This week's ASEAN Week (August 2-8, 2569) provides an update on the latest developments in Southeast Asia over the past week.
For ASEAN Week "Bank Finance" This week, August 2-8, 2569, we will be covering the latest news and developments in the ASEAN region, including:
- Vietnam recorded a trade deficit for the eighth consecutive month, reaching US$3.59 billion.
- "ASEAN's manufacturing sector recovered in July, with Thailand leading the region, following accelerations in orders and production."
- Malaysia is studying ways to unlock exports of rare earth minerals, hoping to attract investment and technology into the country.
- The Prime Minister welcomed the President of Myanmar to Thailand for an official visit on August 6-7, 69.
- Anutin Charnvirakul urges Thailand and Indonesia to shift from trading partners to collaborative partners, aiming to boost trade to $2.3 billion.
- Anutin Charnvirakul presented his vision at the ASEAN Secretariat for the first time in 17 years, highlighting three approaches to coping with a volatile world.
- The Prime Minister concluded his visit to Indonesia, highlighting four key outcomes to boost trade to $2.3 billion.
- The Cabinet has approved the establishment of a "Thai-Myanmar Working Group" to address transboundary water quality issues.
- The Cabinet approved 16 million baht to collaborate with Myanmar, Laos, and Vietnam to intercept drug trafficking at its source.
- The Prime Minister highlighted the positive results of his visit to Indonesia, setting a trade target of $23 billion and pushing for four MOUs with private sector entities.
- The Thai Prime Minister welcomed the President of Myanmar on his official visit to Thailand, aiming to boost trade, energy, and border security.
- The Thai Prime Minister held a full cabinet meeting with the President of Myanmar, signing three agreements to accelerate the recovery of border trade.
- The Prime Minister aims to boost Thai-Myanmar trade to $1.2 billion, pushing for border crossing openings and accelerating investment.
- The Philippine economy's Q2 growth was lower than expected at 2.3%, the worst in 17 years excluding the COVID-19 period.
- Wealth Boom Drives Singaporean Banks to New Highs! OCBC Jumps 50% This Year as Wealth Flows In
- "Prabowo" is poised to nominate the new governor of Indonesia's central bank, with "Destry" as the leading candidate, potentially making history as the first woman to hold the position.
Vietnam recorded a trade deficit for the eighth consecutive month, reaching US$3.59 billion.
Vietnam recorded its eighth consecutive trade deficit in July, reaching US$3.59 billion, after imports surged 41.4%, exceeding export growth by 25%. This was driven by increased imports of raw materials and machinery to boost production capacity, while the manufacturing sector continued to expand. However, Vietnam faces pressure from US tariffs and concerns that Chinese goods may be transited through Vietnam to avoid tariffs. In the first seven months of the year, Vietnam had a trade deficit of US$9.3 billion with China, while having a surplus of US$9.14 billion with the United States.
"ASEAN's manufacturing sector recovered in July, with Thailand leading the region, following accelerations in orders and production."
ASEAN's manufacturing sector showed a clear recovery in July 2569, with the PMI rising to 52.8 from 50.5 the previous month—the highest level since the conflict in the Middle East—due to accelerated orders and production. Thailand performed best in the region at 54.2, followed by Vietnam at 52.9, while Myanmar continued to contract at 49.3. However, the overall ASEAN picture contrasted with China, where the manufacturing PMI fell to 49.2, below 50, reflecting continued pressure on the Chinese economy.
Malaysia is studying ways to unlock exports of rare earth minerals, hoping to attract investment and technology into the country.
Malaysia is exploring the possibility of easing its ban on exporting rare earth minerals to meet the growing demand for alternative raw materials from countries seeking to reduce their dependence on China. The government might impose conditions requiring investors to bring capital and technology into the country, while promoting the development of industries from mining to processing. Malaysia aims to become a strategic mineral hub in the region by 2573. Despite possessing only about 1% of the world's reserves, it is estimated to have approximately 16.1 million tons of rare earth resources, valued at 970,000 billion ringgit.
The Prime Minister welcomed the President of Myanmar to Thailand for an official visit on August 6-7, 69.
The Prime Minister is preparing to welcome the President. Min Aung Hlaing During his official visit to Thailand on August 6-7, 2026, the two leaders will further strengthen Thai-Myanmar relations and cooperation in security, economics, investment, and within the ASEAN framework. They will hold official discussions, witness the signing of an MOU, and open the Thailand-Myanmar Business Forum 2569 to promote private sector networks between the two countries.
Anutin Charnvirakul urges Thailand and Indonesia to shift from trading partners to collaborative partners, aiming to boost trade to $2.3 billion.
Anutin Charnvirakul presented his vision at the ASEAN Secretariat for the first time in 17 years, highlighting three approaches to coping with a volatile world.
Prime Minister Anutin Charnvirakul presented his vision at the ASEAN Secretariat for the first time in 17 years, proposing three approaches to strengthen the region: Building strong unity and regionalism, increasing resilience to volatility, and ensuring ASEAN benefits its people sustainably. Thailand reiterated its commitment to resolving the Myanmar conflict and improving Thai-Cambodian relations through peaceful means, while also expressing its readiness to regain a significant role in shaping the direction of ASEAN before its 60th anniversary in 2570.
The Prime Minister concluded his visit to Indonesia, highlighting four key outcomes to boost trade to $2.3 billion.
