Latest news with #NgYihPyng
The Star
21 hours ago
- Business
- The Star
Strengthen logistics sector, govt urged
KUALA LUMPUR: The logistics sector is sounding the alarm over escalating operating costs fuelled by economic uncertainties and geopolitical tensions. Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) president Datuk Ng Yih Pyng said it is crucial for the 13th Malaysia Plan and federal budget to prioritise strengthening logistics infrastructure to sustain the sector's competitiveness. 'The ACCCIM Logistics and Transport Committee has been engaging with members to address key issues such as rising operational costs, inspection backlogs and customs clearance efficiency. 'Rising operating costs, driven by increased minimum wage, fuel expenses and upcoming tax implementations on rental or leasing services, pose a significant challenge to our logistics sector. 'The phased 30% tariff hike at Port Klang beginning July 1 is also a pressing issue that could strain industry players,' he said at the ACCCIM Power Chat 6.0 here yesterday. Also present were Transport Minister Anthony Loke, who was the guest of honour, industry players and ACCCIM constituent members. Ng noted that logistics players are also bracing for the indirect effects of US tariffs and the Israel-Iran conflict, which could disrupt supply chains, shipping routes and freight charges. 'Malaysia's total trade reached a record RM2.89 trillion last year, with the freight sector projected to grow by 5.2% annually until 2030. 'The numbers are clear. We must ensure our infrastructure and logistics services are both efficient and adaptable to evolving demands,' he said. Another issue, said Ng, is the backlog of commercial vehicle inspections affecting the implementation of the Industry Code of Practice (ICOP) for transport safety. 'While ICOP aims to enhance safety standards, inspection delays could hinder its effective enforcement. 'Improving customs clearance is urgent as efficient processing is critical for smooth international trade. 'Malaysia's port dwell times are longer than those in Singapore, Indonesia and Vietnam, according to the World Bank's Logistics Performance Index 2023. 'We urge the establishment of a Single Integrated Window to streamline trade and customs operations through digital technology,' he added. On the upcoming 13th Malaysia Plan and federal budget, Ng stressed the importance of focusing on critical areas, particularly the enhancement of logistics and transport infrastructure. 'Strengthening infrastructure, including port upgrades and improving road and rail connectivity, along with developing cold-chain facilities in underserved regions, is vital for ensuring seamless domestic and cross-border supply chains,' he said. He called on the government to establish a transparent and consistent regulatory environment, highlighting that 'clear regulations and uniform application of logistics policies are necessary to reduce uncertainty for industry players navigating compliance and investment decisions'. 'Accelerating digitalisation and promoting green technologies in logistics are crucial. 'Providing grants and incentives will help small and medium enterprises transition to efficient, sustainable operations, especially in high-stakes pharmaceuticals and food safety sectors,' he said. Ng highlighted regional disparities, particularly in Sabah and Sarawak, where inadequate cold-chain infrastructure and inconsistent policy enforcement hinder logistics investment in the region. 'Strategic investment in East Malaysia is not just vital but overdue. Enhancing logistics there will unlock vast economic potential and support regional inclusivity,' he said. Ng also called for enhanced human capital development and road safety. 'A future-ready workforce equipped with digital and technological skills is essential for sustaining Malaysia's logistics competitiveness,' he said, adding that a comprehensive approach to road safety is needed, including road design improvements, safety engineering, public education and strict enforcement. Additionally, Ng highlighted the foundational principles of '4C - Communication, Clarity, Consistency and Collaboration' as essential for fostering effective partnerships between the government and stakeholders. He also commended the Transport Ministry for initiatives like the National Transport Policy and the development of smart port infrastructure. 'Effective execution of these initiatives is crucial for economic impact,' said Ng.
The Star
12-06-2025
- Business
- The Star
ACCCIM celebrates media's role at 2025 Media Appreciation Night
KUALA LUMPUR: The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) celebrated the media's invaluable contributions at the 2025 ACCCIM Media Appreciation Night. The event was a night of gratitude and forward-looking announcements shared by ACCCIM committee members and leading media practitioners. ACCCIM president Datuk Ng Yih Pyng expressed heartfelt thanks to the media, acknowledging their pivotal role in conveying the chamber's messages to the public and policymakers. "We are deeply grateful to the media for ensuring that our messages are accurately and clearly conveyed. "Your professional coverage helps amplify our concerns and influence policy directions that impact Malaysia's business ecosystem," he said in his opening speech on Wednesday night (June 11). Ng particularly commended the media's overwhelming support during the 17th World Chinese Entrepreneurs Convention last September, noting that over 200 write-ups from various media outlets contributed significantly to the event's success. "You have played a crucial role in amplifying the significance of this historic event," he said. The dinner, graced by the Prime Minister's political secretary Chan Ming Kai, also saw the presence of Star Media Group (SMG) CEO Chan Seng Fatt and SMG chief content officer Datin Paduka Esther Ng, marking a night of camaraderie among colleagues and old friends. Looking ahead, Ng unveiled a series of major events planned for the second half of 2025. In August, ACCCIM will host the 14th Young Entrepreneurs Conference, the YEC Awards, and the Asean Young Entrepreneurs Dialogue, all aimed at fostering regional collaboration among emerging business leaders. "The following month will see the Asean AI Business Summit, focusing on innovation and technology. "October promises the Asean Chinese Business Summit, culminating in the prestigious Chinese Business Awards Gala Night. "These events are expected to draw distinguished participants and enterprises from across the Asean region to Kuala Lumpur," he said. Ng also unveiled an upcoming milestone—the ACCCIM Academy, a new initiative designed to provide practical, industry-relevant training programmes. "It is imperative for companies to be equipped with the right skills to stay competitive in a fast-changing market. "Whether it's digital transformation, compliance, finance, or soft skills, the ACCCIM Academy aims to ensure that businesses have access to a trained and capable workforce to support sustainable growth," he said. Ng also called for continued collaboration with the media. "Your collaboration is vital as ACCCIM continues to play its role in nation-building, advocating for the business community, and driving economic progress," he said, urging the media to help drive public participation and awareness for these initiatives.
