed a "comprehensive strategic partnership", officially elevating ties to the highest level adopted by the one-party state.....


International tourism showed a positive trend in the first month of 2024, with over half of all foreign tourists originating from Cambodia’s three neighbouring countries, as reported by the Ministry of Tourism. In January, Cambodia saw 540,023 foreign visitors, a 34% increase from the 402,943 recorded in the same month of 2023. The majority of these travellers came from Thailand, Vietnam and Laos, contributing to 52.87% of the total. Thaila…


According to experts, Việt Nam's insurance market currently still has a lot of room for development. According to statistics from the Ministry of Finance, the insurance penetration rate, calculated by insurance premiums per GDP, in Việt Nam in 2022 was only 2.6 per cent. Contrary to the current quietness of the life insurance industry, the non-life insurance industry has seen large acquisition deals of foreign investors....


 “The trustmark shall signify that the products, goods or services sold online can be trustworthy, provided that symbol, image, or badge issued or awarded are accredited by the concerned agencies.” The Department of Trade and Industry (DTI) is looking to develop an e-commerce trustmark as part of the government’s initiatives to protect consumers from fraudsters and scammers.


2024-03-07

Collaboration and partnership between nations in confronting digital technology are paramount. They enable companies to combine their strengths and expertise, fostering the creation of innovative products and services that are significantly more efficient and effective than what a single company could achieve alone. Through collaboration, the nation can pool resources, share knowledge, and leverage diverse perspectives, ultimately driving tremend…


2024-03-07

Spearheaded by the Singapore Land Authority (SLA) and Maritime and Port Authority of Singapore (MPA), the newly launched Singapore Geospatial Master Plan (2024 – 2033) will enable geospatial-enabled innovations to benefit more segments of society, while addressing the complex challenges Singapore faces as an island-nation. Building on the first masterplan, this second iteration integrates land and marine spatial data development and charts …


Indonesia’s presumed president Prabowo Subianto has set an ambitious economic growth target of 8 per cent in the next five years – over his upcoming term – to vault South-east Asia’s largest economy to advanced-economy status by 2045. Speaking at an investment forum in Jakarta on Tuesday (Mar 5), Defence Minister Prabowo, who unofficially emerged victorious in the Feb 14 presidential election, said he was optimistic about …


2024-03-06

The Malaysian Aviation Commission (Mavcom) is reviewing the Malaysian Aviation Consumer Protection Code 2016 (MACPC) in lieu with the introduction of carbon fee for air travel that is slated to be earliest by April this year.  Mavcom said the Transport Ministry had agreed in principle to allow local and international airlines flying in and out of Malaysia to charge a carbon fee on domestic and international flights...... More https://bi…


During a meeting with Prime Minister Hun Manet, the Business Council of Australia (BCA) has agreed to establish an additional mechanism – the Cambodia-Australian Business Council – to facilitate trade and investment between the two countries. The agreement was reached during Manet’s March 4 meeting with Bran Black, executive director of the BCA, on the sidelines of the ASEAN-Australia Special Summit 2024 in Melbourne, Australia,…


Sustained growth in new manufacturing orders has prompted a renewed increase in employment, while business confidence has jumped to a one-year-high. According to a survey released by S&P Global Vietnam on March 1, Vietnam's manufacturing sector continued to grow marginally in February, with both output and new orders up for the second month running. The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI) poste…


2024-03-06

  The antitrust bodies of the Philippines and Australia have strengthened their cooperation on advocacy and enforcement following the signing of a Memorandum of Understanding (MOU) in Canberra. In a statement Tuesday, the Philippine Competition Commission (PCC) said Chairperson Michael Aguinaldo signed an MOU with Australia Competition and Consumer Commission (ACCC) Chair Gina Cass-Gottlieb last Feb. 28. “The MOU will further solidify…


Second Minister for Finance and National Development Indranee Rajah will speak on the need for upskilling and upgrading to keep Singapore’s workforce relevant and competitive at a roundtable organised by The Straits Times and The Business Times on March 7. The ST-BT Budget 2024 Roundtable, sponsored by UOB, takes place amid the ongoing Committee of Supply debates in Parliament, and follows the Budget 2024 statement delivered …


State-Owned Enterprises Minister, Erick Thohir, has called on both state-owned and private companies to contribute towards providing 1.5 million homes annually to address the national housing backlog, currently standing at 12.7 million. Erick highlighted the growing challenge of meeting the increasing demand for public housing, especially as urban populations are projected to surpass rural areas by 2035....


2024-03-05

Cambodia is forming a working group designed to talk with Thailand about establishing complementary special economic zones (SEZ) aimed at facilitating trade and attracting more investors. A meeting, chaired by Sok Siphana, Senior Minister in charge of Special Mission, with participation from relevant ministries and institutions, the Cambodia Chamber of Commerce (CCC) and representatives of SEZs was held yesterday at the Peace Palace in this conne…


Vietnamese Prime Minister Phạm Minh Chính’s official visit to Australia is expected to create new momentum for the bilateral relations, including their trade ties. As one of Việt Nam's major trading partners, in recent years the scale of bilateral trade between Việt Nam and Australia has continued to increase strongly thanks to the exploitation of multilateral trade agreements.....


The Philippines will cooperate with China in talks on the disputed South China Sea, President Ferdinand Marcos Jr said on Monday (Mar 4), but will push back when its sovereignty and maritime rights are ignored. Speaking at a Lowy Institute forum during a visit to Australia, Marcos said he was committed to working with Southeast Asian nations and China for a long-delayed code of conduct (COC) in the South China Sea anchored on international l…


Thailand's economy is in a "critical situation" that requires urgent stimulus measures and a potential rate cut, officials from the prime minister's office said on Monday (Mar 4), as the country pushes to draw new investments from the likes of EV maker Tesla. Prime Minister Srettha Thavisin, who took power last August, has been pushing to revive Southeast Asia's second-biggest economy, which has suffered from weak exports and a slow recovery from…


The Exchange TRX is among flashy new entrants trying to compete for consumers’ wallets When The Exchange TRX opened in Malaysia’s new international financial district in Kuala Lumpur last November, the mega-development became the latest mall to compete for the attention – and wallets – of shoppers in the country’s capital....


Workers who want to work longer will have longer statutory protection with the raising of Singapore’s retirement age from 63 to 64 on July 1, 2026. The re-employment age will likewise go up, from 68 to 69. Companies must offer eligible staff re-employment until that age, though on adjusted terms if necessary, or offer employment assistance in its place....