Asean Morning News For July 21

Asean Morning News

Compiled by Stella-maris Ewudolu @stmarisewudolu

500 Startups emerges as most active tech investor in SEA
With around 90 portfolio companies in Southeast Asia, Silicon Valley-based venture capital fund 500 Startups has emerged as the top tech investor in the region by a substantial margin, according to data provided by CB Insights.
— Deal Street Asia

Thailand to be positioned as China’s gateway to CLMV
Thailand and China are discussing the feasibility of positioning Thailand as China’s gateway to CLMV countries.
— NNT

Brunei clarifies new halal laws for manufacturers and retailers
Darussalam Enterprise organised the session to explain an amendment to its food code introduced in May, reiterating that any business that deals with food consumption, including restaurants, food processors and home-based food business must apply for local halal certification.
— Food Navigator Asia

Malaysia-Asean countries cooperate towards becoming smoke-free by 2045
Malaysia is expected to achieve the target of becoming a smoke-free nation by 2045 following strategic implementation of anti-smoking initiatives boosted through joint cooperation with other Asean countries.
— Malay Mail Online

Geopolitical Rivalry, Security and Social Inequality Are Asean’s Key Challenges: FM
The Association of Southeast Asian Nations, which unites 10 Southeast Asian countries, needs to make stronger efforts to address geopolitical rivalry, transnational organized crime and social inequality, Foreign Minister Retno Marsudi said on Wednesday (19/07).
— Jakarta Globe

News Analysis: RCEP opens up myriad opportunities for many economies
After the U.S. withdrawal from the Trans-Pacific Partnership (TPP), the Regional Comprehensive Economic Partnership (RCEP) is considered by Vietnam as an alternative choice, and its negotiations are expected to be wrapped up by the end of this year, opening up significant opportunities for many economies.
— Xinhua

Geopolitical Rivalry, Security and Inequality Are Asean’s Key Challenges: FM
The Association of Southeast Asian Nations, which unites 10 Southeast Asian countries, needs to make stronger efforts to address geopolitical rivalry, transnational organized crime and social inequality, Foreign Minister Retno Marsudi said on Wednesday (19/07).
— Jakarta Globe

ASEAN urged to curb N. Korea’s illicit trade
ASEAN should play a bigger role in reining in North Korea by cracking down on its illicit trade and activities in their countries, experts said Thursday.
— Korea Times

VN firms yet to get the hang of AEC
The ASEAN Economic Community (AEC) can be a major catalyst for national growth, but few Vietnamese businesses have grasped the concept and its importance, officials and experts said at a seminar on Wednesday.
— VietNamNet Bridge

Cambodia Morning News

Compiled by Leakhena Khat @leakhenakhat

Government clarifies exemptions for minimum tax
Nearly a year after the government announced that it would consider scrapping the controversial and burdensome 1 percent minimum tax obligation that is paid on monthly revenue flows, the Ministry of Economy and Finance has provided guidelines on how taxpayers who satisfy its accounting guidelines can obtain an exemption.
— The Phnom Penh Post

ADB Predicts Increase in Asia’s Growth Rate
Halfway into the year, the Asian Development Bank has raised the estimated GDP growth rate for developing countries in Asia this year and next by a few tenths of a percentage point.
— The Cambodia Daily (paywall)

Global Fund Donates $98M Despite Graft Investigation
Global Fund will provide $98 million to fight malaria, tuberculosis and AIDs from 2018 to 2020, an official said on Thursday, with the donor seemingly banking on improved oversight to prevent alleged government fraud and nepotism it described as recently as March.
— The Cambodia Daily (paywall)

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Indonesia Morning News

Compiled by Stella-maris Ewudolu @stmarisewudolu

Exemption of Oil & Gas Exploration Tax for Those Wanting to Invest in Indonesia
The Ministry of Energy and Mineral Resources exempts oil and gas exploration taxes for those who want to invest in Indonesia.
— Netral News

Tax DG: Tax Compliance in Indonesia Remains Low
The Tax Directorate General (Tax DG) at the Finance Ministry said that the tax compliance in Indonesia remains lower than other ASEAN countries.
— Tempo.co

Indonesia’s Neverending Freeport-McMoRan Saga
The drama started nearly two years ago, when Setya Novanto, the speaker of the Indonesian Parliament, was forced to resign after being caught trying to extort U.S. mining giant Freeport McMoRan, which was looking to extend its contract in Indonesia.
— The Diplomat

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Lao PDR Morning News

Compiled by Cara Navarro @cara_nav

Investment welcomed for Lao tourism site development
Laos has huge potential in developing tourism sites, with a number of incentives introduced to boost investment in the sector.
– Vientiane Times

Lao Labour Market Still Faces Low Labour Skills Standard
Lao labour market still faces the challenge of substandard labour skills, making labour fail to meet market demand in the country.
– Lao News Agency

