Asean fits bill for equity investment

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http://www.nationmultimedia.com/detail/Economy/30370160

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Asean fits bill for equity investment

Economy May 29, 2019 01:00

By  THE NATION

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THE MSCI ASEAN index is now flat year-to-date after rising 6 per cent as of the start of May, according to an HSBC report yesterday.

Meanwhile, yesterday MSCI expands the investment in Asia market that boost the Stock Exchnage of Thailnd yesterday closed up 7.20 points at 1,632.04 with a record transaction value of Bt204.85 billion.Trading was led by foreign investors net buying Bt12.53 billion.

Globally, with equity markets nearing HSBC’s index targets, HSBC prefers a more defensive stance.

In our view, Asean fits the bill. While we expect more volatility and more market stress in the near term, here’s why we think Asean equities can hold their own despite the long shadow cast by trade tensions.

External factors – exports

In Asean, some factors are likely to offset the dispute over tariffs between the US and China over the long term – think shifts in supply chains and new trade agreements – and the region has slowly regained its competitiveness in recent years.

There’s also policy ammunition at home to navigate the trade slowdown.

HSBC expects lower US yields and a stronger US dollar.

Historically, Asean equities have not been overly affected by the dollar’s strength when US yields have fallen. During such periods, valuations have often been much richer and inflation much higher than they are now.

In times of stress, history tells us that Asean is a better place to hide than other emerging markets. Asean outperforms emerging markets in times of US dollar appreciation, rising volatility and EM corrections. Asean will also be supported by a higher dividend yield than in other parts of the region.

Domestic factors

Elections and policies in Thailand, Indonesia and the Philippines have caused some market wobbles.

But we believe the election results point to policy continuity, which should support reforms, infrastructure spending and consumption.

irst-quarter results show earnings are performing quite well in difficult circumstances. Earnings expectations have held up reasonably well so far.

Consensus expects Asean’s 2019 earnings growth at 6.3 per cent. Though this is below the expectation of 7.6 per cent at the start of the year, we think strong domestic demand aided by pro-growth policies can compensate further for problems elsewhere.

Focus on domestic growth, easing monetary policies, infrastructure spending and dividend plays. We remain overweight on the Philippines, Thailand and Indonesia. Upgrade Malaysia to neutral and downgrade Singapore to underweight (from neutral) within the Asean context. On a sector basis, we like consumer, real estate, communication services and selected industrials.

Thammasat, SkillLane launch TUXSA online master’s degrees across three programmes

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Economy/30370177

Thammasat, SkillLane launch TUXSA online master’s degrees across three programmes

Economy May 28, 2019 22:06

By The Nation

2,667 Viewed

Thammasat University (TU) and SkillLane have launched an online master’s degree in three programmes – MBA Business Innovation, Data Science for Digital Business Transformation, and Applied AI – with the first classes set to commence in August this year.

TU and SkillLane, Thailand’s leading online learning platform and digital training platform, jointly announced the launch of TUXSA, Online Master’s Degrees, to equip Thais with essential professional skills for today and for the future, and to uplift the country’s international competitiveness.

The first two programs, MBA Business Innovation and Data Science for Digital Business Transformation, are set to start online classes in August, while Applied AI is planned to kick off next year.

Associate Professor Kesinee Withoonchart, the rector of TU, said on Tuesday: “The collaboration between TU and SkillLane to launch online master’s degrees aims at offering education opportunity to Thais, not limited to only our students, by giving them access to new knowledge and skills regardless of time and place.

“The online education channel is currently becoming more and more popular, as it is more convenient and affordable than traditional on-campus courses.

“The cooperation is not limited to the development of technology to facilitate education, but also involves the design of courses to optimise skill enhancement for students, with a focus on putting theory into practice and analysis of real-world cases. We are confident that TUXSA will bring a positive impact to the education sector in Thailand, as well as create positive value for leading organisations strongly committed to employee development.”

Associate Professor Dr Chalie Charoenlarpnopparut, vice rector for Academic Affairs, said: “The curriculum is designed by applying learner-first practice. We start from what knowledges are needed by 21-century’s learners in today’s professional world, and then we develop materials with the help of qualified lecturers and practitioners.

