Category Archives: ASEAN+

King Kong filming in Ninh Binh gets date

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http://www.nationmultimedia.com/aec/King-Kong-filming-in-Ninh-Binh-gets-date-30277568.html

ENTERTAINMENT

Viet Nam News   SAT, 23 JAN, 2016 1:00 AM

HCM CITY – The technical crew for Legendary Pictures arrived in Ninh Binh Province on Wednesday to prepare for the company’s new film, Kong: Skull Island or Titan, the upcoming King Kong prequel.

The film staff, including director and screenwriter Jordan Charles Vogt-Roberts and cinematographer Larry Fong, will arrive later. Shooting takes place between February 18 and late March.

The film crew will shoot scenes in Trang An, Van Long and Tam Coc of Ninh Binh before moving to Phong Nha-Ke Bang National Park, Rao Nan River and Yen Phu Lake in Quang Binh Province and Ha Long Bay in Quang Ninh.

According to local authorities, the film crew has kept its work secret but they have committed to keep the natural environment clean and intact.

Ha Quang Long, director of Quang Ninh Province’s Department of Culture, Sports and Tourism, said: “The film staff will spend three days shooting in Ha Long Bay in mid-March.”

“Many moviegoers around the world are waiting to see Kong: Skull Island in cinemas. We think the filming in Ha Long Bay and other destinations is a good chance to introduce the beauty of Vietnam to the world,” he said.

According to unofficial sources, around 10 per cent of the film’s total expense, US$160 million, will be spent on filming in Vietnam.

According to Hollywood Reporter magazine, Kong: Skull Island will star actors Brie Larson, Tom Hiddleston, John C. Reily, Samuel L. Jackson and Toby Kebbell.

The film is expected to hit theatres in 2017.

Last year, Vogt-Roberts and his staff of 23 conducted research for the film by travelling around Quang Binh and Ninh Binh.

They visited the mountainous areas of Bo Trach, Thuong Hoa, Trung Hoa and Tan Hoa, all of which are famous tourist destinations.

In his mid-30s, Vogt-Roberts made his directorial debut with the film The Kings of Summer at the 2013 Sundance Film Festival, where it was nominated for the Grand Jury Prize. It was also screened at the 2013 Cleveland International Film Festival.

It won the Narrative Feature Audience Award at the 2013 Dallas International Film Festival.

Vogt-Roberts also co-wrote and directed the TV series Mash Up.

Penang Hokkien MOVIE PREMIERE

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http://www.nationmultimedia.com/aec/Penang-Hokkien-MOVIE-PREMIERE-30277208.html

ENTERTAINMENT

THE STAR
ASIA NEWS NETWORK   TUE, 19 JAN, 2016 11:25 AM

The world’s first movie in Penang Hokkien, “You Mean the World to Me”, is set to premiere at the Majestic Theatre, a notable historical landmark in Penang.

The movie’s producer Leonard Tee said the screening would most likely take place in the third quarter of this year.

Some of the scenes were shot in the theatre located at the corner between Jalan Phee Choon and Jalan Khoo Sian Ewe.

Formerly known as the Shanghai Sound Theatre, it was said to be the first theatre to feature “talkie” movies in the Northern Malaya region.

It was originally designed as a live performance theatre back in the 1920s.

Tee said they were grateful to building owner 1919 Global for agreeing to let out the space for the movie.

“It will surely be a nostalgic moment for Penangites to watch a local production at this theatre.

“It will remind all of us of the golden era of Asian cinema,” he said when contacted yesterday.

The theatre and the adjoining 12 shop houses were designed by one of the earliest known Straits-Chinese architects, Chew Eng Eam, in 1926.

It was commissioned by local businessman and philanthropist Khoo Sian Ewe, whose name now adorns the street fronting the building.

In 2007, the property was bought over by Singaporean property developer Jonathan Foo, who has given the building a facelift.

The building’s carvings and top crown, which had been removed, have been restored.

Foo, when met at the scene, said they had gone through some old photographs of the building before carrying out the restoration.

