Fujitsu chief in Thailand seeks inner transformation
WEDNESDAY, FEBRUARY 01, 2023
Jarupong Krisanaraj
Technology alone cannot make companies achieve digital transformation, Kanokkamon Laohaburanakit, managing director of Fujitsu (Thailand), said on Wednesday.
Internal transformation is also necessary to cope with technological disruption, drive a company towards sustainability, and gain trust among employees and consumers, Kanokkamon said.
The challenge in digital transformation is changing employees’ mindsets as they may feel uncertain about new things, she said.
“Fujitsu highlights that internal transformation is essential and very important. Every employee is important to drive the organisation towards sustainability,” Kanokkamon said.
The company uses the principle “Fujitra” (Fujitsu Transformation) to help it improve internally, she said, adding that the concept includes leadership and culture, is data-driven, and focused on digital transformation.
Employees around the world are allowed to work anywhere and go to their offices only when required, she said, adding that the principle boosts trust among employees and consumers.
The principle also enables Fujitsu to help customers cope with digital transformation and achieve their sustainable goals effectively, she said.
Kanokkamon Laohaburanakit
Fujitsu has 124,000 employees in over 100 countries. In Thailand, it employs 408 people.
Centara Expands Customer Experience with New Thai Airways Partnership Ahead of Centara Grand Hotel Osaka Debut
WEDNESDAY, FEBRUARY 01, 2023
Centara Hotels & Resorts, announces a partnership with Thai Airways to offer passengers exclusive benefits ahead of the grand opening of Centara Grand Hotel Osaka, Centara’s first-ever property in Japan in July 2023.
This partnership marks the latest addition to Centara’s expanding airline partnership network which includes Singapore Airlines, Qatar Airways, Thai Vietjet, Go First, Myanmar Airways International, and Vistara Airways.
“As we prepare for the highly anticipated launch of our debut property in Japan, we are thrilled to partner with Thai Airways to offer their network an array of exclusive benefits and to welcome travellers for the first time to this exciting new hotel, Centara Grand Hotel Osaka. Elegant, modern and conveniently located in the heart of downtown, our latest hotel is ideal for business travellers, families, couples, and solo explorers looking to discover breathtaking Osaka and enjoy Centara’s signature service and warm hospitality”, said Tom Thrussell, Vice President – Brand, Marketing & Digital of Centara Hotels & Resorts.
The new marketing partnership offers Thai Airways passengers an exclusive introductory rate of 25% off the lowest publicly available online rates at the brand-new Centara Grand Hotel Osaka with bookings made from now – 30th June 2023 for stays between 1st July – 20th December 2023.
Located in the vibrant shopping and entertainment district of Namba, Centara Osaka is a remarkable landmark soaring 33-storeys above downtown. Guests will discover an eclectic selection of world-class bars and restaurants, including a rooftop dining destination with spectacular views, an assortment of accommodation choices designed for sophisticated comfort, Japan’s first-ever SPA Cenvaree, and modern event and meeting spaces, including MICE facilities, a rooftop Sky Event space and Grand Ballroom, for any occasion.
“With the reopening of Japan to international tourism, Thai Airways is excited to partner with Centara to welcome our passengers back to Osaka and to experience the brand-new Centara Grand Hotel Osaka with exclusive privileges and introductory rates. Japan is a phenomenal destination, and we look forward to sharing its beauty with our customers once again with this new Centara partnership”, said Mr. Wit Kitchathorn, Director of Sales of Thai Airways.
Spectacular modern architecture at Centara Grand Hotel Osaka
All passenger traveling with THAI to Osaka can enjoy this exclusive offers by simply fill out THAI’s ticket numbers in booking link that we promote in all online channel.
Currently, THAI operates 54 weekly flights to six destinations in Japan which are Tokyo (Narita/Haneda), Nagoya, Osaka, Fukuoka, and Sapporo. For more information, reservation and ticketing, please visit thaiairways.com or call 0-2356-1111 for THAI Contact Center (24 hours a day)
Under the Centara x Thai Airways promotion, guests will not only receive a special introductory offer of 25% off the best available room rate when logged in as a CentaraThe1 member. This is lower than any publicly available rate and exclusive to Thai Airways passengers. Other privileges also include complimentary room upgrades, early check-in, and late check-out which are all subject to availability, as well as a 25% discount on food at Embassy of Crab or Suan Bua restaurants. In addition, guests who order 2 or more set menus at either of these restaurants will receive one complimentary bottle of wine.
