Briefs

Vietnam may develop a code on competition that is asymptotic to international rules and economic integration by mid-2018.
This was stated by Nguyen Phuong Nam, deputy director of the Vietnam Competition Agency under the Ministry of Industry and Trade.
At the workshop on reviewing the Law on Competition and seeking amendments held late last week in Hanoi, it was decided that it was necessary to develop a transparent framework on competition to ensure healthy competition among businesses and better control over monopolies.
The Law on Competition, after 10 years in force, has revealed limitations, especially in human resources and facilities, while competition-related violations were more sophisticated in rapid international integration. – Viet Nam News

State spending in hot seat
Indonesia’s economy slowed in the third quarter, as widely expected, with a government spending contraction in the spotlight despite high hopes for the state budget to stoke growth amid unfavourable economic conditions.
The country’s gross domestic product (GDP) growth slowed to 5.02 percent in the July-September period compared to the same period a year ago, lower than the 5.19 per cent in the previous quarter because of declining government spending and exports.
Economists highlighted the 2.97-per-cent contraction in government spending because it was the one segment that was expected to properly grow amid global economic uncertainties that have severely affected exports, while domestic consumption and investment remained stable.
“Without sustained improvement in export earnings, about the only possible boost to GDP growth would need to come from government spending,” said Gundy Cahyadi, a Singapore-based economist with DBS Bank.
The lower government spending in the third quarter is attributable to austerity measures taken by President Joko Widodo’s administration following a 137 trillion rupiah (Bt366 billion) state budget cut made in early August and calls directly from the president for efficiency measures on less important spending, economists said.
The weak government spending became a concern for economists because it was also reflected in a decline in investment figures. – The Jakarta Post

ECRL to spur east coast economy
Malaysia needs the East Coast Rail Line, (ECRL) as it will spur the economy in the east coast by linking Kuantan Port and Port Klang. Transport Minister Liow Tiong Lai said the government is pleased that the framework agreement has been signed between Malaysia and China for the ECRL, which entailed a good soft loan.
“We need these two important ports to grow, and with this linkage, we will be able to transfer goods from one end to another speedily, cutting down costs,” he said.
There was much anticipation on the development of the ECRL, he said, adding that among those involved in monitoring its implementation were the Economic Planning Unit, Finance Ministry and Transport Ministry.
“Let’s look at how we’re going to implement it fast and we will be transparent about the cost of the ECRL,” Liow told reporters here. – The Star