“The lecturer team comprises TU’s teachers, as well as well-known business leaders and experts widely recognised in the field, in order to make TUXSA truly relevant to the professionals and organisations of the future. Some famous guest lecturers include Thana Thienachariya, senior executive vice president and chief marketing officer of Siam Commercial Bank; Natavudh Pungcharoenpong, co-founder and chief executive officer of Ookbee, a leading e-book and digital magazine platform in the Asean region; and Rawit Hanutsaha, CEO of Srichand United Dispensary.”

Titipong Pisitwuttinan, CEO and co-founder of SkillLane, said: “Online education technology will help a lot of Thai people reach the next level of expertise. Many professionals are eager to expand their knowledge, but cannot afford to leave their job for higher education.

“TUXSA will tick all the boxes for those working professionals who are keen to equip themselves with new set of skills to thrive in the digital age, anytime anywhere at their convenience, while they can work full-time simultaneously.”

The MBA Business Innovation programme is designed for the development of management skills in the digital age, with both improved and newly developed curricula focusing on managing innovative business, with subjects including strategic planning, modern management practice, specific skills for business operation and leadership skills.

Students will gain knowledge required for leaders in developing and innovating business in order to sharpen competitive edge and to compete in the regional arena.

The Data Science for Digital Business Transformation programme is designed and developed to capture the needs of today’s organisations where the amount of massive data is rapidly growing and becoming influential in every sector.

Students will learn how to leverage data as a powerful tool in decision-making and to utilise data for analysing and predicting potential competitive advantage.

The programme also provides knowledge required for developing expertise in policy planning and management of digital technology, which are essential for organisation leaders in charge of transforming an organisation in the digital era.

The Applied AI programme deals with fundamentals of theory and development of AI algorithms.

Students will learn how to apply and leverage AI to its best advantage.

In the age where human and AI collaboration is more and more pervasive, learning how to manage and transform an organisation to adopt optimised AI in driving performance is an important part of the programme.

Norwegian Seafood Council promises more growth in Thailand

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http://www.nationmultimedia.com/detail/Economy/30370152

Norwegian Seafood Council promises more growth in Thailand

Economy May 28, 2019 18:48

By The Nation

2,745 Viewed

With export of fresh Norwegian salmon to Thailand exceeding 10,000 tonnes for the first time in 2018 and Norwegian seafood totaling 29,000 tonnes valued at Bt4.8 billion, an increase of 10 per cent from last year, Thailand has become the focal point of the Norwegian seafood industry’s market investments in Southeast Asia.

Among the 11 trade shows exhibiting at THAIFEX World of Food Asia 2019, Norwegian Seafood Council (NSC) and Norwegian seafood exporters are showcasing their premium quality seafood from May 28 to June 1 at IMPACT Exhibition and Convention Centre in Bangkok.

A new director for Southeast Asia, Asbjozrn Warvik Rortveit, is representing the NSC.

“I feel both honoured and excited to represent Norway’s most important industry here,” said Rortveit. “Thailand is an attractive market with a strong domestic consumption of Norwegian seafood, especially salmon. Thai consumers are sophisticated; they are trendy and quality-conscious. Thus, our mission in Thailand will be to build a strong identity for Norwegian seafood with clear associations and to be the most preferred country of origin for salmon and fjord trout, particularly raw consumption. Our focus will be to educate both B2B and B2C on how to properly handle Norwegian seafood through various marketing activities.”

The council is relocating its regional office from Singapore to Bangkok. The significant move reflects NSC’s confidence in the Thai market’s potential. In the past three years, exports of fresh Norwegian salmon to Thailand have increased by 25 per cent yearly, accounting for 50 per cent of the total Norwegian seafood export to Thailand and the highest volume to a single market in Southeast Asia.

“The number is noteworthy as it shows a continuous growth that stems from the Japanese restaurant boom and the liking for sushi and sashimi among Thai consumers,” Rortveit added.