Govt scrutinises revenue collection, enforcement of decrees
The government is pushing for increased revenue collection to cope with budgetary expenditure and minimise the country’s budgetary tensions and rising debts.
– Vientiane Times

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Malaysia Morning News

Compiled by Leakhena Khat @leakhenakhat

Malaysian realty player Aspen Group launches Catalist IPO, targets $26.8m raise
Malaysia-based property development group Aspen Holdings Limited – which develops affordable residential and mixed development properties for middle-income mass market purchasers – has launched its initial public offer (IPO) on the Catalist board of the SGX, targeting to raise S$36.72 million ($26.8 million).
— DealStreetAsia

Thailand’s PTT considers taking stake in Malaysia gas facility
Thailand’s state-owned oil and gas giant PTT Plc is considering taking a stake in a natural gas liquefaction plant to be built in Malaysia, a company spokesman said on Thursday.
— The Borneo Post

‘Voters more worried about bread-and-butter issues than 1MDB’
Voters are five times more concerned about bread-and butter-issues than corruption scandals such as 1MDB, a survey by PKR-linked Invoke has found.
— Malaysiakini

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Myanmar Morning News

Compiled by Cara Navarro @cara_nav

Could US reset sanctions on Myanmar over North Korea?
If Kyaw Zeya, Myanmar’s Ministry of Foreign Affairs permanent secretary, is to be believed, then strategic ties between his country and North Korea are completely severed after years of robust cooperation under military rule.
– Asia Times

Thai trade exceeds $318m
Border trade with Thailand exceeds US$318 million until July 7 of this fiscal year, according to Ministry of Commerce.
– Eleven Myanmar

FDI could exceed MIC’s target in 2017-18, but still lower than previous years’
The Myanmar Investment Commission (MIC) could achieve or even exceed its US$6 billion foreign direct investment target for 2017-18.
– The Myanmar Times

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Philippines Morning News

Compiled by Stella-maris Ewudolu @stmarisewudolu

ADB hikes ’17,’18 growth forecasts for PH
The Asian Development Bank has raised its gross domestic product (GDP) growth forecasts for the Philippines for this year and next year, with the country expected to lead economic expansion among emerging Asean economies.
— Philippine Daily Inquirer

Manila kidnap case: S’poreans more wary on trips to Philippines
Following news of the rescue of a Singaporean woman kidnapped at a Manila casino, those who travel often to the Philippine capital say they will stay extra vigilant when they are there.
— Today Online

PH among top 5 sites of terrorism, but total attacks down 9% – US State Dep’t
The US State Department said Wednesday that global terror incidents and deaths fell last year, while it maintained its designation of Iran as the top “state sponsor of terrorism.”
— Manila Bulletin

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Singapore Morning News

Compiled by Leakhena Khat @leakhenakhat

NUS-Redas property sentiment index at its highest since Q1 2010
PROPERTY market sentiment continues to improve, going by the latest reading of the quarterly sentiment index published by the developers’ body and the National University of Singapore (NUS).
— The Business Times

Tertiary students in S’pore not as tech-savvy as they think: Study
Despite being “digital natives”, youths here are not as well-equipped for the digital economy as they think: A study has found that Singaporean tertiary students overestimate their level of proficiency in digital literacy skills, including in word processing and spreadsheets.
— Today Online

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Thailand Morning News

Compiled by John Le Fevre @photo_journ

Thai June exports up 11.7 pct y/y, beat forecast
Thailand’s customs-cleared exports rose for a fourth straight month in June, beating expectations, due to stronger demand from major markets, suggesting the trade-dependent economy was gaining momentum.
— Reuters

New excise rates round the corner
The new excise tax rates for vehicles, non-alcohol beverages, batteries and crystal glass will be announced before Sept 16 when the new law comes into effect, says an official at the Excise Department.
— Bangkok Post

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Vietnam Morning News

Compiled by Cara Navarro @cara_nav

HSBC lowers 2017 economic growth forecast for Vietnam
Vietnam’s economy is likely to grow by only 6 percent this year, HSBC said in a new report released on Wednesday, revising down its previous forecast of 6.4 percent.
– VnExpress

Private companies’ influence on economy growing
As Thaco’s car sales decreased, the Quang Nam province’s budget revenue suddenly dropped by VND3 trillion. This news has been cited by economists to show the role of large private conglomerates in the economy.
– VietnamNet Bridge

HCM City’s industrial production index rises 7.51 percent
Ho Chi Minh City’s index of industrial production (IIP) in the first six months of this year increased 7.51 percent compared to the same period last year, reported the municipal Department of Industry and Trade at a conference on July 19.
– VietnamPlus

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Asean Morning News is the most comprehensive selection of reports on what you need to know from around the Asean Economic Community (AEC) published. All articles are hand curated by the team at AEC News Today. It is published M-F by AEC News Today: Governance, not government; policies not politics.