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https://www.nationthailand.com/thailand/economy/40023348

Innovation is the key to unlocking Thailand’s digital potential, PTT CEO says

THURSDAY, DECEMBER 22, 2022

Jarupong Krisanaraj

Increased innovation is required to drive Thailand’s digital economy, PTT CEO and president Auttapol Rerkpibool told a forum on Wednesday.

During a talk on innovation for sustainable business, Auttapol told the “Next Step Thailand 2023” forum that the kingdom’s economy faced challenges from decentralisation, and the shifts to green energy and a digital world.

Enhanced innovation is required to meet the challenges posed by social and economic transformations, he told the forum hosted by three Nation Group media outlets: Spring News, Nation TV and Post Today.

Auttapol said innovation to tackle climate change and improve the quality of life is necessary for Thailand to create a digital economy.

For innovation to tackle climate change, Auttapol explained that renewable energy, carbon capture and storage (CCS), and carbon capture and utilisation (CCU) could help Thailand reduce greenhouse gas emissions.

“Renewable energy can help Thailand reduce carbon dioxide emissions, while CCS and CCU will enable carbon dioxide emitters to capture, store and utilise them,” he explained.

Auttapol noted that many countries are developing solar and wind energy alternatives to mitigate climate change, and called for increased cooperation between countries to develop these technologies.

Auttapol said that even though Thailand’s digital competitiveness is ranked at only 40 globally, the country has potential in agriculture and next-generation automotive and medical technology.

He said the agriculture sector needs artificial intelligence to increase production and sales through the development of smart farming and farm management.

“32% of Thais work in agriculture, but they generate only 8% of the country’s gross domestic product,” he said.

Auttapol praised the development of electric vehicles in Thailand, saying it was a good example of the positive impact government support can have. However, he urged for the development of related technologies, calling for investment in battery factories and charging stations.

He said Thailand’s potential in medical technology was outstanding, especially as the country is beginning to age.

Relevant agencies should help develop medicine production for older patients as well as robotics and “future food”, Auttapol said, adding that the high quality of the country’s medical professionals increased the medical sector’s potential.

He also urged Thai entrepreneurs to put technology at the core of their business models and increase cooperating to develop the country’s digital economy.

Related stories:

• Spend more on cybersecurity, panel advises at HackaThailand 2023
• Thailand’s improved business registration law to go into effect from Feb 7
• DES Ministry in major push for digital economy as driving force for growth

Jarupong Krisanaraj

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https://www.nationthailand.com/thailand/economy/40023335

Thai mangosteen association formed as hunger grows in China, Mideast

THURSDAY, DECEMBER 22, 2022

The Thai Mangosteen Association (TMA) was founded on Wednesday to promote, support and solve problems related to cultivation and trade in the purple fruit.

Thai mangosteen production is set to rise 38% this year to 378,400 tonnes, feeding growing demand from China and the Middle East, according to the Agriculture Ministry.
 

Seventy-five members joined the first TMA meeting at the Office of Agricultural Research and Development in Chanthaburi to set up objectives and frameworks for the association.

Pattama Narmwong was selected as chairman of the TMA, whose headquarters are located in the heart of the country’s mangosteen-growing area of Tha Mai district, Chanthaburi.

The meeting forged six objectives for the TMA:

1. Support the stability and sustainability of mangosteen growers and related businesses.

2. Support and aid TMA members in solving problems while also monitoring developments in domestic and international mangosteen trade and other issues.

3. Research and develop mangosteen cultivation, exchanging and publishing academic studies and other information.

4. Improve the quality of Thai mangosteen for good agricultural practices (GAP) certification.

5. Cooperate with the government in supporting production, trade, and export processes.

6. Promote the image of Thai mangosteen and create trust in Thai and foreign consumers.

Related stories

• Food delivery businesses face slump in demand next year: KResearch
• New, expanded markets may see Thai rice exports cross 2022 target
• Farm output set to accelerate its rise next year: Office of Agricultural Economics

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https://www.nationthailand.com/thailand/economy/40023330

Baht up slightly against dollar but all eyes on Thai export data

THURSDAY, DECEMBER 22, 2022

The baht opened at 34.68 to the US dollar on Thursday, strengthening slightly from Wednesday’s close of 34.70.

The currency will likely move between 34.55 and 34.75 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.

Poon said that the baht’s recent strengthening was supported by the market’s risk-on state and gold sales.

However, amid dollar strengthening reflected by a rise in the US Dollar Index (DXY) to nearly 104 points, he expected the baht to swing sideways and not strengthen much.

Moreover, foreign investors are selling short-term bonds in the belief that the baht will strengthen.

He expected the baht’s support level to be at 34.50-34.60 to the dollar.

