Tag: ASEAN

Vietnam received $3.1 billion in foreign direct investment during January and February 2023, representing a 38% decrease from the same period last year. Manufacturing attracted $2.17 billion, with Singapore emerging as the largest investor, followed by Taiwan and the Netherlands.

The new China-Laos-Thailand train route cuts travel time to 55 hours, offering a 20% cost reduction for transporting fresh produce. With 19 refrigerated containers capable of carrying 286 tonnes of vegetables, the service connects Kunming to Bangkok via Vientiane, promising enhanced trade efficiency for China and Asean members.

Philippine Peso and Malaysian Ringgit lead Asian currency gains, supported by resilient U.S. economic data. Both currencies strengthen in January, with ringgit appreciating about 4% year-to-date, reflecting improved economic outlook and investor optimism.

Indonesia's 2023 ASEAN presidency aims to accelerate economic recovery by enhancing regional connectivity, improving competitiveness, and strengthening financial and food security sectors. Coordinating Economic Minister Airlangga Hartarto emphasizes bridging digital gaps and supporting post-pandemic growth strategies.

Hong Kong-based airline Cathay Pacific reported a significant financial loss of US$893.77 million for 2022, exceeding analyst predictions. The carrier's performance was impacted by prolonged travel restrictions, though the company remains optimistic about recovery following the relaxation of quarantine regulations in Hong Kong and mainland China.

The European Union announces a €10 billion investment package for ASEAN countries, focusing on green transition, sustainable connectivity, and development across energy, transportation, digitalization, and education sectors. This initiative marks 45 years of cooperation between the two regions.