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Economy June 04, 2016 01:00


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Visa Vietnam to continue to invest as e-commerce booms in country

 Visa Vietnam has committed to continue to invest in the country as it sees the potential of domestic e-commerce and the increasing demand for credit and debit cards, said Sean Preston, the company’s country manager for Vietnam, Laos and Cambodia.

Visa this year said its total transactions had increased by 34 per cent, while the number of total points of sale had risen by 38 per cent year on year.

The company has provided services to 45 million Vietnamese consumers, up by 47 per cent compared with the previous period.

This year, it plans to apply new technologies to help customers save time. – Viet Nam News


VN logistics grows 24 per cent annually

on government policy, entrepreneurs

 Logistics and supply-chain management in Vietnam has improved significantly in recent years thanks to the government’s policies as well as the perception of entrepreneurs, according to the Vietnam Logistics Business Association (VLA).

The logistics sector has enjoyed annual growth of 24 per cent in recent years, Do Xuan Quang, VLA deputy chairman, said at a conference in Ho Chi Minh City to introduce the “TILOG – LOGISTIX” exhibition.

Recently, the Government has added several institutions to promote logistics development, more investment in ports, highways and airports as well as electronic customs.

It has implemented drastic cuts in administrative procedures, costs and time to facilitate cross-border trade and establish a national single-window procedure towards an Asean single window, he said.

Many Vietnamese logistics providers have made investments in human resources, technology and management skills. As a result, their competitiveness has significantly improved compared with five to 10 years ago, he said.

But their preparations for the Asean Economic Community and Asean+6, which comprises Asean and South Korea, Japan, China, Australia, New Zealand and India, have been insufficient compared with their Thai counterparts, he said. Vietnam will need more sophisticated logistics infrastructure and services, strong global transport networks and, especially, value-added logistics solutions, he said. – Viet Nam News


Property boom in Philippines seen to continue for rest of year

 The Philippine real-estate market is expected to sustain its robust growth this year, driven largely by a strong economy and the continued entry and expansion of outsourcing companies, growing developments outside central business districts.

CB Richard Ellis Philippines chairman and founder Rick Santos said business process outsourcing (BPO) firms were seen to continue to prosper in the coming years given the educated young labour force, low cost of labour, notable customer service, low rental rates and high yield rates that would provide a thriving environment for foreign investors.

“The Philippines is becoming one of the most preferred outsourcing destinations of American and European companies which are struggling to maintain employment levels in their mother countries,” Santos said.

He noted the strong interest from multinational companies in setting up shared services in the country on the back of a conducive business environment. A number of these companies are focusing more on pre-committing space in anticipation of the programmed increase in the number of their employees in the coming years. – Philippine Daily Inquirer


Malaysia’s April exports, imports below forecast of 2 per cent increase

 Malaysia’s exports rose 1.6 per cent in April to 61.3 billion ringgit (Bt526 billion) from a year ago, which was a disappointment when compared with a forecast of a 2-per-cent increase.

The Statistics Department said the country’s imports fell 2.3 per cent, or 1.2 billion ringgit, to 52.3 billion ringgit from 53.5 billion ringgit a year ago, which was below economists’ expectations of a 0.1-per-cent increase.

Total trade in April valued at 113.6 billion ringgit decreased 258.8 million ringgit or 0.2 per cent from a year earlier. It also posted a drop of 6.8 per cent or 8.3 billion ringgit, month on month.

On a year-on-year basis, the trade surplus increased 31.9 per cent or 2.2 billion ringgit to 9.1 billion ringgit. However, on a month-on-month basis it declined 19.1 per cent from 11.2 billion ringgit.

The Statistics Department said exports increased because of the rise in shipments to Singapore (up 1.2 billion ringgit), the United States (up 697 million ringgit), Vietnam (up 651.3 million ringgit), Taiwan (up 283.4 million ringgit) and Bangladesh (up 253 million ringgi). – The Star

UK eager to share Islamic finance expertise with Brunei

 Newly appointed British trade envoy to Brunei, Myanmar and Thailand says the sultanate may not necessarily have to compete directly with bigger markets to grow its own Islamic finance industry.

Brunei can prop up its fledgling Islamic finance sector by providing niche services that can support the activities of larger markets in the region, a senior British trade official said yesterday.

In an interview with media, Mark Garnier, the newly appointed British trade envoy to Brunei, Myanmar and Thailand, said that the sultanate may not necessarily have to compete directly with bigger markets in order to grow its own Islamic finance industry.

Garnier, a former banker before joining the British parliament, said that Brunei needs to explore its strengths in the industry and then build on those opportunities in a manner that supports mature Islamic finance markets like Malaysia. - The Brunei Times