He warned that the baht might fluctuate and weaken on Thursday if Thailand’s export numbers shrank, resulting in a higher-than-expected trade deficit.

Poon also advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.

Related stories

• Baht gains against dollar, but experts see limited potential for further appreciation
• Baht hits 6-month high against dollar after US Fed meeting
• Baht opens 34.58/dollar on Wed but all eyes on Fed meeting

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https://www.nationthailand.com/thailand/economy/40023315

Seven high-potential product trends for next year

WEDNESDAY, DECEMBER 21, 2022

Bangkokbiz, a news agency, on Wednesday identified seven product groups which it predicts will be trending next year. They are:

1. Products for the elderly

The market for the elderly will mainly focus on health products. This group has a lot of purchasing power from savings and pensions, while not having to spend as much as young adults.

Therefore, healthy foods and beverages as well as products that increase convenience, such as ready-to-cook boiled rice, have huge potential.

2. Convenience products

Current consumer behaviour emphasises convenience, so operators must try to make life easier, for instance, sliced fruits.

3. Health and beauty products

Consumers are increasingly focused on their health and themselves, even more after the Covid-19 pandemic, offering a ready market.

4. Small-size products

People of the new generation like to try something new and convenient, while living on their own or with small families. Operators must make smaller products at affordable prices.

5. Environmentally friendly products

Consumers are focusing more on the environment, so manufacturers must make products that are environmentally friendly throughout the manufacturing process.

6. Local products

The trend of love for local products has grown continuously since the Covid-19 pandemic. Operators could get a geographical indication from the Intellectual Property Department to verify that the product is local.

7. Innovation products

Innovation is a growing trend as it will make products different and add value, such as naem (pork sausage) with food irradiation technology to make it last longer for up to two months.

Related stories

• Thailand’s economy to grow by 3.6% in 2023, riding on tourism recovery: UTCC
• Food delivery businesses face slump in demand next year: KResearch
• Foreign investment jumps 74% to THB112 billion, with largest share from Japan

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https://www.nationthailand.com/thailand/economy/40023313

World Cup fails to lift advertising industry as ad revenues plunge

WEDNESDAY, DECEMBER 21, 2022

This year’s World Cup failed to come close to its predecessors in terms of advertising revenues, earning just 136 million baht compared to the more than 500 million baht as usual, according to Pawat Ruangdejworachai, director and CEO of Media Intelligence.

Pawat said regional and global sports events draw massive audiences in Thailand, and brands and companies spend a lot of money on advertising to reach them.

Before the Covid-19 pandemic, the World Cup and other global sporting events drew more than 500 million baht in advertising, Pawat said.

The 2022 FIFA World Cup drew about one-quarter of this amount.

Prawat said the game with the highest rating was the match between Germany and Japan. Even though it was a group-stage match, its ratings were high because it was broadcast at 8pm on a single channel.

The final between Argentina and France ranked second. It started at 10pm and was broadcast on two channels – True4U and Channel 7 – simultaneously.

True4U was the biggest beneficiary, earning slightly more than 93 million baht in advertising revenue from this year’s World Cup. 

Channel 7 earned 350,000 baht per minute for advertising during the final match, but per minute advertising in most other matches earned only five-digit fees.

Pawat added that most advertisements came from those who helped buy the broadcasting rights.

Only a few brands actually paid for advertising during broadcasts of World Cup matches, Pawat said, adding that Euro Cake and Pepsi were the two highest spenders.

The World Cup did not live up to its record and failed to boost the advertising industry, Pawat said.

Related stories

• AIS Playbox users told they won’t get to watch World Cup finals on the service
• True widens access for viewing World Cup finals
• Sports Authority told to repay THB600m or scrap True World Cup deal

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https://www.nationthailand.com/thailand/economy/40023304

Baht gains against dollar, but experts see limited potential for further appreciation

WEDNESDAY, DECEMBER 21, 2022

The baht opened at 34.65 to the US dollar on Wednesday, strengthening from Tuesday’s close of 34.78.

The currency will likely move between 34.50 and 34.70 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.

Poon said that the baht might strengthen due to the weakening dollar and gold sales, but it would not strengthen past its support level of 34.5 to the dollar because the currency market is fluctuating and foreign investors could sell more Thai stocks after net sales of 1.7 billion baht on Tuesday.

Moreover, foreign investors could also sell Thai long-term bonds as the global bond yield is increasing.

He believes that some of them might wait for the baht to reach close to its support level to short for profit following net sales of 8 billion baht of short-term bonds this week.

Poon also advised investors to use hedging tools, such as options, to manage risks in a highly volatile currency market.

