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B U S I N E S S O U T L O O K HANOI OPENING ITS MARKETS

ASIA TODAY INTERNATIONAL DECEMBER 2003 13

Vietnam's long-term telecoms strategyIN its long-term strategyfor the development of Vietnam’s telecommu-nications sector, theGovernment is allowingfor significant foreigninvolvement. Followingare excerpts from a reportprepared by TimothyReinold, a lawyer with theAustralian firm Freehills,based in Hanoi. . . .

HANOI — In October 2001, thePrime Minister of Vietnam issued a

development strategy for the post and telecom-munications sector up to 2010, and a develop-ment policy up to 2020.

Among aims of the strategy: ■ ’ To increase the number of telephone sub-

scribers and internet users by more than 100per cent by 2010;

■ To construct and develop a national com-munications infrastructure;

■ To connect all cities and provinces towide-band transmission by 2005;

■ To enable at least 30 per cent of sub-scribers to access telecommunications and‘wide-band transmission by 2005;

■ By 2010 to reach an average density of 15-18 telephones per 100 inhabitants, with morethan 60 per cent of all family households hav-ing telephones;

■ The number of newenterprises involved intelecommunications andinternet operations to occu-py 25-30 per cent of themarket by 2005, rising to 40-50 per cent by 2010; and

■ Development of vari-ous forms of investment intelecommunications and ITtechnology, including for-eign investment productioncapacity of domestic equip-ment to meet 60 per cent of demand by 2005,rising to 80 per cent by 2010.

It was estimated that, from 2001 to 2020,about US$11 billion would need to be raisedfor development of post, telecommunicationsand IT, of which US$4-6 billion would berequired up to 2010, with ambitions to raise 40per cent from overseas.

Currently, foreign investment in thetelecommunications sector is limited toBusiness Co-operation Contracts (BCCs) witha local Vietnamese partner. In the past, thishas usually been with Vietnam Post andTelecommunications Corporation (VNPT) or asubsidiary of VNPT, although at least one BCChas been approved between a foreign investorand Saigon Postel, a State-owned enterprisejointly owned by VNPT and the Ministry ofPublic Security.

The Telecoms Ordinance pro-vides for three types of telecommu-nications network:

■ A public network; ■ A private network; and ■ A special-purpose network for

Party and State bodies for whichseparate guidelines will be issued.

To be eligible to be involved inconstruction of a public network, acompany must either be an SOE oran enterprise in which the State hascontrolling or special shares, and itmust obtain a licence.

The Telecoms Ordinance classifies telecom-munications services into basic services, value-added services, internet connection services,internet access services for end users and inter-net application services.

These services can only be provided throughpublic networks by licensed Vietnamesetelecommunications companies.

Currently, tariffs are strictly regulated. Thegeneral principles relating to fees andcharges applicable to users is that theyshould be formulated on the basis of socio-economic policies and targets and in accor-dance with international treaties to whichVietnam is a party or signatory.

The organisation with the dominant role inthe telecommunications sector is VNPT, a 100per cent State-owned corporation. It dominatesthe sector and participates in almost all activi-ties and companies. VNPT has a number ofBCCs with international partners including:

■ Telstra (Australia) — internationaltelecommunications (the BCC is now complet-ed and Telstra’s operations in Vietnam reduced

to a representative office);■ Sapura (Malaysia) —

prepaid phone cards;■ Comvik (Sweden) —

mobile phone services;■ Korea Telecom — tele-

phone services in HaiDuong, Hai Phong, HungYen and Quang Ninh;

■ NTT (Japan) — tele-phone services for thenorthern part of Hanoi; and

■ FRC (France) — tele-phone services for the east-

ern part of Ho Chi Minh City. SOEs licensed to provide telecommunica-

tions services in Vietnam (the services they canprovide depend on the terms of their respec-tive licences) are:

■ VNPT Military Telecommunications andElectronic Company (Vietel) controlled by theMinistry of Defence;

■ Saigon Post and TelecommunicationsCompany (Saigon Postel) jointly owned by theMininister of Publice Security and VNP;

■ Electricity Telecommunications andCommunication Company (ETCC);

■ Hanoi Telecommunications Joint StockCompany (HTC);

■ Vietnam Maritime Communication andElectronics Company (Vishipel), controlled byVietnam’s Department of Shipping.

VNPT, ETCC, Vietel and Vishipel have also

been licensed to provide, amongother things, VOIP services.

There are currently 12 ISPs inVietnam and at least three opera-tions in the cell phone area —VMS-Mobiphone, Vinaphone andCall-Link. VNPT has an interest inall three.

There are 22 telecommunicationsequipment suppliers, including thefollowing joint ventures involving for-eign investors — Vina-DaesungCable Co (a joint venture betweenVNPT and Daesung); Vietnam Korea

Exchange Ltd (a joint venture between VNPTand Korea Exchange); Alcatel Network SystemVietnam (a joint venture between VNPT andAlcatel); VNPT-Fujitsu TelecommunicationSystem Ltd (a joint venture between VNPT andFujitsu); VNPT-NEC Telecommunication SystemLtd (a joint venture between VNPT and NEC);and FOCAL (a joint venture between VNPT andSiemens). Further information [email protected] tel (844) 934-6238.

❝ For development of post,telecommunications andIT, US$4-6 billion would berequired up to 2010, withambitions to raise 40 percent from overseas❞

2010 targets forsecurities market

THE VIETNAMESE Governmenthas approved a strategy for develop-

ment of a securities market up to the year 2010,setting a target market value of between 10 and15 per cent of GDP.

Currently, the stock market in Vietnam con-sists of a Securities Transaction Centre in HoChi Minh City, on which shares in 21 listedcompanies and certain bonds are traded.

Timothy Reinold says the Government wantsto bring the total market value up to betweentwo and three per cent of gross domesticproduct (GDP) by 2005, and between 10 and15 per cent of GDP by 2010. This is to bedone by focussing on the bond market and byincreasing the number of shares of varioustypes listed on the securities market;

It will build up and develop securities trans-actions centres so that the existing Ho ChiMinh City Securities Transaction Centrebecomes the Stock Exchange with totally auto-mated systems for providing information abouttransactions, supervision and markets. InHanoi, the emphasis will be on share-relatedtransactions of small and medium–size enter-prises with a view to converting the HanoiSecurities Transaction Centre (which has notyet been established) into an over-the-countermarket after 2010;

The government will develop intermediaryfinancial institutions for the Vietnamese securi-ties market by extending the operating scaleand scope of business of securities companies;develop securities investment fund companies;encourage the number of securities companiesto carry out portfolio management activities;and set up certain reliability assessment com-panies to assess and classify risks in respect oflisted securities and reliability thresholds ofVietnamese companies.

