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Vietnam greatly values ASEAN-US Comprehensive Strategic Partnership

VOV.VN - Vietnam appreciates the importance of the ASEAN-US Comprehensive Strategic Partnership, expecting the United States to go ahead with deep and active participation in the region.
Prime Minister Pham Minh Chinh led a Vietnamese delegation to attend the 12th ASEAN-US Summit in Vientiane, Laos, on October 11.

Representing the US President at the event, US Secretary of State Anthony Blinken affirmed that ASEAN holds a central position in the vision of an open, secure, and prosperous Indo-Pacific region, highly appreciating the importance of the ASEAN-US Comprehensive Strategic Partnership as it promotes connectivity of economic co-operation opportunities, innovative technology, creates more jobs, and brings a better life to one billion people of both sides.

Secretary Blinken emphasized that the US will continue to work alongside and support ASEAN in preventing epidemics; upgrading the regional power grid; combating cybercrime and online fraud; promoting safe, secure, and reliable artificial intelligence; as well as intensifying cultural exchanges. He also expressed his delight that the Young Southeast Asian Leaders Initiative, after 10 years of establishment, continues to grow with an increasing number of members.

The summit praised the US for making strong and long-term commitment to the bloc and the region over recent times, supporting ASEAN's centrality, actively participating in constructive dialogue, co-operation, and building trust in the region. It therefore welcomed the US continued active support in building the community, integrating, connecting, developing the sub-region, narrowing the development gap, and responding to challenges, including through the Mekong-US Partnership (MUSP) framework.

The countries hailed the positive progress made in co-operation over recent times. The ASEAN-US Plan of Action for the 2021 to 2025 period has been actively carried out, fulfilling 98.37%. In 2023, the US represented ASEAN's largest investment partner, with more than 6,200 US businesses operating in the regional grouping, with a total foreign direct investment of US$74.3 billion. It was also the bloc’s second largest trading partner with a total two-way trade turnover of US$395.9 billion.

Economic initiatives such as the ASEAN-US Trade and Investment Framework Agreement (TIFA) and the US-ASEAN Expanded Economic Engagement (E3) Initiative provide a basis for augmenting linkages in areas such as the digital economy, the development of small and medium enterprises (SMEs), and trade facilitation.

Moving forward, the two sides agreed to continue ramping up substantive and effective ties, on a par with the level of the Comprehensive Strategic Partnership, prioritizing the promotion of trade, investment, science and technology, innovation, digital transformation, artificial intelligence (AI) governance, healthcare, energy, the environment, and climate change response. This is as a contribution to the rapid, sustainable, and long-term development of the region as a whole.

At the conference, the Vietnamese side stated its high appreciation for the importance of the ASEAN-US Comprehensive Strategic Partnership, expecting the US to continue to deeply and actively participate in the region, make a responsible and long-term commitment to ASEAN, and supporting the regional bloc in building the community. This is along with promoting its centrality in shaping an open, inclusive, and transparent regional structure that upholds international law.

Outlining orientations for the future development of the relationship, the nation proposed that both sides step up collaboration in a bid to create a prosperous and sustainable future. Accordingly, economic-trade-investment co-operation will be the focus and driving force, which needs to be promoted in an effective, harmonious, and sustainable fashion, thereby intensifying market opening for exports and being ready to welcome more investors from the US.

It can be seen as necessary to beef up co-operation in responding to climate change and enhancing resilience to natural disasters and catastrophes.

The country therefore welcomes the US for continuing to support the development of the Mekong sub-region through the Mekong-US Partnership framework, including increasing resilience to climate change in Vietnam's Mekong Delta.

Moreover, the country has suggested exerting greater efforts and allocating appropriate resources to make science, technology, and innovation co-operation a new pillar in the US-ASEAN relationship, thereby opening up new development space, and creating breakthroughs to promote the rapid and sustainable development of the Comprehensive Strategic Partnership between the two sides. Accordingly, it welcomes further opportunities with US corporations and technology firms, especially in the fields of semiconductor industry and AI.

The country has proposed that ASEAN and the US work to strengthen co-ordination and contribute more to peace, security, and stability in the region. It also called on the US to continue supporting the bloc’s common stance on the East Sea, working together to ensure peace, security, and stability in the region, including the East Sea, and backing efforts to swiftly achieve an effective and substantive Code of Conduct in the East Sea (COC) in line with international law, especially the 1982 UNCLOS. This will contribute to building the East Sea into a sea of ​​peace, stability, co-operation, and sustainable development.

