Welcome to Your Week in Asia.
The last week of March is going to be a big one for electric vehicles. On Tuesday, the Nasdaq-listed Vietnamese automaker VinFast will launch its brand in Thailand as a prelude to the Bangkok International Motor Show, while China’s BYD will report earnings. On Thursday, Chinese smartphone maker Xiaomi officially ventures into the auto market by launching its first electric vehicle model, the SU7.
Vietnam is set to release first quarter GDP on Friday.
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MONDAY
Earnings: PetroChina
TUESDAY
China holds the Boao Forum for Asia
The annual Boao Forum for Asia returns to its permanent location in Hainan in southern China. Former Japanese Prime Minister Yasuo Fukuda and Las Vegas Sands Chairman and CEO Robert Goldstein are among the delegates expected at the four-day international meeting to discuss economic and geopolitical issues.
VinFast debuts in Thailand
VinFast will hold a press conference at the Bangkok International Motor Show for its electric vehicle brand’s entry into Thailand. This is one of 50 markets VinFast is targeting in 2024, from Ghana to Oman to India, as it tries to minimize losses.
Monetary policy: Sri Lanka
Earnings: BYD
WEDNESDAY
Myanmar Armed Forces Day
The Myanmar military, which took power in 2021, holds a parade in the capital Naypyitaw as anti-military forces remain on the offensive in various parts of the country. The military has announced that it will begin conscription in mid-April, raising concerns among the civilian population.
Bangkok Motor Show
A cooling domestic car market hangs over Thailand’s biannual automotive showcase when it opens on Wednesday. Buyers had once rushed to secure limited supplies of new electric models from the likes of BYD, Great Wall Motor and Tesla to avoid high fuel prices, but demand has slowed amid a weak Thai economy, persistent consumer debt and high borrowing costs. Still, BYD is set to launch the 2024 edition of its Atto SUV, and Vietnam’s Nasdaq-listed Vinfast will officially enter Thailand.
THURSDAY
Xiaomi launches EV
Xiaomi, the world’s third largest smartphone maker, is due to officially launch its first electric vehicle, the Xiaomi SU7, and unveil the price. Xiaomi has set an internal goal to become one of the industry’s top three pure electric luxury car brands. Company founder Lei Jun said the Xiaomi SU7 standard version has far more configurations than Tesla’s Model 3. According to Lei, the Xiaomi model uses solid materials, and the cost of procuring them is high, which the retail price will reflect.
FRIDAY
GDP: Vietnam
Earnings: Huawei, China COSCO
WEEKEND
Deadline for review of tariffs imposed by China on Australian wine
On March 12, China’s Ministry of Commerce recommended an interim decision to drop punitive tariffs on Australian wine exports imposed amid a diplomatic dispute between the countries in 2021. The tariffs are expected to be removed by March 31 when China’s five-month review of the tariffs ends. If Beijing fails to remove the tariffs by then, Canberra will relodge its now-suspended World Trade Organization case against China.
Turkey holds local elections
After President Recep Tayyip Erdogan won in both presidential and parliamentary elections last year, all eyes are now on mayoral, municipal council and other local elections to be held Sunday, including in Istanbul, where opposition candidate Ekrem Imamoglu won the mayor’s job in 2019. Regaining control of the economically dynamic city could allow Erdogan to solidify his dominance of Turkish politics. Should Imamoglu retain his mayoral post in Turkey’s largest city, he would be seen as the strongest candidate to face Erdogan or his possible successor in the 2028 presidential election.
China data: PMI