Latest news with #Apec
Business Times
13-06-2025
- Business
- Business Times
Vietnam's Sun Group injects 1 trillion dong into new leisure-focused airline
[HO CHI MINH CITY] Vietnamese real estate and hospitality giant Sun Group has launched its leisure-focused airline, Sun PhuQuoc Airways (SPA), with an equity contribution of 1 trillion dong (S$49.2 million). The amount is part of a total investment of 2.5 trillion dong for the 50-year project. The developer said SPA plans to start ticket sales by October. With an air transport licence issued by Vietnam's Ministry of Construction, the airline – named after the country's largest island and tourist hot spot in the south – is set to operate both commercial and charter flights. It will connect Phu Quoc with major cities within and beyond Vietnam, including markets currently lacking direct air links such as Russia, the Middle East, Central Asia, and Australia. SPA is developing a hub-and-spoke network model centred on Phu Quoc, with a focus on 'leisure aviation' – that is, air travel primarily for recreation, tourism and holiday purposes. While the island will serve as the airline's central hub, its main operations will be in Van Don International Airport in the northern province of Quang Ninh – home to Ha Long Bay, also one of Vietnam's most iconic tourist destinations. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The new airline is part of Sun Group's integrated ecosystem in Phu Quoc, which encompasses integrated resorts, high-end residential projects and entertainment complexes. In 2022, the hospitality giant opened luxury airline Sun Air, which offers high-end private services via its fleet of ultra-luxury business jets, helicopters and seaplanes. SPA said it is in talks with Boeing to purchase aircraft, and will use narrow-body planes from Airbus for its early operations. A Vietnam News Agency report last month showed that SPA aims to have a fleet of 31 aircraft by 2030. Sun Group chairman Dang Minh Truong said the new airline 'represents a strategic pillar in our vision to build a world-class ecosystem of tourism, resorts, entertainment and aviation.' Phu Quoc's international airport is slated for a major upgrade ahead of the 2027 Asia-Pacific Economic Cooperation (Apec) forum, which will be held on the island. It is slated to handle up to 18 million passengers annually, 4.5 times its current capacity. Sun Group's new airline is expected to ease transportation pressures during the event and boost tourism on the island, accommodating thousands of delegates, top leaders and business executives from the 21 Apec member economies. SPA will operate alongside other home-grown airlines, including flag carrier Vietnam Airlines, budget airline VietJet Air, Bamboo Airways and Vietravel Airlines. The country welcomed 9.2 million international arrivals in the first five months of 2025, representing a 21.3 per cent year-on-year increase, according to the National Statistics Office.
The Sun
11-06-2025
- Business
- The Sun
Apec finance ministers to unveil new roadmap to replace Cebu Action Plan in October
KUALA LUMPUR: Asia-Pacific Economic Cooperation (Apec) finance ministers will launch a new roadmap to replace the Cebu Action Plan this October. Deputy Finance Minister Lim Hui Ying said the new roadmap will define the priorities of the Apec Finance Ministers' Process (FMP) over the next five years. 'It will identify the FMP's medium-term initiatives and deliverables towards the achievement of Apec's Putrajaya Vision 2040 of an open, dynamic, resilient and peaceful Asia-Pacific community,' she said in her keynote speech at Abac-Asean BAC APFF 2025 Southeast Asia Conference: Financing Asean's Development Priorities today. She emphasised the need for Asean members to actively participate in Apec discussions and decisions, especially as the forum prepares its new roadmap. 'It is critical for Asean members to work together within Apec to ensure that our common priorities in Southeast Asia are well-embedded in this new Asia-Pacific roadmap and that initiatives in Asean and Apec are consistent with each other and mutually supportive,' she said. Lim said new business models and technology carry risks that are still not yet fully understood today. 'Enabling their safe and effective deployment would also require legal, policy and regulatory reforms, changes in industry practices and collaborative efforts to educate consumers, industry practitioners and regulators.' Responding to these challenges and opportunities, she said, will require stronger regional financial cooperation. 