Visit of the Vietnamese Prime Minister to Japan, Asia-Europe summit, Marcos Jr. in brief
Welcome to your week in Asia.
It will be a busy Monday for Vietnamese Prime Minister Pham Minh Chinh who is due to begin his official visit to Japan. He will be accompanied by business leaders from 50 Vietnamese companies to seek cooperation with their Japanese counterparts in areas such as energy and infrastructure development. Chinh will also attend an ASEAN-China virtual summit chaired by Chinese President Xi Jinping on the same day.
The Philippines will host their first and largest Ikea store in the world. The country’s electoral commission will also hear a disqualification case against Ferdinand Marcos Jr., one of the main candidates in his rocky presidential election.
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Vietnamese PM’s visit to Japan
Vietnamese Prime Minister Pham Minh Chinh visiting Japan will be the first foreign leader to be received by his Japanese counterpart, Fumio Kishida, who took office in October. Chinh, who recently traveled to Europe, hopes to expand economic cooperation with Japan to help reverse the damage to Vietnam’s economy caused by the COVID-19 pandemic.
Chinese President Xi meets with ASEAN leaders
Chinese President Xi Jinping is chairing a virtual summit with leaders of members of the Association of Southeast Asian Nations. The special ASEAN-China summit, 30 years after the two men agreed to have “dialogue relations,” will underscore Beijing’s intention to strengthen ties with ASEAN, especially as the United States intensify their policy in Asia. This is a rare arrangement as usually the Chinese premier represents the country at summit meetings with ASEAN.
we sales representative in Delhi
US Trade Representative Katherine Tai arrives in New Delhi for two days of talks with her Indian counterpart, Piyush Goyal, during which they will examine ways to strengthen trade and investment ties between the two countries. Bilateral trade between India and the United States amounted to $ 80.5 billion in March, up from $ 88.9 billion the previous year.
India is the final stop on Tai’s Three Nations Tour, which also took her to Japan and South Korea.
Third person convicted of inciting secession in Hong Kong
A Hong Kong court must convict student activist Tony Chung, who pleaded guilty to secession under the new national security law and money laundering. Prosecutors cited social media posts urging the territory to “get rid of Chinese colonial rule” and calls to join protests dating back to 2016. The money laundering charge is linked to donations made to Chung’s PayPal account worth HK $ 135,000.
Chung, who faces up to seven years in prison, will be the third person to be sentenced for inciting secession. Ma Chun-man was sentenced to nearly six years earlier this month for chanting independence slogans.
Company Profits: Xiaomi, Kuaishou, Xpeng
Singapore’s third quarter GDP and economic outlook
Singapore will release its gross domestic product figures for the three months through September. Preliminary data released last month showed a 6.5% year-on-year expansion, thanks to sustained growth in manufacturing. The government will also provide updates on its economic projections, as the country pushes for economic reopening, including no-quarantine entry programs for fully vaccinated travelers.
New Zealand Monetary Policy Statement
Company profit: Futu
Summit of the Asia-Europe meeting
Cambodia is hosting a two-day Asia-Europe Meeting (ASEM) summit, attended by leaders from 51 countries and two organizations. The Indo-Pacific strategy of European countries, as well as their positions on human rights issues and the Myanmar crisis, will be closely monitored. The biennial summit was originally scheduled for 2020 but has been postponed due to the COVID-19 pandemic.
Ikea opens in the Philippines
Ikea opens its first store in the Philippines, the largest branch of the Swedish furniture giant in the world. The outlet in Metro Manila has a total area of 68,000 square meters, or the equivalent of 150 basketball courts, housing its retail space, warehouse and call center.
the central bank of South Korea to to raise prices?
The Bank of Korea’s monetary policy board is expected to raise its key interest rate to 1% from 0.75% amid rising inflationary pressure and soaring household debt. BOK Governor Lee Ju-yeol warned earlier this month that consumer prices would continue to climb due to bottlenecks in the global supply chain, rising oil prices and growing consumer demand.
Philippine Election Commission hears disqualification case against Marcos Jr.
The Philippine Elections Commission is hearing one of four cases filed to overturn the candidacy of Ferdinand Marcos Jr. The late dictator’s son and namesake became the frontrunner for the May 2022 presidential election in a recent opinion poll. The petition claims that a tax offense conviction in the 1990s deserves disqualification – an offer the Marcos camp has called a “nuisance.”
Japan increases daily limit for foreign arrivals to 5,000
Japan will increase the daily limit for international arrivals to 5,000 from 3,500 as the country seeks to boost business travel.
The latest easing of entry restrictions comes as Japan continues to report a relatively low number of new confirmed cases of COVID-19. Earlier this month, the government eased entry restrictions for businessmen, students and technical trainees. He also reduced the quarantine period to three days from 10 for business travelers with vaccination certificates.
Seoul Auto Show kicks off
The Seoul Mobility Show begins its 10-day journey at Kintex in Goyang, north of Seoul, as 10 global auto brands including Mercedes-Benz, Isuzu and Hyundai showcase their new cars and mobility technology. A total of 18 new models will be on display at the show, including four unveiled for the first time in Asia. Fuel cell technology, electric vehicle platforms, artificial intelligence infotainment systems and automotive chips will also be on offer.
Company profits: Meituan, Pinduoduo
Chinese policy to win in the elections in Honduras
Leader Xiomara Castro has vowed to sever long-standing diplomatic ties with Taiwan in favor of China if she wins the Honduran presidential election on behalf of her opposition Freedom and Refoundation party. The vote comes just two weeks after outgoing President Juan Orlando Hernandez paid a three-day visit to Taiwan to affirm bilateral ties.