Timothy Reinold:US$11 billion needed

over 20 years.


B U S I N E S S O U T L O O K WHY INFLIGHT SERVICE IS CRITICAL

Airlines shaping up for A380 impact

INTRODUCTION OF THE AirbusA380 in 2006/7 will herald the biggest

shakeup in world aviation since the arrival ofthe Boeing 747 in the 1970s, says AzlanHussain, Vice President/General Manager ofMalaysia Airlines for Australia/NewZealand/South West Pacific.

Azlan, recognised as one of the most astutemarketers in the regional airline industry,retires on December 5 after almost 35 yearswith Malaysia Airlines.

Six airlines flying into Sydney — MalaysianAirlines, Qantas, Emirates, SIA, Korean Air, andVirgin Atlantic (which has just announced that itwill extend its services from Heathrow/HongKong on to Australia from mid-2004) — alreadyhave the Airbus A380 on order, and its introduc-tion will pose a number of challenges, says Azlan.

■ There will be logistics problems at airports— Sydney International Airport, for example,will need to invest in new facilities. Other air-ports in Australia may not initially have the pas-senger volumes for scheduled A380 services.

■ Airlines flying the A380 will need to hubout of major international airports, carryingpassengers bound for different destinations.“So if you are coming into London or Sydney,you will need to have very good connectionsto other major cities orAustralia.”

■ Airlines continuing torely on the 747 for interna-tional services will need torevamp their inflight productand frequencies to challengethe A380 by providing directservices to more destina-tions, especially for businesstravellers — “but the econo-my passenger will still be anextremely important part of the mix”.

■ While industry analysts will hope that theA380 encourages more people to fly, airlinesutilising the A380 will be seeking to increasemarket share, and there will be enormous pres-sure on yields for all airlines as fares comeunder pressure.

Azlan says that, as the industry learned whenthe 747 was introduced, some airlines may face

severe difficulties. He sees morestrategic alliances between regionalcarriers.

“You can cut costs, and you willhave to cut costs to survive, butthese cost cuts cannot be allowedto impact on the passenger,” saysAzlan, who believes most airlinestoday need to provide betterlegroom — “say, two inches” — foreconomy class passengers.

“Service and facilities for passen-gers on board remain critical, espe-cially in economy class, so youhave to look at ways of keepingcosts down while maintaining expectations indelivery of service,” he says.

Regarding the cabin crew as sacrosanct,Azlan says the airlines will need to reduce costsin distribution and by trimming administration,focussing on strategies which may call forsome out-sourcing through a network of strate-gic partners and distribution channels.

“In ground services and revenue generation,there will need to be greater usage of, andreliance upon strategic partners,” he says.“There will also need to be more emphasis onmulti-skilling of staff to handle tasks and man-age administration — they will need to betrained to grow the businesswithout incurring costs inadded human resources.”

Both Azlan’s first and lastoverseas appointments havebeen in Australia (apartfrom Malaysia, he has alsoserved MAS in India,Taiwan, the Maldives,Germany, the UK, SouthAfrica and Argentina). In theMaldives, in 1994, he estab-lished the MAS subsidiary Air Maldives (he wasits first Managing Director).

When he was first posted to Australia, Qantasstaff were on secondment to run the MAS officeand there were just two weekly Boeing 707flights from Kuala Lumpur to Sydney. Today,Malaysia Airlines services Sydney, Melbourne,Brisbane, Adelaide and Perth with a total of 53

departures weekly fromAustralia and New Zealand(moving to 56 in 2004).There are also three weeklyall-cargo flights intoMelbourne.

Passengers out ofAustralia back in 1974 weremainly going to Europe,says Azlan, with Qantasand MAS encouragingtourists to join Jetabout

packages to Singapore, Kuala Lumpur andPenang. The US was developing as a destina-tion and as an alternative route to Europe.

“Yields were very good because fares werethe published tariffs,” says Azlan. Not any more.

The major destination out of Australia is stillvery much Europe, with the VFR (visitingfriends and relatives) market stronger now intothe Middle East and many parts of Europe. The

VFR market has also grown intoIndia and South Africa, and Chinahas potential.

Malaysia itself is strong forAustralian holiday traffic, and forthe VFR and student markets.“Also, Australia is now a major des-tination for Malaysians for holidaysand for investments in property,hotels and some manufacturing,”says Azlan.

Elsewhere, he sees a majoremergence of Middle East markets,for both business and holidays.“Emirates has opened Dubai and

Gulf Air will open up Bahrain — as gatewaysto the Middle East and Europe,” he says.

For Malaysia Airlines itself, Azlan sees furtherexpansion of services, notably to China andIndia. “We need to be operating to more pointsin China, with more frequencies,” he says. “ToIndia, we need more frequencies and new des-tinations — 10 per cent of Malaysians are ofIndian ethic origin.”

Of the new budget airlines now establishingin a number of Asian countries, Azlan says thereis a niche in the market — in fact, he believesit makes sense for the major airlines (includingMAS) to have their own budget subsidiaries. He

points to Qantas as anexample, with the establish-ment of Jetstar, a Qantasbudget domestic carrier inAustralia alongside its newinternational subsidiary,Australian Airlines.

Especially followingintroduction of the A380 in2006/7, air travel will bemulti-tiered in terms of pric-ing and service, he says,

and airlines all over the world will need to give“a lot of focus” to product development andmarketing.

While he is retiring from Malaysia Airlines,Azlan intends to maintain an active interest intourism, especially in destination and productdevelopment and in assisting the industry andMalaysian Government tourism bodies.

He ranks among his achievements the successful marketing of Langkawi to Taiwan(in 1991) and to South Africa (1996) and the positioning of Langkawi (1999), Sabah (2000)and Sarawak (2002) into the Australian tourismmarket. “In the future I will still be in thetourism arena,” he says. “I believe I can still beuseful in the development of internationaltourism to Malaysia.”

