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ASEAN News Week 46

🇻🇳 Vietnamese President stresses Vietnam's climate action commitment at APEC leaders' dialogue with guests

Vietnamese President Vo Van Thuong participated in a dialogue with leaders of the Asia-Pacific Economic Cooperation (APEC) economies in San Francisco during the APEC Economic Leaders’ Week 2023. The dialogue focused on sustainability, climate, and energy transition. President Thuong highlighted Vietnam's commitment to addressing climate change, including net zero emissions by 2050, and called for APEC collaboration in renewable energy, ecological agriculture, and just transition. The leaders emphasized international cooperation to reduce greenhouse gas emissions and achieve sustainable energy transition and green growth.


🇮🇩🇲🇾 Indonesia and Malaysia Unlocking New Opportunities

Indonesia is seeking a robust partnership with Malaysia, focusing on trade, tourism, and clean energy collaboration. The Indonesian Minister of State-Owned Enterprises, Erick Thohir, emphasizes the potential for a strengthened alliance to unlock new opportunities amid global dynamics. Discussions include a proposal for cruise line operations between the two nations to enhance tourism, with potential routes spanning destinations such as Langkawi, Bali, Labuan Bajo, and Papua. The collaboration aims to increase regional competitiveness and foster economic ties across various growth sectors.


🇻🇳🇲🇾 Vietnamese President, Malaysian PM lauds strong progress of strategic partnership

Vietnamese President Vo Van Thuong and Malaysian Prime Minister Anwar Ibrahim met during the APEC Economic Leaders’ Week 2023. They expressed satisfaction with the progress in their countries' strategic partnership and discussed ways to further enhance cooperation. President Thuong emphasized Vietnam's appreciation for the multifaceted relationship with Malaysia and called for the implementation of Joint Committee outcomes, the finalization of treaties, and increased collaboration in trade and investment. He also sought Malaysia's assistance in promoting Vietnamese Halal products and addressing the "yellow card" warning on Vietnam's fisheries. Prime Minister Ibrahim expressed Malaysia's high regard for its relations with Vietnam, emphasizing a desire to strengthen cooperation in various sectors. Both leaders affirmed their commitment to regional and international coordination and agreed on maintaining the unity of ASEAN. They discussed shared concerns, including the East Sea, expressing support for peace, stability, and adherence to international law, including UNCLOS. Prime Minister Ibrahim invited President Thuong to visit Malaysia in the near future.


🇻🇳 Vietnam NA sets target of 6.5% GDP growth in 2024

The National Assembly of Vietnam has approved a resolution on the country's socio-economic development plan for 2024, with 90.49% of approval votes. The resolution aims for a GDP growth target of 6.0-6.5% for the year, with a per capita income expected to reach 4,700-4,730 USD. The manufacturing-processing sector is targeted to contribute 24.1-24.2% to GDP, and the country aims for a productivity growth rate of 4.8-5.3%. Some deputies had suggested a lower GDP growth target of 5-6%, citing the current situation, but the approved target reflects the government's determination and considers domestic and international factors.


🇲🇾 Malaysia's GDP grew 3.3pc in 3Q 2023

Malaysia's gross domestic product (GDP) experienced a year-on-year growth of 3.3% in the third quarter of 2023, as reported by Bank Negara Malaysia. This growth was attributed to increased domestic spending, improved labor market conditions, a recovery in tourism activities, and higher construction activity. On a quarter-on-quarter seasonally adjusted basis, the economy grew by 2.6%, compared to 1.5% in Q2 2023. Overall, Malaysia's economy expanded by 3.9% in the first three quarters of 2023. Bank Negara governor Datuk Shaik Abdul Rasheed Abdul Ghaffour noted that resilient domestic demand anchored growth, while exports faced challenges due to prolonged weakness in external demand, partially offset by a recovery in inbound tourism. Headline inflation moderated to 2% in Q3 2023, with expectations to average between 2.5% and 3% for the year. Looking ahead, despite a challenging global environment, Malaysia's economy is projected to expand by around 4% in 2023 and 4-5% in 2024, driven by domestic demand and favorable economic developments.



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