Latest Economic Highlights in Southeast Asia (January 22, 2026)

Malaysia

Ringgit opens firmer on OPR hold expectations.

The Malaysian ringgit opened stronger against the US dollar, with markets pricing in expectations that Bank Negara Malaysia will keep the Overnight Policy Rate unchanged at 2.75% on Thursday. Supported by accelerating economic growth, low inflation, and record-high exports last year, robust domestic demand provides a buffer for the central bank. Despite global trade uncertainties, economic resilience bolsters the ringgit, with the exchange rate expected to remain stable or slightly appreciate in the near term.

Maybank launches ROAR30 plan, targeting mid-to-high teens ROE by 2030 and mobilizing RM300 billion in sustainable finance.

Malaysia’s largest bank Maybank unveiled its ROAR30 five-year strategy to drive profitability through technology, data, and AI modernization, aiming for mid-to-high teens ROE by 2030. It also commits to mobilizing RM300 billion (about $74 billion) in sustainable finance to support regional expansion and digital transformation. Succeeding the M25+ plan, analysts are optimistic about its earnings visibility amid improving market conditions.

Singapore

US approves $2.3 billion sale of P-8A aircraft and torpedoes to Singapore to enhance maritime patrol capabilities.

The US State Department has approved a potential $2.3 billion arms sale to Singapore, including four Boeing P-8A maritime patrol aircraft, Mk 54 lightweight torpedoes, and related equipment, pending congressional approval. The deal aims to upgrade Singapore’s anti-submarine warfare and maritime security capabilities as part of the Singapore Armed Forces’ long-term modernization plan to replace its aging Fokker 50 fleet.

Chevron plans to finalize Singapore oil assets sale in Q1, including refinery and terminal.

Chevron is in final talks with Japan’s Eneos and Glencore to complete the sale of its Singapore refinery, Penjuru terminal, and retail stations in the first quarter of 2026, potentially including retail assets in Cambodia and Malaysia. Valued over $1 billion, the deal aligns with Chevron’s global asset optimization strategy, shifting focus toward low-carbon energy.

Vietnam

AMRO forecasts Vietnam’s 2026 GDP growth at 7.6%, leading ASEAN+3 economies.

The ASEAN+3 Macroeconomic Research Office projects Vietnam’s 2026 GDP growth at 7.6%, with around 6.5% in the first half and acceleration to 8% in the second half, outpacing the regional average of 4.0%. Strong domestic demand, external orders, and FDI inflows are key drivers. Despite external uncertainties, Vietnam’s manufacturing relocation and infrastructure investments solidify its position as Asia’s growth engine.

TikTok Shop Southeast Asia cross-border e-commerce GMV doubles in 2025 with 90% daily growth, plans further expansion in 2026.

TikTok Shop’s Southeast Asia cross-border e-commerce GMV doubled for the second year in 2025, with 90% daily growth and year-end peaks nearly twice 2024 levels. Its content-commerce model draws young consumers, boosting market share. In 2026, the platform plans to add 4-5 European sites, reaching 11 countries total, while deepening Southeast Asia ecosystem and supporting global merchant expansion.

Indonesia

Indonesian rupiah hits record low amid central bank independence concerns.

The Indonesian rupiah touched a record low of 16,985 against the US dollar despite a weaker dollar index. Markets worry about central bank independence after the president’s nomination of his nephew to a senior Bank Indonesia role, compounded by fiscal deficits and foreign outflows. The central bank pledges to uphold autonomy, with rates expected unchanged this week, though the currency faces short-term pressure.

Sailun Group starts production at integrated tire factory in Demak, Central Java, with investment of about Rp40 trillion.

Chinese tire giant Sailun Group has commenced production at its Demak, Central Java factory, with an investment of approximately Rp40 trillion (about $2.5 billion), establishing an integrated manufacturing base. The facility will strengthen local supply chains, create jobs, and position Indonesia as a regional tire export hub, supporting automotive industry growth and enhancing Sailun’s global competitiveness.