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CNA
31 minutes ago
- CNA
Japan May household spending rises 4.7% year/year
TOKYO :Japanese household spending in May rose 4.7 per cent from a year earlier, internal affairs ministry data showed on Friday, better than the median market forecast for a 1.2 per cent rise. On a seasonally adjusted, month-on-month basis, spending increased 4.6 per cent, versus an estimated 0.4 per cent uptick.
CNA
2 hours ago
- CNA
Commentary: Trump's ‘Great Deal' with Vietnam is no trade agreement
SINGAPORE: Just days before his trade negotiation deadline, United States Donald Trump announced on Wednesday (Jul 2) a 'Great Deal of Cooperation' with Vietnam. Trade agreements typically aim to eliminate trade barriers and to set rules that support high-standard, seamless trade that creates certainty for businesses. This US-Vietnam 'deal' does not come close to that standard. At most, this provides a mechanism to allow for the extension of negotiations. Vietnamese media reported the joint statement as a trade agreement framework. At this point, there are few details beyond Mr Trump's post on Truth Social. Vietnam looks set to receive a reduced tariff rate of 20 per cent, down from the threat of 46 per cent, in exchange for giving the US 'total access' to its markets. Indeed, this 'deal' raises even more questions as to how far the US will go in requiring its trading partners (a word used loosely) to decouple themselves from China. TARIFFS ARE RELATIVE First things first. Did Vietnam negotiate a good deal by getting its tariffs reduced to 20 per cent? It's impossible to know. Because the relative tariff rate – compared to an economy's neighbours and key competitors – counts most. 'Without knowing the tariff rates for Cambodia, Indonesia, Thailand, and especially India, we cannot assess the impact,' Travis Mitchell, executive director of the AmCham in Ho Chi Minh City told me. Future business plans and investment remain basically frozen, he added. Furthermore, US tariffs on sectors deemed sensitive to national security are yet to come. If the US hits Vietnam with Section 232 tariffs on the wood and furniture sector, as well as the electronics, components and small household appliances sector, Vietnam's rate will effectively be back over 40 per cent. WHAT DOES DONALD TRUMP CONSIDER TRANS-SHIPMENTS? There's also a question of what Mr Trump considers 'trans-shipments', which he specified would attract a higher 40 per cent tariff rate. In a follow-up post on X, his Secretary of Commerce said trans-shipping meant 'if another country sells their content through products exported by Vietnam to us.' Neither man is clear with how they define 'trans-shipping' in their social media posts. Already, one cannot simply manufacture a product in China, send it to Vietnam, merely change the label and declare the certificate of origin to to be Vietnam, and export to the US. That is considered illegal. However, taking a good manufactured in one place, sending it to another country, transforming into a new product and then exporting constitutes trade. At least for now. 'Without seeing the details of the agreement, assessing the pros and cons of the deal is not possible. For example, companies don't know what the definition of trans-shipping refers to in the social media posts,' Adam Sitkoff, head of AmCham in Hanoi, told me. Has the US just made illegal trans-shipments permissible with a 40 per cent tariff? Or are trans-shipments still not allowed, but will any product exported from Vietnam to the US which contains any Chinese content be slapped with a 40 per cent tariff? And how will they define Chinese content? A good manufactured in China? Or what about a Chinese-owned factory in Vietnam which produces that good? 'I am concerned that most of Vietnam's exports will be assumed to be 'trans-shipped' unless they are wholly obtained such as being grown or harvested from Vietnam with zero foreign inputs,' said Deborah Elms, head of trade at the Heinrich Foundation. Vietnam cannot compete if that's the case. FORCING A DECOUPLING FROM CHINA This announcement marks a clear shift: The US pursues a strategic 'decoupling' (or 'de-risking', depending on the Trump administration official being quoted) from China – and demands its trading partners do the same. Mr Trump's trade adviser Peter Navarro has called Vietnam a 'colony of China', claiming that as much as a third of its exports to the US were, in fact, Chinese goods rebranded as Vietnamese. The US believes China poses a systemic challenge that cannot be addressed through bilateral restrictions. Other governments share concerns about China's unfair trade practices and the impact of its excess capacity being dumped in their markets, and are looking at decoupling on its own terms. The amount of goods flowing from China through Vietnam to India mirrors the US experience. Echoing US sentiments, Indian