“Reviewing the law on bidding to make it consistent with commitments to EVFTA is essential before the trade deal comes into effect,” Nguyen Thi Thu Trang, director of WTO Centre, said.

However, as of Tuesday, the full-text of EVFTA’ chapter about government procurement had not been published.

There existed differences between EVFTA’s commitments and the Law on Bidding 2014 which came into effect on July 1, 2014. Trang estimated that the non-compliant clauses accounted for two thirds of the commitments to the trade deal about government procurement.

Ngo Minh Hai, vice president of the Club of State-owned enterprises, said that there were gaps in the bidding regulations, which might cause loss, waste and corruption.

Hai said that amendments were needed to prevent conflicts of interests, ensure transparency and a fair playground for businesses.

Experts at the conference agreed that it was a priority now that Vietnam bidding regulations complied with commitments to the trade deal, from which the country would have to find ways to expand export markets for businesses through government procurements.

The minister launched fifteen booths under the Sarawak Pavilion. The Sarawak Timber Industry Development Corporation (STIDC) and the Ministry of Development Sarawak (MID) led a group of entrepreneurs who are participating in the ongoing Consumer Fair.

The group is composed of three furniture companies which are promoting their handcrafted wooden furniture and five small and medium enterprises (SMEs) marketing food and handicraft products including kek lapis and beaded necklaces.

“Sarawak’s participation in this event is one of the continuous efforts bt yhe STIDC and MID to assist and facilitate our timber (industry) players and SMEs to promote their products internationally. There is a need for them to go into the global market as (the) Sarawak domestic market is small,” Datuk Amar said in his opening speech.

He said Sarawak’s main exports to Brunei include machinery, transport equipment, timber and timber products. This indicates there’s a potentially big market for Sarawak products in Brunei.

STIDC also participated in the previous Asean Consumer Fair in June 2015. Nena Abang Bruce, senior assistant general manager for the trade and industry division at STIDC, said the furniture showcase was well received. Several customers even made reservations to purchase the models of furniture the company had on display.

“Quite a few customers have approached us to enquire about our products. Part of that is because we purposely brought in our most sellable pieces,” she said.The STIDC was established in 1973 to develop wood-based industries throughout Sarawak and promote growth in the Malaysian state.

During the announcement of Budget 2016’s recalibration, Datuk Seri Najib Tun Razak said an additional RM6bil would be channelled to SMEs and startups via development financial institutions and the Government’s venture capital arms.

In a statement, Dr Wee said he would ensure that the Secretariat for the Advancement of Malaysian Entrepreneurs (SAME), an agency under his ministerial purview, would continue to assist SMEs eligible for the funds.

“They need to obtain these essential funds for their expansion plans, research and development and also to launch them into the international market to take advantage of the regional economic blocs like the Asean Economic Community and the upcoming TPPA,” he said.

SAME chief executive Neil Foo said the allocation would act as a catalyst for startups and he believed more jobs would also be created.

“In the short and medium-term, we can see the increase in enterprises, as well as the creation of value for their future business models,” he said.

Foo pointed out that disbursing the funds via venture capital agencies would offer business with an alternative platform to raise capital, considering that banks were more reluctant to give loans due to the current economic uncertainties.

“At least they (the Government) are looking beyond the framework of commercial banking.

“Usually, investment arms such as the Malaysia Venture Capital Management Bhd and the Cradle Fund are bolder in investing in businesses. For a startup with a good business model, investors will buy the concept,” he said.

“The recalibrated Budget continues to show the importance of venture capital in Malaysia,” he added.

The goal of the project is to produce new, highly effective locomotives and train carriages. Engineers from MR are being training in China. Six of seven new locomotives will be delivered to Myanmar from China on January 27. The rest will be produced in Myanmar with the help of Chinese engineers.

“We will produce the locomotives with foreign engineers until the project is finished in 2017. After that, we are aiming to produce locomotives by ourselves. We are planning to replace 20 locomotives annually in the future,” he said.

MR plans to buy the locomotives using state funds and overseas loans.

Vice President of the Lao National Chamber of Commerce and Industry, Valy Vetsaphong, told Vientiane Times recently “If we can implement the Party’s policies adopted at the 10th Party Congress, our country will develop more quickly.”

Valy said one of the most important points to remember was that the public and private sectors must work closely together to realise the goals set by the Party. The congress elected younger and capable Party leaders to direct the implementation of the socio-economic development plan over the next five years.

“The business sector is ready to translate the Party’s policies into our own detailed plans and projects and to serve as the nation’s economic army,” she said.

“I have talked to several businesspeople and found that they were very enthusiastic about developing the country’s economy in this era of economic integration.”

She called on government to do more to help business operators, saying that all promotion policies and laws should reflect the voice of the business community.

Valy said the business sector needed to fully understand the Party’s and government’s policies and implement them properly, while the public sector also needed to understand the problefaced by business operators.

“This means we have to sit down and talk more about how we can work together more closely. The various bodies working for the government need to work harder to grow the business sector,” she said.

“One of the most important things is that we have to build professional businesspeople so they can fully implement the Party’s policies. I agree that the energy and capacity of some of our business leaders must be enhanced to catch up with others in the region.”

Valy said there were some still barriers to the growth of the business sector, which should be addressed in the near future.

The 8th five-year national socio-economic development plan for 2016-20 shifts the country’s focus to sustainable economic growth, without overreliance on natural resources.

Laos will concentrate on boosting production and services, which will help the economy to become stronger and more sustainable, as well as more resilient to external impacts.

Over the past five years, despite a global economic recession, the Lao economy has continued to grow at an average of 7.9 percent annually.

