The latest data reflects the toll on the region’s countries by the entrenched equity rout and commodity price slump.

Economists are taking a cautious view of the Year of the Monkey in the wake of official figures from Indonesia, Malaysia and Thailand.

Growth figures for 2015 in Indonesia, Southeast Asia’s biggest economy, released Friday, actually surpassed analysts’ estimates. But the same analysts are far more conservative over the outlook for 2016.

Indonesia’s economy grew 5.04 percent in the fourth quarter from a year earlier, according to government data, while the economy grew 4.79 per cent for all of 2015.

The data suggests that President Joko Widodo’s efforts to unclog much-needed infrastructure investment are finally showing results.

“Some of the strength in investment in the fourth quarter probably reflects last-ditch efforts by the government to try to attain disbursement targets,” HSBC economist Su Sian Lim said in a note.

But she added that until an infrastructure plan is effectively implemented, growth for 2016 will likely remain below 5 percent.

That is below the target of 5.3 percent set by Indonesia’s Finance Ministry on the back of higher government spending and looser monetary policy at Bank Indonesia.

Other economists also had similar views, given the global gloom.

“Our expectation is for growth to clock 5.1 percent” for the Year of the Monkey because of global factors, OCBC economist Wellian Wiranto wrote in a note, while UOB economist Ho Woei Chen forecast 5 percent growth.

Numbers emerging from Malaysia, the region’s third-largest economy, were far from upbeat too. Although the country has yet to release its growth figures, trade data showed far slower expansion in December on continued weak global demand for its commodities, most notably oil. China’s slowdown also took a heavy toll, given that it is Malaysia’s biggest trade partner.

December export growth eased to 1.4 per cent from a year earlier and down from 6.3 percent in November. The full-year figure stood at 1.9 percent. Imports in December grew 3.2 percent, down from 9.1 percent in November. Total trade grew 2.2 percent from a year earlier to RM128.61 billion (S$43.5 billion).

Bank Negara has said growth will moderate this year and is confident domestic demand will continue to drive growth, buffering some of the impact from low commodity prices.

But economists expect more policy support to counter weak exports. “We still expect Bank Negara Malaysia to keep the policy rate unchanged this year, although we acknowledge the risk of further cuts to the statutory requirement ratio,” Nomura said in a note.

Meanwhile, weak global demand also compelled Thailand to keep its key interest rate unchanged at 1.5 percent for a sixth straight meeting last Wednesday as the government ramped up spending.

Official figures are yet to be released, but the Bank of Thailand said in a statement the economy gradually recovered, given heavy public expenditure, improving tourist arrivals and private consumption.

In the Philippines, which also has not released growth figures, the central bank said Friday it will closely watch global growth and volatility in financial and commodity markets to see if a change in monetary policy is needed. The central bank will meet for the first time this year on Feb. 11 to review policy.

More than 51,500 vehicles were manufactured in the two plants in 2015, up 23.3 per cent against the previous year.

Vios was the best-selling model ​of Toyota Vietnam last year, hitting 13,761 units, nearly doubling the sales recorded in 2014. The Corolla model came second with 5,926 cars sold, a year-on-year increase of 10 percent.

Toyota looks forward to a 10 percent expansion in its yearly sales in 2016.

While automobile production and sales are running smoothly, those for motorbikes have gotten stuck.

The factories of Honda Vietnam and Piaggio Vietnam in Vinh Phuc manufactured 1,910,000 units in 2015, a decline of 15 percent year-on-year.

This is the third consecutive year the manufacture of motorcycles has experienced such a sharp fall. This is forecast to greatly impact Vinh Phuc province’s budget collection as the industry is a significant contributor to the locality’s budget.

With effective the second quarter of 2016, Dentsu JaymeSyfu will handle the lead creative duties for the following brands homecare and personal care divisions: Creamsilk, Surf, Breeze, Domex, Sunlight, Cif, and the homecare portal Cleanipedia.