Concluding the event, the leaders adopted the ASEAN-US Leaders' Statement on promoting safe, secure, and trustworthy AI.
Source : VOV 
Link: here

Cambodians can now make QR payments in Malaysia

Cambodia and Malaysia have officially announced a cross-border payment project using QR Code technology. The initiative aims to provide Cambodian tourists and investors with more efficient and secure payment methods while in Malaysia.

The National Bank of Cambodia (NBC) and the Central Bank of Malaysia officially launched the cross-border QR Code payment system between the two countries on September 19.

The Phnom Penh launch ceremony was presided over by NBC governor Chea Serey and her Malaysian counterpart Abdul Rasheed Ghaffour.

According to the NBC, the project is being implemented in two phases.

As the first phase is now complete, Cambodian citizens can now make payments for goods and services in Malaysia by simply scanning the DuitNow QR Code displayed by merchants using the Bakong or Maybank mobile apps.

At the completion of the second phase, Malaysian citizens will be able to make payments for goods and services to Cambodian merchants while in Cambodia.

Serey explained that the cross-border payment initiative provides convenience, speed and security for Cambodians making cross-border transactions when travelling to Malaysia. 

Cambodian citizens holding riel accounts can make payments using Khmer riel (KHR) as the base currency, while the settlement currency will be the Malaysian ringgit (MYR).

“This project will play a significant role in promoting trade and financial activities between the two countries, demonstrating a key step towards achieving the ASEAN Economic Community’s vision for interconnected retail payment systems that are fast, efficient and secure,” she added.

Rasheed Ghaffour emphasised that the connection of QR Code payment systems will enable faster and more efficient cross-border transactions between the two countries.

Cambodia also has similar arrangements with Thailand, Vietnam, Laos, China and South Korea.

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Source: The Phnom Penh Post 

ASEAN Free Trade Agreement spurs growth in regional trade by 21 percent

Trading among ASEAN countries has made significant strides since the ASEAN Free Trade Area was established in 1992 and is set to grow further in the coming years.

The surge in trade was underscored by Laos’ Minister of Industry and Commerce, Mr Malaythong Kommasith, when he chaired the 56th ASEAN Economic Minister Meeting (AEM) and 38th ASEAN Free Trade Area Council Meeting in Vientiane on Monday.

ASEAN has eliminated tariffs on almost all products, comprising 98.6 percent of all tariff items, and is continuing to refine the ASEAN Single Window Tax Notification System, in order to reduce trade costs and facilitate business in the region, Mr Malaythong said.

These measures have led to a marked growth in trade, with the value of inter-ASEAN trade in 2023 reaching US$759 billion, accounting for 21.5 percent of the total value of trade by ASEAN countries.

Mr Malaythong said he greatly appreciated the fact that this achievement was due to the strong leadership of ASEAN Economic Community Senior Officials and related sectors, which have implemented commitments under the ASEAN Trade Agreement and the ASEAN Programme to ensure the success of the ASEAN Economic Community Master Plan for 2025.

“In the past year, we have fulfilled work plans on the creation of the ASEAN Free Trade Zone and achieved many goals. In particular, we were able to resolve issues arising from the ASEAN Trade Agreement and the use of electronic trade documents through the ASEAN Single Window Tax Notification Service System,” he said.

He also highlighted the progress of negotiations to upgrade the ASEAN Trade Agreement which he hoped would be completed in 2025 as scheduled.

To broaden and deepen regional trade and further integrate trade, the meeting will consider and adopt a report from the ASEAN Economic Senior Officials Committee, a report from the negotiating committee on the upgrade of the ASEAN Trade Agreement, and the joint statement of the 38th AFTA Council Meeting, Mr Malaythong said.

He invited ministers attending the meeting to make constructive comments towards resolving various issues and to recommend clear directions for future progress by creating a favourable environment for the development of trade in the region.

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Source: The Phnom Penh Post 

Islamic finance crucial driver of economic progress in Brunei

Brunei’s Islamic finance sector has experienced substantial growth, mirroring global trends.
 
Despite global challenges, Islamic finance has shown remarkable resilience, where 
Islamic financial assets worldwide have surged by 69 per cent in the last five years, with the global industry projected to reach USD5.9 trillion by 2026. 
 

