Briefs

In the first nine months of this year, Vietnam has had 81,451 new registered businesses focusing on manufacturing and processing.
According to the General Department of Statistics, the newly established businesses have a total registered capital of 629 trillion dong (US$28 billion), an increase of 19.2 per cent in terms of the number of businesses and 49.5 per cent in registered capital, compared with the same period last year.
On average, an individual business’ registered capital rose by 25.4 per cent to 7.7 billion dong ($344,000). The number of registered labourers for the said businesses rose to 928,700, equal to 92.9 per cent of 2015’s number.
In the first nine months of 2016, 20,510 businesses resumed operation, an increase of 59.6 per cent compared with the 2015 increase of 8.2 per cent. This brings the total amount of new businesses and reinstated businesses to some 102,000.
The General Department of Statistics said the production and business trend within the manufacturing and processing sectors had witnessed a rise, with positive outlook for the third quarter of 2016.
These sectors showed an increase of 7.4 per cent in production for the first nine months of 2016.
This growth trend shows the effectiveness of the new government’s solutions and legal framework in supporting and encouraging business development to find new orientation and opportunities. – Vietnam News

Philippines GDP could grow more than 6.2%
The Philippines’ economic growth could exceed the World Bank’s projection of 6.2 per cent for the next two years if President Rodrigo Duterte’s administration further ramps up infrastructure spending as planned, the lender said on Monday.
But the three-month-old government faces policy challenges or risks, such as the need to dispel lingering uncertainty about its policy priorities, deliver on its fiscal reform programme and accelerate structural reforms to reduce poverty, it said.
“The Philippines’ short-term growth prospects remain positive despite a number of medium-term risks and policy challenges,” the World Bank said in its Philippine Economic Update.
The bank kept its 2016 GDP growth forecast for the Philippines unchanged at 6.4 per cent and described its 6.2 per cent growth projection for 2017 and 2018 as “a conservative forecast with significant upside risks.”
World Bank economist Birgit Hansl said recent volatility in local financial markets was normal because lingering uncertainty over the administration’s reform agenda could be expected to make investors cautious. – Reuters

Indonesia’s foreign tourist arrivals rise 16 per cent in August
Indonesia attracted 944,455 foreign tourists in August, up 16.14 per cent from a year earlier, the statistics bureau said.
The rate of growth slipped from 20.13 per cent in July.
The total number of visitors in August, including those passing through Indonesia’s borders from neighbouring countries and foreign workers with permits for less than one year, was 1.03 million, up 13.19 per cent from a year ago. – Reuters

Singapore factory activity expands, but recovery weak
Manufacturing output expanded for the first time in more than a year last month, though economists were hesitant to call this a recovery, given the weak global outlook.
The Purchasing Managers’ Index (PMI) – an early indicator of manufacturing activity – came in at 50.1 last month, up from 49.8 in August. A reading above 50 indicates expansion. Singapore’s PMI had been in contractionary territory since June last year. Last month’s uptick was attributed to an increase in new domestic and export orders, as well as a faster rate of expansion of inventory and finished goods. But manufacturing employment, which has been contracting since November 2014, remained lacklustre.
The data was compiled by the Singapore Institute of Purchasing and Materials Management from a monthly poll of purchasing executives at about 150 industrial firms.
The survey also showed that the PMI for the electronics sector came in at 50.3 - the second straight month of expansion following 13 months of contractionary readings.
This was attributed to a rise in new domestic and export orders as well as increased factory output.
It remains to be seen if this momentum can be sustained, said OCBC economist Selena Ling.
“Even the last bout of expansion in mid-2015 lasted only two months. The improvement in the manufacturing sector is largely predicated on the electronics pickup, so the health of the latter remains critical.”
Manufacturers elsewhere in the region also appeared to be on a firmer footing last month. Activity in China’s manufacturing sector expanded again last month – the official PMI stood at 50.4, identical with the previous month’s level. A private survey – the Caixin Manufacturing PMI – rose to 50.1 from a no-change level of 50 in August. – The Straits Times