“Before that, the building was adorned with a square mosaic structure from the 70s. It didn’t look that nice.

“We brought back the original architecture to it. We are happy as we have managed to get back to its original spirit,” he said.

Following the restoration, Foo said he had big plans for the place, including holding an international squash competition.

“If you look at the space inside, you can literally build a glass court for an international squash event.

“We are also looking at holding theatre screenings, event launches, banquet events and so forth.

“There can also be sporting events such as squash, fencing and badminton, or even art events, fashion and ballroom dancing.

“It will be nice to bring life back to this district again,” he said.

Foo, who had “uprooted” his family from Singapore to live in Penang, said the state is a fantastic place for opportunities, in terms property development. “I always have passion for the restoration of old buildings. My family and I are here to stay.

YouTube videos celebrating spring’s arrival go viral

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http://www.nationmultimedia.com/aec/YouTube-videos-celebrating-springs-arrival-go-vira-30277206.html

ENTERTAINMENT

VietnamNews   TUE, 19 JAN, 2016

Music videos celebrating spring by local composers and singers have seen millions of hits on YouTube.

Composer Nguyen Van Chung’s Me Mang Xuan Ve (Mother Brings Spring to the Home) video is a gift to all Vietnamese women to celebrate the upcoming Tet (Lunar New Year) holiday.

“I want to show gratitude to all mothers who bring us a happy life,” said Chung, who is from HCM City.

Chung is popular for his song Nhat Ky Cua Me (Mom’s Diary) about a mother’s feelings and thoughts during her child’s growth.

Me Mang Xuan Ve is performed by veteran singer Ly Hai and young singer Ngoc Thanh Thao.

The song has a joyful melody and simple lyrics which describe a family’s feelings as they clean the house during preparations for Tet.

Its video features the acting of both singers and Hai’s wife and three children.

“After watching video, I miss my mother so much. She has worked so hard to bring a happy and comfortable life for me and my family,” said Tran Cam Tien, a native of Dong Nai Province who is studying at the HCM City Medical and Pharmaceutical College.

“The video sends a message to people to think more about their families during the Tet holiday, and work together to bring Tet to the home,” the 33-year-old songwriter said.

Chung began composing songs when he was in university.

He has written nearly 200 songs, including top hits such as Vang Trang Khoc (Tears of Moon) and Chiec Khan Gio Am (Beautiful Scarf). He released two albums with songs for children in 2013 and 2015.

Three weeks after being released, his music video Me Mang Xuan Ve attracted more than 6.3 million viewers on YouTube.

Another music video called Bung Toa Huong Xuan (Spring Fragrance) has also had about 6.3 million views since it was released on YouTube in early December.

The HCM City-based composer Hoai An wrote the song’s lyrics praising spring based on the melody of a famous folk song for children, Tap Tam Vong, by veteran composer Le Cao Phan.

“Tap Tam Vong is familiar to both adults and children. The song is easy to listen to and remember,” said An, who has released dozens of hits and won several music prizes at nationwide competions in the 1990s and 2000s.

Nine cute singers and performers aged four to 14 appear in the video.

They include Phuong My Chi, Phuc Nguyen, Hoang Anh Doraemon and Ruby Bao An, all of whom are popular from television singing competitions for children, Voice Kid Vietnam and Do Re Mi.

Young competitors in other television reality entertainment shows for children, including Ku Tin, Bao Ngoc, Jason and Leica, also appear in the video.

Lam Thanh My, who plays a leading role in Vietnamese-American Victor Vu’s Toi Thay Hoa Vang Tren Co Xanh (Yellow Flowers on the Green Grass) film, is also in the video.

“All nine young artists show their sweet and clear voices as well as natural acting.” the 39-year-old An said.

Nguyen Kim Yen, a mother of two daughters in District 2, said her kids loved the video and watched it again and again.

“We were excited about the upcoming Tet after seeing the images of children in ao dai in the spring flower market,” Yen said.

