The Brief: Asia's economy, 3 November 2026

Economies

South Korea October Exports Surge 76.1% on AI Chips: The nation recorded a US$42.5 billion trade surplus, intensifying pressure on the Bank of Korea ahead of its November interest rate decision.

Vietnam Reduces Electricity Tariff 2%, Suspends Fuel Tax: Hanoi's latest measures aim to stabilise the economy, bringing the average retail electricity tariff to 2,159.9 dong per kilowatt-hour and eliminating the 7%-10% special consumption tax on petrol.

India lifts mandatory provident fund wage ceiling to ₹25,000: The Indian government's first revision in 12 years raises the monthly limit from ₹15,000, bringing 5.1 million more workers under mandatory coverage.

Singapore Q3 Layoffs Reach 4,800, Near Six-Year Peak: The Ministry of Manpower reported 4,800 retrenchments in the third quarter of 2026, an increase from Q2 and the highest figure since late 2020, primarily due to business reorganisations.

Thai rice exports miss 2026 target despite Asian demand surge: Thailand's Department of Foreign Trade forecasts 6.5 million tonnes of rice exports for 2026, below its 7 million tonne goal, with Middle East conflict and US tariffs impacting sales.

Markets

Utssav CZ Gold Jewels Board Backs 1:1 Bonus Share Issue: The Indian jewellery firm seeks to double its outstanding equity to 5 crore shares and raise authorised capital to ₹60 crore, subject to shareholder consent.

Concord Biotech sets November 4 record for 1:1 bonus shares: The Ahmedabad-based biopharmaceutical firm's stock closed 1.25% higher on October 30, despite a 14.28% decline over the past year.

SGX Chief Loh Boon Chye to Step Down, Spotlight on STI Leaders: Singapore Exchange CEO Loh Boon Chye plans to step down in mid-July 2027, concluding over a decade at the helm and drawing focus to the extended tenures of other Straits Times Index company chiefs.

Banking & Fintech

Singapore Banks UOB, DBS, OCBC See Wealth Fee Pressure Before Q3 Results: Analysts expect continued pressure on interest margins for the three Singaporean lenders, though asset quality and capital positions are forecast to remain stable.

Singapore Caps Private Hire Car Loans at 60-70 Percent: New regulations, effective 30 October 2026, align borrowing limits for individually owned private hire vehicles with those for regular passenger cars, capping financing at seven years.

Hong Kong banks reshape wealth management for global clients: Hong Kong banks are adapting their wealth operations as approximately 72% of affluent investors now hold assets outside their home market, driving investment in digital tools and specialist advisers.

Industries

Mapletree Pan Asia Commercial Trust grapples with China property issues: Singapore-listed Mapletree Pan Asia Commercial Trust (MPACT) reported a 3.5% decline in Q2 distribution per unit, as its CEO described China assets as "our biggest pain."

Vingroup hits first $1.1bn quarterly profit on property sales: The Vietnamese conglomerate's revenue nearly quadrupled in the third quarter, driven by strong real estate performance and significant capital raising.

Taiwan builds AI backbone with dense manufacturing base: The island's industrial ecosystem supplies advanced logic, packaging, and server assembly critical for artificial intelligence development.

HD Hyundai Robotics cuts robot problem time 63% with Palantir AI: The South Korean manufacturer reduced average problem-solving from 21.5 days to 7.9 days since August, also expecting programming costs to fall over 50%.

India Targets Global Manufacturing Hub Status Beyond China+1: India aims to become a trusted global manufacturing partner, with engineering exports reaching US$122.43 billion in FY2025–26, a 4.86% increase from the prior fiscal year.