'At the same time, it will also require closer collaboration between the public and private sectors.' In this context, Lim said, the Apec and Asean processes have a critical role to play in providing platforms for action among members and for enhanced government and regulatory engagement with the private sector. She said new business models and rapid advances in technology can help in redesigning finance to better serve micro- small and medium enterprises and marginalised consumers. 'These include digital technologies like blockchain, AI and quantum computing. They include new products such as crypto and tokenised assets and digital currencies.' Meanwhile, Asean-BAC Malaysia chairman Tan Sri Nazir Razak said Asean has long talked about deeper economic integration but progress has been slow or repeatedly delayed. 'Echoing Singapore Prime Minister Lawrence Wong's remark that the bloc faces its moment of truth, it must step up or risk losing relevance. Unfortunately, we have heard similar words before. I hope this time we really move ahead with integrating our economies,' he said. Nazir noted that execution has been lacking not only from governments, but also from the private sector. 'The private sector has also fallen short. Are we doing the deals we should be doing – in partnerships, mergers and acquisitions, supply chains and trade? I don't think so.' He highlighted that intra-Asean trade and investments remain low as a percentage of total trade and investments. 'The surge in regional Asean companies of the late 2000s has slowed. Are we fulfilling our potential in attracting investors to Asean?' Nazir said the bloc is not trying to model itself after the European Union, noting that Asean functions best through small, concrete steps, not grand, unachievable sound bites. 'The good news is that we now have a much clearer understanding of what Asean can and should realistically achieve.'
Free Malaysia Today
11-06-2025
- Business
- Free Malaysia Today
Apec finance ministers to unveil new roadmap
Deputy finance minister Lim Hui Ying said both Apec and Asean play a critical role in providing platforms for coordinated and collective action among their members. (Bernama pic) KUALA LUMPUR : Asia-Pacific Economic Cooperation (Apec) finance ministers will unveil a new roadmap in October to replace the existing Cebu Action Plan, deputy finance minister Lim Hui Ying said today. The five-year plan identifies medium-term initiatives and deliverables aimed at achieving Apec's Putrajaya Vision of 'an open, dynamic, resilient, and peaceful Asia-Pacific community', she said. 'It is critical for Asean members to work together within Apec, to ensure that our common priorities in Southeast Asia are well-embedded in this new Asia Pacific roadmap and that initiatives in Asean and Apec are consistent with each other and mutually supportive,' she said at the Asean-BAC and Asia Pacific Financial Forum here. She said that both Apec and Asean play a critical role in providing platforms for coordinated and collective action among their members, as well as for enhanced government and regulatory engagement with the private sector. She added that new business models and rapid advances in technology could help redesign financing solutions to better serve micro, small and medium-sized enterprises and marginalised consumers. Lim said digital technologies like blockchain, artificial intelligence and quantum computing, as well as new products such as crypto and tokenised assets and digital currencies carried risks that were not yet fully understood. 'Enabling their safe and effective deployment would also require legal, policy and regulatory reforms, changes in industry practices and collaborative efforts to educate consumers, industry practitioners and regulators.' 'Private sector also to blame for Asean policy failures' Separately, Asean-BAC chair Nazir Razak said that while governments often faced scrutiny for policy shortcomings, private companies in the region were also responsible for failures to follow through on initiatives. 'As we contend with tech disruptions amid a backdrop of diminishing trust, the actions of state and regional actors are crucial. Poor execution and follow through will prove very costly.' He also lamented the slowdown in intra-Asean trade and investments and the ability of regional companies to attract investment into the region. However, he highlighted bright spots such as the expanding Asean QR code linkage as a critical milestone towards seamless payment connectivity. 'Digitalisation is the great enabler of financial inclusion but only if we ensure that it lifts all boats, not just the large or connected.'