Commerce Minister Piyush Goyal dismissed an ASEAN-India trade pact as 'silly', remarking: 'I am opening up my market to my competitors, many of whom have now become the B-team of China.' For countries like Vietnam, which have thrived on Chinese-linked manufacturing, being caught in the middle will come at a great cost. If countries want meaningful access to the US market, they will be expected to disentangle themselves from China as well. We don't yet know exactly what the US requested or what Vietnam agreed to behind closed doors. But when those details emerge, governments and businesses should assume this deal sets the floor – not the ceiling – for what Washington and others will expect from trading partners hoping to avoid reciprocal tariffs. CLARITY NOWHERE IN SIGHT The announcement suggests Vietnam has agreed to some form of decoupling from China. As a result, Vietnam will take a direct economic hit given how much trade and investment it has with China, which supports its exports to the US. This will impact companies' bottom lines and investors' returns. Also, how will China retaliate? The Chinese government explicitly warned other countries against curbing trade with them in exchange for lower US tariffs and promised to retaliate against countries that do so. That clearly applies here. Businesses and investors need certainty. The real prize of foreign investment for the US and its trading partners will only come if the rules for trade are predictable and long-term. What we have right now from the US and Vietnam does not achieve that.
CNA
2 hours ago
- CNA
'We're relying on regulars': Leisure Park Kallang tenants worried as footfall drops with Cold Storage exit
SINGAPORE: Businesses at Leisure Park Kallang are grappling with declining foot traffic and dwindling sales following the March closure of Cold Storage, a long-time anchor tenant. Already facing a gradual drop in visitors over the years, the mall has grown noticeably quieter. March also saw the departure of Filmgarde Cineplexes and Coca Hotpot – exits that have further exacerbated the downturn. While the weekends bring an uptick in business, many tenants said it is not enough. Hockhua Tonic, located beside the now-shuttered Cold Storage, saw an 80 per cent fall in customers in the month following the supermarket's closure. Although events at the nearby National Stadium or Indoor Stadium draw more customers who mostly purchase bottled herbal teas, sales of dry goods have been 'so, so affected', said branch manager Liu Zheng Rong. 'We just renewed our rental for the next two years, but it has been really quiet. We're really worried,' he said. Other tenants echoed his concerns. Coffee chain Joe and Dough has seen sales decline since October 2024, and store-in-charge Shureen Sulaiman said she is uncertain whether this downward trend can be reversed. Even before Cold Storage's closure, sales in the first three months of the year were 'stagnant", she added. DOMINO EFFECT The simultaneous loss of two major anchors – the cinema and supermarket – has had a ripple effect, retail experts said. 'Mass marketers like supermarkets and cinemas often lead to destination retailing – where shoppers make that outlet the reason for visiting the mall, and the other smaller tenants then benefit from the foot traffic that is created,' said Dr Seshan Ramaswami, associate professor of marketing education at Singapore Management University (SMU). When those anchors leave, it is "difficult to recover", he added. Dr Samer Elhajjar, a senior lecturer in marketing at the National University of Singapore's (NUS) business school, said that this can lead to a "domino effect, where one exit leads to another". "The evolving retail landscape means consumers now demand more than just a place to shop," he added. "They're looking for immersive experiences, convenience and value. If a mall doesn't evolve to meet those expectations especially when competitors nearby do, it becomes very difficult for tenants to remain viable." Jack Investments, which owns Leisure Park Kallang, declined to comment on the impact of the closures. REGULARS AS "LIFE SUPPORT" At Eye Theory, an eyewear business that has been at Leisure Park for 16 years, optometrist Giles Wang hopes customers will return despite losing the convenience of combining their visit with grocery runs. "Cold Storage was here longer than us and we're not sure what our business will be like without them. We're relying on our regulars to keep coming back." The shop has sentimental value, he added. "We were here before Stadium MRT was up. Those days, the bigger malls wouldn't accept us because we didn't have deep pockets, but this mall did." A staff member at BedOrigin, which sells bedding products, said the store has been 'much quieter' since Cold Storage's closure, and now mainly depends on regular customers. When CNA visited on a weekday evening in May, the staff member, who only wanted to be known as Ms Goh, said only nine people had entered the store that day – with fewer than five making a purchase. 