■ More investors eyeing Asia's skies, page 21.

THE airline industry faces amajor shakeup followingintroduction of the newAirbus A380 in 2006/7, andsome carriers will have towork harder in order tosurvive, says AzlanHussain, a Vice Presidentof Malaysia Airlines. Azlanpredicts more outsourcingof functions as airlinesseek to contain costs with-out impacting passengerfacilities . . .

Azlan Hussain:Cost cuts must not impact

on the passenger.

❝ Air travel will be multi-tiered in pricing and service and airlines willneed to give a lot of focusto product developmentand marketing❞

❝ Service and facilities forpassengers on boardremain critical, so you haveto look at ways of keepingcosts down while maintain-ing expectations❞

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B U S I N E S S O U T L O O K THAI/AUSTRALIA TRADE DEAL


BANGKOK — The Closer EconomicRelations/Free Trade Agreement

agreed between the Australian and Thai gov-ernments on October 19 focusses heavily onreduction of tariffs (which are rampant in theThai market), but there are also significant con-cessions and incentives to encourage two-waybusiness investment between both countries,especially in the services sector.

“Rules of origin” for products were a stickingpoint, but it is understood the final agreement(set to be signed during a State visit by the ThaiPrime Minister to Canberra in the first quarter of2004) sets down product - by - product rules.

Part of the drive to open up Thailand to for-eign capital inflows has been spearheaded byThailand’s Board of Investment (BOI). The BOIis focussing less on high regulation and moreon facilitation of foreign investment, particular-ly investment promoting research and develop-ment and skill transfer, as well as economies ofscale and efficiency.

This augurs well especially for those involvedin the biotech and life sciences sectors, as wellas those whose business centres around massproduction of goods general-ly and consumer durables.

Generally, the agreementguarantees that both coun-tries’ investors and theirinvestments will enjoytreatment at least as goodas that available to Thainationals or nationals ofany other country, and thatthey will be granted com-pensation for loss incurredthrough expropriation andstrife at fair market value.Investors will also be ableto repatriate their invested funds and returns,except in circumstances of balance-of-pay-ments crises, and will have recourse to inter-national arbitration to resolve post-establish-ment investment disputes.

The agreement significantly opens up Thaiinvestment in most Australian business sectorswithout the need for specific approval from theAustralian Government, except in the following

circumstances:■ Acquisition of “substantial

interests” in existing Australianbusinesses with total assets ofAUD50 million or more;

■ Proposals to take over off-shore companies whose Australiansubsidiaries or assets are valued atAUD50 million or more, or accountfor more than 50 per cent of the tar-get company’s global sales;

■ Proposals to establish newbusinesses in Australia involving atotal investment of more than AUD10 million;and

■ Investments by the Thai Government.Specifically, Australia has made undertakings

in relation to the following business sectors:■ Legal services: Thai service suppliers can

provide advisory services in Thai law, thirdcountry law and international law, and Thailawyers can join local firms except in the statesof Western Australia and South Australia.

■ Landscape architectural services: Thaiservice suppliers can provide planning anddesign services for aesthetic landscaping ofparks, commercial and residential land.

■ Computer and computer-related serv-ices: Thai service suppliers can provide data-base services and other computer services, butsignificantly, not content.

■ Mining and related services: Thaiservice suppliers can provide consultancyservices incidental to mining, and other serv-ices incidental to mining, including drillingservices, repair and dismantling services andwell-casing services. Australia will also per-mit Thai service suppliers to provide mining-related scientific and technical consultingservices, as well as mining site preparation(such as tunnelling).

■ Communications services: Australia willnot impose quotas on the number of satelliteand mobile services and will permit unlimitedThai interest in Optus and Vodafone, but nocommitment has been made on ownership by

Thai nationals of Telstra. Itis worth noting that in May2002, the Thai Cabinetapproved an increase to theforeign equity limit in itstelecommunications sectorfrom 25 to 49 per cent.

■ Insurance services:Australia will permit a regis-tered Thai life insurancecompany to operate with-out a principal officer resi-dent in Australia. Australiawill not require an autho-

rised Thai insurance company operating inAustralia as a non-incorporated entity toappoint an Australian resident as agent. InThailand, there are proposed amendments tothe Life and non-Life Insurance Acts to increasethe limit on foreign equity in insurance compa-nies from 25 per cent to 49 per cent.

■ Banking services: Australia will permitthe Thai central bank and government mon-etary institutions to invest in Australia with-

out providing an assurance to theRBA that it will be a stable holderof the Australian dollar, or that itwill consult the RBA in the eventof a significant change in itsAustralian dollar profile.

Specifically, Thailand has relaxedforeign investment limits forAustralian entities as follows:

■ Mining operations: increasein majority Australian ownershiplimit from 49.9 per cent to 60 percent.

■ Distribution services: Australian compa-nies which manufacture goods in Thailand canprovide such related services without limitationof Australian equity, effectively pushing thelimit from 49.9 per cent to 100 per cent.

■ Construction services: increase inmajority Australian ownership limit from 49.9per cent to 60 per cent (this relates to servicesto the public in utilities or transport requiringspecial tools, machinery, technology or con-struction expertise).

■ Management consulting services:increase in majority Australian ownershiplimit from 49.9 per cent to 60 per cent(where the services are provided via aregional operating headquarters or associat-ed company or branch.

■ Major restaurants and hotels: increasein majority Australian ownership limit from49.9 per cent to 60 per cent.

■ Tertiary education institutions: increasein majority Australian ownership limit (forthose institutions specialising in science andtechnology that are located outside Bangkok)from 49.9 per cent to 60 per cent.

■ Maritime cargo services: increase inmajority Australian ownership limit from 49.9per cent to 60 per cent (this relates to port andwaterway operation services including marinafacilities, and repair).