Reflecting this global growth, over half of Brunei’s total financial sector assets were held by Islamic financial institutions, reaching BND13.3 billion in 2023, predominantly driven by banks and financial institutions, which account for more than 95 per cent of Islamic financial assets, while Takaful entities represent just under 5 per cent.
 
Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohammad Amin Liew bin Abdullah shared this in his speech at the opening ceremony of Islamic Development Bank (IsDB) Group Day held at Balai Khazanah Islam Sultan Haji Hassanal Bolkiah on Thursday.
 


Source: Borneo Bulletin

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Muara Container Terminal expansion targeted for completion by Q2 2027

The new Muara Container Terminal which will double the port’s capacity to 500,000 TEUs (twenty-foot equivalent units) annually is expected to be completed by the second quarter of 2027, following a groundbreaking ceremony on 24 August.

The expanded capacity and facilities will position Muara Port to capitalise on regional growth opportunities, establishing Brunei as a regional shipping and transshipment hub, said Minister at the Prime Minister’s Office and Second Minister of Finance and Economy, YB Dato Seri Setia Dr. Awg Hj Md Amin Liew Abdullah, in his speech at the ceremony.

The Minister emphasised that the terminal expansion will not only increase overall throughput and accommodate larger vessels but will also contribute to growing the port’s value chain by offering additional logistics services.

This includes the construction of a 3.62-hectare Port Trade Zone (PTZ) within the new terminal, designed to streamline importing, production, and exporting for businesses using the port.

Source: Biz Brunei

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Cambodia’s first halal SEZ to meet local, global demands

Cambodia’s first halal-focused special economic zone (SEZ) project was launched on Saturday following the signing of several memorandums of understanding (MoU) between the private-sector partners; including local business conglomerate, the WorldBridge Group of Companies.

The specialized industrial zone project ‘Halal Park Cambodia’, is set to be constructed on a 267-hectare plot of land in Kandal Province, located in close proximity to the ongoing Funan Techo Canal (FTC).

The FTC will link the industrial zone to key export ports via the canal once completed in the coming years.

The inauguration ceremony for the new SEZ, held in Phnom Penh, was attended by key company representatives and local dignitaries, as well as representatives from regional national halal institutions such as the Central Islamic Commission of Thailand (CICOT), the Malaysian Islamic Development Department (JAKIM), the Johor Malaysian Islamic Commission (Majlis Agama Islam Negeri Johor), the Singapore Islamic Council (MUIS), the Indonesia Halal Product Assurance Organizing Body (BPJPH) and the Vietnam Halal Certification Authority.

The specialized production zone envisioned by the founders of the park aims to provide for growth in domestic demand for halal-certified products, chiefly including halal food and cosmetics, as well as opening export opportunities in the multi-trillion dollar global halal products market.

According to the project’s founder and chairman, Mohd Amin Mohd Zain, who addressed attendees at the zone’s opening ceremony last weekend, the first priority for the venture will include the establishment of a multi-level satellite halal central kitchen and dedicated halal zones, within a surrounding cluster of small to medium-sized businesses (SMEs).

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Reporter: James Whitehead 
Source: Khmer Times

Vietnam encourages women’s stronger role in ASEAN affairs

VOV.VN - Vietnamese Prime Minister Pham Minh Chinh, while addressing the Third ASEAN Women Leaders’ Summit in Vientiane on August 22, underscored the importance of encouraging women to get much involved in society to eliminate social prejudice against women and promote gender equality.

In his speech, Chinh highlighted women’s role in various spheres of society, suggesting that ASEAN countries increase awareness and thinking about women’s role, and introduce policies to encourage their equal participation in all fields, where women are not only empowered but also fully equipped with skills and knowledge to effectively contribute to the care and self-reliant economy of ASEAN.

It’s imperative to strengthen innovation, improve infrastructure, build a system of public health care and health services that are high quality, accessible and affordable, especially in poor, remote and isolated areas, he said while attending the hybrid summit from Hanoi.

He called on ASEAN countries to continue to improve institutions and policies, and integrate women-related affairs into socio-economic development plans, to promote gender equality while adapting to rapid population aging as well as climate change.

The Vietnamese PM stressed the need to increase investment in human resource training and vocational training for workers. He said ASEAN countries should increase the mobilization of resources from the whole society by attracting private investment and considering private investment as an important factor in efforts to develop the care economy.