Norwegian seafood places its trademark in sustainability, food safety and origin, which together account for its reputation as the world’s largest salmon exporter with production of 1.3 million tonnes. As well, 2.6 million tonnes of seafood is exported yearly worldwide.

A strict management system and advanced technology are in place to ensure food safety, production quality and welfare of the fish. Farm to table delivery of Norwegian seafood can take as little as 48 hours to reach Thailand’s Suvarnabhumi Airport.

THAIFEX aims to ‘future-proof’ F&B businesses at Bangkok fair

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http://www.nationmultimedia.com/detail/Economy/30370150

THAIFEX aims to ‘future-proof’ F&B businesses at Bangkok fair

Breaking News May 28, 2019 18:42

By The Nation

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THAIFEX-World of Food Asia 2019 is going full throttle into the Future of Food as the annual food and beverage show expects another record-breaking edition with more than 2,700 exhibitors.

Asia Pacific is set to become the largest consumer of F&B by 2030, creating a huge market potential for established businesses and startups in the industry. Recognising this opportunity, THAIFEX-World of Food Asia has curated special new shows and an enhanced buyer programme to connect businesses in this thriving and expanding region, and to ensure that F&B businesses have the right tools to future-proof themselves.

The 16th edition of THAIFEX-World of Food Asia kicked off on Tuesday, filling up all 11 mega halls (107,000 square metres of space) at the IMPACT Muang Thong Thani in Bangkok. Asia’s largest dedicated F&B trade show is doubling down on technology and innovation, envisioning the F&B industry of the future.

Opening with a VIP tour, THAIFEX-World of Food Asia features 11 trade shows under a single roof, housing more than 2,700 exhibitors from 42 countries and regions. The trade show aims to welcome over 67,000 trade visitors across five dedicated trade days before it closes on June 1.

How to get a tax refund as an expatriate at KTB

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Economy/30370085

  • Jiraporn Chongkamanont
  • Natchanond Charoenmechaikul

How to get a tax refund as an expatriate at KTB

Economy May 28, 2019 01:00

By SPECIAL TO THE NATION

THE Revenue Department has revamped the way it gives tax refunds to expatriates. In the past, you could deposit a tax refund cheque at any bank, but not anymore.

Instead, the Revenue Department will send a notification letter (Kor 21) to inform you of your tax refund amount and you or your HR department must contact any Krung Thai Bank (KTB) before the deadline stated in the letter to cash it out.

Most importantly, your documentation must be complete. If you visit the bank without all the documentation requested, KTB would not process the tax refund. For example, some expatriates who have left their initial employer, who had applied for their Tax ID card, failed to keep their Tax ID card. So you’d have to ask your current HR department to get a duplicate copy from the Revenue Department.

If you’re still in Thailand, you can either go in person to the bank or authorise another person to go on your behalf. Going in person is the simplest option as only three documents are needed – your passport, your tax refund notification letter (Kor 21), and your Thai Tax ID card.

If you authorise another person, a power of attorney dated before you permanently leave Thailand must be provided along with a certified true copy of your passport, including the page with your latest immigration stamp. As a measure of security, the company’s authorised director(s) must also sign as a witness that you have signed the power of attorney yourself, and certify that both you and the authorised person are the company’s employees. Also, the director(s) and the authorised person must give their original citizen ID card to present to KTB. If the power of attorney is dated for after you leave, your power of attorney must be notarised, which is a long and tedious process.

If you go in person, the bank will ask you whether you want your tax refund to be deposited via your KTB account or an e-money card. KTB will not deposit your tax refund into your non-KTB bank account. If you don’t have a KTB account, this can be opened on the same day you get your tax refund with only a work permit and passport, so that is not a hassle. However, if you’ve already left Thailand, only the e-money card option is available.