A significant development also worth notingis that the low-to-medium end real estate mar-ket in Australia may be subject to greater expo-sure to Thai investment, with such investmentpermitted as long as it does not fall into the fol-lowing categories:

■ Non-residential commercial realestate, where the property is subject to a her-itage listing, valued at more than AUD5 million;

■ Developed non-residential commercialreal estate, where the property is not subject toa heritage listing, valued at AUD50 million ormore;

■ Accommodation facilities;■ Vacant urban real estate (it is not clear

whether this applies to vacant Crown land);and ■ Residential real estate.The introduction of this policy, especially in

relation to developed non-commercial realestate, may provide a boon for all types ofsuppliers along the supply chain in relation toproperty development, especially financiers,suppliers of raw materials and suppliers ofspecialist consulting services.

For further information, [email protected], tel (61 2) 9230-5052.

Opportunity for biotech, life sciences A NEW trade agreementbetween Australia andThailand will especiallybenefit those involved inthe biotech and life sci-ences sectors, as well asthose whose business cen-tres around mass produc-tion of goods generally and consumer durables, says Adam Malouf, alawyer with Allens ArthurRobinson . . .

❝ The agreement signifi-cantly opens up Thaiinvestment in mostAustralian business sectorswithout the need for spe-cific approval from theAustralian Government ❞

Adam Malouf:'Rules of origin' a

sticking point.

ASIA TODAY INTERNATIONAL DECEMBER 200318

A S I A P U L S E THE INFORMATION HEARTBEAT OF ASIA

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SAUDI GROUP TO INVEST IN PAKISTAN STEEL PLANTISLAMABAD — Pakistan’s Ministry ofIndustries has agreed to a proposal from aSaudi group to set up a US$100 million steel bil-let plant. The Al-Tuwariqi Group of Companieswill build the steel billet plant in the vicinity ofPakistan Steel Mills, which has agreed to pro-vide 100 acres of land — which will be declaredan Economic Processing Zone. The plant is tobe 100 per cent export-driven, with annualexport potential of US$180-200 million.

INDIAN STEELMAKER TO BUY HANBOSEOUL — India’s Tata Iron & Steel is hoping toacquire Hanbo Iron & Steel, industry sourcessaid. The sale of Hanbo to South Korea’s AKCapital-led consortium collapsed when thegroup failed to meet a payment deadline. Tataexpects the acquisition of Hanbo to help itsecure a bridgehead in the East Asian market.

SLOVAKIA OR POLAND FOR HYUNDAI SEOUL — Hyundai Motor Co. says it has nar-rowed the candidate countries for its first auto-mobile factory in Europe to Slovakia andPoland. Productivity and cost were the top con-siderations, a company spokesman said.Hyundai and its affiliate, Kia Motors Corp., willspend US$1.5 billion to build the Europeanplant, which is scheduled to produce 300,000units of passenger cars annually.

DONGFENG MOTOR, NISSAN TEAM UPBEIJING — China’s Dongfeng Motor Co. is tocollaborate with Nissan Diesel Motor Co. todevelop cabs for midsize and large trucks withload capacities of 5-10 tons. The Chineseautomaker is also co-operating with a sub-sidiary of Sweden’s AB Volvo to develop truckdiesel engines. The collaborations form part ofthe company’s plan to broaden its range ofvehicle models.

TOSHIBA TO BUILD AT OITATOKYO — Toshiba Corp. plans to spend about12 billion yen (US$109.4 million) to add a newproduction line to its memory chip fabricationsite in Oita Prefecture, primarily to manufactureNAND-type large-capacity flash memory chips,used in devices such as digital cameras. The

move will raise Toshiba’s semiconductor invest-ment this year to 130 billion yen, 10 per centmore than initially planned.

HONG KONG HOSPITAL CONTRACTHONG KONG — The Hsin Chong ConstructionCompany and Hong Kong’s Hospital Authorityhave signed a HK$1 billion (US$128.8 million)contract to redevelop and expand the Pok OiHospital. The deal includes a sub-contract forelectrical and mechanical installation worthHK$271 million for Hsin Chong Aster BuildingServices Ltd. The project started in Septemberand is scheduled to be completed by the end of2006.

ACTUATE TO SET UP IN CHINASHANGHAI — US software giant ActuateCorporation plans to invest $US10 million overthe next three years on its first overseasresearch centre in Shanghai Pudong SoftwarePark, according to David Runacres, President ofActuate’s Asia-Pacific region. The centre, with60 researchers, would study China’s telecom-munications, industrial and transport markets inpreparation for the manufacture of China-ori-ented software, he said, and would co-operatewith the company’s San Francisco-based head-quarters to make globally-applicable informa-tion technology products.

LG CREDIT CARD CRISISSEOUL — The Woori Bank and other LG Cardcreditors have decided to allow the ailing cardissuer to tap into a two trillion won (US$1.67billion) loan, according to credit bank officials.Under the so-called credit limit scheme, eightcreditor banks will pool the loan so that thecard company is able to stave off a liquidity cri-sis and resume cash advance services. The eightbanks also agreed to reschedule LG Card’s debtfor one year on condition that LG Card raiseone trillion won in capital by selling new sharesto shareholders by the first half of 2004.

MOTOROLA, LG IN DIGITAL PACT SEOUL — Motorola Inc. and South Korean sys-tem integration firm LG CNS have signed a dis-tribution agreement on digital broadcastingequipment. LG CNS said Motorola will be sell-ing its digital broadcasting hardware and soft-ware. “The agreement will deepen our penetra-tion in an emerging digital broadcasting marketfor cable networks,” the company said. OnNovember 20, the Ministry of Information andCommunication granted the first businesslicense for a cable-based digital broadcaster inSeoul.

TELEKOM MALAYSIA HIGHERKUALA LUMPUR — Telekom Malaysia Berhadhas recorded group revenue of RM3,307.412million (US$870.37 million) for the third quarter

ended September 30 2003, up 32.7 per cent onthe same period of last year. During the ninemonths to September 30, Group revenue rose18.2 per cent to RM8,596.341 million, despite adecline in fixed line revenue. The increase wasdriven primarily by cellular segment and dataservices.

TAIWAN TO UNVEIL NEW PROJECTSTAIPEI — Taiwanese Premier Yu Shui-kun is tounveil 10 new major construction projects thatwill call for an outlay of NT$500 billion($US14.68 billion) over the next five years. Theambitious “five years, five hundred billion” planis widely seen as the ruling DemocraticProgressive Party’s most important “economiccheque” to be offered in the run-up to thePresidential election of March 20, 2004. In addi-tion to the NT$500 billion to be invested by theGovernment, Cabinet sources said the 10 newconstruction projects are expected to attract anadditional NT$415 billion in private investment.