The Star
11-06-2025
- Business
- The Star
China extends hand to Korea
Chinese leader Xi Jinping urged South Korea's President Lee Jae-myung to work with Beijing to uphold free trade and defend 'multilateralism'. In a phone call with Lee, Xi urged Beijing and Seoul to 'inject more certainty into regional and international situations', Xinhua news agency said, as well as to 'promote strategic cooperative partnership to a higher level'. 'A healthy, stable, and continuously deepening China-South Korea relationship aligns with the trend of the times,' Xi said. 'Close bilateral cooperation and multilateral coordination should be maintained to jointly uphold multilateralism and free trade, ensuring the stability and smooth functioning of global and regional industrial and supply chains,' the Chinese leader added. South Korea's new centre-left leader was elected in a landslide last week after winning a snap election triggered by his predecessor's disastrous martial law declaration. Lee's office said the new leader had told Xi he hoped the two countries 'would actively promote exchanges and cooperation in a wide range of fields – including the economy, security, culture and people-to-people exchanges'. Lee also invited Xi to attend the upcoming Apec summit in November, which is being held in Korea's southern city of Gyeongju. Lee said he hoped there would be a chance for 'in-depth discussions on bilateral ties and regional issues.' Lee also asked that China play a 'constructive role in promoting peace and stability on the Korean Peninsula,' in a reference to Beijing's ties with North Korea. Seoul has long trod a fine line between top trading partner China and defence guarantor the United States. Relations suffered under Lee's predecessor Yoon Suk Yeol, who cleaved close to the United States and sought to improve ties with former colonial master Japan. But both countries' export-driven economies have now found themselves in the crosshairs of the US tariff blitz. And Lee hinted on the campaign trail that he would seek to improve ties with Beijing. He has also raised alarm by saying that a future conflict between China and Taiwan would not be South Korea's concern. — AFP
South China Morning Post
06-06-2025
- Business
- South China Morning Post
Key question remains after Xi-Trump phone call breaks stand-off
Top-level talks amid tense stand-offs between China and the United States have the power to move markets, and often do. The excitement generated by the 90-day trade war truce agreed in Geneva last month is an example. But it is not matched by reaction to Thursday's call between presidents Xi Jinping and Donald Trump. Though it is another welcome break in the ice that has formed over the bilateral relationship, it leaves a key question unanswered – what next, if the truce is to succeed in heading off a damaging global tariff war. That is not to say no good at all came from the first call between the two leaders since days before Trump's inauguration in January. The US president said on social media that Xi had invited him and America's first lady to visit China, and he had reciprocated. The details – ceremonial and diplomatic – remain to be negotiated between officials, but a possible opportunity will be the annual Apec Economic Leaders' Meeting to be held in Seoul in November. Both leaders had concrete results to show for the call. Trump agreed to unblock visas for Chinese students in the US, days after the State Department said it would revoke them, and Xi agreed to resume Chinese exports of rare earth minerals, crucial to everyday civilian, strategic and military technologies. Each has dimmed prospects of more constructive dialogue and negotiation between the two sides. A number of technological bans and export controls imposed by Washington remain in place, examples of mixed messaging that does nothing to ease tensions. The tone of the official readouts contrasted, with Trump focusing on trade issues and Xi, besides trade, emphasising the importance of the Taiwan issue and overall bilateral ties. Xi warned the US not to embolden Taiwan separatists to jeopardise China-US relations – an apparent reference to what is seen as an attempt by Taiwanese leader William Lai Ching-ti to use the US-China tariff war to gain an advantage. 'Xi emphasised that the US should handle the Taiwan issue with caution,' state television said, to avoid dragging 'the two countries into a dangerous situation of conflict and confrontation'. Hopefully, the next round of trade negotiations will come sooner rather than later – not just for China and the US but for the sake of global trade. The European Union and many other markets are frustrated by the slowing of Chinese rare earth exports. China is similarly facing difficulties because of US technological bans and controls, including critical aviation technology. Both sides must improve communication in all areas to build consensus, clear misunderstandings and strengthen cooperation. That is the best way back to the negotiating table and more positive measures than tit-for-tat bans and controls.