Which option is better? It depends. If you live and work here and you’re responsible for the tax liability yourself, either the KTB account or e-money card are viable options. However, once you have a KTB bank account, the tax refund can only be returned via your bank account in case you authorise another person to contact the bank to return your tax refund. If you choose a KTB account, KTB charges a maintenance fee of Bt50 per month if the balance in the account is less than Bt2,000 and the account has been dormant for one year; each year KTB will charge Bt200 to maintain your ATM card. If insufficient funds are in your account for the bank to deduct such fees, the bank will automatically close your account.

On the other hand, if you’re on assignment and the company pays your tax liability, the e-money card may be a better choice because you can give the card to the company’s representative (eg HR) to take cash out to be returned to the company. The card is valid for five years, and there is not cost for it.

Cash can be withdrawn from the card only at KTB’s ATM machines. The withdrawal limit is Bt20,000 per time and the daily withdrawal threshold is Bt150,000. The ATM machines can disburse money in the smallest denomination of Bt100. If the tax refund is, say, Bt100,957, another Bt43 can be topped up through your e-money card so that the entire tax refund amount could be withdrawn from the ATM machine.

This article is contributed by JIRAPORN CHONGKAMANONT, partner and NATCHANOND CHAROENMECHAIKUL, senior manager, at PwC International Assignment Services.

Customs Dept eyes fresh incentives for EEC investors

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http://www.nationmultimedia.com/detail/Economy/30370093

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Customs Dept eyes fresh incentives for EEC investors

Economy May 28, 2019 01:00

By WICHIT CHAITRONG
THE NATION

THE CUSTOMS Department is ready to offer investors more incentives, should the new government introduce new policies related to the junta-led administration’s Eastern Economic Corridor (EEC) initiative, customs executives said.

The new government, likely to be led by pro-junta Phalang Pracharat Party, is expected to continue the ambitious EEC project. The aim of the initiative was to upgrade the economy.

Kanit Sangsubhan, secretary-general of the EEC Office, said he wants initial investments to be directed towards the expansion of the Laem Chabang Port and U-tapao Airport before the EEC Office calls on the new government to offer more incentives for investors to put money into the project.

On Friday, the Customs Department launched an e-coastal trading system aiming to provide convenient clearance services for businesses moving their goods around the country. Importers and exporters can contact officials via electronic means and settle customs fees and duties via the e-billing system, which will cut down time spent meeting customs officials, director-general of the Customs Department Krisada Chinavicharana said.

The new measures will also help improve Thailand’s rank in the World Bank’s Ease of Doing Business index, he said.

The e-coastal trading system will integrate customs procedures for global trading, such as the pre-arrival processing system which will allow importers to remove their goods out of the port quickly and help them keep their business costs low, Krisada said.

Also, he said, efficient customs clearance at Laem Chabang Port will encourage foreign direct investment in the EEC. The Customs Department is willing to provide new incentives if asked by the EEC Office and government, he added.

The Customs Department is already operating duty-free zones in the EEC, where businesses can import goods for re-export or exhibition purposes without having to seek an import licence, Customs Department spokesman Chaiyut Kumkun said.

The incentives being offered at present aim to make EEC attractive for investment in logistics as it is targeted as a distribution hub in the Asean region. The China-based e-commerce giant Alibaba Group has expressed its intention to spend Bt13.5 billion on setting up a distribution hub in the EEC.

Chaiyut said, however, that the boom in e-commerce has resulted in up to 10 million packages being posted to Thailand, which presents a huge challenge to tax officials in terms of collecting duties and examining the packages for safety reasons. He added that the department plans to introduce artificial intelligence to support customs procedures.

Separately, a consortium led by Charoen Pokphand Holdings won the bid for the construction of a high-speed rail network worth Bt224.5 billion, connecting three international airports, namely Suvarnabhumi and Don Mueang in Bangkok and U-tapao in Rayong. The Cabinet will approve the winning bid today.

Meanwhile, former industry minister Uttama Savanayana, who is now the leader of Phalang Pracharat Party, has projected that investment in the EEC will reach Bt1.3 trillion between 2019 and 2023.

Key infrastructure projects, estimated to cost up to Bt608 billion, will include a high speed rail, the U-tapao airport and aviation city, aircraft maintenance hub in U-tapao, a digital park and an extension of the Map Ta Phut Industrial Port.