SEOUL HOUSING PRICES UP SEOUL — Housing prices in Seoul have report-edly increased 79.4 per cent during the lastthree years. The average apartment price inSeoul has increased from 6.5 million won(US$5,408) per pyeong in January 2000 to 11.66million won ($9,701) per pyeong as ofNovember, 2003, NeoNet Inc., a local onlinereal estate firm, said. One pyeong equals 3.3 sqm. The price for a 30-pyeong apartment, theaverage size for a middle-class family, is around$US300,000.

BANK MANDIRI LIFTS PROFITJAKARTA — Bank Mandiri, Indonesia’s largestbank, reported a Rp3.7 trillion (US$435.3 mil-lion) net profit for the first nine months of thisyear, up from Rp2.79 trillion in the same periodof 2003. Bank president E.C.W. Neloe said theState-owned bank is optimistic it will reach itsnet profit target of Rp4 trillion for the full year.Neloe said the bank held Rp177.7 trillion inthird party funds as of September, down fromRp186.3 trillion a year before.

INDIA’S DDSL TO REVIVE UNDERSEAOPTIC FIBRE PROJECTKOLKATA — Internet service providerDishnetDSL Ltd is planning to revive its Rs15,000 million (US$327.9 million) underseaoptical fibre line from Chennai to Singapore.The company recently procured 622 Mbps ofinternational bandwidth from Singtel andentered into a revenue-sharing agreement withTata TeleServices for provision of networkingplans, deployment and internet through CDMA.DDSL chairman Vijay P Bhatkar said funding forthe project would be mainly acquired throughforeign direct investment.

ulated language and informationlest the rest of the world believe theCommunist Party of Malaysia was alegitimate nationalist group seekingthe end of colonialism,” Chin Pengwrites.

At the height of the fighting (inthe late 1940s and ‘50s), he saysthere was no assistance or ordersfrom Beijing or Moscow. But after1961, there was Chinese policydirection and financial support forthe remnants of the guerrillagroups, whose numbers and vigourrenewed briefly with the success ofthe Communists in Indo-China in the early andmid-1970s. Finally, 1,000 or so continued tofight sporadically from southern Thailand untila peace accord was finally reached in 1989, bro-kered by the Malaysian and Thai prime minis-ters, Mahathir Mohammad and ChavalitYoungchaiydh.

Chin Peng says in his story, written overthree-and-a-half years with Singapore-basedhistorians Ian Ward, (a correspondent with theLondon Daily Telegraph in Southeast Asiabetween 1961 and 1987) and his wife NormaMiraflor, that his concern was always forMalaya. He was attracted to Communism inresponse to what he saw as exploitative, andoften heavy-handed British rule. His memoriesof an arrogant and racist Colonial regime clash-es with the common picture, at least in theWest, of the British in Malaya as essentiallydecent and generally beneficial, if somewhateccentric rulers.

Just as he resisted British colonialism, ChinPeng says that, as a teenager, he along withother Communists had fought against theJapanese from the jungles in alliance withBritish forces. Then, he was seen as a brave andtrustworthy figure. In 1946, Lord LouisMountbatten awarded him campaign medals,

and, in 1947, he was about to beawarded an OBE - before theMalayan Communist Party decidedto pursue armed revolution.

A peace could have beenachieved as early as 1955, he says, ifthe British and then–leaders ofMalaya, Tunku Abdul Rahman, andSingapore, David Marshall, had notdemanded the Communist fighterscapitulate and surrender — ratherthan allow them to hand over ordestroy their weapons in an agreedway and then resume normal lifewith normal political freedoms

(broadly the outcome of the 1989 accords). Inthe 1950s, no doubt there was fear that thiswould result in the re-emergence of a radicaland destabilising leftist organisation, given thatthe guerrillas were still young or just middle-aged men and women.

Chin Peng still describes himself as a social-ist, but he eschews violence. Times havechanged. In his youth, he says, he had “to be aliberation fighter”.

“If you had lived in a Malayan rural popula-tion centre... and observed how dismissive theBritish colonials were of our lot in the 1930s,you would find it easier to understand how theattraction of a Communist Party of Malaysiacould take hold,” he says.

Which suggests that careful study today ofthe reasons for the attraction now of extremistIslam in the region — and how this might bereduced — is as vital as police measures to pre-vent terrorist acts.

My Side of History, by Chin Peng as told toIan Ward and Norma Miralfor, Media MastersSingapore, 2003 (AUD39.95). Reviewed byAndrew Symon, ASIA TODAY INTERNATIONALCorrespondent.

T R A D E O U T L O O K DARWIN CORRIDOR TO ASIA?


AUSTRALIA’s northern–most city ofDarwin will move closer to its goal of

becoming a trade gateway to Asia in Januarywhen the first trains run on the new Adelaide-to-Darwin railway.

The railway, combined with expansion ofthe Port of Darwin and an associated businesspark, will offer, developers say, an alternativeimport and export corridor through the middleof the continent to southern Australia.

This can be cheaper and quicker than exist-ing shipping routes to the ports of Melbourne,Australia’s second-largest city and industrialcentre after Sydney, and Adelaide. Darwin isfour days by ship from the region’s major con-tainer transhipment port of Singapore, com-pared with 12 or more days to southernAustralia. Both container and bulk freight areplanned. The rail journey from Adelaide toDarwin will be two days.

Swire Shipping is the first major shippingline to respond to the development, havingexpanded its services between Darwin and

Singapore from November. The port and rail-way may also stimulate new agricultural andmineral commodity exports from northernSouth Australia and the Northern Territory.Developers believe railway transport may helpcatalyse mining projects near its track. Bulkcargo as well as containers can be shippedfrom Darwin.

Passenger and freight services are beingoffered. Developers and governments antici-pate a boost to tourism through Darwin in thenorth and Adelaide in the south, with rail trav-ellers stopping at major international touristattractions, such as Kakadu national park nearDarwin, Ayers Rock in central Australia, andthe wine–making regions near Adelaide.

