COVID-19 puts severe growth pressure on CLMV economies
The COVID-19 pandemic is putting severe growth pressure on the economies of Cambodia, Laos, Myanmar and Vietnam (CLMV) and may cause the region's growth to slip to a historical low, according to a Maybank Kim Eng report.
Singapore (VNA) – The COVID-19 pandemic is puttingsevere growth pressure on the economies of Cambodia, Laos, Myanmar andVietnam (CLMV) and may cause the region's growth to slip to a historical low, accordingto a Maybank Kim Eng report.
CLMV’s GDP growth is forecast to slow sharply to 3 percentin 2020, down from 6.9 percent in 2019, before recovering to 6.5 percent in2021, the report said.
Vietnam is expected to do better than the rest with 3.6 percentgrowth, thanks to a more diversified economic structure, and a healthier fiscalposition and macro fundamentals, though that figure is still a sharp fall from7 percent growth last year.
Vietnam also appears to have successfully brought theCOVID-19 pandemic under control, and became the first country in ASEAN to starteasing social distancing measures on April 23, with trade and retail businessesallowed to reopen, and public transport resuming.
In contrast, Cambodia will be worst hit with just 0.5 percentgrowth, down from 7 percent in 2019. This is due to a high reliance on tourism,with tourism and transport-related sectors accounting for 12.3 percent of its GDP,and exports of textiles and garments.
Cambodia has yet to impose nationwide lockdown measures,though a state of emergency bill was recently passed, which will allow thegovernment to impose restrictions.
Myanmar is expected to see growth of 2 percent this year,down from 6.8 percent in the previous year. The country is highly reliant ontourism, with tourism and transport-related sectors accounting for up to 11.2 percentof its GDP – a figure which could be even larger if accommodation and food servicesare taken into account.
It is also most vulnerable to the collapse in manufacturingand export demand, with manufacturing accounting for 24.2 percent of GDP.
Laos may be more immune, with manufacturing accounting forjust 7.5 percent of GDP and tourism and transport, 3.9 percent. But its heavyreliance on electricity and gas instead (10.8 percent) could hurt the economyas factories shut and travel slows.
꧂ Growth in Laos is predicted at 2.4 percent in 2020, downfrom 4.7 percent last year./.
Economic ministers of Cambodia, Laos, Myanmar and Vietnam (CLMV) affirmed the countries’ coordination to successfully carry out CLMV action plans at their 11th meeting in Bangkok on September 5.
A delegation of 15 Vietnamese businesses will attend the First India-CLMV (Cambodia, Laos, Myanmar and Vietnam) Reverse Buyer Seller Meet in Chennai, India, from October 14-18.
A delegation of 25 Vietnamese businesses attended the first India-CLMV Reverse Buyer Seller Meet in Chennai city, the capital city of India’s Tamil Nadu state on October 16.
Senior economic officials from Cambodia, Laos, Myanmar and Vietnam (CLMV) gathered in Hanoi on January 12 for their 18th meeting hosted by the Vietnamese Ministry of Industry and Trade (MoIT).
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Illustrative image (Photo: businesstimes.com.sg) 
