ASEAN Week: Stay updated on ASEAN news throughout this week (June 7-13, 2569).

This week's ASEAN Week (June 7-13, 2569) provides an update on the latest developments in Southeast Asia throughout the past week.

For ASEAN Week "Bank Finance" This week, June 7-13, 2569, we will bring you the latest news and developments in the ASEAN region, including:

• Anutin leads cabinet ministers and business leaders to Vietnam to foster cooperation and participate in the AFF (Asian Federation of Business) forum.
• Clarified! The government is moving forward with UNCLOS to draw a maritime border between Thailand and Cambodia, not to divide benefits in overlapping areas.
• Amnesty International reveals Cambodia's failure to crack down on call center gangs; more scam centers found despite a year-long crackdown.
• The Prime Minister has arrived in Hanoi and immediately began his duties, meeting with high-ranking leaders and private sector representatives in Vietnam.
• Indonesia's foreign exchange reserves have fallen for the fifth consecutive month as the central bank accelerates efforts to support the rupiah.
• SCG closes deal to sell petrochemical stake in Indonesia for 2.5 billion baht, focuses on investments in Vietnam.
• The Prime Minister met with Thai private sector representatives in Vietnam to promote cross-border investment and emphasize the concept of mutual growth.
• The Philippines is monitoring 1.6 trillion pesos of private debt, which poses a risk to its currency and financial stability.
• Singapore is reviving 140-year-old technology and accelerating the expansion of "underground cool cities" to combat climate change.
• Anutin emphasizes resilience as the compass of a new era for ASEAN, pushing forward DEFA and the land bridge to enhance regional economic stability.
• Thailand and Vietnam strengthen defense cooperation, enhancing security to address new-era threats.
• The Indonesian central bank raised its interest rate by 0.25% unexpectedly to curb the weakening rupiah.
• The rupiah plunged 7.6% as Indonesia's central bank implemented Danantara policy, resorting to aggressive measures to combat the crisis.
• Malaysian Prime Minister warns that if superpowers use economic power as a weapon, they risk forcing smaller nations to choose sides.
• The Prime Minister is pushing Thailand and Vietnam towards becoming "partners of the future," instructing seven ministries to advance cooperation in all dimensions.
• Amata Group and FPT join forces to study digital cooperation projects to upgrade smart industrial cities, paving the way for investment in Thailand and Vietnam.
• Dr. Ekniti pushes forward the “Three Connects” strategy to support Thailand and Vietnam's economic partnership.
• Indonesia swallows the bitter pill, raises interest rates and oil prices to regain investor confidence.
• The rupiah led the way as the weakest currency in the region, depreciating by 7.1%, while the baht ranked fourth.
• Global companies are relocating their bases from Singapore to Malaysia, drawn by lower costs and attractive tax benefits.

Anutin leads cabinet ministers and business leaders to Vietnam to foster cooperation and participate in the AFF (Asian Federation of Business) forum.

Prime Minister Anutin Charnvirakul is scheduled to pay an official visit to Vietnam from June 8-9, 2569, and will attend the ASEAN Future Forum in Hanoi to discuss and further develop Thai-Vietnamese cooperation in all dimensions with Vietnamese leaders and the private sector, and to push the relationship towards concrete results, amidst the participation of leaders from many ASEAN countries.

Clarified! The government is moving forward with UNCLOS to draw a maritime border between Thailand and Cambodia, not to divide benefits in overlapping areas.

The government spokesperson confirmed that regarding the overlapping territorial claims between Thailand and Cambodia, the use of the UNCLOS mechanism aims to clearly define maritime boundaries in accordance with international law, not to share benefits or jointly develop the area. The spokesperson emphasized that the government will act cautiously to fully protect national sovereignty and interests.

Amnesty International reveals Cambodia's failure to crack down on call center gangs; more scam centers found despite a year-long crackdown.

Amnesty International reveals that Cambodia has yet to successfully crack down on call center gangs and online scam networks, despite more than a year of continuous crackdowns. The number of operational centers has increased to 86 from 53 last year, while experts point out that the networks continue to adapt, relocate, and expand.

The Prime Minister has arrived in Hanoi and immediately began his duties, meeting with high-ranking leaders and private sector representatives in Vietnam.

Prime Minister Anutin Charnvirakul met with Thai private sector representatives in Vietnam, emphasizing the concept of "growing together" and pledging to promote trade, investment, and supply chain connectivity between Thailand and Vietnam. He highlighted the potential of both countries as strategic partners in driving the ASEAN economy in the future.

Indonesia's foreign exchange reserves have fallen for the fifth consecutive month as the central bank accelerates efforts to support the rupiah.

Indonesia's foreign exchange reserves fell for the fifth consecutive month to $144.9 billion, after the central bank intervened to prop up the rupiah, which had weakened to a new record low. Meanwhile, foreign capital outflows and the Indonesian stock market faced continued pressure.

SCG closes deal to sell petrochemical stake in Indonesia for 2.5 billion baht, focuses on investments in Vietnam.

SCGC, a subsidiary of SCG, sold an additional 14.86% stake in CAP, a major Indonesian petrochemical business, for approximately 24,900 billion baht, reducing its stake to 15.71%. This move aims to reduce financial burden and fund investments in the Long Son Petrochemicals project in Vietnam as part of its long-term growth plan.

The Prime Minister met with Thai private sector representatives in Vietnam to promote cross-border investment and emphasize the concept of mutual growth.