The value of Gross Domestic Product (GDP) has reached 102,320 billion kip (US$12.8 billion) with average GDP per capita climbing to 15.8 million kip (US$1,970).

It is projected that the economy will continue to grow at an average of 7.5 percent annually over the next five years with GDP per capita expected to reach US$3,190.

Although still expected to be among the fastest in the region, gross domestic product (GDP) growth was slower than the administration’s target of 7 per cent to 8 per cent, and down from 2014’s expansion of6.1 per cent.

“This growth is respectable given the difficult external environment, the onset of El Nino, and the challenges in government spending in the first semester,” Socio-Economic Planning Secretary Arsenio Balisacan said.

The year ended on a stronger note as the economy grew by 6.3 per cent in the fourth quarter. Growth was driven by strong domestic demand, led by government spending that accelerated 9.4 per cent compared to 1.7 per cent in the previous year, Balisacan said.

The increase in public and private investments more than doubled to 13.6 per cent from 5.4 per cent, household consumption rose by 6.2 per cent. Balisacan said the growth provided “ample space” to overcome challenges such as weather-related disasters, the global economic slowdown and domestic uncertainties associated with upcoming elections in May.

“Looking ahead, we are hopeful that the next leaders of this country will sustain the programmes and reforms that have gathered significant gains over the years,” he said.

More than 18,000 positions are up for grabs in the Philippines’ general elections on May 9, including president, vice president, senators, congressional representatives, provincial governors, city and town mayors and vice mayors.

– DPA

“Despite the slow pace of growth, we expect confidence and sentiment – the two main culprits of 2015’s retreat in emerging markets – to improve. China’s slowdown and Fed rate-hike expectations should become less of a concern as we move into 2016,” the bank’s chief economist, Marios Maratheftis said.

“We believe Vietnam is an attractive destination for investment, a view echoed by our clients, and expect strong foreign direct investment (FDI) inflows in 2016 as well,” Nirukt Sapru, chief executive officer of Standard Chartered Bank Vietnam said.

“We believe the country is one of the few prime investment opportunities in an otherwise lacklustre global economy,” he said, adding that the central bank’s recent decision to set a daily reference rate for the Vietnamese dong will allow it greater flexibility to respond to increasingly volatile market conditions.

Standard Chartered bank’s economists noted that the domestic economy was robust in 2015, recording a faster-than-expected growth of 6.7 per cent. This beat expectations of 6.6 per cent and was the fastest pace of growth since GDP was rebased in 2013.

The report pointed out that consumption is likely to remain the biggest growth driver in 2016, closely followed by investment. The bank forecast that the contribution from investment to growth will be stronger than in 2015 as implemented FDI continues to increase this year.

The study also forecast inflation to be low this year at 1.4 per cent year-on-year, while net exports are likely to remain flat in 2016.

The bank said today’s event was part of its global briefing series, which point out socio-economic trends that will have impact on international business and trade in the year ahead.

The Ministry of Planning and Investment’s Foreign Investment Agency told the press recently that capital from regional neighbours, such as Thailand and South Korea, into Vietnam was increasing.

Economists said China’s economic slowdown and the US Federal Reserve increasing interest rates were driving investor withdrawals from emerging markets.

They said Vietnam should further improve its business environment and enhance labour productivity to take advantage of current capital flow tendencies, especially when FDI in the country reached a record high of roughly $23 billion last year.

Meanwhile, the Foreign Investment Agency (FIA) revealed that foreign direct investment (FDI) in Vietnam rose impressively by 101.2 per cent to more than US$1.33 billion in January of this year.

Up to 127 new foreign-invested projects, worth more than $1 billion, were licensed as of January 20, surging 157.9 per cent against the same time last year while 56 operating ones were approved to raise the capital by $323.4 million, up 19.2 per cent on-year, the agency said it its latest report.

It added that FDI disbursement also experienced a yearly rise of 23.1 per cent to an estimated $800 million.

During the reviewed period, foreign investors pumped investments into 16 sectors. Of these, the manufacturing and processing sector took the lead with more than $905 million, accounting for 67.8 per cent of the total FDI pledged in the country.

With only one large-scale project, capitalised at approximately $211 million, the entertainment industry ranked second, accounting for 15.7 per cent of the nation’s total FDI, while the production and distribution of electricity, gas, hot water and steam, and air conditioners came third with $59.22 million or 4.4 per cent.

Out of 24 countries and territories investing in Vietnam, Singapore was the largest investor with $295.5 million or 22.1 per cent of the country’s total registered FDI. It was followed by Malaysia with $243.6 million or 18.2 per cent, and China with $179.5 million or 13.4 per cent.

In the first month, Ha Noi beat 29 localities to become the most ideal destination for foreign investors. The capital city attracted $243.5 million investments, totalling 18.2 per cent of total FDI registered in the country.

The runners-up were southern Dong Nai Province and HCM City with $183 million or 13.7 per cent, and $163.4 million or 12.2 per cent, respectively.

FIA said the foreign-invested sector recorded a trade surplus of more than $1.59 billion in January as it exported more than $9.74 billion, a year-on-year rise of 3.2 per cent, while its imports slumped 2.2 per cent to $8.15 billion.

According to the survey, the highest salary increase was in banking and financial services, with a 60 per cent increase. Legal and human resources followed with a 25 to 50 per cent rise, while jobs in accounting and finance, sales and marketing and IT saw a 20 to 40 per cent salary increase.

Robert Walters (Singapore) spokeswoman Germaine Lim explained that many IT companies would look for IT professionals along with marketers, finance and compliance workers who understood the digital business.

“English and local language fluency is important due to the growing investment from abroad, especially in sectors like e-commerce and IT. The bilingual ability will help international startups in doing projects, especially for the lawyers,” she said.