Dentsu Digit led by Managing Director Carlo Ople, won digital AOR for all the brands listed above and additional six brands including: Master, Axe, Eskinol, Block and White, Selecta ice cream, and Magnum.

Dennis Perez, Head of Media at Unilever Philippines was quoted staying: “We are looking forward to an exciting Unilever-Dentsu JaymeSyfu partnership, especially to crafting pioneering, ground-breaking and potentially award winning campaigns for some of our most important brands. Dentsu JaymeSyfu’s quality in creative thinking, original insights and innovative execution are promising ingredients for a fruitful collaboration.”

Vietnam Airlines is waiting for approval from the Ministry of Transport.

The move comes in the context of Vietnam Airlines is gradually losing its domestic market share to the low-cost VietJet Aviation Joint Stock Co.,.

If the plan is approved, Vietnam Airlines will hold 51 per cent of the venture, while the Vietnam Technological and Commercial Joint Stock Banks (Techcombank) will have a 49 per cent stake, Minh said.

Techcombank will make an initial investment of VND147 billion (US$6.6 million) in the venture, while Vietnam Airlines will provide aircraft and other assets of Vasco, he added.

According to the International Air Transport Association, Vietnam is expected to become among the world’s top 10 fastest-growing aviation markets in the next two decades.

The two parties agreed that better governance would raise Myanmar companies’ competitiveness and make the economy more attractive to investors.

Vivek Pathak, IFC East Asia Pacific director, said developing a strong private sector would play a pivotal role in helping Myanmar realise its economic potential and attract more foreign direct investment, which now stands at less than a third of Thailand’s.

“This is where corporate governance comes into play … Good governance can help Myanmar companies not only improve their competitiveness, but also provide assurance to investors, business partners, and other stakeholders alike, helping them attract capital and remain sustainable over the long term.”

Under the pact supported by Australia and the United Kingdom, training programmes are on offer to local companies. Seminars and conferences will be organised to raise awareness about why good governance is so crucial for Myanmar’s private sector.

Myanmar companies are notorious for underdeveloped boards of directors, ill-defined director duties, poor transparency, rudimentary control frameworks, and inadequate shareholder practices. Many of these issues stem partly from the absence of a robust legal and regulatory framework that includes basic governance provisions and investor protections.

Pathak said companies with better governance were less likely to suffer from mismanagement and usually generated better returns for shareholders. They are therefore more attractive to investors and will find it easier to draw in capital for their growth.

Myanmar’s economy has been undergoing tremendous positive changes since the World Bank Group set up an office there in 2012. Gross domestic product per capita now stands at about US$1,200 compared with neighbouring Thailand at nearly $5,800 and the overall average of about $3,800 among Asean countries.

These figures show that Myanmar has huge potential to become one of the most dynamic economies in the region, he said.

In front of nearly 400 representatives from both the public and private sectors, Professor Aung Tun Thet, a member of the Myanmar Investment Commission and economic adviser to the president, said the country needed good corporate governance to maintain its growth momentum.

Nearly 300 companies have joined the United Nations Global Compact, making Myanmar No 1 in terms of membership. To him, good management and risk management are the keys to corporate governance. He also stressed the importance of training for all directors and the adoption of corporate-governance codes based on guidelines of the Organisation for Economic Cooperation and Development and Asean.

The professor said good governance must focus on honesty, transparency, accountability, responsibility, independence, fairness, and social responsibility. A corporate-governance framework needs to reflect the culture, style, and issues of the organisation, and it should balance economic and social targets with individual and communal goals.

Interests of individuals, corporations, and society should be taken into serious consideration.

He asserted that the government needed to raise awareness of corporate governance. The Company Law, enacted before the World War I, should be amended and incorporate these values.

Dau Tu (Vietnam Investment Review) quoted Le Thiet Bao, former director of an online shopping website, as saying that conditions are ripe for the e-commerce industry to develop in Vietnam.

