ASEAN Express for May 18, 2026
A summary of ASEAN economic news: Vietnam is emerging as a luxury tourism hub with the arrival of Ritz-Carlton. Singapore's small-cap tech stocks are outperforming the market. Meanwhile, the Philippines' 2026 economic growth forecast has been downgraded due to inflation and geopolitical risks. Thailand's growth exceeded expectations, while Malaysia maintains stable growth, showcasing diverse economic dynamics across the region. (Note: The article contains inconsistent dates.)
📋 Article Processing Timeline
- 📰 Published: May 18, 2026 at 17:26
- 🔍 Collected: May 18, 2026 at 17:31 (5 min after Published)
- 🤖 AI Analyzed: May 18, 2026 at 21:26 (3h 54m after Collected)
ASEAN Finance Special Report (300 articles in total)
Central News Agency Message
Grasp the New Southbound Policy, focus on the pulse of the ASEAN economy. CNA's 'Southeast Asia Financial Information Network' selects several top financial headlines from Thailand, Vietnam, Indonesia, Malaysia, the Philippines, and other countries for you daily. Whether it's new government policies, industry trends, or investment opportunities, we help you grasp key information in real-time, gain market insights, and seize business opportunities.
Vietnam: Ritz-Carlton to Enter Ho Chi Minh City as Vietnam Becomes a New Hotspot for Luxury Tourism in Asia
(CNA Taipei, May 18) The announcement by Marriott Group's top-tier brand, Ritz-Carlton, to enter Ho Chi Minh City reflects the explosive growth of Vietnam's high-end tourism market. Nikkei Asia reports that despite fuel shortages due to conflicts in the Middle East affecting domestic flights, Vietnam still attracted a record 21 million visitors last year. With the arrival of the Michelin Guide and improvements in high-end soft and hard infrastructure, Vietnam has successfully transformed from a traditional backpacker's paradise into a financial and luxury tourism center competing with other major Asian cities.
Laos: Laos and Vietnam Deepen Tourism and Cultural Cooperation, Jointly Developing the Tourism Market
(CNA Taipei, May 18) Laos and Vietnam recently signed a five-year plan for close cooperation in the cultural and tourism sectors, including joint management of a national park spanning both countries and co-hosting cultural and tourism events. The Vientiane Times reports that Vietnam will assist Laos in implementing AI technology for tourism promotion and will collaborate with Cambodia on the 'Three Countries, One Destination' initiative, aiming to integrate culture into tourism to enhance tourism products and visitor experiences.
Singapore: Small-Cap Tech Stocks Rally Against the Trend, Driven by Reforms and Semiconductor Themes
(CNA Taipei, May 18) As tensions in the Middle East dragged down the broader market, Singapore's small-cap stocks rallied. The FTSE ST Small Cap Index has risen 15% since the end of February, significantly outperforming the Straits Times Index's 0.2% gain, with technology and semiconductor-related companies being the main drivers. Nikkei Asia reports that analysts point to market reforms and improved liquidity promoted by the Singapore government as key factors for the strength of small-cap stocks. Data from DBS Group's OCBC Bank shows that institutional net inflows into small and mid-cap stocks reached S$470 million in the first quarter of this year, leading to a significant increase in trading volume.
Philippines: War and Inflation Risks to Drag Down 2026 Philippine Economic Growth to 3.1%
(CNA Taipei, May 18) Economists from De La Salle University (DLSU) today sharply revised down their 2026 GDP growth forecast from 3.79% to 3.11%, the weakest performance since the pandemic. Experts warn that rising oil prices due to the war in the Middle East, inflation, and rising food prices driven by fertilizer costs are the main causes of the economic deterioration. The Manila Bulletin, citing a DLSU report, states that the inflation rate could peak at 8% in August of next year. The peso is also expected to depreciate to around 63.5 against the US dollar in the same month due to rising costs of imported oil. As Philippine exports are highly dependent on imported raw materials, most of which are priced in US dollars, a depreciating peso will not boost exports but will instead exacerbate imported inflation and suppress output.
Myanmar: Rubber Exports to Exceed 300,000 Tons in Fiscal Year 2025
(CNA Taipei, May 18) According to statistics from Myanmar's Ministry of Commerce, rubber exports in the 2025-2026 fiscal year reached 333,367 tons, with an export value of over $519.8 million. China is the largest buyer of Myanmar's rubber, accounting for 75% of total rubber exports. In addition, Myanmar's rubber is also exported to Malaysia, Indonesia, Vietnam, India, and Japan. 90% of Myanmar's rubber production is sold abroad, with domestic SME demand accounting for only 10%.