Related stories

• Baht hits 6-month high against dollar after US Fed meeting
• Baht opens 34.58/dollar on Wed but all eyes on Fed meeting
• World Bank urges government to increase tax revenue and reduce inequality

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https://www.nationthailand.com/pr-news/thailand/economy/40023257

KResearch revises Thailand 2023 GDP forecast to 3.2 % amid global economic recession 

TUESDAY, DECEMBER 20, 2022

Kasikorn Research Center (KResearch) has revised its 2023 GDP growth projection to 3.2 % from the previous projection range of 3.2-4.2 %, though its 2022 GDP growth forecast has been upgraded to 3.2 % from the earlier projection of 2.9 %. 

Nattaporn Triratanasirikul, KResearch Deputy Managing Director, viewed that the global economy will see a significant slowdown in 2023 – presenting an obstacle for the Thai economic recovery. The US and Eurozone are set to show no growth given their policy rate hikes to tame inflation and the impact of an energy crisis in Europe. 

Meanwhile, it is more likely that China will reopen its borders in the second quarter of 2023. However, close attention should be paid to the situation there, especially the number of infected cases and deaths, as well as the adequacy of China’s public healthcare system. China may face a new wave of COVID-19 which would affect its economic activity. Under these circumstances, KResearch holds a cautious view towards China’s reopening and therefore maintains its 2023 projection of international tourist arrivals at 22 million. Meanwhile, the Thai economy is projected to grow at 3.2 % next year.  

As for the interest rate outlook, we at KResearch are of the view that the US Federal Reserve (Fed) may continue to raise its policy rate to 5.0 % or even higher during the first quarter of 2023. The Fed Funds rate will likely stay at an elevated level throughout 2023. Meanwhile, Thailand’s Monetary Policy Committee is expected to hike its policy rate at its two upcoming meetings by 0.25 % each, reflecting that domestic interest rates are also on an upward trajectory. Regarding the Baht’s outlook during the first quarter of 2023, it is expected that the Thai currency will strengthen even as the Fed presses ahead with its planned policy rate hikes because markets have already priced in such a likelihood. 

For the financial sector, it is expected that loans of commercial banks registered in Thailand will grow within a limited range of 4.2-5.2 % YoY (median rate of 4.7 %) in 2023 versus the 5.0 % growth projected for 2022, in line with economic conditions facing numerous risks and an uneven recovery expected in the business sector. The cautious trend will also be reflected in asset quality within the commercial banking system, as the NPL to total loan ratio in 2023 may not improve from that seen in 2022. NPLs are projected to stay within a range of 2.55-2.80 % at the end of 2023, compared to the 2.65-2.75 % expected at the end of 2022.  

Kevalin Wangpichayasuk, KResearch Deputy Managing Director, said, “Regarding the Thai business outlook for 2023, KResearch views that most industries are still dealing with numerous challenges. In terms of operating costs, electricity prices, labour costs and interest rates are rising. Meanwhile, business income would be affected by major economies falling into a recession and the Baht’s appreciation, thus causing a decrease in Thai exports. Additionally, as the impacts of such factors on each industry vary, business income in 2023 will likely see an uneven or “K-shaped” recovery. Hotels and restaurants, private hospitals and the retail sector may lead the recovery. Meanwhile, industries which will see their recovery take longer or even see a contraction are real estate and exports of electronic devices and electrical appliances.” 

In addition, Thai businesses will increasingly be challenged by environmental, social, and governance (ESG) issues in 2023. Thailand’s trading partners will likely adopt more stringent rules and regulations, especially the EU’s Carbon Border Adjustment Mechanism (CBAM). Meanwhile, Thailand will focus more on developing definitions and a practical green taxonomy to move towards a green economy. Given this, Thai business operators need to study and make adjustments in order to enhance their long-term competitiveness.

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https://www.nationthailand.com/thailand/economy/40023246

NBTC urged to create national platform to help digital TV operators compete with OTT service

MONDAY, DECEMBER 19, 2022

Jarupong Krisanaraj

Digital television (TV) industry experts have advised the National Broadcasting and Telecommunication Commission (NBTC) to revise regulations and create a national TV channel that would boost operators’ competitiveness.

Three panellists made the remarks during a seminar “Opportunities and solutions for Thailand’s digital TV industry amid changes in media ecosystem” at Pullman Bangkok Grande Sukhumvit on Monday.

Special adviser to Nation Group Adisak Limparungpatanakij said he sees opportunities for digital TV operators as content providers.

“Up to 80% of content nowadays comes from digital TV operators,” he said.

He urged the NBTC to revise regulations so as to make digital TV operators more competitive, otherwise over-the-top (OTT) streaming could dominate Thailand’s media market.

“OTT streaming has already won the hearts of people in Greater Bangkok,” he pointed out.

Tero Entertainment’s deputy managing director, Choakchai Eaimrittikrai, said the emergence of OTT streaming services, such as Netflix, Hulu, YouTube and Line TV, has forced digital TV operators to become content providers.