New Straits Times
12-06-2025
- Business
- New Straits Times
ACCCIM: Consider timing of expanded SST
KUALA LUMPUR: The Associated Chinese Chambers of Commerce and Industry of Malaysia (Acccim) says it supports the expanded Sales and Services Tax (SST) to strengthen the country's fiscal's position. But there must be careful consideration of the timing and sequencing of measures to ensure they do not unduly burden businesses, especially the micro, small and medium enterprises (MSMEs), it added. Ultimately, increased business costs can lead to higher consumer inflation, according to Acccim president Datuk Ng Yih Pyng. Ng said the expansion of the SST at a time of the evolving US tariff policy uncertainty and potential global economic slowdown would contribute to domestic economic and business conditions uncertainty. "With businesses already facing rising operating costs, implementing expanded SST could further burden businesses with increased costs. "Ultimately, increased business costs, if not absorbed, would be passed onto consumers, potentially dampen discretionary consumer spending due to higher prices of non-essential goods and a wider range of taxed services." Ng added that the service tax on rental and leasing in particular would result in higher operating cost for many businesses given a low threshold of exemption from paying service tax for MSMEs with annual sales below RM500,000. "In this regard, we appeal to the government to consider deferring the implementation of the expanded SST to a later date, when macroeconomic conditions are more certain. "It must be noted that the deferment of e-invoicing implementation for businesses with annual income or sales between RM1 million and RM5 million (Phase IV) from July 1, 2025 to Jan 1, 2026 reflects the government's acknowledgment and consideration of businesses' concerns regarding its impact on operating costs," he said. Acccim also called for a review of the threshold exemption from the SST expansion, to be raised higher to RM2 million annual sales, to relieve the burden on more micro and small businesses.
The Star
11-06-2025
- Business
- The Star
Expanded SST requires careful consideration, says ACCCIM
PETALING JAYA: There is a need for careful consideration of the timing and sequencing of measures regarding the expanded sales and services tax (SST), says the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM). It added that this is particularly relevant for mid-sized small and medium enterprises (SMEs), as increased business costs can lead to higher consumer inflation. ACCCIM president Datuk Ng Yih Pyng noted that the government is cautious in identifying areas for rate increases, aiming to minimise negative effects on the public and businesses. "However, the increased costs could dampen discretionary consumer spending due to higher prices of non-essential goods and a broader range of taxed services," said Ng in a statement on Wednesday (June 11). "The service tax on rental and leasing would raise operating costs for many businesses, given a low exemption threshold for MSMEs with annual sales below RM500,000. "We would like to appeal to the government to consider deferring the implementation of the expanded SST to a later date when macroeconomic conditions are more certain. "We agree with the concerns raised by business groups in the construction, services, and manufacturing sectors over the timing of the SST expansion, increased costs, lack of clarity, and insufficient time for preparation." Ng then said that the government should actively engage with all stakeholders, considering their interests to ensure clear and smooth implementation.
The Star
22-05-2025
- Business
- The Star
Tomei's 1Q net profit jumps 33% on strong gold demand
KUALA LUMPUR: Tomei Consolidated Bhd remains focused on strengthening its brand, expanding outreach through promotions, and adapting swiftly to market conditions, while acknowledging that global trade tensions and tariff risks may dampen broader economic sentiments. 'We are cautiously optimistic that our proactive approach will help sustain profitability for the remainder of the financial year,' group managing director Datuk Ng Yih Pyng said in a statement. In the first quarter ended March 31, the integrated gold jewellery manufacturer and retailer posted a 33% jump in net profit to RM27.8mil compared with RM20.9mil a year ago. Revenue for the quarter rose 7.8% to RM348mil, up from RM322.8mil, supported by festive-driven retail demand and sustained consumer interest in gold, as prices hovered near the all-time high level Tomei said the retail segment remained the key contributor, posting RM286.7mil in revenue—up 3.3% year-on-year—while profit before tax (PBT) rose 33.9% to RM34.6mil, driven by higher gold prices and improved gross margins. The manufacturing and wholesale segment recorded a 12.4% increase in revenue to RM61.3mil, with PBT at RM3.5mil. 'We are pleased to begin FY25 on strong footing, supported by festive-driven retail momentum, higher gold prices and consumers' growing appreciation of gold as both adornment and investment,' Ng said.