The new AUD$1.3 billion AustralAsiaRailway was completed in September 2003,well ahead of schedule. It consists of a 1,420kmsingle track from Alice Springs to Darwin. AliceSprings is linked to Adelaide by an existing rail-way line. This line, in turn, is linked to the east-ern capitals of Melbourne, Sydney, and also

Brisbane to the north. To the west, there is arailway to Perth.

The north-south transcontinental railwaywas first proposed more than a century ago.But completion of the final segment of theline was only embarked on in 1997, withestablishment of the AustralAsia RailwayCorp by the South Australian and NorthernTerritory governments, with support fromthe national Federal Government inCanberra. This oversees the development asa build–own–operate–and–transfer project.In 1999, the Asia Pacific TransportConsortium was selected to build and oper-ate the project. Construction began in July2001. APTC has a 50-year lease, whichincludes the older line south of Alice Springs.

Complementing the railway is a new deep-water port being built at the East Arm inDarwin and a 100-hectare business park adja-cent to the port providing a base for storage,distribution and freight forwarding. The railwayterminates at the port.

Vision of Northern gateway takes shape

Malaysia insurgency pointer to Islam today?SINGAPORE — Whether today’sspectre of Islamic terrorism in

Southeast Asia should be compared with fearsof the Communist menace in the region fromthe end of World War II until the 1970s is a sub-ject that could lead to endless debate.

The times and politics would seem very dif-ferent and the world views of Islamic extremistsand “Godless” Communists at opposite ends ofthe spectrum.

Yet if there is one lesson from the past fortoday’s assessment of Islamic militancy in theregion, it would be the danger of stereotypesand simplistic explanations, judging by “My Sideof History,* the memoirs of Chin Peng, leader ofCommunist guerrillas who fought British andCommonwealth forces in Malaya in the late1940s and ‘50s. One of the last of the region’sold revolutionary leaders, now 79, he lives insouthern Thailand.

In the early days, Chin Peng and his follow-ers, mostly ethnic Chinese, were painted asbloodthirsty Communist terrorists, declaredalien revolutionaries unrepresentative of thelocal communities — and said to be directed bythe Soviet Union and China. At the height ofwhat was called the “Emergency”, there were100,000 soldiers and police hunting severalthousand Communist fighters in the Malayanjungles — and there was a M$250,000 rewardfor Chin Peng’s capture.

Also known as Ong Boon Hua, Chin Pengargues that the Communists were stereotypedby the British to justify British rule in Malaya.Ultimately though, it was the Communist threat,he argues, that helped force the British, in 1957,to grant independence to Malaya as the pricefor Malay and moderate local Chinese supportagainst the Communists — and guarantees thatBritish strategic and commercial interests wouldcontinue to be protected.

“The declassified documents of theEmergency years prove how the British manip-

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SINGAPORE — Unprecedentedchoice of low-priced air travel

between both traditional and new destinationsin Southeast Asia is promised by new “nofrills” airline ventures. An array of “budget”intra-and inter-country air services is pro-posed, inspired by the success of Malaysia’sAirAsia, according to the Sydney-based con-sultancy, the Centre for Asia Pacific Aviation.

At a time when the major airlines operatingin Asia have been hurt by falls in demand in2002 and 2003 as a result ofthe SARS scare and fears ofterrorism, the budget or low-cost airline model appearshas become more attractive.The Centre says problemsexperienced by establishedoperators have resulted ininvestors looking for alterna-tive ways of gaining expo-sure to high-growth Asianaviation markets.

“SARS has imposed limi-tations on the ability of more cautiousnational airlines to respond to new entrants.Several carriers came under significant finan-cial pressure and have now adopted newrisk profiles,” the Centre says.

AirAsia, operating from a Kuala Lumpurbase, is providing a model for other serviceswith very low-priced short-and medium-dis-tance flights within peninsular Malaysia andfrom there to the Malaysian Borneo islandstates of Sarawak and Sabah.

AirAsia is expanding its operations toThailand, with first flights from Kuala Lumpurto the resort island of Phuket beginning onDecember 8. Further expansion of Thailandservices is planned next year, with AirAsiaforming a local Thai subsidiary in earlyNovember with the local Shin Corporation, agroup 46 per cent-owned by the family ofThailand’s Prime Minister, Thaksin Shinawatra.

AirAsia also wants to fly to Indonesia.To better position itself, the airline began

services in late October from the Johore BaruAirport, Senai, on the tip of the MalayPeninsula near Singapore.

“It is largely the lucrative Singapore marketthat AirAsia has its eyes set on. Senai is beingviewed as a potential secondary airport forSingapore,” says the Centre.

“If prices are low enough to encourageSingaporeans to put up with the added trav-el time to the airport and the border cross-ing, then this may present a competitiveheadache for Singapore Airlines and othermajors.” That AirAsia’s Senai service isimpacting is indicated in the refusal ofSingapore authorities to allow AirAsia to runa direct bus service from Singapore to Senaidedicated to AirAsia passengers.

Another budget airline, ValuAir, is planned byformer Singapore Airlines executives to serveBali, Bangkok and other destinations. SingaporeAirlines itself is considering a budget service. In

Thailand, a no-frills service is planned by thenew Orient Thai Airlines by the end of 2003.

Thailand’s Bangkok Air already operates as atourism-oriented service in Thailand and theMekong region. Another venture may beformed by Indonesia’s Garuda and MalaysiaAirlines. In the Philippines, Cebu Pacific, is suc-cessfully running a low-cost domestic service.

Elsewhere in Asia, in India, the new AirDeccan began budget services in August. InChina, there is the possibility of a low-cost air-line being set up by a venture between AirMacau/CNAC and Ryanair founder Tony Ryan.

Regulatory barriers are being lowered as gov-ernments come to favour low-cost airlines as a

means of encouragingdomestic and internationaltourism growth. Airports arereducing charges to rebuildtraffic levels and gain newtraffic. Airports in secondarycentres, away from the maincapital cities, can be attrac-tive bases for budget air-lines. Their charges arelower and they are less con-gested, allowing the airlines

to reduce costs. “The tables are turning awayfrom the national carriers somewhat in favourof budget airlines,” says Sadubin.

Other factors helping low-cost airline devel-opment are the reduction in cost of aircraftand the expansion of computer use andInternet in the region. Distribution and ticket-ing costs can be reduced through Internetbookings and e-tickets.

