Meanwhile, the domestic-invested sector experienced a trade deficit of $3.68 billion in the January-February period, reported the General Statistics Office (GSO) on Wednesday.

During the reviewed period, the country’s export turnover jumped 23 per cent year-on-year to $33.62 billion while its imports stood at $32.54 billion, up 15.3 per cent year-on-year.

Export revenue of the domestic-invested sector experienced a positive increase of 26 per cent to $9.66 billion, while that of the foreign-invested sector rose 22 per cent to $23.96 billion compared with the same period last year.

In first two months, the domestic-invested sector imported $13.34 billion worth of goods, up 16.4 per cent and imports of the foreign-invested sector reached $19.20 billion, up 15 per cent.

Major export products posting encouraging export earnings in two months were mobile phones and components, which were valued at $6.6 billion, up 42 per cent; garment-textile products ($4.3 billion, up 22.3 per cent); computers, electronic devices and components ($4 billion, up 19.2 per cent); and footwear ($2.3 billion, up 12 per cent).

Others included machinery, equipment and parts ($2.1 billion, up 20 per cent); wood and wooden goods ($1.3 billion, up 20.1 per cent); modes of transport and their components ($1.3 billion, up 19 per cent); and seafood ($1.1 billion, up 21 per cent), as well as fruits and vegetables ($604 million, up 44 per cent) and rice ($413 million, up 32 per cent).

Turnover declines, however, were seen in several staples such as crude oil with $395 million, down 13 per cent, and pepper with $117 million, down 23 per cent, GSO noted.

In the first two months, China passed the United States to become Vietnam’s largest import market, with a total turnover of $6.2 billion, surging 65 per cent against the same period last year. The United States ranked second, with $6 billion, a year-on-year rise of 14 per cent.

China, meanwhile, was also Vietnam’s largest supplier of goods in the period. Vietnam imported $9.4 billion worth of products from this neighbouring country, up 25 per cent compared with last year’s corresponding period. The reviewed turnover was much higher than that from the United States, the European Union and Japan, with respective values of $1.4 billion, $1.8 billion and $2.5 billion.

According to the Ministry of Industry and Trade (MoIT), global trade is predicted to grow by 3.9 per cent in 2018, and this is expected to help Viet Nam’s trade growth.

The MoIT will work to devise measures to improve national competitiveness, thus creating a foundation for sustainable exports.

Efforts made by the Government to promote administrative reform, simplify investment procedures and support start-ups are expected to create more commodities for export, especially in terms of processing and manufacturing, and heavy industry.

In a filing to the Singapore Exchange, Frasers said that under the programme, Frasers Property Holdings (Thailand) has priced the offering of up to Bt2 billion in aggregate principal amount of 2.19 per cent debentures due 2021, up to Bt1 billion in aggregate principal amount of 2.55 per cent debentures due 2023, and up to two billion baht in aggregate principal amount of 3.54 per cent debentures due 2028.

Frasers added that interest is payable on each series of debentures for every six months throughout the tenor of the relevant series of debentures, and that the debentures will be guaranteed by the company.

The debentures are offered to institutional investors and high net worth investors on a private placement basis, in reliance on a regulation of the Capital Market Supervisory Board of Thailand, pursuant to the registration statement and draft prospectus which became effective on Friday. The debentures will be registered with the Thai Bond Market Association, Frasers said.

Bangkok Bank Public Company Limited, Bank of Ayudhya Public Company Limited and United Overseas Bank (Thai) Public Company Limited have been appointed as the joint lead arrangers for the debentures.

Frasers Property Holdings (Thailand) will use the proceeds received from the offering of the debentures for the repayment of existing debts, investment, and financing its working capital.

The 2016 Telecom Law and subsequent sub-decrees set up the two funds – Capacity Building, Research and Development Fund (CBRD) and Universal Service Obligation Fund (USOF) – which have the broad purpose of promoting the development of infrastructure and services in rural areas, where companies might not otherwise invest, as well as promoting research and fostering new talent in the industry.

Telecom companies are forced to pay a percentage of their annual revenue into the funds each year.

Tol Gnak, who oversees the USOF, said yesterday that the original deadline of February 28 was postponed until the end of March, as many operators were negotiating with the ministry to fulfill their obligation in installments due to cash flow issues.

However, memorandums of understanding for only 4-5 projects were signed with authorities in 2017, making it difficult for authorities to realise their goals over the next three years.

Among them are the Namxuang tourism development project in Naxaithong district, Nampien tourism development in Pakngum district and the lotus park development in Sisattanak district.

Director of the Vientiane Department of Planning and Investment Phoukhong Bannavong told Vientiane Times this week that many companies were struggling financially, resulting in an investment slowdown in the capital.