'We're not F&B. Some days, it's zero (customers),' she said. 'We're just waiting and seeing. The economy has slowed down and buying power is not like before.' NUS' Dr Elhajjar said that depending solely on regular customers is an unsustainable strategy. 'The nature of retail and F&B today is such that customer churn is high, you constantly need new customers to offset those who naturally drop off due to changing habits, relocation or simply boredom. "The real challenge is that without anchor tenants like Cold Storage to drive new footfall, the opportunity to attract new customers narrows dramatically," he said. "So while regulars are keeping some businesses afloat, they are essentially functioning as life support. If nothing changes structurally in the mall to reattract footfall or reinvigorate the space, this approach will eventually run out of steam." ATTRACTING THE YOUNGER CROWD Despite the slump, not every tenant is floundering. Businesses catering to children and youth, like indoor playground Wan To Play Capybara Creek, report steady weekend crowds and regular birthday party bookings. While weekday traffic dipped after Cold Storage's closure, the playground has managed to retain most of its visitors, said a staff member who wanted to be known as Ms Teo. The bowling alley and ice skating rink also continue to draw teenagers and families. When CNA visited on four separate weekday evenings, both venues consistently had over 10 visitors – a noticeable contrast to other outlets in the mall. Front desk staff at the bowling alley, Kallang Bowl, confirmed that business has remained steady despite Cold Storage's closure. These are "fairly unique" offerings in Singapore, said SMU's Dr Ramaswami. He said the mall could make up for the loss of anchor tenants by attracting other leisure and hobby businesses, and reinforcing its position as a leisure destination. 'Hosting more events focused on the youth and young family segments on a regular basis could also help draw in traffic. And of course, when there are major events in the stadium area, the mall could offer promotions that are tied to these events,' he said. QUIET, BUT CONVENIENT FOR SOME Some customers appreciate the mall's calmer atmosphere. Mr Firdaus Noah, a weekly visitor who takes his daughter to ballet classes at the mall, said he enjoys getting a coffee and relaxing at the eateries after a long day. The mall has always been quiet and he did not see much difference after Cold Storage closed, he added. Another weekly visitor, Mr Jeremy Sim, prefers to head to Leisure Park after his nearby tennis sessions instead of the more crowded Kallang Wave Mall. At Leisure Park, he is "guaranteed" to be able to find a seat at eateries. But other visitors said they prefer Kallang Wave Mall for its convenience and accessibility. 'Some of my friends don't even know there is another mall in Kallang. It just always seemed more convenient to visit (Kallang Wave Mall) instead since it's next to the MRT and we can have a quick dinner before heading for concerts,' said university student Ms Tay. Brandon Chan, senior lecturer of hospitality and tourism management at the Singapore Institute of Technology, echoed this, saying that without easy access and convenience, customers would not be motivated to visit Leisure Park Kallang and a 'unique selling proposition' needs to be created to increase visitor frequency. 'Kallang Wave Mall's direct access to the MRT unlevelled the playing field for both retail malls,' he said. 'Getting to Leisure Park Kallang would entail additional effort from customers unless there was a compelling reason for them to go out of their way to get there. 'At the moment, there are none." CAN THE MALL BE REVITALISED? Experts said that unless Leisure Park reinvents itself, it risks being left behind. Kallang Wave Mall has significant advantages, said Dr David Ocon, assistant professor of arts and cultural management at SMU. 'It is newer, seamlessly integrated with the Sports Hub, National Stadium and MRT, and features sports facilities such as an onsite rock-climbing wall, along with lifestyle and F&B options that align closely with the area's leisure identity,' he said. To stay competitive, Leisure Park could reposition itself with a 'clear niche' and introduce 'experiential concepts' that align with Kallang's leisure and sports identity, Dr Ocon said. He suggested having pop-up markets, holding community and sports events, and even partnering with small businesses or fitness operators to boost footfall beyond retail. 'Outreach efforts might be much needed to raise awareness among younger generations, many of whom have grown up with Kallang Wave Mall and may not even realise that another mall with unique offerings exists just around the corner.'