The country has a young population and 58 per cent of websites allow online orders, he pointed out.

Its prospects are clear from the fact that 3G technology has developed and the numbers of smartphone and credit card users keep rising.

A report on EuroMonitor, a market research company, said the number of internet users in Vietnam has increased by 153 per cent in the last five years with 40 per cent of the population using it, a high growth rate for the region.

Meanwhile, according to the Ministry of Industry and Trade, e-commerce turnover accounts for a mere 3 per cent of retail value, meaning it is virtually untapped and has unlimited potential.

A spokesperson for a big online market place, Lazada.vn, told Vietnam Investment Review that the market is likely to expand three-or four-fold this year.

Last year the number of sellers had tripled, and it has nearly 4,000 vendors selling over 400,000 products across 13 categories.

In terms of logistics services supporting e-commerce, Luong Duy Hoi, managing director of giaohangnhanh.vn, which offers shipping services, forecast that this year e-commerce would generate 70-80 million orders.

This is an attractive figure for delivery services like VNPost and ViettelPost.

Analysts said e-commerce on mobile (m-commerce) has developed strongly and continues to do so.

Tran Hai Linh, CEO of Sendo.vn, told ictnews.vn that last year the mobile transactions accounted for 45 per cent and is expected to rise to 65 per cent this year.

Lazada reported that “mobile is already generating over 60 per cent of the company’s sales, driven mainly by increasing application penetration.”

Another major online shopping platform, Zalora.vn, reported that more than 20 million people in Vietnam use smartphones.

Thanks to cheap 3G services and widespread wifi availability, surfing the net is easy in Vietnam, which has enabled m-commerce to develop rapidly.

Zalora said last year 30 per cent of hits was through mobile phones.

The Ministry of Industry and Commerce has issued an ordinance on product labelling in Lao language, in order to expand the contents of the Law on Consumer Protection.

The ordinance aims to increase the understanding of local authorities in terms of their duties in administrating and following up product labelling in Lao language.

It also focuses on encouraging domestic manufacturers and importers to label products in Lao language prior to distribution as well as to increase consumers’ understanding about the benefits and quality of products before purchasing them.

This aims to help consumers avoid buying low quality products, expired products or deteriorating products and to prevent deleterious effects on the health and property of consumers and the environment.

The order requires labelling on products in Lao language with the following contents: type or category of product, trademark as registered by manufacturer and/or importer, address of the producer and/or importer for distribution, country of origin and price, quantity, weight, quality, mass, ingredients, directions for use, warnings, date of manufacture, and date of expiry.

For products that had already been manufactured or imported before the promulgation of this regulation, retailers are required to coordinate with suppliers to obtain Lao labels.

Each provincial industry and commerce department should direct its provincial chamber of commerce and industry to bring this ordinance to announce to domestic importers and entrepreneurs for implementation, the Domestic Trade Department’s Director General, Bounthien Keosipha told Vientiane Times yesterday.

The department, on behalf of the main party of the ministry, is responsible to expand this ordinance and the planning to monitor this work towards high effectiveness, he said.

The department should inform its plans to the provincial industry and commerce authorities and domestic import entrepreneurs to follow, Bounthien said.

The department will also hold discussions with the relevant sector in relation to the design of the labeling, he added.

Different import products in Laos are still labeled in foreign languages as the country does not have measures to monitor imports while some products may low quality or expired.

The issue is a risk for local people’s health within the country and those whose don’t understand foreign languages.

Three sectors have driven GDP growth to its slower pace, Central Statistics Agency (BPS) data shows. The mining industry faded due to the global coal and oil price slump, agriculture was hampered by El Nino and the trading sector was sluggish due to decreasing automotive sales.

“Meanwhile, construction grew due to government spending, banking recorded high growth due to higher margins, while the transportation, hotels and communication sectors increased thanks to the Christmas and New Year holiday,” said BPS Head Suryamin in Jakarta on Friday.

