Vietnam recovery prospects brightest in Southeast Asia: ICAEW
The recovery prospects look brightest for Vietnam and the country is expected to be the only Southeast Asian economy to record positive growth this year, according to the latest Global Economic Outlook report from Oxford Economics, commissioned by chartered accountancy body ICAEW.
Singapore (VNA) - The recovery prospectslook brightest for Vietnam and the country is expected to be the only SoutheastAsiaeconomy to record positive growth this year, according to the latestGlobal Economic Outlook report from Oxford Economics, commissioned by charteredaccountancy body ICAEW.
The report said that overall, it expects SoutheastAsia's GDP growth to contract by 4.2 percent in 2020. It added that the rebound in economic activity over the coming quarters in theregion remains uncertain, particularly in the fourth quarter of 2020.
Specifically, economies which have convincinglycontained the COVID-19 outbreak such as Thailand and Vietnam will see a strongerrecovery than Indonesia and the Philippines, which are battling new waves of infections after restrictions were prematurely relaxed.
The report noted that both Indonesia and thePhilippines remain highly vulnerable as they have weaker public healthinfrastructure, lower levels of fiscal support available, and are much moreconsumer driven than others in the region.
The pace of recovery in Indonesia is expected to beslow and household income will be squeezed. GDP is expected to contract 2.7percent in 2020 before a 6.2 percent expansion in 2021. The Philippines is setto record the largest contraction in Southeast Asia, with its GDP falling 8.2percent in 2020, because of its dependence on international tourism and a slowexit from lockdown.
Malaysia’sexports meanwhile are predicted to benefit from improving Chinese import demandand the electronics cycle. Nonetheless, the speed of its recovery will likelyslow given the current sluggish global demand, high unemployment and weakinvestment, and its economy is forecast to shrink by 6 percent this year,followed by a growth of 6.6 percent in 2021.
Mark Billington, ICAEW regional director for Southeast Asia, said that the road to economic recovery in SoutheastAsia will be long due to the tensions between the US and China, a long-termslowdown in global trade activity, and the potential of a prolonged COVID-19pandemic./.
Since the Democratic Republic of Vietnam was established on September 2, 1945, the country has risen from a zero-budget nation, which had to call for contributions from citizens, to a middle-income country with a dynamic economy.
Domestic trade is expected to contribute about 13.5 percent of GDP by 2025, according to the Ministry of Industry and Trade’s target to effectively realise the 2021-2025 socio-economic development plan.
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.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
Illustrative image (Photo: VNA) 