Myanmar to boost indoor network coverage

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Economy/30370095

  • Win Tint, permanent secretary of the Ministry of Construction
  • Aung Myint, president of the Federation of Myanmar Engineering Societies
  • Soe Naing, deputy director-general of the Posts and Telecommunications Department

Myanmar to boost indoor network coverage

Economy May 28, 2019 01:00

By KHINE KYAW
THE NATION
YANGON

WITH MORE people moving to major cities for better opportunities, Myanmar is planning to improve the quality of its indoor network coverage as part of preparing for the fifth generation of wireless technology (5G), officials say.

Soe Naing, deputy director-general of the Posts and Telecommunications Department, told the recent Myanmar Indoor Coverage Digitalisation Summit 2019 that the country would focus on improving the indoor experience of users, given that more than 70 per cent of the traffic occurs indoors, especially in urban areas.

“As Myanmar has a hot climate and a long rainy season, people usually spend their time mostly in indoor areas,” he said.

“The quality of the indoor network greatly affects the user experience. In the future 5G era, we will need more and more indoor sites, especially in highly intensive areas such as shopping malls and residential buildings.”

The official stressed the need for a reliable and stable solution to meet the requirements of users without causing trauma and destruction to buildings.

“On the one hand, we need real estate developers to reserve some space and a pipeline for communication devices in the buildings,” he said.

“On the other hand, each operator and supplier needs to provide the best solution and high-quality installation services in order not to damage buildings and the environment.”

As networks need to pay more attention to evolvability, the input of communication equipment integrators is much needed to ensure healthy and stable development of the network, he said.

According to the official, as Myanmar rapidly enters the information era, the transmission of information is inseparable from the network.

“The information transmitted by the network is becoming more and more abundant, and the amount of data transmitted is also on the rise,” he said. As the carrier of information, optical fibre plays a critical role in the transmission of information, he added.

“Nowadays, many smart terminals have entered the family unit. The rate of using smartphones now exceeds 85 per cent [of the population],” he said.

“These smart devices have greatly enriched the daily life of Myanmar people, ensuring convenience. Communicating with others anytime and anywhere greatly improves the efficiency and shortens the distance between each other.”

Win Tint, permanent secretary of the Ministry of Construction, echoed Soe Naing’s view.

“We communicate with families and friends through mobile phones, tablets and smart watches. So, the quality of indoor coverage is really important,” he said.

He urged real estate developers to reserve space for the devices and cables during the design phase in order to facilitate the subsequent installation and access of telecom devices.

“This will help avoid repeated drilling and reconstruction, improve the stability and safety of buildings, and reduce the implementation time and related costs for all parties,” he said.

Win Tint said real estate developers and property management companies should cooperate with operators, ensuring support that would improve access to smart devices.

“With the aid of new technologies, we need intelligent equipment to connect hundreds of thousands of households with the rest of the world. Today, smart terminals have become a necessity in people’s daily life,” he said.

He urged the creation of a fair environment for all parties so as to reduce communication costs and improve efficiency.

Aung Myint, president of the Federation of Myanmar Engineering Societies, said the current indoor network in Myanmar is unable to match the demand of people, especially in shopping malls, high-rise buildings, hospitals and large-scale complexes.

Anytime, anywhere

“As Myanmar people wish to enjoy high-quality network services anytime and anywhere, the indoor network becomes extremely important,” he said.

With growing urbanisation, indoor networks now carry a large number of users and heavy traffic. Aung Myint foresees more and more complexity in Yangon’s future.

In order to deploy solutions in different scenarios, every stakeholder should work together to establish a single standard, he urged.

“Each operator needs to provide the best and evolving scenario solution on par with the planning and construction standards of its own network, select high-quality suppliers to complete the integration, and establish an end-to-end service guarantee mechanism,” he said.

He stressed the need for government support to real estate development. “At the beginning of the construction, the developers will incorporate it into the overall planning of the building, reserve equipment installation space, cable and pipelines, etc, in advance,” he said.

