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Southeast Asia’s new-car sales rise 5% in May

Thailand experienced four straight months of double-digit growth through April but achieved only a 1% gain to 66,422 units in May.

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New-car sales in Southeast Asia’s six major markets climbed 5% on the year to 281,366 vehicles in May, about the same rate as in April, but poor growth in Thailand leaves automakers cautious.

Thailand experienced four straight months of double-digit growth through April but achieved only a 1% gain to 66,422 units in May.

Sales fell for pickup trucks, which account for about half of the country’s new-car market. Sales of passenger cars edged up just 4% in May after 23% growth the prior month.

Thai sales were brisk to kick off the year, aided by consumers willing to reopen their wallets after adjusting to a carbon-based excise tax for new vehicles introduced in January 2016. Some think that May’s deceleration is just temporary, but all automakers will be watching how sales progress.

Indonesia, the region’s largest market, has been stable. Sales in May grew 6% to 93,775 units. Low-cost environmentally friendly vehicles continued to sell at a pace of 20,000 per month. All eyes are now focused on the results of the Ramadan sales battle taking place this month.

The region’s six leading markets also include the Philippines, Malaysia, Vietnam and Singapore.

From January to May, new-car sales in Southeast Asia jumped 8% on the year to 1,365,132 units, the first time in three years that aggregate sales through May have topped 1.3 million.

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Banking

Malaysia, Thailand banks to join the ASEAN Banking Integration Framework

Banking institutions from Thailand and Malaysia are invited to join the ASEAN Banking Integration Framework and indicate their interest to become a Qualified ASEAN Bank (QAB) in Malaysia and Thailand.

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Pursuant to the bilateral arrangement under the ASEAN Banking Integration Framework (ABIF) between Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) which was concluded in April 2019, banking institutions from Thailand and Malaysia are invited to indicate their interest to be a Qualified ASEAN Bank (QAB) in Malaysia and Thailand.

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Tech

Global fashion e-tailer Shein launches new hub in Singapore

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Shein has websites for Singapore, Indonesia, Thailand, Vietnam, and the Philippines and has plans to create a standalone website for Malaysia too.

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