Three young singers Dong Nhi, Trong Hieu and Uyen Linh contributed their voices in the music video Khai Xuan Don Loc (Waiting for Spring Buds), gaining more than 1.5 million viewers on YouTube.

The video features three famous songs about spring, Chau Dang Khoa’s Nhu Hoa Mua Xuan (Spring Flowers), Minh Ky’s Xuan Da Ve (Spring Comes), and Tu Huy’s Ngay Tet Que Em (Spring in the Homeland).

“We hope the video brings joy to people during Tet, and helps them realise that life is beautiful,” Dong Nhi said. — VNS

SOURCE

http://vietnamnews.vn/life-style/281373/youtube-videos-celebrating-springs-arrival-go-viral.html

VN creditors may be allowed to go bankrupt

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http://www.nationmultimedia.com/aec/VN-creditors-may-be-allowed-to-go-bankrupt-30277567.html

BUSINESS

Viet Nam News   SAT, 23 JAN, 2016 1:00 AM

HANOI – The State Bank of Vietnam (SBV) would consider allowing some ailing financial companies and people’s credit funds to declare bankruptcy this year, according to Deputy Governor Nguyen Phuoc Thanh.

The plan is to gradually inform the market about the bankruptcy in the banking system and warn bank owners to be much more serious in doing business, Thanh said.

Though there had been some distressed credit institutions in the domestic banking system, the country had not seen any bankruptcy issues for the past years as the central bank was concerned that it could have a negative effect on the entire banking system.

Under a restructuring scheme for the banking system from 2011 to 2015, the number of commercial banks cut from 42 to 34. Besides restructuring 10 banks through mergers, the central bank dealt with three ailing banks – Ocean Bank, Vietnam Construction Bank (VNCB) and Global Petroleum Bank (GPBank) – by acquiring them at zero dong.

With the acquisition, the SBV currently holds stakes in eight banks, instead of five it held before 2011. Total charter capital owned by the SBV in the eight commercial banks by the end of last year increased 1.7 times to more than VND113 trillion (US$5.15 billion). The figure is equal to roughly 37 per cent of total charter capital of 34 commercial banks in Vietnam.

Thanh said that transparency in the banking system has improved significantly in the past four years. Cross ownership at banks has been put under control and liquidity of the banking system has been secured.

However, Thanh required banks to take more drastic measures this year to enhance their financial and governance status to meet the rising demands.

He said that the central bank this year would also continue to ramp up the merger and acquisition of ailing credit institutions with priority given to those which are done voluntarily. If the institutions did not approach voluntarily, the central bank would intervene.

Luang Prabang eyes increase in exports

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http://www.nationmultimedia.com/aec/Luang-Prabang-eyes-increase-in-exports-30277566.html

BUSINESS

Vientiane Times   SAT, 23 JAN, 2016 1:00 AM

VIENTIANE – Luang Prabang’s provincial industry and commerce sector this fiscal year plans to increase exports by about 15 per cent or 687.97 billion kip on the back of growth in product processing.

About 42 per cent of the total value of goods sold outside the province is from exports, while 58 per cent is sold domestically, according to the provincial Industry and Commerce Department’s annual report.

Last fiscal year 2014-2015, the value of exports reached 598 billion kip which represented 122.65 per cent of the plan, and an increase of 80.24 per cent compared to fiscal year 2013-2014.

About 83.37 per cent of the goods exported went to China and 4.88 per cent to Thailand.

Most of the products exported were wood products from industrial tree plantations, along with Job’s tear, sweetcorn, rubber, fruit, handicrafts and non-timber forest products.

To reach their target, the department will focus on SME development, especially technology improvements to increase efficiency for exports, as well as providing better facilities for freight movement.

The province will also focus on commercial promotion, marketing and regulatory awareness-raising for businesses as well as backing border trading, in order to link with regional and international markets.

The department will take more responsibility in preventing illegal trading and work at assisting employee skill development.

As the sector continues to expand, the department plans to increase cooperation with development partners to encourage more investors and seek new markets.

