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Under the Banyan Tree by HSBC Global Research
An economic tour of ASEAN
Aug 16, 2023
ASEAN Economists Yun Liu and Aris Dacanay discuss economic challenges in Vietnam and the Philippines, the Thai tourism industry, durian exports to China, FDI resilience in Malaysia and Indonesia, and equity markets in ASEAN with optimism for the region.
16:00
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Quick takeaways
- Vietnam's trade weakness is primarily due to falling orders from the West, while its property market faces challenges but proactive measures aim to stabilize it.
- The Philippines experienced impressive growth but faces challenges related to inflation and unbalanced growth, with consumption expected to slow down to return the economy to balance.
Deep dives
Vietnam's Trade Challenges and Resilience
Vietnam has been facing trade challenges since late 2022, with double-digit declines in exports. However, foreign direct investment (FDI) remains decent, reflecting a medium to long-term perspective. The trade weakness in Vietnam is primarily due to falling orders from the West across various sectors, including electronics, textiles, and machinery. Additionally, Vietnam's property market has faced challenges, but the government's proactive measures, such as credit packages, aim to stabilize the sector.
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