“Not only is there the prospect of increasedtraffic between major destinations now servedby major airlines, but new patterns of air trafficconnecting smaller cities and towns,” saysSadubin. “It could open up regional areas fortourism and be an economic stimulus for whatwere formerly semi-isolated areas.”


A I RAS I A S E T S NO - F R I L L S A I R L I N E MODE L

More investors eye Asia's skies

Virgin Atlanticwins new HK rights

AGREEMENT between the govern-ments of Hong Kong and the UK

on a new set of air traffic rights has opened theway for Virgin Atlantic to begin services intoAustralia from mid-2004.

Virgin says it will operate a daily A340-600service from Heathrow to Sydney with a two-hour stopover in Hong Kong in both direc-tions. Virgin Chairman, Sir Richard Branson,says that, as the route builds, it will be an idealdestination for the new A380 aircraft, due fordelivery in 2006/7.

Virgin currently operates a code-share toAustralia with Malaysia Airlines, via KualaLumpur. Virgin has just introduced what it callsan X-Fare on this route, starting at AUD1,510from Sydney to London with a free return sidetrip to one of nine destinations in the UK orIreland. The AUD1,510 fare is valid for depar-tures from January 13-February 26, a shoulderseason fare of AUD1,730 applies fromFebruary 27-March 25, and a high-season fareof AUD1,830 from March 26-31.www.vsvine.com.au

Inflight TV live■ THE first live television news service

direct to an aircraft cabin during flight has beendemonstrated on a Boeing Business Jet duringa special flight from Newcastle InternationalAirport in the UK. The demonstration followsalmost two years of development work byAIRIA Ltd, working with technology partnersTelenor of Norway and SPCI of Canada. TheAIRIA system uses satellites to deliver TV sig-nals, and will be available for passenger aircraftstarting in 2004. AIRIA says 80 per cent of long-haul aircraft in commercial service already havethe required infrastructure to implement thesystem. www.airiaglobal.com

■ CHINA SOUTHERN has signed a code-share agreement with Dragonair for serviceon the Guangzhou-Hong Kong route. It is thefirst code-share pact between carriers in theMainland and Hong Kong since the CloserEconomic Partnership Arrangement (CEPA)was signed. China Southern has most flights toHong Kong of all Chinese carriers.

■ JAPAN AIRLINES has signed withConnexion by Boeing (CBB) to become thefirst Asian airline to provide inflight high-speedbroadband communications services. JAL plansto introduce e-mail and Internet access via theCBB system for passengers on selected inter-national routes during 2004.

❝ Regulatory barriers arebeing lowered as govern-ments come to favourlow-cost airlines as ameans of encouragingtourism growth

May 2004 launchfor Qantas Jetstar

QANTAS is to name its new low-costdomestic airline Jetstar. Qantas CEO

Geoff Dixon says Jetstar will fly new AirbusA320 aircraft featuring 177 leather seats and aninflight audio entertainment system.”

“Australia’s domestic leisure market is grow-ing rapidly and now represents over 60 percent of all passengers. Jetstar will concentrateon growing this market with value fares, whilealso opening up new destinations,” he says.

Current Qantas services include: ■ Qantas International, offering 540 services

each week to 77 destinations in 33 countries;■ Australian Airlines, the full service interna-

tional leisure carrier, offering 50 flights eachweek to 11 destinations in six countries;

■ Qantas Domestic, offering more than2,500 flights each week; and

■ Qantas Link, the regional airline, offeringmore than 2,500 flights each week.

Jetstar will begin selling seats in February2004 and start flying in May 2004.

Continued page 22

By ANDREW SYMONASIA TODAY INTERNATIONAL Correspondent


SP END ING B IG ON R ENOVAT IONS

Added luxury forThe Valley Wing

THE Valley Wing at the Shangri-LaSingapore, which offers luxury

accommodation for visiting dignitaries and thebusiness traveller, has reopened following aS$55 million refurbishment.

Set in 15 acres of tropical greenery, TheValley Wing offers 135 Deluxe rooms and suites— and a Presidential suite. An introductoryoffer of S$395++ for a Deluxe room is availableuntil December 31.

Privacy is a keynote. Guests are met by aconcierge at Changi Airport and chauffeur-driven to The Valley Wing, which has a privateentrance and elevator. Breakfast is in the exclu-sive Summit Room, with drinks and canapesavailable throughout the day in theChampagne Bar.

All guests are provided with personalisedstationery and have use of a personal laptopduring their stay; each room has broadbandaccess and all-in-one fax/printer/copier. Thereis a 24-hour BusinessCentre.

Since it opened in1985, The Valley Winghas become a desired‘home’ for royalty, headsof state, foreign digni-taries and captains ofindustry whenever theyvisit Singapore.■ ALSO in Singapore,the Grand Hyatt,Singapore is refur-bishing the 417 roomsand suites of its Grand Wing, includingrelocation of the Grand Club Lounge to thetop (21st) floor with panoramic views of theSingapore skyline — and creation of fivenew meeting rooms.

Refurbishment is due for completion mid-January, with the first of the new-look GrandDeluxe rooms now available at S$298++ for aminimum two-night stay till January 31. Thepackage includes buffet breakfast for two.

In tandem, in conjunction with CiscoSystems, the Grand Hyatt Singapore has com-pleted a S$1 million upgrade of its guest com-munications infrastructure, enabling wirelessconnectivity in guestrooms and public areasof the hotel, e-butler services in guestrooms,and private secure networks through a sub-server room for conferences. Visit www.singa-pore.hyatt.com

first major hotel to open at Korea’s IncheonInternational Airport. Located at theInternational Business Centre adjacent tothe airport, it offers conference, exhibition,shopping and recreational facilities, 525 gue-strooms and 32 suites, including threeRegency Club floors, and eight restaurants.

■ TWO new properties have opened onJeju Island off the southern tip of Korea, thefirst-class Suites Hotel at Jungmun Resortand the Ramada Plaza Jeju. The Suites Hoteloffers 90 guestrooms, Korean and Westernrestaurants, an outdoor swimming pool, ban-quet hall seating up to 180 and three meetingrooms. The Ramada Plaza Jeju Hotel is shaped

like a cruise ship and sitson the waters of JejuIsland. It has one under-ground level and nineabove ground, with 380rooms, a sports centreand a convention centrecatering for up to 1,000.

