Malaysia's renewable energy sector is expected to witness robust growth, driven by government initiatives and forthcoming investments, according to financial services company Philip Capital.

Malayan Banking Bhd (Maybank) plans to double its assets in Vietnam to 2 billion USD by 2027, becoming the leading foreign bank in terms of syndicated loans to capitalise on a booming economy, according to foreign media.

The gross domestic product (GDP) growth of six ASEAN countries - Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam - will recover to 4.5% and 4.7% in 2024 and 2025, respectively, from 4% in 2023, according to Maybank Research Pte Ltd forecast.

A delegation of representatives from 14 international financial institutions led by Maybank Investment Banking Group (MIBG) recently visited Vietnam to learn about the local market, according to the Vietnam Chamber of Commerce and Industry (VCCI).

Vietnam’s GDP growth is likely to expand by 5% in the second quarter, and 4% in 2023 before reaching 6% in 2024, Singapore-based Maybank Research Pte Ltd said in a report released on June 27.

As a rising star in the global supply chain, Vietnam has the potential to become a new "tiger" in Asia, said economist Brian Lee Shun Rong at Maybank, which is Malaysia's largest financial services group and a leading banking group in Southeast Asia.

Malaysia’s largest bank Malayan Bangking Bhd (Maybank) said it will stop financing new coal activities as part of tis sustainable agenda.