He also proposed that ASEAN countries strengthen cooperation to protect the legitimate rights and interests of workers, and prevent abuse, exploitation, discrimination and illegal activities, as well as transnational crimes such as cross-border human trafficking.

Taking the floor in Vientiane, Vietnamese Deputy Minister of Labour, Invalids and Social Affairs Nguyen Thi Ha, briefed the summit about the actual state of the care economy in Vietnam, challenges of social prejudice against women’s role, limitations in care service providers, especially in rural and remote areas, and limitations in social security coverage for care workers, leading to gender and income inequality.

She also proposed recommendations to spur the development of the care economy and enhance the role of women in society.

Lao Prime Minister Sonexay Siphandone highly appreciated Vietnam’s proposals and sharing at the summit. By the way, he respectfully invited Prime Minister Pham Minh Chinh to visit Laos and attend the 44th and 45th ASEAN Summits and related meeting in Vientiane this October.

Source: Voice of Vietnam

Link: Here

Source of the image: Vietnamese Prime Minister Pham Minh Chinh addresses the Third ASEAN Women Leaders' Summit in Laos on August 23. (Photo: VGP)

Export forecasts for 2024 unchanged - shippers

Thailand's exports are expected to rise 1% to 2% this year, unchanged from a previous forecast, while a stronger baht will have a limited impact on short-term exports, the Thai National Shippers' Council said on Tuesday.
Exports, a key driver of the Thai economy, should grow at least 2% year-on-year in the third quarter despite last year's high base, said Chaichan Chareonsuk, chairman of the council.
The recent baht strength did not impact exports in the short term as they had been already settled, he said.
"But it will affect exporters in terms of profit," he added.
The baht reached its highest level in more than 13 months against the United States dollar last week before easing slightly this week.
Caretaker Finance Minister Pichai Chunhavajira last week said the currency's appreciation may impact export values, but he expected normalisation later.
In July, exports grew at their fastest rate in 28 months in July, up 15.2% on the year, Commerce Ministry data showed.
In the January-July period, shipments rose 3.8% year-on-year, after contracting 1% in the whole of 2023.

Source Bangkok Post

Thai Government to Enhance Oversight of E-commerce

Thailand’s business sector saw significant growth in July 2024, with a 14% increase in new business registrations compared to the same period in 2023. This marks a continuing trend of expansion, fueled by government economic stimulus measures and improvements in tourism. A total of 7,837 new businesses were established in July 2024, with registered capital reaching 237.04 billion baht, a 42% increase from the previous year.
The top three business categories with the highest number of new registrations were general construction, real estate, and restaurants/food shops. This trend aligns with the overall seven-month period data, where a total of 54,212 new businesses were registered, representing a 0.16% increase compared to the same period in 2023. Interestingly, while new business registrations are on the rise, there was a slight decrease (11%) in the number of businesses that ceased operations in the first seven months of 2024 compared to the previous year. This trend is attributed to a shift in the business registration landscape over the past decade, moving away from retail, wholesaling, and manufacturing towards service-oriented businesses.
These service businesses now represent over half of newly registered businesses, with a strong concentration in real estate, restaurants, shipping, and logistics. Furthermore, the number of foreign investment entities receiving permission to operate businesses in Thailand also experienced a significant surge, increasing by 22% to reach 460 in the first seven months of 2024. This contributed to a 54% increase in total investments from foreign entities compared to the same period in 2023. Japan, Singapore, the United States, China, and Hong Kong were the top five origins of these investors.


Digital trade saw remarkable growth in Cambodia

The e-commerce and digital trade sectors in Cambodia have witnessed remarkable growth in recent years, reflecting the country’s dynamic and resilient economy, thanks to government initiatives to promote digitalization.

Cham Nimul, Minister of Commerce, made the remarks while presiding over the opening ceremony of the workshop on ‘Cambodia’s Digital Economy and Engagement with E-DISC’ (ERIA Digital Innovation and Sustainable Economy Center), on Monday at the Hyatt Regency Phnom Penh.

The workshop was attended by numerous participants from line ministries and stakeholders.

Nimul said that the ministry has implemented policies and programs to foster a conducive environment for digital businesses. “The e-commerce and digital trade sectors in Cambodia are currently experiencing significant growth following the Covid-19 pandemic, highlighting the dynamism and resilience of the country’s economy,” she said.

This sector is driven by innovative entrepreneurs, a young population and an increasing level of digital interconnectedness, she added.

