Illustrative photo (Photo: ASEAN SAS) Jakarta (VNA) – PricewaterhouseCoopers (PwC) has predicted that the financial services sector in ASEAN will outpace that of more mature markets, according to the ASEAN Post. An article on “The future of ASEAN financial services” on the ASEAN Post on September 19 highlighted economic achievements of the Association of Southeast Asian Nations (ASEAN) over the past 20 years. After the financial crisis of 1997 swept across Asia devastating many, including the Southeast Asian community, the ASEAN has strived to pull itself back together and has since flourished as an economy, the article said. The bloc now has a combined GDP of 2.4 trillion USD and is collectively the third fastest growing Asian economy after China and India. The financial crisis that damaged the region has proven to be a blessing in disguise, it reads, with most countries going on to build strong foundations for economic growth. One such driver of growth is … [Read more...] about ASEAN’s financial services sector to outpace more mature market
Growth service sector india
Exciting Growth Opportunities Buoy U.S. Investment, Trade
Exciting Growth Opportunities Buoy U.S. Investment, Trade By Mong Binh U.S. companies are upbeat about investment and trade prospects in Vietnam, an emerging economy with high economic growth over the past decade Luis Manuel Ramirez and other senior executives of GE Industrial Solutions were busy traveling around Vietnam and meeting with government officials and partners last week to explore opportunities for modern manufacturing and investment expansion. As soon as the GE executives left Vietnam last week, Marriott International announced a long-term agreement to manage the Hoi An Marriott Resort & Spa in the ancient town of Hoi An. Scheduled to open in 2015, the 250-room property scales up the U.S. hotel management group’s portfolio in Vietnam to nine, including the operational hotels Renaissance Riverside Saigon and New World Hotel Saigon in HCM City. Marriott International said that it was excited to continue expansion of its hotel portfolio in Vietnam and to participate … [Read more...] about Exciting Growth Opportunities Buoy U.S. Investment, Trade
ADB suggests Asia slashes red tape to unleash service sector
Booming service industries can be a powerful engine for economic growth and job creation in Asia, but the sector’s true potential remains blocked by restrictions and red tape, a new ADB report claims. “A slew of regulations restrict competition and hamper the development of the services sector, affecting everything from the corner shops to mobile telephones,” said Changyong Rhee, ADB’s Chief Economist. “These barriers need to be dismantled so that everyone, particularly the region’s poor, can seize the opportunities of growth.” Services now account for almost half of developing Asia’s output, according to the ADB. The sector contributed about two-thirds of the growth recorded in India between 2000 and 2010, and more than 40% in China. Services have also been … [Read more...] about ADB suggests Asia slashes red tape to unleash service sector
India’s Modi eyes first labor overhaul in decades to create jobs
Prime Minister Narendra Modi has set in motion the first major revamp in decades of India's archaic labor laws, part of a plan to revive the flagging economy, boost manufacturing and create millions of jobs. Successive governments have agreed labor reform is critical to absorb 200 million Indians reaching working age over the next two decades, but fears of an ugly union-led backlash and partisan politics have prevented changes to free up labor markets. Now, with the benefit of a single party majority in the lower house of parliament for the first time in 30 years, laws that date back to just after the end of British rule are set for an overhaul. Officials at the labor ministry say this is a top priority in the government's first 100 days in office. India has a forest of labor laws, including anachronisms such as providing spittoons in the work place, and are so complex that most firms choose to stay small. In 2009, 84 percent of India's manufacturers employed fewer than 50 workers, … [Read more...] about India’s Modi eyes first labor overhaul in decades to create jobs
India Calling Vietnamese Enterprises to Invest in Food Sector
India Calling Vietnamese Enterprises to Invest in Food Sector To promote bilateral trade and investment relations between Vietnam and India, recently, the Vietnam Chamber of Commerce and Industry – Ho Chi Minh City Branch (VCCI-HCM), in collaboration with the Indian Investment Institution, organised the “India - Vietnam investment roundtable”. This is aimed to help the businesses of the two sides gain market information and have the opportunity to meet and exchange directly with each other in many business areas. India has now become one of the ten largest trade partners of Vietnam. Mr Nguyen The Hung, Deputy Director of VCCI - HCM said that Vietnam previously exported to India mainly simple goods, but since the signing of ASIAN-India Free Trade Agreement, goods imported from Vietnam have become more diverse, including mobile phones and parts, machinery and equipment - accessories, computers and electronics products. Vietnam imports some products from India such … [Read more...] about India Calling Vietnamese Enterprises to Invest in Food Sector