Phoukhong said authorities were not only aiming to entice entrepreneurs to carry out new investment projects, but also pushing for greater progress on projects for which authorities have already given concession licences.

Nongpaen tourism development project in Vientiane’s Hadxaifong district is one that has stalled.

Authorities have revoked the concession license for a development by Lao Asia Trading International Company (LATIC) after the company failed to abide by the law as well as cheated sub-contractors and affected villagers. Several entrepreneurs have expressed interest in investing in the Nongpaen project but feel reluctant given the chronic debts incurred by LATIC.

Concerning the Nongvaeng lake tourism development project, the developer is looking for business partners to jointly operate the project since the initiative requires huge amounts of capital. “I think it could take quite a while for this project to be realised because many entrepreneurs are struggling financially,” he said.

With Lao and foreign private sector investment representing about 70 per cent of the overall investment in Vientiane, authorities are committed to further promoting the growth of this sector.

The Indonesian government is planning to inform Vietnam about a change in the vehicle type approval (VTA) certificate in an effort to reopen Indonesian automotive exports to the country.

“With the VTA adjustment, Indonesian automotive exports are expected to return to the country,” Trade Ministry international trade director general Oke Nuwan said in a statement on Thursday.

“The government will convey the change in the VTA certificate to the Vietnamese government to get an immediate response. Hopefully, there will soon be automotive exports to Vietnam,” said Oke, who led the Indonesian delegation in its visit to Hanoi late last month.

New regulations issued by the Vietnamese government forced Indonesia to stop the export of completely built-up (CBU) vehicles to Vietnam this month.

The Indonesian vehicles did not meet requirements stipulated in a 2017 ministerial decree on manufacturing, assembly and import of motor vehicles and motor vehicle warranty and maintenance services and a 2018 circular on the inspection of imported automobiles for technical safety and environmental protection. – The Jakarta Post

Sugar workers go for better pay in construction

The Philippines’ Sugar Regulatory Administration (SRA) is trying to find ways to keep the sugar industry alive as more and more farmers shift to working in other industries with better pay.

In an interview with SRA administrator Hermenegildo Serafica, he said the agency had to make adjustments on its production outlook this year as reports from different provinces showed the country’s sugar producers are gradually leaving the sector.

“Almost all our milling districts right now are affected with the infrastructure project, especially the cane cutters. If you are a cane cutter, you will opt to work in the ‘Build, Build, Build’ since the salary is bigger,” he said.

The ‘Build, Build, Build’ infrastructure programme is one of the main programs of the Duterte administration, where a total of 75 flagship projects worth a combined total of $36 billion in investments are to be put up in various parts of the country. – Philippine Daily Inquirer

Jetstar may shift flights over Changi fee hike

The CEO of Qantas Airways’ budget arm Jetstar, Gareth Evans, said yesterday that he was disappointed with the increase in passenger fees using Singapore’s Changi Airport, and the impact on passenger demand would mean it will have to “shift flights around”.

The Civil Aviation Authority of Singapore (CAAS) said on Wednesday it would introduce a new airport development levy effective July 1 of S$10.80 for passengers who begin their trips from Changi and S$3 for those transitting.

Evans spoke to Reuters on the sidelines of the CAPA Global LCC Summit in Singapore. – The Straits Times

Lim made the statement at the 24th Asean Economic Ministers’ (AEM) Retreat on Thursday, in which the ministers will discuss matters related to the Asean Economic Community (AEC), including the implementation of the AEC Blueprint 2025 in deepening economic integration.

The Singaporean minister said the bloc is poised to benefit from the rise in investment, manufacturing activities and trade, and will benefit from pushing forward the implementation of the AEC.

He quoted experts as saying that Asean is expected to become the world’s fourth largest economy by 2030, as the young population, growing middle class and rapidly increasing urbanisation build up the potential that has yet to be fully realized.

Asean economic ministers will also discuss the priority economic deliverables that Singapore has put forward as chair of the bloc this year.

According to Lim, Singapore’s economic objectives this year include deepening regional connectivity to position Asean as the region for increasingly seamless economic activity and growing opportunities.

The minister said innovation and the digital economy are key areas that Singapore intends to pursue under its chairmanship. The city-state aims to promote innovation, build up digital connectivity, and facilitate e-commerce flows.

He also called on the Asean members to enhance and upgrade their trade architecture by improving trade facilitation, deepening services and investment integration, cultivating a conducive regulatory environment and progressing Asean’s external relations.

The retreat and two related meetings, namely the 16th AEM-European Union Trade Commissioner Consultations and the fourth intercessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting, will be held from March 1-3. At the latter one, ministers from the 16 RCEP participating countries will discuss ways to progress the RCEP negotiation.

Asean refers to the Association of Southeast Asian Nations, which groups Thailand, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.