The Commerce Minister further said that the government has introduced the Cambodia Digital Economy and Society Framework 2021-2035 and the Cambodia Digital Government Policy 2022-2035 to utilize digital technology to enhance societal and economic efficiency.

Digital business development is a pillar in building the digital economy and social policy framework of Cambodia 2021-2035, which focuses on supporting the entrepreneurial ecosystem and startups by strengthening entrepreneurship and promoting startups in terms of capacity and financial resources.

For full article, please read here



Author: Chea Vanyuth

Source: Khmer Times 

Brunei-Australia partnership hits milestone

Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah reflected on the significant strides that have been made in building a robust and lasting relationship between ASEAN and Australia, and resulting in positive results, benefiting not only for the two countries but also the broader regional community during a Sunset Santai reception yesterday.

“Australia remains an important trading partner for Brunei and the economic relations have continued to develop over the years. Despite the COVID-19 pandemic, the total trade between Brunei and Australia had doubled, mostly due to the exportation of crude oil, fertiliser and seafood to Australia,” said the minister.

“In 2021, the total trade was BND2.44 billion; BND4.04 billion in 2022 and BND3.17 billion last year with Australian produce, especially dairy and farm products are very popular in Brunei as well as a continued local demand for quality meat products where almost all of the country’s lamb and mutton imports are from Australia hence Brunei continues to welcome Australian investments in its diversification efforts,” he added.

“As we commemorate the 50th anniversary of ASEAN-Australia Dialogue Relations this year, our cooperation has evolved to cover a wide range of sectors across the three ASEAN community pillars.

“As one of ASEAN’s largest trade and investment partners, Australia has played a pivotal role in ASEAN’s economic development and growth as showcased through frameworks such as the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), Regional Comprehensive Economic Partnership and Comprehensive and Progressive Agreement for Trans-Pacific Partnership,” the minister said.

Source: Borneo Bulletin

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Ground-breaking ceremony marks port expansion

A new port trade zone (PTZ) will drive economic growth through the enhancement of export-oriented industrialisation and the promotion of sector diversification as well as employment growth, said Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah during the ground-breaking ceremony for an expansion project of the Muara Container Terminal yesterday.

The project, to be completed by the second quarter of 2027, includes the development of a PTZ aimed at streamlining trade processes and supporting regional industrial growth.

The expansion is also set to transform Muara Container Terminal into a vital hub for international trade and investment, fostering economic growth and enhancing connectivity between the Sultanate and China. The project not only underscores both nations’ commitment to economic partnership, but it also positions Muara Port as a strategic gateway to regional and global markets.

Spearheaded by Muara Port Company Sdn Bhd (MPC), the project also marks a historical milestone in the Brunei-China relations.

Dato Seri Setia Dr Awang Haji Mohd Amin Liew said, “Over the past few years, Brunei and China have shared a strong bond of friendship and cooperation, which is further strengthened by the establishment of the Brunei-Guangxi Economic Corridor (BGEC) in September 2014, which has been serving as an exemplary gateway for both nations to collaborate and establish synergistic business activities, infusing new momentum into the Belt and Road Initiative and furthering Brunei Vision 2035.” The minister also highlighted the project’s importance. “In 2022, the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) region saw a notable increase in total trade in goods, rising by USD65.8 billion, spanning a vast area of 1.6 million square kilometres and home to a population of 79.8 million. As a key node in BIMP-EAGA, Muara Port plays a crucial role in facilitating trade between the region and western China through the International Land-Sea Trade Corridor,” he said.

He added, “With MPC’s expansion plan and efficient port handling productivity, we will be able to facilitate the expected growth in the import and export of cargo from the development of local and international trade.”

Ultimately, he said, “these efforts will facilitate in transforming Muara Port into a major regional shipping and transshipment hub”. Minister of Primary Resources and Tourism Dato Seri Setia Dr Haji Abdul Manaf bin Haji Metussin, Minister of Development Dato Seri Setia Awang Haji Muhammad Juanda bin Haji Abdul Rashid, Minister of Transport and Infocommunications Pengiran Dato Seri Setia Shamhary bin Pengiran Dato Paduka Haji Mustapha and Deputy Minister of Finance and Economy (Economy) Dato Seri Paduka Haji Khairuddin bin Haji Abdul Hamid were also present.

Source: Borneo Bulletin

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