Malaysia: 2026 Economic Growth Forecast Maintained at 4.6%
(CNA Taipei, May 18) Public Investment Bank (PIVB) of Malaysia has maintained its 2026 GDP growth forecast at an annual rate of 4.6%. PIVB noted that domestic demand remains the main driver of Malaysia's economic growth. The country's economic growth momentum has slowed significantly, with the growth rate in the first quarter of 2026 slowing to 5.4%, compared to 6.2% in the fourth quarter of 2025.
Thailand: First Quarter Economic Growth of 2.4% Exceeds Expectations, Exports Expected to Surge
(CNA Taipei, May 18) Thailand's authorities released the latest economic growth data today, showing that the economy grew by 2.8% year-on-year in the first quarter, higher than the 2.2% forecasted by Reuters analysts. On a seasonally adjusted basis, Q1 grew by 0.7% from the previous quarter, above the market forecast of 0.1%. The National Economic and Social Development Council stated that the overall economic growth forecast for the year will be maintained between 1.5% and 2.5%, and that full-year exports are expected to grow by 9.6%, poised to be a key driver of Thailand's economic growth.
Cambodia: Hotel and Restaurant Sector Faces Downturn, Cambodian Service Sector Growth Slows
(CNA Taipei, May 18) Affected by border conflicts and global uncertainties, Cambodia's service sector is expected to grow by only 2.6% this year, with the three-year growth rate also falling below 5%. According to the 'Medium-Term Public Financial Management Framework Report' recently released by Cambodia's Ministry of Economy and Finance, the Thai-Cambodian border conflict has disrupted tourism activities, and the service sector is facing headwinds, with a significant decline in international tourist arrivals. In addition to the hotel and restaurant industry, tourism-related retail and wholesale, transportation, and other sectors have also suffered negative spillover effects.
Indonesia: Committed to Strengthening ASEAN Food Security, Hopes to Stabilize Energy Supply
(CNA Taipei, May 18) As the war in the Middle East disrupts global supply chains and prices, Indonesia's Ministry of Foreign Affairs announced it will strengthen ASEAN cooperation on food and energy security. This includes promoting integrated logistics, fertilizer supply, and price stabilization mechanisms, and requiring member states to enhance regional coordination capabilities and improve monitoring and early warning systems for food crises. Antara News Agency reports that Indonesian Foreign Ministry spokesman Vahd Nabyl Achmad Mulachela stated that Indonesia continues to promote the establishment of stronger regional food security through ASEAN platforms, including the ASEAN Ministers on Agriculture and Forestry meeting.
※For more information, please contact Section Chief Chang Li-chuan at (02) 2505-1180#792 EMAIL: mia@mail.cna.com.tw
Central News Agency Message
Grasp the New Southbound Policy, focus on the pulse of the ASEAN economy. CNA's 'Southeast Asia Financial Information Network' selects several top financial headlines from Thailand, Vietnam, Indonesia, Malaysia, the Philippines, and other countries for you daily. Whether it's new government policies, industry trends, or investment opportunities, we help you grasp key information in real-time, gain market insights, and seize business opportunities.
Vietnam: Ritz-Carlton to Enter Ho Chi Minh City as Vietnam Becomes a New Hotspot for Luxury Tourism in Asia
(CNA Taipei, May 18) The announcement by Marriott Group's top-tier brand, Ritz-Carlton, to enter Ho Chi Minh City reflects the explosive growth of Vietnam's high-end tourism market. Nikkei Asia reports that despite fuel shortages due to conflicts in the Middle East affecting domestic flights, Vietnam still attracted a record 21 million visitors last year. With the arrival of the Michelin Guide and improvements in high-end soft and hard infrastructure, Vietnam has successfully transformed from a traditional backpacker's paradise into a financial and luxury tourism center competing with other major Asian cities.
Laos: Laos and Vietnam Deepen Tourism and Cultural Cooperation, Jointly Developing the Tourism Market
(CNA Taipei, May 18) Laos and Vietnam recently signed a five-year plan for close cooperation in the cultural and tourism sectors, including joint management of a national park spanning both countries and co-hosting cultural and tourism events. The Vientiane Times reports that Vietnam will assist Laos in implementing AI technology for tourism promotion and will collaborate with Cambodia on the 'Three Countries, One Destination' initiative, aiming to integrate culture into tourism to enhance tourism products and visitor experiences.
