Dung Duong’s Post

SPOTLIGHT: The Philippines was among the fastest risers in a decade in the latest Global Innovation Index (GII) of the World Intellectual Property Organization (WIPO), moving up three places this year to 53rd out of 133 economies. The country was ranked 90th back in 2013. The Philippines’ 2024 ranking is also better than the Philippine government’s target of placing 54th this year under the Philippine Development Plan (PDP) 2023-2028. Under the PDP, the Philippines aims to rank 43rd in the Index by 2028. According to WIPO, “notable areas in which [the Philippines] excels are trade-related indicators, including high-tech exports (first globally), high-tech imports, creative goods exports and information communications technology services exports.” The GII ranks economies based on their innovation ecosystem performance and tracks global innovation trends. It guides policymakers and business leaders in unleashing human ingenuity, to improve lives and address shared challenges such as climate change. In this year’s National Innovation Day celebration last April, President Ferdinand Marcos Jr. encouraged the public to support the programs and initiatives of the government and private partners in empowering homegrown talents, inventors, scientists, and allied professionals to further advance innovation. “Together, let us champion the Filipino mindset for innovation, or #Filipinnovation, and cultivate a culture of excellence, of ingenuity, and creativity for the benefit of our people and for the sustained advancement of our beloved country,” President Marcos said. (“Spotlight” is a social media series by the Philippine Consulate General in San Francisco, featuring good news from the Philippines as well as the Filipino Community in the U.S. Pacific Northwest.) #PHinSF

Australia strengthens trade ties with ASEAN through the 2024 ASEAN-Australia Special Summit, opening doors for deeper collaboration and business opportunities. ASEAN's projected rise to be the world's fourth-largest economy by 2040, with a 4% annual GDP growth rate, presents vast potential across sectors. Australian businesses, equipped with expertise and financial resources, are primed to leverage this growth, aided by existing Free Trade Agreements (FTAs) for seamless trade and investment. Join Ines Liu, Head of the Dezan Shira & Associates Australian Desk and Senior Manager, International Business Advisory, as she delves into the investment opportunities and economic advantages awaiting Australian businesses and investors in ASEAN. The webinar will cover the following key topics: 👉 ASEAN-Australia economic partnerships and strategic initiatives to facilitate investment. 👉 Overview of bilateral and regional FTAs and their benefits 👉 Key Sectors included in the Southeast Asia Economic Strategy to 2040 👉 Country-wise Analysis of Vietnam, Indonesia & Singapore, highlighting foreign investment opportunities in these key markets 📌 This webinar is free. Register here: https://ow.ly/8JtS50R0Nev #DezanShira #AustraliaASEAN #BusinessOpportunities #ASEANEconomy #FTA #InvestmentOpportunities #EconomicPartnerships #ForeignInvestment

Southeast Asia presents a unique opportunity for businesses worldwide to expand and grow. This promising region consists of some of the world’s most attractive economies, including Vietnam, Indonesia, and Singapore.  A golden age of ASEAN? By increasing two-way trade and investment, Australia and the region will advance their mutual prosperity and security. 

VIETNAM AMONG SOUTHEAST ASIA’S FASTEST-GROWING ECONOMIES NEXT DECADE   📈 Southeast Asia's six leading economies, including #Vietnam, are projected to grow at an average annual rate of 5.1% over the next decade, according to the "Navigating High Winds: Southeast Asia Outlook 2024 – 34" report by the Development Bank Singapore (DBS), Bain & Company, and the Angsana Council.   🌏 Vietnam, along with Indonesia and the Philippines, is expected to lead this growth due to its export-oriented economy, diverse #FDI sources, competitive provincial dynamics, and high-quality workforce. Despite regional obstacles like protectionism and deindustrialization, Vietnam's strategic position and economic policies will be key to sustaining growth. 📊 To thrive in this market, businesses will need comprehensive analysis, investment insights, and expert consultations for partner searches. Our team at AHK Vietnam leverages extensive experience and a robust network to support German businesses in achieving their goals. 👉 Read the full report here: https://lnkd.in/g-aFX8vG   #VietnamEconomy #SoutheastAsiaGrowth #EconomicForecast #VietnamDevelopment #FDIinVietnam #EconomicReport #Vietnam2024 #GlobalBusiness #BusinessGrowth

📊 𝐂𝐨𝐧𝐟𝐢𝐝𝐞𝐧𝐜𝐞 𝐟𝐮𝐞𝐥𝐬 𝐕𝐢𝐞𝐭𝐧𝐚𝐦’𝐬 𝐠𝐫𝐨𝐰𝐭𝐡 - 𝐄𝐮𝐫𝐨𝐂𝐡𝐚𝐦 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐂𝐨𝐧𝐟𝐢𝐝𝐞𝐧𝐜𝐞 𝐈𝐧𝐝𝐞𝐱 (𝐁𝐂𝐈) 𝐐𝐮𝐚𝐫𝐭𝐞𝐫 1, 2024, 𝐜𝐨𝐧𝐝𝐮𝐜𝐭𝐞𝐝 𝐛𝐲 𝐃𝐞𝐜𝐢𝐬𝐢𝐨𝐧 𝐋𝐚𝐛: European businesses express optimism about Vietnam’s economy, both in the near and long term. While a third of businesses feel optimistic about their individual Q2 outlooks, and nearly 40% are neutral, several key indicators point toward a promising trajectory: ✔️ Optimism on the Rise: Sentiment shifted positively for the upcoming quarter regarding the overall economy. Optimism is up 6 points from last quarter to 45%, while pessimism is only 10%. ✔️ More Revenue Expected: Over half of respondents anticipate higher orders and revenues in Q2 2024. ✔️ Jobs Outlook Robust: 40% of businesses plan to expand their workforce in Q2. ✔️ Investment Confidence Rises: The reduction of the number of firms planning to cut spending in the upcoming quarter, now just 15% compared to the previous 23%, indicates a boost in investment confidence.   Looking to the long term, this optimism strengthens, with 71% of businesses feeling positive about their long-term prospects in Vietnam over the next five years. 👉 To read the full Q1 2024 Business Confidence Index report, click here: https://lnkd.in/gfr4zMNx #EuroCham #Vietnam #BCI