Major household consumption was sluggish except for restaurants, housing, household equipment and health. “The simultaneous regional elections helped boost consumption,” Suryamin explained.

In contrast, positions such as security guards, waiters, retail shop assistants and cleaners were much harder to fill. There were no takers for almost 5,000 of such openings, even after six months.

In all, companies reported 60,000 vacancies in September last year, down 11 per cent from 67,400 vacancies a year before. There were 116 vacancies for every 100 jobseekers, down from 141 in September 2014.The decline in the number of vacancies was brought about by softer economic conditions, the MOM said.

Almost 23,220 vacancies, or four in 10 vacancies, were for PMET jobs such as training professionals, management executives and software developers. But only two in 10 PMET openings remained unfilled over an extended period. The report did not spell out the number of PMET vacancies for 2014.

There were fewer vacancies – 12,270 – for service and sales workers such as waiters, security guards and shop assistants, but almost four in 10 of these were not filled for six months or more. Unattractive pay was the top reason why locals shunned such jobs.

For instance, there were 2,010 vacancies for security guards but 1,440 stayed unfilled after six months. The median gross monthly pay was just $1,749 while the hours were long and the job involved shift work.

For PMET jobs, the biggest hurdle was the lack of necessary experience.

The latest job statistics showed that more can be done to match workers to jobs, according to Manpower Minister Lim Swee Say.

“There are still jobs for the jobseekers,” said Mr Lim during a company visit yesterday. “Job vacancies in Singapore, on the whole, are still healthy.”

He said that the MOM will step up its efforts, such as through the SkillsFuture programme, to help jobseekers gain the skills and experience required for PMET jobs.

The tight labour market, with more jobs than jobseekers, will continue to put pressure on wages, recruitment firms said.

The median income for Singaporeans working full-time, including employer Central Provident Fund contributions, grew 6.5 per cent from $3,566 in 2014 to $3,798 last year. The growth was 7 per cent after adjusting for negative inflation of 0.5 per cent.

But the strong wage increase last year is unlikely to be repeated this year, said ManpowerGroup’s Singapore country manager Linda Teo, citing slower growth, the weak Chinese economy and falling oil prices as reasons. “The mood is cautious as companies deliberate on hiring and hold back these (salary) budgets,” she said.

To ensure the regional economic cooperation is effectively implemented, various measures, priorities and regulations are now being adjusted to pave ways for greater cooperation between Asean and its dialogue partners.

As Laos becomes the chair of Asean at the same time as the Asean Economic Community (AEC), it is hoped that Laos will extend the many achievements gained by Asean over the past five decades.

The two-day official working trip to Laos by Secretary General of Asean Mr Le Luong Minh and his delegation was part of endeavours to exchange and share ideas on various important issues in relations to Laos’ priorities while chairing Asean.

During his courtesy visit to the Minister of Industry and Commerce, Ms Khemmani Pholsena, Mr Le and his delegation also heard about the implementation of the AEC Blueprint 2015, master plan for AEC 2016-25 and technical assistance for Laos from other countries.

At the same day, Mr Le and his delegation also paid a courtesy visit to Minister of Information, Culture and Tourism Prof. Dr Bosengkham Vongdara, who is also Chairman of the Asean Socio-Cultural Community.

Dr Bosengkham expressed his gratitude to the Secretary General of Asean for the technical assistance to Laos during its preparations for Asean chairmanship.

“As the chairmanship of Asean 2016, especially in the cultural sector, we will do our best to boost bilateral cooperation ties amongst our Asean nations,” he said.

Mr Le also congratulated Laos’ chairmanship of Asean for the second time and affirmed that the AseanSecretariat is ready to support Laos and provide technical assistance for greater achievements by Asean in 2016 and the years to come.

During his working visit to Laos Mr Le also called on Prime Minister Thongsing Thammavong, Deputy Prime Minister Thongloun Sisoulith and other high-ranking Lao officials.