Prime Minister Anutin Charnvirakul concluded his visit to Indonesia by highlighting four key outcomes: expanding markets and business opportunities, increasing investment and employment, enhancing cooperation in combating transnational crime, and strengthening regional stability. He also set a target to increase Thai-Indonesian trade from nearly US$20 billion to US$2.3 billion in the near future. Meanwhile, Thailand plans to use the results of the visit as a basis to proactively enhance its role in ASEAN and prepare for its ASEAN chairmanship in 2028.
The Cabinet has approved the establishment of a "Thai-Myanmar Working Group" to address transboundary water quality issues.
The Cabinet approved the Terms of Reference (TOR) for the establishment of a joint Thai-Myanmar working group to oversee water quality in rivers that share a border and flow between the two countries. The group will focus on monitoring, surveillance, information exchange, and coordinated systematic prevention and mitigation of transboundary pollution to protect natural resources, ecosystems, health, and the quality of life of people on both sides of the border. The Ministry of Natural Resources and Environment is authorized to make minor adjustments to the TOR to ensure efficient and timely implementation.
The Cabinet approved 16 million baht to collaborate with Myanmar, Laos, and Vietnam to intercept drug trafficking at its source.
The Cabinet approved a budget of 16 million baht to enhance cooperation between Thailand, Myanmar, Laos, and Vietnam in intercepting narcotics, precursors, and dismantling transnational drug trafficking networks in the Golden Triangle. The focus will be on addressing the problem at its source, improving border checkpoints, exchanging information, developing officer capabilities, and supporting joint operations to prevent narcotics from entering Thailand. The initiative will also strengthen cooperation in drug suppression in the Mekong sub-region.
The Prime Minister highlighted the positive results of his visit to Indonesia, setting a trade target of $23 billion and pushing for four MOUs with private sector entities.
Prime Minister Anutin Charnvirakul reported the results of his visit to Indonesia to the Cabinet, aiming to increase the value of Thai-Indonesian trade from nearly US$20 billion to US$2.3 billion in the near future. He also exchanged views on a five-year action plan and signed four Memorandums of Understanding (MOUs) with the private sector to expand trade, investment, and opportunities for Thai entrepreneurs, especially SMEs, to access the Indonesian market. Simultaneously, cooperation will be enhanced in security and combating transnational crime, along with the promotion of three approaches to strengthen ASEAN.
The Thai Prime Minister welcomed the President of Myanmar on his official visit to Thailand, aiming to boost trade, energy, and border security.
Prime Minister Anutin Charnvirakul welcomed Myanmar President Min Aung Hlaing on his official visit to Thailand. They discussed cooperation on cross-border issues, energy, trade facilitation, and promoting peace and stability along the border, prior to a plenary meeting attended by ministers and high-ranking representatives from both Thailand and Myanmar.
The Thai Prime Minister held a full cabinet meeting with the President of Myanmar, signing three agreements to accelerate the recovery of border trade.
Prime Minister Anutin Charnvirakul held a full-scale meeting with President Min Aung Hlaing to enhance cooperation between Thailand and Myanmar in the areas of security, economy, trade, investment, energy, labor, and the environment. Both sides agreed to expedite the resolution of transnational crime, the revitalization of border trade, and the resolution of cross-border pollution problems. They also witnessed the exchange of three cooperation documents covering various aspects. Labor, water quality management, and the application of space technology for development.
The Prime Minister aims to boost Thai-Myanmar trade to $1.2 billion, pushing for border crossing openings and accelerating investment.
Prime Minister Anutin Charnvirakul and President Min Aung Hlaing inaugurated the Thailand–Myanmar Business Forum 2026, ushering in a new chapter of economic cooperation. The goal is to increase Thai-Myanmar trade to US$1.2 billion, with prioritized actions including the expedited opening of the second Thai-Myanmar Friendship Bridge and consideration of opening additional border crossings. This will be coupled with promoting investment in energy, agriculture, infrastructure, tourism, and future industries to stimulate border trade and the economy.
The Philippine economy's Q2 growth was lower than expected at 2.3%, the worst in 17 years excluding the COVID-19 period.
The Philippine economy grew by only 2.3% in the second quarter of 2026, lower than the expected 2.9% and the weakest level since the fourth quarter of 2009 excluding the COVID-19 period. This was driven by a 9.2% contraction in investment and a slowdown in consumption to 2.8%. The surge in oil prices due to the conflict in Iran further exacerbated costs and the cost of living, leading to a decline in the peso and the stock market. The government still targets 3.5-4.5% economic growth for the year, but needs to accelerate GDP growth of at least 4.4% in the second half to achieve this goal.
Wealth Boom Drives Singaporean Banks to New Highs! OCBC Jumps 50% This Year as Wealth Flows In
Wealth management has become a key engine for Singaporean banks, with DBS, OCBC, and UOB hitting record highs in wealth management fee income. DBS saw a 42% increase, OCBC a 44% increase, and UOB over 29%, offsetting slower loan income due to falling interest rates. This also boosted OCBC shares by around 50% and DBS shares by approximately 34% since the beginning of the year, amid increased inflows of wealthy capital into Singapore.
"Prabowo" is poised to nominate the new governor of Indonesia's central bank, with "Destry" as the leading candidate, potentially making history as the first woman to hold the position.
Indonesian President Prabowo is preparing to nominate a new governor for the Bank of Indonesia (BI) to parliament. Acting governor Destry Damayanti is being considered a leading candidate, following concerns among investors about a potential change in central bank leadership and pressure on the rupiah. If appointed, Damayanti would be the first woman to hold the position of permanent BI governor, with the crucial task of restoring investor confidence, maintaining monetary policy stability, and supporting the rupiah.
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