Singapore: Small-Cap Tech Stocks Rally Against the Trend, Driven by Reforms and Semiconductor Themes
(CNA Taipei, May 18) As tensions in the Middle East dragged down the broader market, Singapore's small-cap stocks rallied. The FTSE ST Small Cap Index has risen 15% since the end of February, significantly outperforming the Straits Times Index's 0.2% gain, with technology and semiconductor-related companies being the main drivers. Nikkei Asia reports that analysts point to market reforms and improved liquidity promoted by the Singapore government as key factors for the strength of small-cap stocks. Data from DBS Group's OCBC Bank shows that institutional net inflows into small and mid-cap stocks reached S$470 million in the first quarter of this year, leading to a significant increase in trading volume.
Philippines: War and Inflation Risks to Drag Down 2026 Philippine Economic Growth to 3.1%
(CNA Taipei, May 18) Economists from De La Salle University (DLSU) today sharply revised down their 2026 GDP growth forecast from 3.79% to 3.11%, the weakest performance since the pandemic. Experts warn that rising oil prices due to the war in the Middle East, inflation, and rising food prices driven by fertilizer costs are the main causes of the economic deterioration. The Manila Bulletin, citing a DLSU report, states that the inflation rate could peak at 8% in August of next year. The peso is also expected to depreciate to around 63.5 against the US dollar in the same month due to rising costs of imported oil. As Philippine exports are highly dependent on imported raw materials, most of which are priced in US dollars, a depreciating peso will not boost exports but will instead exacerbate imported inflation and suppress output.
Myanmar: Rubber Exports to Exceed 300,000 Tons in Fiscal Year 2025
(CNA Taipei, May 18) According to statistics from Myanmar's Ministry of Commerce, rubber exports in the 2025-2026 fiscal year reached 333,367 tons, with an export value of over $519.8 million. China is the largest buyer of Myanmar's rubber, accounting for 75% of total rubber exports. In addition, Myanmar's rubber is also exported to Malaysia, Indonesia, Vietnam, India, and Japan. 90% of Myanmar's rubber production is sold abroad, with domestic SME demand accounting for only 10%.
Malaysia: 2026 Economic Growth Forecast Maintained at 4.6%
(CNA Taipei, May 18) Public Investment Bank (PIVB) of Malaysia has maintained its 2026 GDP growth forecast at an annual rate of 4.6%. PIVB noted that domestic demand remains the main driver of Malaysia's economic growth. The country's economic growth momentum has slowed significantly, with the growth rate in the first quarter of 2026 slowing to 5.4%, compared to 6.2% in the fourth quarter of 2025.
Thailand: First Quarter Economic Growth of 2.4% Exceeds Expectations, Exports Expected to Surge
(CNA Taipei, May 18) Thailand's authorities released the latest economic growth data today, showing that the economy grew by 2.8% year-on-year in the first quarter, higher than the 2.2% forecasted by Reuters analysts. On a seasonally adjusted basis, Q1 grew by 0.7% from the previous quarter, above the market forecast of 0.1%. The National Economic and Social Development Council stated that the overall economic growth forecast for the year will be maintained between 1.5% and 2.5%, and that full-year exports are expected to grow by 9.6%, poised to be a key driver of Thailand's economic growth.
Cambodia: Hotel and Restaurant Sector Faces Downturn, Cambodian Service Sector Growth Slows
(CNA Taipei, May 18) Affected by border conflicts and global uncertainties, Cambodia's service sector is expected to grow by only 2.6% this year, with the three-year growth rate also falling below 5%. According to the 'Medium-Term Public Financial Management Framework Report' recently released by Cambodia's Ministry of Economy and Finance, the Thai-Cambodian border conflict has disrupted tourism activities, and the service sector is facing headwinds, with a significant decline in international tourist arrivals. In addition to the hotel and restaurant industry, tourism-related retail and wholesale, transportation, and other sectors have also suffered negative spillover effects.
Indonesia: Committed to Strengthening ASEAN Food Security, Hopes to Stabilize Energy Supply
(CNA Taipei, May 18) As the war in the Middle East disrupts global supply chains and prices, Indonesia's Ministry of Foreign Affairs announced it will strengthen ASEAN cooperation on food and energy security. This includes promoting integrated logistics, fertilizer supply, and price stabilization mechanisms, and requiring member states to enhance regional coordination capabilities and improve monitoring and early warning systems for food crises. Antara News Agency reports that Indonesian Foreign Ministry spokesman Vahd Nabyl Achmad Mulachela stated that Indonesia continues to promote the establishment of stronger regional food security through ASEAN platforms, including the ASEAN Ministers on Agriculture and Forestry meeting.
※For more information, please contact Section Chief Chang Li-chuan at (02) 2505-1180#792 EMAIL: mia@mail.cna.com.tw