■ FOR members ofits Golden CircleClub, Shangri-LaHotels and Resorts isoffering savings of upto 40 per cent on all 41properties in Asia-

Pacific and the Middle East, till February 29.Enrolment in Golden Circle is availableonline at www.goldencircle.shangri-la.com

■ QANTAS has added a third weekly flightfrom Perth to Jakarta.

■ KRISFLYER, SIA’s frequent flyer scheme,has introduced one-way award redemptionsand an ability to purchase ‘top-up’ miles. One-way redemptions will require 70 per cent ofmiles needed for an equivalent return trip.There will be a new category of unrestrictedawards for First and Raffles Class travel,offering greater redemption choices, extendedvalidity and two free stopovers. Additionalstopovers can now be redeemed for 10,000miles per stopover irrespective of class of trav-el — previously 15,000, 25,000 and 40,000miles for Economy, Raffles and First Classrespectively. www.krisflyer.com

■ SRILANKAN AIRLINES is increasing itsflight frequencies to London, Zurich,Frankfurt, Paris and Singapore/KualaLumpur. Flights from Colombo to Singaporeand Kuala Lumpur will increase from fiveweekly to daily, flights to London Heathrowfrom nine to 11 weekly, to Paris from three tofour weekly, to Frankfurt from two to threeweekly. Zurich to five direct flights weekly.www.srilankan.com

■ CONTINENTAL AIRLINES has becomethe first to offer three of the most popular busi-ness applications — two-way email, instantmessaging and text messaging — on its 737,

757 and MD80 aircraft. Cost is US$15.98 perflight, with data in excess of 5KB per messageand attachments incurring a cost of ten centsper KB. Continental also offers JetConnect atUS$5.99 per flight, providing passengers withaccess to laptop data services, includinginstant and text messaging, weather updates,national, international and business news andentertainment. www.continental.com

■ ACCOR has re-opened its Panwa Beachresort, located at Chalong Bay, 10 minutesfrom Phuket Town, following an extensivefour-month renovation. www.accor-hotels.com

■ MALAYSIA AIRLINES has opened a newAUD1.2 million Golden Lounge at SydneyInternational Airport. Seating 96, theLounge has separate First and Business Classsections offering a range of business facilitiestogether with food and premium wines. InAustralia, Malaysia Airlines also offers GoldenLounges in Melbourne, Brisbane and Perth.

■ Deluxe room at The Valley Wing of Shangri-La Singapore

Seoul help centre■ SEOUL has opened a comprehensive help

centre for foreigners visiting and living inKorea. The Seoul Help Centre forForeigners provides information on daily life,business and investment and acts as a resourcecentre for material on tourism, business andKorean life. Seoul City has also launched aninformation book for business travellers,‘Doing Business in Seoul’ — available fromtourist information centres and major hotels.Visit www.seoul.go.kr

■ THE new Hyatt Regency Incheon is the

Shanghai package■ THE newly-opened Ramada Pudong

Airport Shanghai is offering a Meeting &Seminar Package at RMB220 (US$26.50) perperson full day or RMB188 (US$22.65) half-day. The package includes two tea/coffeebreaks, working lunch, Chinese or Western(choice buffet or set menu), meeting acces-sories and 20% discount on Business Centrefacilities. Contact Bobby Li, Director of Sales [email protected]

■ CHINA AIRLINES has launched a newTaipei-Hanoi sector, initially every Tuesday,Wednesday and Saturday but daily services areplanned in the near future. China Airlines hasoperated passenger services to Ho Chi MinhCity since 1992 and currently offers twice-dailyflights, but the Hanoi route is a first for aTaiwanese carrier.

(The following is not a complete list)

JANUARY: 1 China (New Year’s Day); 1 Japan (New Year's Day);

1 Hong Kong (The first day of January); 1 Korea (Solar New

Year); 1 Philippines (New Year's Day); 1 Singapore (New Year's

Day); 1 Taiwan (Founding Day of the Republic of China); 1

Thailand (Western New Year's Day); 7 Sri Lanka (Duruthu Full

Moon Poya Day); 12 Japan (Coming of Age Day); 15 Sri Lanka

(Tamil Thai Pongal Day); 21 Taiwan (Lunar New Year's Eve);

21-23 Korea (Lunar New Year); 22-24 China (Chinese Spring

Festival); 22 Hong Kong (Lunar New Year's Day); 22-23

Singapore (Chinese New Year); 22 Taiwan (Lunar New Year); 23

Hong Kong (The second day of the Lunar New Year); 24 Hong

Kong (The Third day of the Lunar New Year);

FEBRUARY: 1 Singapore (Hari Raya Haji); 1 Sri Lanka (Id-Ul-

Alha Hadji Festival Day); 4 Sri Lanka (National Day); 5 Sri

Lanka (Navam Full Moon Poya Day); 5 Thailand (Makha Puji);

11 Japan (National Foundation Day); 18 Sri Landa (Maha

Sivarathri Day); 28 Taiwan (Peace Memorial Day);

MARCH: 1 Korea (Independence Movt. Day); 6 Sri Lanka

(Medin Full Moon Poya Day); 20 Japan (Vernal Equinox Day);

TIMEZONES (taking Australian Eastern Summer Time asstandard) – Japan, Pyongyang, Seoul, minus two hours;China, Hong Kong, Kuala Lumpur, Manila, Singapore,Taipei minus three hours; Bangkok, Jakarta, Vietnam,minus four hours; Bangladesh, minus five hours; Indiaminus five-and-half hours; Pakistan minus six hours.

U P D A T E E N T E R P R I S E BUSINESS SUCCESS IN ASIA

When you fly THAI to 11 cities in Europe, your Dollar Deal not only includesa great airfare but also a choice of bonus flights in Europe or side trips inThailand plus $200 to $1,000* spending money. THAI. Smooth as silk.

To find out more about THAI’S UK/Europe Dollar Deals,call 1300 651 960 or contact your local travel agent.

*Dollar Deals vary between Economy Class, Royal Executive Class and Royal First Class.Thai Airways International AFTA member license No.2TA000500.

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