He urged all developers to ensure each operator’s access to their properties to facilitate their networks. The suppliers must guarantee a high quality to minimise operating costs and enhance the user experience, he said.

“We hope relevant government functions will provide guidance to regulate the implementation of Myanmar’s indoor network and fibre deployment,” he said.

Aung Myint also underscored the importance of turning Yangon into an environmentally friendly smart city, which requires all parties to work together and contribute.

“Indoor coverage will play a key role in smart cities. Optical fibre will serve as the most important carrier for transmission of information,” he said.

“This will bring a high-end digital experience to thousands of households and quickly respond to people’s needs. To this end, establishing the standard is extremely important.”

Myanmar backs ‘strategic partner’ Huawei despite US ban

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http://www.nationmultimedia.com/detail/Economy/30369984

Liman Zhang, chief executive of Huawei Myanmar, delivers a speech at the Myanmar Indoor Coverage Digitalisation Summit 2019 held in Yangon on May 24 (Photo courtesy of Huawei Myanmar)
Liman Zhang, chief executive of Huawei Myanmar, delivers a speech at the Myanmar Indoor Coverage Digitalisation Summit 2019 held in Yangon on May 24 (Photo courtesy of Huawei Myanmar)

Myanmar backs ‘strategic partner’ Huawei despite US ban

Economy May 25, 2019 14:05

By Khine Kyaw
The Nation, Yangon

3,657 Viewed

Amid the ongoing trade war between the United States and China that recently intensified with Washington’s ban on Huawei Technologies, Myanmar has publicly announced its stance on the issue at the event entitled, “Myanmar Indoor Coverage Digitalisation Summit 2019” on Friday.

Soe Naing, deputy director general of the Posts and Telecommunications Department, said Myanmar considers the Chinese technology giant a “strategic partner”.

He lauded Huawei for its important contribution to the development of Myanmar’s communications industry with its reliable communications solutions and professional services.

“We welcome Huawei to continue to participate in Myanmar’s future communications network construction,” he said.

“As long as equipment suppliers follow the existing laws, rules and regulations of Myanmar, we will not prohibit any of them from fairly participating in the [market] competition.”

Soe Naing stressed that Myanmar is trying to formulate laws relating to cyber security and technical standards to ensure the nation’s network security.

Huawei has been accused by the US government of engaging in activities that are contrary to US national security or foreign policy interest, which the firm has repeatedly denied.

Win Tint, permanent secretary of the Ministry of Construction, said Myanmar aims to provide a fair environment for all parties to reduce communication costs and improve efficiency.

“The development of smart buildings and the economy in Myanmar requires a process in which it is inseparable from all-inclusive efforts. So, we will let everyone participate in our long journey,” he said.

“We hope that all parties can provide their own ideas based on the overall development and give full play to their respective energy. We will ensure everyone works together to build a better Myanmar.”

Aung Myint, president of the Federation of Myanmar Engineering Societies (Fed.MES), said Myanmar is keen on working together with all parties to improve the people’s daily lifestyle and bring digital to every citizen.

“We need technical support in real estate, telecom and other related sectors for digitalisation of indoor coverage and to encourage all relevant parties to work on a single standard,” he said.

“We hope to cooperate with all parties to promote the establishment of standards, and Huawei is one of them. We will also transfer these capabilities to registered engineers of our society. They will implement these standards later on.”

Liman Zhang, chief executive of Huawei Myanmar, said the firm’s cooperation with the government, telecommunications operators and stakeholders continues to grow further, despite the US ban.

“We always negotiate with them to ensure win-win solutions for both sides. We could solve many issues by this way,” he said.

Zhang said the firm would sign a memorandum of understanding with the Fed. MES in the near future to achieve a better, systematic cooperation in the construction industry, based on the requirements of Myanmar’s ICT infrastructure. The partnership will strengthen more collaboration for indoor coverage digitalisation in Myanmar, he said.

At the half-day event, he pledged to transparently cooperate with government agencies, consumers and business partners.