Trading cooperation between Laos and other countries continues to increase, especially between Laos and China which reached almost US$22 million last year and more than US$2 million between Laos and Vietnam.

However, imports also increased by about 300 per cent to supply the growing number of construction projects.

Most imported products are construction and electronic equipment as well as food and beverages and household equipment.

Lao rice farmers seeking more export markets

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http://www.nationmultimedia.com/aec/Lao-rice-farmers-seeking-more-export-markets-30277497.html

BUSINESS

Business Desk
Vientiane Times    FRI, 22 JAN, 2016 4:00 PM

VIENTIANE – Phanphet Agriculture Development Farm (PADF) is preparing to sell 10,000 tonnes of rice this year after negotiating exports with international partners.

PADF president Thongsavan Miboun told the media on Wednesday (January 20) the farm was doing its part to increase rice production and overseas sales.

The farm is considering deals with partners in China’s Hong Kong and Taiwan and also encouraging other farmers to increase their rice production and boost their earnings.

The farm has 1,000 hectares of rice under cultivation as well as more than 700 farmers growing rice, which has driven year on year production growth since 2008.

Last year, the farm produced at least 8,000 tonnes of rice and expects production to reach its goal of 10,000 tonnes by the end of this year in response to partners’ orders.

Thongsavan believes the quality of Lao rice is now acceptable in overseas markets and expects continued growth with the farm expanding markets overseas and using modern technology to further boost production.

“PADF is also helping other farmers to see the importance of modern farming techniques such as better planting methods to improve rice quality and yields,” Thongsavan said.

According to the Savannkhet province Agriculture and Forestry Department, they were looking to increase rice exports to China to more than 10,000 tonnes a year after the first order for 8,000 tonnes was received from China last year.

Xuanye (Lao) Company Limited was approved by China’s National Development and Reform Commission to be the sole importer of Lao rice into China with a quota of 8,000 tonnes.

In October, the Administration of Quality Supervision, Inspection and Quarantine of China granted approval for the import of Lao rice by the Xuanye (Lao) Company Limited.

This year, the first shipment of rice imports from Laos passed through inspection and quarantine procedures at south China’s Shenzhen port, according to local authorities.

The shipment weighed 87.8 tonnes and was valued at US$746 million, the Shenzhen Exit Inspection and Quarantine Bureau said. China mainly imports rice from Vietnam, Thailand and Pakistan, and recently added Laos to the list.

The Ministry of Agriculture and Forestry estimated that Lao rice exports were between 300,000-400,000 tonnes last year.

Asean next to lead Asian story: Citi exec

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http://www.nationmultimedia.com/aec/Asean-next-to-lead-Asian-story-Citi-exec-30277495.html

BUSINESS

Doris Dumlao-Abadilla
Philippines Daily Inquirer   FRI, 22 JAN, 2016 3:55 PM

MANILA – It’s bound to be an “evolution” than a “revolution” but the newly-created Asean Economic Community (AEC) may become the “center of the universe” and replace what used to be a China-dominated Asian narrative, said a regional executive of American banking giant Citibank.

Singapore-based Melvyn Low, Citi head for treasury and trade solutions for Asean and Singapore, said in a press chat yesterday that Asean would likely be the next major growth hub in three to seven years.

He noted that consumer-focused multinational corporations (MNCs) -from healthcare and pharmaceutical to connectivity support sectors like telecom, airlines and infrastructure companies – were scrambling to have a piece of the action in Asean, or the 10-member Association of Southeast Asian Nations (Asean) which recently formalized the creation of a unified economic bloc called AEC.

The Philippines, with its competitive advantage in the services sector and particularly in business process outsourcing (BPO) industry, is standing out as a potential growth market and thereby has a big opportunity now that the Asian narrative has shifted to Asean, Low said.

Low said Asean would surely figure out a way to work with both the US and China, the world’s two biggest economic powerhouses.

