India’s 2019 Interim Budget, Medical Devices in Vietnam – China Outbound
Our weekly round up of other news affecting foreign investors throughout Asia.
In the 2019 World Bank Group report, Thailand is ranked 27 out of 190 economies and second among its ASEAN neighbors, after Malaysia, for the ease of doing business. Thailand is an upper-middle income country and serves as a gateway to one of the world’s most dynamic markets.
With India’s general elections around the corner, the Modi government has come out with a massive spending plan for the country’s general public.
The government’s 2019 interim budget includes a cash transfer program for small and marginal farmers that involves an additional Rs 70,000 crore of revenue spending, income tax concessions for the middle class, a mega pension plan for the unorganized sector, and support for small businesses among other schemes.
Russia’s tourism industry will benefit from US$320 million being allocated to develop tourist infrastructure from 2019 to 2022. In particular, Russia is targeting ecological tourism, to be developed under the ecology national project.
From January 1, 2019 – all medical devices sold in Vietnam will require approval by local authorities. Previously, the assessment of the risks and classification of medical devices by international qualified bodies were recognized by the government of Vietnam.
Government approved entities will also use the highest risk threshold when arriving at the final classification result – irrespective of the uses of the medical device and how it may be used alongside other devices.
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