THE PHILIPPINES is expected to be the fastest-growing economy in Southeast Asia this year, according to Fitch Ratings. For 2025, Fitch expects Philippine economic output to expand by 6.5%. This also makes it the fastest-growing economy in the region next year, alongside Vietnam. It will be ahead of Indonesia (5.2%), Malaysia (4.5%), Thailand (3.4%) and Singapore (3%). https://lnkd.in/gFWSFCmQ

The latest analysis of the AHK World Business Outlook Survey for Spring 2024 in the Philippines conducted by the German-Philippine Chamber of Commerce and Industry, Inc. (GPCCI / AHK Philippinen) reveals a promising outlook for businesses engaged in German-Philippine economic relations, particularly in comparison to ASEAN peers and the global landscape. Businesses report bullish local economic development over the next 12 months, with both investment and employment figures showing continuous optimism. However, the survey also identifies key risks that need to be addressed to sustain this positive momentum. These risks include economic policy conditions, high energy prices, and challenges related to supply chain disruptions and infrastructure. This edition of the survey has also incorporated questions regarding the diversification measures of companies. #AHK #PartnerInThePhilippines

Being part of Apec matters to and benefits Malaysia on several fronts. First, with a combined population of 3 billion, Apec’s 21 member economies represent approximately 62 per cent of the world’s GDP and 47 per cent of global trade. Aside from trade, Apec also facilitates investments, capacity building and knowledge sharing. Meanwhile, Malaysia intends to leverage its Chairmanship of Asean in 2025 to bring about synergistic benefits between the Apec economies and the Asean member states, seven of which are also in Apec. Asean, arguably is also at the heart of Apec geographically, strategically and economically. This rare dual-role opportunity places Malaysia in a unique position to strongly advocate for both forums to pursue a balanced, non-polarising approach in the Indo-Pacific, with a clear call to action for member economies to deepen their collaborative focus on inclusivity, innovation, equitable growth and sustainability. Indeed, Malaysia’s 2025 Asean Chairmanship theme of “Inclusivity and Sustainability” is very much aligned to Apec’s 2024 theme, as both frameworks seek to prioritize the digital economy, green technologies, and support for small and medium enterprises, to pave the way for regional stability and shared prosperity. But Apec’s most important contribution moving forward might be its role in enshrining a multilateral, rules-based international system. Trump’s return to the US presidency resurrects concerns that his previous “America First” policies will result in a further retreat from multilateralism, vis-à-vis Apec and other regional frameworks, although admittedly, the new administration’s official policies will only be known post-inauguration of the new US President. However, I would likewise posit that this development also presents us with opportunities. Apec has been and can continue to serve as a platform for the US to engage constructively with the region on economic issues like supply chain resilience, strategic resources and digital trade. Indeed, we are hopeful that the new Trump administration will approach global trade with pragmatism and a clear view of the mutual benefits of multilateral engagement, which will complement Apec’s cooperative ethos. #TZA #MITI #ThisIsWhereGlobalStarts #APEC #ASEAN #BRICS https://lnkd.in/gWxfdsa9

🌏 As Southeast Asia continues to position itself as a dynamic hub for global investments, the region's attractiveness for foreign direct investments (FDIs) in on the rise. In 2023, Southeast Asia attracted more FDI than China for the first time in a decade, with investments totaling $206 billion across its six largest economies—Vietnam, the Philippines, Indonesia, Malaysia, Thailand, and Singapore. ➡ ASEAN is the fifth largest economy in the world. 8.54% of the world’s population live and work in a region. ➡ Singapore Leads Southeast Asia in Foreign Direct Investment for 2023, followed by Indonesia and Vietnam. Brunei is the only Southeast Asian country to record negative FDI in 2023. ➡ Diversified Economic Sectors: The region is witnessing rapid expansion in sectors such as technology, manufacturing, and services. Countries like Vietnam and the Philippines are leading in GDP growth, driven by strong domestic investments and favorable demographics. Indonesia and Malaysia are also emerging as key players in the electric vehicle and semiconductor industries, respectively. ➡ Supply Chain Realignment: Geopolitical tensions and pandemic-driven disruptions have prompted global companies to restructure their supply chains, increasingly favoring Southeast Asia as a relocation hub. ➡ Energy Transition and Green Investments: As global companies push for decarbonization, Southeast Asia's shift towards renewable energy and sustainable practices is becoming a major driver for high-quality FDIs. These factors collectively underscore Southeast Asia's growing significance in the global FDI landscape, making it a key region to watch in the coming years.

“Greece, Argentina and India are the three fastest-improving business environments in EIU’s Business Environment Rankings. Our Vector Autoregression (VAR) model suggests that these improvements may result in an uptick in real GDP per capita growth, investment spending and foreign direct investment (FDI). Our latest rankings also reveals that Singapore, Denmark and the US are projected to have the best business environments over the next five years, with Singapore expected to maintain its position at the top for the 16th consecutive year. Several West European economies, alongside Canada, Hong Kong and New Zealand, make up the remaining top ten best places in the world to conduct business.” https://lnkd.in/gGGyPZU4