“It’s also very clear that the center of the universe suddenly becomes us – amongst all other areas – not Africa, not Latin America, not Europe, not US – they’ve got their own issues – it’s Southeast Asia,” Low said. “This is why I feel so positive and encouraged by the medium-term prospects of Asean.”

“We do have our challenges; I don’t say that we don’t. When you read about AEC, it’s more evolution than revolution. But if we start collectively looking at Asean, with our own countries at heart as well, this would be the growth area in the next three to seven years,” Low said.

Historically, global MNCs looked at Asia as a whole and within Asia, typically looked at Hong Kong and Singapore as headquarter base, Low said. Then China became prominent in the 2000s, dominating the Asian storyline since then. With its economic slowdown in recent years, Low said MNCs started to look elsewhere in the region, looking at India and then Southeast Asia.

As Asean ramped up efforts and formalized the creation of the AEC, he said global MNCs have started noticing the regional bloc.

“We’re seeing our clients create an Asean strategy for themselves – different from the past when they created only (holistic) Asian strategy,” Low said.

And as MNCs enter new markets or expand existing markets in Asean, this has translated to greater intra-Asean flows. In 2014, such flows grew by 38 percent or far more than the increments in recent years, Low said.

The region is also seen at the centerstage of the US-backed Trans Pacific Partnership

(TPP), an economic grouping of nations intending to boost trade and investments by dismantling trade barriers. In Asean, only Singapore and Vietnam have so far signed up but the Philippines has expressed interest to join as well.

Meanwhile, Low said China’s “one belt, one road” strategy of building land and maritime connectivity to Europe – cutting right through Asean – would also boost the region’s involvement in the global supply chain. At the same, he said China was heavily investing in the whole stretch of the route.

He said Asean had a big opportunity to harness opportunities from both TPP and China’s connectivity-boosting strategy.

Asean includes countries with higher per capita income like Singapore and Brunei and the middle-income economies like Indonesia, Thailand, Malaysia, the Philippines and Vietnam. There are the also the new frontiers like Myanmar, Laos and Cambodia.

As a unified economy, Asean will be the seventh largest in the world with a combined gross domestic product of $2.4 trillion. With over 600 million mostly young people, it will be the world’s third most populous region next to China and India.

AEC’s four basic initiatives are: creating a single market and production base; increasing competitiveness; promoting equitable economic development; and further integrating Asean with the global economy.

Vehicle sales seen to fall for first time in 6 years

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http://www.nationmultimedia.com/aec/Vehicle-sales-seen-to-fall-for-first-time-in-6-yea-30277493.html

BUSINESS

Sharidan M. Ali
The Star   FRI, 22 JAN, 2016 3:51 PM

 

PETALING JAYA: Vehicle sales in Malaysia this year are expected to drop for the first time in six years as subdued consumer sentiment, a sluggish economy, weaker ringgit and tighter lending requirements take its toll on the local automotive industry, according the Malaysia Automotive Association (MAA).

MAA forecast Malaysia’s total industry’s volume to drop by 2.5 per cent to 650,000 units in 2016 against last year.

The automotive industry has been growing for six consecutive years since 2010, peaking at a new all time total industry volume (TIV) high of 666,674 units last year, albeit at a marginal increase of 0.03 per cent against 2014.

MAA president Datuk Aishah Ahmad explained that its members forecast a less robust year for 2016 mainly due to the subdued global economic growth, uncertainties over the fall in crude oil price and the slowdown in China’s gross domestic products.

“Malaysia’s economy too is expected to expand at a slower pace of 4 per cent to 5 per cent this year and the ringgit will continue to impact business confidence and consumer sentiment.

“The persistent weak ringgit will continue to affect business confidence and consumer sentiment,” she said in a press briefing yesterday.

Another factor would be the tighter lending guidelines including for hire purchase loans but the authorities to rein in household debts.

“We hope that banks will look into a leaner hire purchase loan guidelines. As of now most banks have shortened the hire purchase repayment period up to maximum of seven years from the previous nine years.

“This is expected to have an impact on the lower income group buying power. Inevitable and expected price increase will also be a factor.