He added that digital TV operators’ revenue from advertising had halved from 60 billion baht to 30 billion baht due to disruption caused by OTT streaming.

“Digital TV operators have been forced to pay more attention to changes in consumers’ demands, such as broadcasting content on digital TV, Facebook and TikTok at the same time,” he said.

He asked the NBTC to create a national TV channel that would enable Thai content providers to broadcast content both locally and internationally.

He added that content on the national TV channel should include food, music, travel and sports, which could help promote Thailand’s soft power.

“Content providers simply make content to be broadcast on the national TV channel and add the subtitles,” he said, adding that it is weird that no Thai content is broadcast overseas.

He said that it is the NBTC’s duty to promote Thai content internationally to further strengthen Thailand’s digital TV industry.

He added that Tero Entertainment is currently in talks with a global sports media platform, Group One Holdings, on broadcasting One Lumpinee Muay Thai matches in 179 countries worldwide.

One 31’s chief operating officer, Deaw Woratangtragool, said there were still opportunities for Thailand’s digital TV industry to become content providers amid the streaming disruption.

“Amid the digital transition, many digital TV operators have already adjusted themselves to become content providers,” he said.

Echoing Choakchai’s idea, he said a national TV channel would benefit Thailand both locally and internationally.

The three panellists also agreed that digital TV was still effective despite changes in the media ecosystem.

However, they pointed out that outdated laws and regulations, as well as a lack of infrastructure and NBTC’s support, posed challenges to Thailand’s digital TV industry.

“Digital TV is still effective, but content providers must pay more attention to consumers’ needs,” the panellists said.

Related stories:

• NBTC team to oversee OTT streaming operators amid digital push
• Sports Authority told to repay THB600m or scrap True World Cup deal
• NBTC demands return of THB600m it gave to SAT for World Cup broadcast rights

Jarupong Krisanaraj

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https://www.nationthailand.com/thailand/economy/40023242

Food delivery businesses face slump in demand next year: KResearch

MONDAY, DECEMBER 19, 2022

The research arm of Kasikornbank (KBank) expects the food delivery business sector in Thailand to slow down next year in line with the situation in other countries as the Covid threat slowly ebbs.

A KResearch Centre study, released on Monday, said that the food delivery business in Thailand next year would be valued at around 81 billion to 86 billion baht next year, a contraction of 0.8% to 6.5% compared to the value this year.

The centre said the value would still be much higher than before the Covid pandemic.

KResearch said its study from early this year until now had found that about 37 per cent of its survey group had reduced the frequency of food delivery service since the improvement in the Covid-19 situation and as people have started returning to work.

KResearch said single-dish and basic foods remain the biggest group of foods ordered via food delivery services.

It said the categories of foods and drinks that faced a slowdown were drinks and bakery because employed people prefer to buy them on their own since their return to work.

KResearch advised operators of food delivery services to diversify their operations and allow customers to hire their riders to buy goods from supermarkets and convenience stores, or try to expand their services to the provinces to be able to sustain their business.

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https://www.nationthailand.com/thailand/economy/40023207

Thailand needs to change to strengthen its bilateral ties with Japan, say experts

SUNDAY, DECEMBER 18, 2022

Stephanie Adair

Japan has played a big part in Thailand since bilateral ties were first established 135 years ago. Now Thailand has nearly 100,000 Japanese expats and is the base for some 6,000 Japanese companies.

However, many experts believe Thailand’s potential as an important partner is being held back by its lack of infrastructure. 

The experts were speaking at Nagoya University’s annual Thai alumni seminar, “Past 135 Years and the Future: Japan and Thailand Relationship in the Changing World”, held recently at the Japan Foundation in Bangkok.

Dr Attachak Satayanuruk, a history professor at Chiang Mai University, pointed out that Thailand needs to adapt itself to match Japan as a partner. 

“I think other than thinking about what holds us back as a society, we must perceive Japanese people’s way of thinking. In Thailand, it is the system that defines the outcome of each person’s life, while in Japan, people are taught that every outcome defines society as a team.”

Prof Dr Siriporn Wajjwalku from Thammasat University’s Faculty of Political Science agreed, saying that the shift from being a reliable partner to an important one will require Thailand to make adjustments. 

“Can Thailand change for Japan to see us as an important partner in the future? Not just in terms of bilateral relations but when it comes to shared production and operating system?” he asked. 

Dr Pichet Itkor, a special adviser at Ajinomoto Sales (Thailand), said: “If we look at it, Thailand is mostly a recipient and Japan may not view Thailand as an equal partner but more as a place for investment. If Thailand wants to become a true partner, it will have to elevate its system and upskill the workforce.”

Stephanie Adair