Prime Minister Anutin Charnvirakul met with Thai private sector representatives in Vietnam to promote cross-border trade and investment, emphasizing the concept of "growing together." He viewed Thailand and Vietnam as strategic partners in driving the ASEAN economy and announced the signing of an MOU on smart industrial parks and AI.

The Philippines is monitoring 1.6 trillion pesos of private debt, which poses a risk to its currency and financial stability.

The Philippine financial regulator has warned that large corporations have over 1.6 trillion pesos in debt maturing in the next three years, with a high proportion of dollar-denominated debt, making them vulnerable to currency volatility, even though the financial system and banking sector remain strong.

Singapore is reviving 140-year-old technology and accelerating the expansion of "underground cool cities" to combat climate change.

Singapore is expanding its district cooling system, utilizing a network of underground chilled water pipes across the city to reduce energy consumption and combat global warming. This 140-year-old technology is more efficient than conventional air conditioning systems and is positioned as a key national strategy.

Anutin emphasizes resilience as the compass of a new era for ASEAN, pushing forward DEFA and the land bridge to enhance regional economic stability.

Prime Minister Anutin Charnvirakul stated at the ASEAN Future Forum that ASEAN must accelerate the development of economic and digital resilience, pushing forward the digital economy agreement and Thailand's land bridge project. He also sent a positive signal regarding Thai-Cambodian relations, emphasizing the importance of resolving issues through dialogue and mutual trust.

Thailand and Vietnam strengthen defense cooperation, enhancing security to address new-era threats.

Thailand and Vietnam agreed to enhance cooperation in defense, maritime security, cybersecurity, and the defense industry, while also promoting the 2+2 mechanism and regional cooperation to strengthen the stability, security, and stability of ASEAN.

The Indonesian central bank raised its interest rate by 0.25% unexpectedly to curb the weakening rupiah.

Indonesia's central bank raised its interest rate by 0.25% in an unscheduled move to 5.50% to support the rupiah and attract foreign capital back into the country. This followed a sharp depreciation of the currency and continued selling pressure in financial markets. The measure helped boost the rupiah, bonds, and the stock market, demonstrating that authorities prioritize financial stability over short-term economic stimulus.

The rupiah plunged 7.6% as Indonesia's central bank implemented Danantara policy, resorting to aggressive measures to combat the crisis.

KResearch points out that the Danantara policy and the increasing role of the state in the Indonesian economy have impacted investor confidence, causing the rupiah to depreciate by 7.6% since the beginning of the year. This has forced the central bank to resort to an "all-out defense" approach, including unscheduled interest rate hikes, market intervention, and repatriating capital to maintain financial stability.

Malaysian Prime Minister warns that if superpowers use economic power as a weapon, they risk forcing smaller nations to choose sides.

Malaysia's Prime Minister warned that major powers are using the economy as a geopolitical tool, risking forcing smaller countries to choose sides and undermining the free trade system that fuels Asia's growth. He called for international cooperation and reforms to international trade institutions to align with a multipolar world.

The Prime Minister is pushing Thailand and Vietnam towards becoming "partners of the future," instructing seven ministries to advance cooperation in all dimensions.

The Prime Minister has instructed seven relevant ministries and agencies to accelerate concrete cooperation between Thailand and Vietnam. This includes establishing a joint committee on trade and investment to increase trade value, overcome obstacles, and elevate the relationship from "trading partners" to "partners of the future." Furthermore, cooperation on crane conservation will continue on the occasion of the 50th anniversary of diplomatic relations.

Amata Group and FPT join forces to study digital cooperation projects to upgrade smart industrial cities, paving the way for investment in Thailand and Vietnam.

Amata Group and FPT signed a Memorandum of Understanding (MOU) to study collaboration in developing smart industrial cities and digital industrial ecosystems in Thailand, Vietnam, and Laos. The aim is to upgrade the manufacturing sector with AI, digital infrastructure, and workforce skills to enhance competitiveness, attract investment, and support sustainable growth in ASEAN.

Dr. Ekniti pushes forward the “Three Connects” strategy to support Thailand and Vietnam's economic partnership.

Dr. Ekniti promoted the Thai-Vietnamese "Growing Together" concept, pushing forward the Three Connects strategy to link supply chains in tourism, finance, and the green economy. He also supported the use of local currencies and cross-border payment systems, elevating the relationship from competitors to economic partners within ASEAN.

Indonesia swallows the bitter pill, raises interest rates and oil prices to regain investor confidence.

Indonesia has signaled a major shift in its economic policy, raising interest rates and fuel prices off-schedule to support the rupiah and restore investor confidence amidst significant financial market volatility. Analysts view this as a shift in focus from stimulating growth to maintaining economic and fiscal stability.

The rupiah led the way as the weakest currency in the region, depreciating by 7.1%, while the baht ranked fourth.

Kasikorn Research Center reports that the Indonesian rupiah has depreciated the most in the region since the beginning of the year, by 7.1%, followed by the Indian rupee and the South Korean won. Meanwhile, the Thai baht weakened by 4.2% to 32.99 baht per dollar this morning, pressured by a stronger dollar, weaker Asian currencies, and falling gold prices. The expected trading range for today is 32.85-33.00 baht per dollar.

Global companies are relocating their bases from Singapore to Malaysia, drawn by lower costs and attractive tax benefits.

CNBC reports that several multinational companies are beginning to relocate production lines and operations centers from Singapore to Malaysia to save costs and take advantage of tax benefits. This utilizes a role-sharing model where Singapore serves as the hub for management and innovation, while Malaysia acts as a low-cost production base, reflecting a growing trend of "twinning" in the region.

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