“Huawei has been continuously attacked by the Americans with unfair accusations and legal actions since last year. Notwithstanding, our customers especially from Myanmar not only still believe in Huawei but also support our telecommunication processes,” he said.

Vietnam poised to become Asia’s next high-performing economy

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Economy/30369934

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Vietnam poised to become Asia’s next high-performing economy

Economy May 24, 2019 15:08

By Viet Nam News
Asia News Network

Vietnam should take advantage of the next wave of digital technologies such as blockchain, artificial intelligence, internet of things and cloud-based services to become Asia’s next high-performing economy and improve the living standards of its residents, experts urged at a meeting on Wednesday (May 22) in Ho Chi Minh City.

Australian Dr Lucy Cameron, lead author of the report “Vietnam’s Future Digital Economy Towards 2030 and 2045”, said the country should carefully navigate a number of risks while undertaking digital transformation.

“Vietnam has been one of the world’s fastest-growing economies and has already become one of the most dynamic countries in East Asia,” she said.

A boom in digital hardware and software exports has occurred, and Vietnam’s young population is rapidly taking up new mobile internet services, the report said.

The government is also implementing Industry 4.0 policies to modernise major existing industries and develop new ones, it added.

Digital transition is expected to add about 1.1 per cent of GDP growth each year for Vietnam by 2045, while Vietnam’s growth is fast and inclusive, which is suitable for digital transformation, according to Cameron.

But to sustain high growth, Vietnam will need to overcome substantial challenges, Cameron said.

The population is ageing, while climate change and rapid development is straining the environment and food production as the country rapidly urbanises.

The workforce needs to learn higher-level skills, especially as jobs are becoming automated in the agriculture and manufacturing sectors.

Nguyen Van Bình, chairman of the Central Economic Commission, said mastering the digital economy created an opportunity for Vietnam to maintain rapid and sustainable growth through the next phase of development.

“Strong leadership and institutions will be key in Vietnam’s development across all economic sectors, including the private sector,” he said. “Digital transformation resulting from this strong leadership will unblock bottlenecks to promote further economic development.”

Chu Ngọc Anh, minister of Science and Technology, said the report provided a blueprint for the country to plan for the country’s digital future.

“It is a tremendous example of successful collaboration between our national innovation systems,” he said.

Australian Ambassador Craig Chittick said the report was the first major output of the Aus4Innovation partnership between Australia and Vietnam.

“It will guide our work over the next three years as we deepen the collaborative linkages between our two countries and help strengthen the Vietnamese innovation system as it adapts to the challenges and opportunities of the digital economy,” he said.

Australia has worked with Vietnam to identify seven mega-trends affecting its future digital economy.

These include the impact of emerging digital technologies, new export markets, the development of modern digital infrastructure, the push to smart cities, the rise of digital skills and services, and changing consumer behaviour.

Mega-trends informed the report’s development of four potential future scenarios, which provide a blueprint for decision-makers to plan for Vietnam’s future digital economy.

With a young population, high investment and a location in the heart of high-growth Asian economies, Vietnam has a good chance of surging forward with new digital tools, if the transition is managed well.

TRADE WAR PROVIDES IMPETUS FOR PACT

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Economy/30369899

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TRADE WAR PROVIDES IMPETUS FOR PACT

Economy May 24, 2019 04:49

By The Nation

The escalating US-China trade war has spurred members of the Asia-Pacific Economic Cooperation (Apec) to hasten their efforts to establish the Free Trade Area of the Asia-Pacific (FTAAP).

Arunee Poolkaew, deputy permanent-secretary of the Commerce Ministry, said that Apec ministers responsible for trade have sped up their efforts to complete the voluntary free trade and facilitation structure of the agreement, particularly for the service sector by 2020, as targeted. They have also been cooperating with information exchange on issues including non-tax measures, rules of origin, transparency and e-commerce to pave the way for the FTAAP, said Arunee, who represented the Thai commerce minister at the 25th meeting of Apec trade ministers in Chile on May 17 and 18.

Apec has also devoted attention to the drafting of a vision for the trade bloc after 2020 by adhering to the principles of free trade and investment.