“But, some sub-segments of the private vehicles sales such as pick-up trucks, sport utility vehicles and luxury cars are expected to withstand the choppy waters ahead,” she said. Out of the projected TIV of 650,000 units, the MAA expected 575,250 to be passenger vehicles and the remaining 74,750 commercial vehicles.

This was in contrast with last year’s 666,675 units, of which 591,298 were passenger vehicles and the remaining 75,376 were commercial vehicles.

Aishah said 2015’s TIV growth was attributed to factors like stable economy and employment rate, sales increase in the fourth quarter, following normalisation in the implementation of the Goods and Services Tax, aggressive sales campaign, new offers and schemes for car buyers and introduction of new models.

National brandnames Perodua and Proton still conquered the two biggest chunks of market share at 32 per cent with 213, 307 units and 15.3 per cent with 102, 175 units respectively last year.

Honda was the top non-national brand at 14.2 per cent or 94,902 units, Toyota was a close 14.1 per cent at 93,760 units (of which 65,295 were passenger vehicles and the remaining 28,465 were commercial vehicles).

In third spot for non-national brands, Nissan was third with 7.1 per cent at 47,235 vehicles of which 41,941 were passenger vehicles and the rest of 5,294 commercial vehicles.

“We are praying for 2017 to be a better year,” she said.

For 2017, the MAA expects sales to rise 3 per cent to 669,500 from this year. TIV for 2018, it estimates TIV to rise 2.5 per cent on-year to 686,200 and for 2019 (702,000) and in 2020 (717,444).

According to 2015 market review, Perodua was the top seller with a share of 36.1 per cent when it sold 213,307 passenger vehicles followed by Proton with a market share of 15.3 per cent or 102,175 units. On the effects of the Transpacific Partnership Aggreement (TTPA) on the industry, Aishah did not expect many benefits except for those sourcing out from North America, Mexico and Canada to explore these new markets.

New Asian Business Law Institute to lift cross-border trade

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http://www.nationmultimedia.com/aec/New-Asian-Business-Law-Institute-to-lift-cross-bor-30277489.html

BUSINESS

Grace Leong
The Straits Times   FRI, 22 JAN, 2016 3:32 PM
Launching the new Asian Business Law Institute yesterday were (from left) Chief Justice Sundaresh Menon of Singapore; Chief Justice Robert Shenton French from Australia; China’s Zhang Yongjian, and India’s Supreme Judge A. K. Sikri./PHOTO: COURTESY OF S

SINGAPORE – A new research institute has been formed to ensure that Asian business law keeps up with the accelerating pace of economic integration in the region.

The Asian Business Law Institute (Abli) aims to address inconsistent regulations and standards across the region that can increase uncertainty, add costs and impede cross-border trade.

Chief Justice Sundaresh Menon announced the initiative at the Singapore Academy of Law (SAL) conference yesterday, noting that tackling the barriers to cross-border trade is becoming significant in the light of rising integration through developments such as the Asean Economic Community, the Asian Infrastructure Investment Bank, China’s “One Belt One Road” and the Trans-Pacific Partnership.

“This confluence of watershed developments suggests that the integration of Asian markets will happen on a scale, and at a pace, not yet seen,” he told 500 senior judges, lawyers and business leaders at the conference.

“To capitalise on this monumental opportunity, it is imperative that our business laws keep up.”

Ensuring certainty when it comes to enforcing court judgments will give businesses greater confidence to invest and trade freely.

“There is nothing more frustrating … than for a business to obtain a judgment in one jurisdiction, and then find that it is in fact only a paper judgment in others,” he added.

Abli will be steered by a 12-member board of governors drawn from the judiciary and academia in Singapore, China, India and Australia.

Its first task will be to publish a comprehensive review on harmonising rules on enforcing foreign judgments in Asia. Other priorities are to draw up global principles on data privacy and develop rules for contracts in cross-border deals.

