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Economic growth across Southeast Asia will slow to 4.5 per cent in 2019 and remain unchanged in 2020, amidst high risks of a re-escalation in trade tensions. Regional growth has slowed since 2018 and remained sluggish in the third quarter of 2019, with GDP growth across the Southeast Asia (SEA) region rising only 4.5 per cent on-year from 4.4 per cent in the second quarter. The US-China trade conflict has been a key driver for this slowdown in growth, with trade uncertainty remaining a key drag on manufacturing, exports, and investment. Export-oriented economies have been the most impacted by the ongoing trade tensions, with Singapore only narrowly avoiding a technical recession in this year’s third quarter. Regional growth has slowed since 2018 and remained sluggish in the third quarter of 2019, with GDP growth across the SEA region rising only 4.5 per cent on-year from 4.4 per cent in the second quarter. Sian Fenner, ICAEW Economic Advisor and Oxford Economics Lead Asia … [Read more...] about Southeast Asia’s GDP growth to remain at 4.5 percent in 2020

Illustrative image (Photo: https://www.bangkokpost.com/) Bangkok (VNA) - The Federation of Thai Industries (FTI) and the Bank of Thailand (BoT) have agreed to launch new measures for Thai small and medium-sized enterprises (SMEs) to encourage them to expand overseas. The two agencies will select 50 competitive companies from five industrial sectors: auto parts, rubber, food and processed food, home appliances and electronics, and furniture, local media reported. The firms have to be capable of developing a foothold in other countries. Kriangkrai Tiannukul, vice-chairman of the FTI, said the measure is a pilot project to support Thai SMEs in overseas investment aspects such as finance, marketing and regulation. "We have to listen to the problems they face in doing business in other markets," the Bangkok Post quoted Kriangkrai as saying. The FTI and BoT will work together to support SMEs and provide knowledge on how to use financial management and enter targeted markets overseas, he … [Read more...] about Thailand supports SMEs to expand overseas

They are defending their actions in face of a lawsuit by two rejected candidates.  According to the city's leaders, the bidding process to select contractors for the package to design, build and operate the Nhieu Loc-Thi Nghe wastewater treatment plant (XL-02) was done strictly and in accordance with regulations. The city therefore will stick with its decision to choose the Acciona-Vinci consortium as the package's contractor. "From the moment the city issued documents inviting contractors to apply until when we organized the bid evaluation, announcement of results and conclusions, the entire process was under strict supervision by the World Bank - the funding agency," the city's Vice Chairman Vo Van Hoan said Wednesday after the Samsung-Kolon-TSK and Suez-Posco consortiums filed lawsuits against the selection. The $307-million sub-project to design, build and operate the Nhieu Loc-Thi Nghe wastewater treatment plant is the largest package in the second phase of the HCMC … [Read more...] about HCMC dismisses controversies over contractor selection for wastewater treatment plant

"The trade war is going beyond analysts’ ability to predict and forecast. It poses big challenges to countries which trade with the U.S. and China, including Vietnam," Deputy Minister of Trade and Industry Tran Quoc Khanh said at a recent meeting:  Vietnam’s exports in the first six months rose 7.2 percent year-on-year, lower than the average growth of 11.6 percent in the last five years, according to customs data. RongViet Securities Corporation (VDSC) said in a newly-released note that export growth for the year could be 8 percent. It was 13.2 percent last year. The risk is even higher as China depreciates its currency to respond to the U.S.’s recent announcement of a tariff hike on $300 billion of its goods. The yuan slid to 7.0039 per dollar on Thursday as a result, the lowest level since April 2008. Economist Nguyen Tri Hieu said a depreciating yuan would pose a challenge to Vietnamese goods trying to enter China as cheaper Chinese goods will pour into … [Read more...] about Escalating trade war to hit Vietnam’s exports

Corporate Delayed steel project has investment blown out of proportion: Inspectorate The Saigon Times Daily Monday,  Feb 18, 2019,17:16 (GMT+7) Delayed steel project has investment blown out of proportion: InspectorateThe Saigon Times Daily A view of the long-deserted plant at the State-run Thai Nguyen Steel and Iron Corporation. It is among 12 loss-making megaprojects of the industry and trade sector – PHOTO: THANH NIEN NEWSPAPER The Government watchdog recently released its years-long inspection results for TISCO’s phase-two production expansion project, which is among 12 loss-making megaprojects that the Ministry of Industry and Trade is struggling to manage. Poor administration by relevant State agencies over the years has prompted the steel-and-iron project to grind to a halt despite huge investment, and the project owner still has to spend some VND40 billion a month to service bank loans, according to … [Read more...] about Delayed steel project has investment blown out of proportion: Inspectorate