ASEAN Economic News (June 9): Vietnam's Tech Strategy, Singapore as a Gold Hub, and More

ASEAN Finance Special Report

Mastering the New Southbound Policy, with an eye on the economic pulse of ASEAN. The Central News Agency's "Southeast Asia Finance Information Network" selects several top financial headlines from Thailand, Vietnam, Indonesia, Malaysia, the Philippines, and other countries for you daily. Whether it's new government policies, industry trends, or investment opportunities, we help you grasp key information in real-time, understand the market, and seize opportunities.

Vietnam: The Urgent Task of Developing Strategic Technologies

"Developing strategic technologies" is gradually attracting the full participation of Vietnam's government, business, academia, and the general public. The Vietnam Academy of Science and Technology (VAST) recently selected 112 technological solutions that meet development needs across various fields and are ready for transfer and application. These include artificial intelligence (AI), the Internet of Things (IoT), cloud computing, digital core platforms, and solutions integrating automation and robotics to enhance the operational capabilities of industrial and energy systems.

Laos: Prime Minister Visits Vietnam, Deepening Strategic Partnership

Lao Prime Minister Sonexay Siphandone visited Vietnam from June 7 to 9 for bilateral talks with Vietnamese Prime Minister Lê Minh Hưng. Both sides reaffirmed their commitment to comprehensive cooperation and a strategic partnership. The Vientiane Times reported today that bilateral trade between Laos and Vietnam has been growing steadily. In 2025, bilateral trade reached $2.97 billion, a 32% year-on-year increase from $2.25 billion the previous year. Vietnam remains a key foreign investor in Laos, with registered capital from Vietnamese enterprises nearing $7 billion as of May 2026, a significant increase from $5.903 billion in 2025.

Singapore: Analysts See Potential to Become ASEAN's Gold Trading Hub

As ASEAN countries successively tighten regulations on precious metals trading—with Malaysia recently announcing a 10% import tax on gold bars and Indonesia imposing a tax on gold exports—analysts say Singapore is poised to become a neutral gold clearing and distribution hub in Southeast Asia. For now, it should focus on strengthening its market depth. The Business Times reported that Alexandra Symeonidi, an analyst at William Blair's emerging markets debt team, said Singapore's open trade policies would help it become a clearing center. At this stage, it is advisable to strengthen gold infrastructure and market depth, positioning Singapore to become the preferred hub for gold re-exports in ASEAN.

Philippines: Central Bank Expected to Continue Rate Hikes Despite Slowing Inflation

Although inflation in the Philippines unexpectedly slowed to 6.8% in May, several institutions believe that since inflation remains above the target range and core inflation continues to rise, price pressures and second-round effects are still at play. Deutsche Bank expects the Bangko Sentral ng Pilipinas (BSP) to raise interest rates again at its June 18 meeting, not ruling out a 50-basis-point hike. HSBC and Nomura Research also noted that while headline inflation may have peaked, rising energy costs are continuing to spill over into the service and consumer sectors, driving core inflation higher. The market widely expects the BSP to maintain its tightening pace, continuing to raise rates in the coming meetings to stabilize prices and maintain real interest rates.

Myanmar: Industry Hopes to Combine Oilseed Crops with Beekeeping to Improve Rural Economy

To boost rural incomes, the Myanmar Edible Oil Dealers' & Millers' Association is promoting the placement of beehives in fields of oilseed crops like sunflowers and sesame. This is expected to improve crop quality and bring mutual economic benefits to both farmers and beekeepers. The Global New Light of Myanmar reported today that beekeeping contributes to the cultivation of oilseed crops and domestic edible oil production. This integrated model helps increase the yield of crops that require pollination, and using bee pollination significantly boosts the harvest of oilseed crops like sunflowers and sesame, creating a "win-win" effect.

Malaysia: Electrical & Electronics Exports Expected to Exceed RM800 Billion This Year

Wong Siew Hai, president of the Malaysia Semiconductor Industry Association, stated that despite the war in the Middle East increasing semiconductor manufacturing costs, exports of electrical and electronic (E&E) products, including semiconductors, are expected to surpass RM800 billion this year. Semiconductors account for about 65% of Malaysia's E&E exports. The Star Malaysia reported today that Wong Siew Hai said in an interview with Bloomberg TV that E&E exports rose to RM711 billion in 2025, up from RM601 billion the previous year, and are expected to exceed RM800 billion this year, with E&E export growth set to continue.

Thailand: Prime Minister Visits Vietnam to Boost Bilateral Trade to $25 Billion

Thai Prime Minister Anutin Charnvirakul visited Vietnam and met with Vietnamese Prime Minister Lê Minh Hưng. The two sides further strengthened trade and investment cooperation, committing to increasing bilateral trade to $25 billion. "Thailand Headlines" reported that regarding trade and investment barriers raised by Thai businesses, the Vietnamese side expressed willingness to actively coordinate and resolve them to provide more convenience for businesses on both sides. Thailand proposed establishing a ministerial-level joint trade committee to promote bilateral economic cooperation and strengthen financial collaboration.

Cambodia: Hopes to Attract Foreign Investment in Upstream Garment and Footwear Industries

The Cambodian government has proposed to China that the Chinese side assist in attracting upstream players in the garment, footwear, and travel goods (GFT) industries to invest in Cambodia. Chea Vuthy, Secretary General of the Investment Committee of the Council for the Development of Cambodia (CDC), made the proposal during a meeting on the 8th with Zhong Jie, the outgoing economic and commercial counselor of the Chinese Embassy in Cambodia. Chea Vuthy proposed the establishment of a "Cambodia-China Green Agro-industrial Processing Zone" to further strengthen the local supply chain system and enhance Cambodia's industrial competitiveness.

Indonesia: U.S. to Exempt Tariffs on Some Indonesian Goods, Benefiting Components and Plantation Products

Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto stated that the United States will provide tariff exemptions for some Indonesian export goods, including components and plantation products. Textiles are also expected to enjoy lower tariff treatment through a special mechanism. However, two US investigations into forced labor and overcapacity are still ongoing, and Indonesia estimates that the final tariff rate could reach 18%. The Trump administration had originally planned to impose new tariffs on Indonesian goods as part of a trade investigation. Despite tariff pressure, Indonesian officials pointed out that exports to the US still grew to nearly $31 billion in 2025, with a trade surplus of $18.1 billion, indicating continued export growth.