Mrs Lee Suet Fern, managing partner of Morgan Lewis Stamford and chair of SAL’s steering committee on legal convergence, said legal convergence will help the region to sooner realise the benefits of the recent trade pacts. “We are trying to simplify, clarify and make consistent the laws at a time when there is economic turmoil… It will help the upswing.”

While they back legal convergence, some business leaders noted yesterday that there may be challenges driving the initiative.

“The pressure test for harmonisation of legal systems and financial rules comes not when markets are good, but when the situation starts to deteriorate, because that’s when the mutual trust that is needed to achieve convergence is really tested,” AXA chairman and chief executive Henri de Castries said.

Singtel chairman Simon Israel noted that there are considerable risks to building digital businesses when the model may be undermined by future laws.

“Some of our challenges are about countries having different laws over who owns the data, where it can be stored, and who can access it,” he said.

“While harmonising is a critical first step, its impact and effectiveness are contingent on a… framework that goes hand in hand with a common interpretation and implementation of laws, and… timely resolution.”

Even as the pace of business integration may be decelerating in the light of economic woes, legal convergence should still be pursued, said Professor Ashish Nanda, director of the Indian Institute of Management.

Lao govt approves another SEZ near border with Thailand

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http://www.nationmultimedia.com/aec/Lao-govt-approves-another-SEZ-near-border-with-Tha-30277499.html

BUSINESS

Business Desk
Vientiane Times   FRI, 22 JAN, 2016 11:12 AM

VIENTIANE – The Lao government has agreed in principle to convert the BM Plaza shopping centre into a specific economic zone (SEZ) so the investor can take advantage of business incentives.

BM Plaza is located in Dongphosy village, Hadxaifong district near the Thai border, next to the Lao-Thai Friendship Bridge connecting Thailand’s Nong Khai province to Vientiane.

The government set up a management committee for the zone at the end of last year, but they are now waiting for an official signing ceremony between the government and the developer to establish the zone, an official from the Lao National Committee for Special Economic Zones (NCSEZ) Secretariat said.

The new specific economic zone will bring the total number of SEZs nationwide to 13, including three SEZs and 10 specific economic zones.

The three SEZs are Savan-Seno SEZ in Savannakhet province, Golden Triangle SEZ in Bokeo province, and Phousy SEZ in Luang Prabang.

Specific economic zones include Boten Beautiful Land in Luang Namtha province, Pakxe-Japan SME in Champassak province, Thakhaek and the Phoukhiew SEZ in Khammuan province.

Other specific economic zones in Vientiane are That Luang Marsh, Vientiane Industry and Trade Area (VITA Park), Vientiane Long Thanh Golf Course in Xaysettha district, and Dongphousy 1 and 2.

The BM Group was well positioned by the first Lao-Thai Friendship Bridge in a strategic location with thousands of people passing through each day, making the area suitable for trade, service and tourism complex development, according to the developer.

The BM Group has been granted a 50 year concession on nine hectares for investment and the group plans to expand this to 28 hectares after receiving approval from the government to convert it into a SEZ.

According to the group the objective of converting the plaza into a SEZ is to develop the area into a modern trade and service complex, ready for the development of basic infrastructure.

The SEZ will enjoy a special policy on tax, customs and administration in accordance with the single window service to facilitate investment and business operations.

In addition, the zone will help to reduce costs for consumers, reduce the outflow of foreign currency and lower the trade deficit as well as help with Asean economic integration.

The BM Group plans to build a trade centre on 5 hectares of land, a hotel on 3 hectares, a restaurant, a theme park on 7 hectares, warehouse on 5 hectares, financial institution on 3 hectares, a parking lot on 2 hectares, and a wastewater and refuse treatment facility on 1 hectare.

Total investment in the development is estimated at about US$100 million, with the BM Group holding 80 per cent of shares, the government 15 per cent and the other 5 per cent held by a local businesswoman.

The development is divided into three phases over three years.

Conversion of BM Plaza into a SEZ is expected to develop basic infrastructure, create jobs and income for local people, and provide a stable income source for Vientiane as well as contribute to the national budget.