The State Bank of Vietnam has extended a policy allowing exporters to take loans in foreign currencies for another year instead of stopping it on December 31 as planned.

According to Circular 18/2017/TT-NHNN issued on Wednesday, which will take effect from January 1 to December 31, 2018, commercial banks can provide short-term loans in foreign currencies to export firms that need funds for production and have turnovers in foreign currencies. After receiving such loans, the exporters must immediately sell the amount of foreign currency borrowed to the lending institutions, using the spot forex trading method, except in cases where the foreign currency will be used to make payments.

According to the central bank, it decided to extend the policy to help local exporters increase their competitiveness and boost exports since their businesses and production still face difficulties. This is also among the government’s incentive policies aimed at supporting and developing local enterprises until 2020, which was approved in Decree 35/NQ-CP, issued in May 2016. Thanks to this policy, exporters have the opportunity to borrow foreign currencies at low interest rates. – Viet Nam News

Minister urges action on Pertamina, PLN debts

Indonesian Energy and Mineral Resources Minister Ignasius Jonan has called on Finance Minister Sri Mulyani Indrawati to immediately repay the government’s debts to state energy giants Pertamina and PLN to ease their financial burdens.

The Energy and Mineral Resources Ministry announced on Wednesday its decision to maintain the prices of electricity sold by PLN as well as premium petrol and Solar subsidised diesel fuel sold by Pertamina within the first quarter of 2018.

Subsequently, Pertamina and PLN will be forced to bear the burden of increasing crude and coal prices. Coal accounts for 55 percent of PLN’s electricity supply costs (BPP). “Hence, I have asked the finance minister to make the allocation to pay the bills from Pertamina and PLN,” Jonan said.

At end of 2016, the government still owed Pertamina 22 trillion rupiah (Bt48.8 billion) in subsidies for the sale of subsidised 3 kilogram liquefied petroleum gas (LPG) canisters and subsidised Solar diesel. – The Jakarta Post

MyEG loses appeal against anti-competition penalty

Malaysia’s Competition Appeal Tribunal (CAT) has dismissed My EG’s appeal against the Malaysia Competition Commission’s (MyCC) decision to fine it 2.27 million ringgit (Bt18.2 million) for allegedly abusing its dominant position in how it managed online foreign workers permit (PLKS) renewals.

In a filing with Bursa Malaysia, the e-government services provider said the tribunal had on Thursday upheld the MyCC’s decision with a consequential amendment.

In addition to the financial penalty for the infringement periods of January 5, 2015, to January 22, 2015, and May 2, 2015, to October 6, 2015, there is an additional daily penalty amounting to 7,500 ringgit computed from June 25, 2016, to December 28, 2017. – The Star

Cambodian farm project gains more funds

The Cambodian government and international funders have committed a further US$66 million to a project to increase small farmers’ productivity, after claiming success in the programme’s initial seven-year period.

The renewed programme, Tonle Sap Poverty Reduction and Smallholders Development (TSSD), will join a slew of agricultural improvement projects that have now been scheduled over the next several years.

TSSD was started in 2010 with funds from the government, Asian Development Bank, International Fund for Agricultural Development and Finland, totalling US$50.85 million, said Sam Chhom Sangha, deputy secretary-general of the Ministry of Agriculture. Targeting 1,200 smallholder farmer groups in five target provinces – Banteay Meanchey, Siem Reap, Kampong Thom, Kampong Cham and Tbong Khmum – the project had improved the livelihoods of about 60,000 families, Chhom Sangha said. – The Phnom Penh Post