ASEAN Express: June 15, 2026

Vietnam: Vietnam's international tourist arrivals exceed 10 million in first five months, setting new record for the period

(CNA Taipei, June 15) According to reports from the Vietnam News Agency, statistics from Vietnam's National Administration of Tourism show that Vietnam welcomed nearly 1.8 million international tourists in May, a 16.5% increase compared to May of the previous year.

Cumulatively, international tourist arrivals reached 10.6 million in the first five months, a 14.9% increase compared to the same period in 2025, setting a new historical high for the period.

Vietnam has so far achieved 42% of its annual target of welcoming 25 million international tourists.

Laos: Laos Foreign Minister visits Myanmar, both sides strengthen cooperation in trade and border management

(CNA Taipei, June 15) The Ministry of Foreign Affairs of Laos issued a press release stating that Deputy Prime Minister and Foreign Minister Saleumxay Kommasith recently conducted an official visit to Myanmar, where he discussed bilateral meeting agendas with Myanmar's Foreign Minister Tin Maung Swe. Both sides pledged to strengthen cooperation in trade, investment, labor, energy, border management, and education.

The Vientiane Times reported that during his visit to Myanmar from the 12th to the 13th, Saleumxay Kommasith discussed economic and trade cooperation with Tin Maung Swe and reviewed preparations for the 13th Laos-Myanmar Joint Committee on Bilateral Cooperation, which will be held in Myanmar.

Singapore: To build off-exchange gold clearing system, aiming to become a globally trusted node

(CNA Taipei, June 15) Singapore's Deputy Prime Minister Lawrence Wong announced today that the central bank gold vault service will be launched before October, and an off-exchange gold clearing system will be established by the end of the year. The Singapore Exchange (SGX) has already signed memorandums of understanding with banks such as DBS and UOB, and will gradually establish interbank trading starting in 2027.

To fill the gap in the Asian time zone, the off-exchange gold clearing system will support standardized settlement for large-scale and kilo gold bars. The 5% investment cap on precious metals under the fund tax incentive program will also be removed to facilitate family offices allocating physical gold.

Philippines: Q1 economic growth hits post-pandemic low; World Bank forecasts 5.6% growth by 2028

(CNA Taipei, June 15) A World Bank report indicates that with public investment recovery, the Philippines' economy is expected to grow by 5.6% in 2028, still falling short of the official 6-7% target. The country's first quarter growth was only 2.8%, the smallest increase since the pandemic, impacted by soaring oil prices due to Middle East conflicts and uncertainty from corruption scandals.

Analysts point out that the core issue lies in whether potential growth rates can be improved, as overseas remittances, which account for nearly 10% of GDP, increased only 2.3% in March to $2.874 billion (approximately NT$91.968 billion), indicating weakening of traditional growth engines. If oil prices remain high due to Middle East tensions, the economy will continue to face headwinds, necessitating accelerated structural reforms.

Myanmar: Yangon International Gem and Jewelry Show to be held in August, preparations underway

(CNA Taipei, June 15) As the Yangon Gem and Jewelry Entrepreneurs Association celebrates its 10th anniversary, it will host the 5th Yangon International Gem and Jewelry Show in August. The association has already sent out exhibition invitations to international gem traders.

The Myanmar New Light reported that to prepare for the August international jewelry exhibition, the Yangon Gem and Jewelry Entrepreneurs Association has established working committees for information, invitations, and reception, responsible for issuing press releases, sending invitations to international gem traders, financial planning, and other preparatory tasks.

Malaysia: Malaysia's hiring momentum slows; research institution says labor market remains resilient

(CNA Taipei, June 15) A Malaysian research institution stated that although hiring momentum in the labor market has slowed due to increased uncertainty from geopolitical tensions and external economic risks, market demand remains, and the labor market is expected to maintain resilience this year.

The Star reported that Malaysia's unemployment rate rose slightly from 2.9% in March to 3.0% in April. Affin Hwang Investment Bank's research department expects that robust domestic demand, active investment activities, and employment needs, especially in the service sector, will continue to support the labor market this year.

Thailand: Crackdown on foreign investment disguised as local; Thailand strengthens agricultural foreign investment scrutiny

(CNA Taipei, June 15) In recent years, Chinese capital has entered Thailand's agricultural sector through 'nominee shareholders,' raising government concerns. In the coconut industry, for example, traders with Chinese capital backgrounds have taken control of the supply chain and lowered purchase prices, causing coconut prices to fall to less than one-third of previous levels.

Nikkei Asia reported that Thailand's Ministry of Commerce has launched investigations into 15 Chinese-linked companies suspected of violating foreign investment regulations, involving illegal operations and tax evasion. In April this year, authorities further raised the threshold for company establishment, with violators facing up to three years in prison and a fine of 1 million baht, and enforcement is expected to intensify.

Cambodia: Cambodia's garment and footwear exports exceed $5.5 billion in first five months, remaining an economic pillar

(CNA Taipei, June 15) Cambodia's General Department of Customs and Excise reported that Cambodia's garment and footwear exports reached $5.527 billion (approximately NT$179.2 billion) in the first five months of this year, a 6.88% year-on-year increase, continuing as a key pillar of the national economy and foreign exchange earnings. Garment exports accounted for $4.625 billion, and footwear exports for $902 million.

The report shows that Cambodia's total international trade volume for the first five months was $30.08 billion, an 18.9% year-on-year increase. China remains the largest trading partner, with bilateral trade reaching $9.389 billion, a 22.9% increase year-on-year; the United States and Vietnam follow as the second and third largest trading partners, respectively.

Indonesia: Rupiah depreciation and central bank rate hikes may squeeze banking sector profits

(CNA Taipei, June 15) According to the latest research report released by Indonesian local brokerage Samuel Sekuritas, the Indonesian banking sector's profits are expected to face downward pressure due to the dual impact of continued rupiah depreciation and central bank benchmark interest rate hikes.

The rupiah exchange rate fell to 18,178 per US dollar on June 8, hitting a recent low, and has depreciated 9% cumulatively since the beginning of the year. To defend its currency, Indonesia's central bank has raised the benchmark interest rate twice—by 50 basis points in May, and then unexpectedly by another 25 basis points on June 9—surprising the market.