ASEAN Business Brief: Vietnam’s F88 Eyes Listing, Singapore Backs Energy-Efficient AI Data Centers, Regional Trade and Food Risks in Focus

CNA’s Southeast Asia business news service highlights key economic headlines from Thailand, Vietnam, Indonesia, Malaysia, the Philippines and other ASEAN markets. Vietnam’s largest pawnshop chain, F88, plans to move its listing to the Ho Chi Minh Stock Exchange this year. The company posted revenue of VND3.1 trillion, about US18 million, in 2025, more than 10 times its 2019 level. Net profit reached about VND700 billion, doubling from 2024. F88 currently operates around 949 outlets and aims to expand to 2,000 by 2030. Although it leads the modern pawnshop segment, its share of Vietnam’s US billion pawn market remains below 3%. The company is targeting collateralized lending opportunities tied to Vietnam’s 70 million motorcycles and 5 million cars, and plans to invest another VND1.5 trillion in digital channels by 2030. Laos recently hosted the ASEAN Defense Ministers’ Meeting in Vientiane. The arrival of large diplomatic delegations and security personnel boosted May revenue for high-end hotels and restaurants in the capital. The Lao government is also using the occasion to showcase upgrades to its digital payment systems and signal its commitment to improving the investment environment. Singapore’s Ministry of Trade and Industry has launched an upgraded AI Data Centre Energy Efficiency Incentive Scheme. The program will allocate more than S00 million to support data center operators with power usage effectiveness below 1.2. The move reflects Singapore’s shift toward a high-quality, low-energy technology development model as demand for AI computing power rises. In the Philippines, rising Brent crude prices driven by Middle East conflict and drought linked to El Nino could cause national rice output to fall by 20% to 50%. First-quarter harvests are estimated to have declined 6.9% to 4.37 million metric tons, threatening the livelihoods of lower-income farmers. Extreme weather and higher fuel costs have also intensified inflation, which jumped to 7.2% in April, while first-quarter economic growth slowed to 2.6%, a five-year low. Although the government has allocated fuel subsidies and cash relief, many small farmers say they have not received aid due to incomplete lists and administrative bottlenecks. Myanmar’s Department of Fisheries reported that the country exported more than 10,000 metric tons of fish in April of the 2026-2027 fiscal year, generating over US7.35 million in revenue. This included more than 8,900 metric tons shipped by sea, worth an estimated US4.64 million, and over 2,480 metric tons exported by land borders to neighboring countries, valued at US.7 million. Malaysia’s Deputy Finance Minister Liew Chin Tong said the government is actively exploring ways to help more semiconductor-related companies list on Bursa Malaysia, including firms tied to foreign direct investment as well as local companies. He said enabling more semiconductor listings is key to sustaining economic and market development, especially amid the rapid growth of artificial intelligence. The Thai Rice Exporters Association expects rice exports to recover significantly in the second half of the year as a strong El Nino raises weather risks and major importing countries stockpile grain to secure food supplies. The Philippines is expected to double its imports to 6.5 million tons. Although Thailand exported only 2.2 million tons of rice in the first four months of the year, stockpiling demand is expected to support the full-year export target. Cambodia’s General Department of Customs and Excise reported that the country’s merchandise trade with global partners reached US3.38 billion in the first four months of 2026, up 19.9% from a year earlier. Exports rose 21.7% to US1.12 billion, while imports increased 18.3% to US2.26 billion, showing continued trade momentum under the Regional Comprehensive Economic Partnership. Indonesia’s automotive industry association said vehicle sales reached 289,787 units in the first four months of 2026, up 12% year on year. April wholesale sales surged 32% from the previous month to 80,776 units, while retail sales, which reflect direct consumer purchases, rose 13.7% to 75,730 units. The growth was driven mainly by seasonal demand, new model launches and a technical rebound after Eid, but economists cautioned that the figures do not necessarily indicate a broad recovery in middle-class consumption.