Travellers who are not yet members of Centara’s loyalty programme can sign up for free in less than a minute, and immediately start enjoying benefits and earning points. To take advantage of all CentaraThe1 membership privileges, sign-up or sign-in now at www.CentaraThe1.com
Minister forecasts 4% growth for Thai economy this year
THURSDAY, FEBRUARY 02, 2023
The Thai economy is expected to expand by 4% a year under the leadership of Prime Minister Prayut Chan-o-cha, Energy Minister Supattanapong Punmeechaow said on Thursday.
He made the forecast during a talk with Top News on “Thailand’s future under Prayut’s guidance”.
The Covid-19 crisis curbed the economy’s growth for three years as revenue plunged due to the dramatic decline in foreign tourists – from 40 million people per year before the pandemic.
Thailand attracted 11.81 million foreign visitors last year, according to the Tourism Authority of Thailand.
“The government focused on propping up the economy amid the Covid-19 crisis,” he said.
The economy will be better this year despite the impact of the trade war between the US and China, the minister said,
The economy will return to normal soon and the number of foreign visitors this year could exceed 20 million people, he said.
Supattanapong said that because Thailand was able to maintain financial discipline during the pandemic, rating agencies had not downgraded the country.
He also said the government would drive growth by developing infrastructure, increasing access to digital technology, promoting new industries, and expanding trade.
He said the fact that demand for electric vehicles in Thailand exceeded 30,000 last year was a signal that the country accepts environmentally friendly technology.
Thailand’s reengagement with Saudi Arabia resulted in cooperation worth more than 100 billion baht, the minister said.
Saudi Arabia restored its relationship with Thailand this year after 32 years of frostiness following the so-called Blue Diamond Affair in 1989, which was sparked by the theft of jewels from a Saudi prince by a Thai worker.
The minister expects the value of investment in Thailand to hit 1 trillion baht this year, up from 700 billion baht last year.
“We would like to ask people to be confident,” he said. The Thai economy will be better this year and the lingering effects of the pandemic will be gone within two years, he said.
Kiatnakin Phatra flags export slump as a drag on Thai economic recovery in 2023
TUESDAY, JANUARY 31, 2023
Nongluck Ajanapanya
Kiatnakin Phatra Financial Group (KKP) has suggested that Thailand address an unequal economic recovery this year, as the tourism industry is recovering while exports are falling.
KKP Research chief economist Pipat Luengnaruemitchai issued the warning while releasing the company’s earnings report on Tuesday.
He explained the overview of the country’s economy under the topic “The hope for the Thai economy amidst the global economic storm”.
He said that there are hopes for the Thai economy to recover this year as tourism is picking up and will do even better because China has reopened its borders earlier than expected.
However, with the global economy expected to grow at a slower pace than the previous year and many large business sectors at risk of recession, Thailand’s exports, another core engine driving Thai growth, are expected to slow further from the end of last year.
Exports are expected to fall in the first half of 2023 before recovering in the second half as China’s economy improves.
According to Pipat, exports will be down 1.8% from the previous year.
Pipat Luengnaruemitchai
Overall, KKP Research has raised its forecast for Thailand’s economic growth this year from 2.8% to 3.6%. However, economic risks such as the impact of the global slowdown, high inflation, central bank policy, the uncertainty of Covid-19, and geopolitical tensions must be closely monitored.
Meanwhile, the upcoming Thai election must be closely monitored too because it may introduce another variable that affects the Thai economy.
Aphinant Klewpatinond, KKP’s chief executive officer, stated that the company plans to pursue a prudent business growth strategy this year while expanding its potential customer base in response to high inflation, rising interest rates, and a global economic slowdown or recession.
He said that the challenges would have a wide-ranging impact on all customer groups and credit quality.
KKP also intends to increase Group synergy through cross-selling while leveraging its savings and investment digital platforms, such as Dime and Edge.
“At present, the Dime application has over 100,000 users, and KKP plans to collaborate with partners to grow a customer base and develop application features to better meet the needs of diverse customer groups,” he said.
Aphinant strongly believed that with a prudent strategy, the company could continue to grow smoothly.
According to its most recent quarterly earnings reports, KKP’s net profit in 2022 will be 7.602 billion baht, up 20.3% from the previous year.
The rise was primarily driven by commercial banking, which saw loan growth across all segments reach 21.4%. The capital market continued to generate good revenue, and the brokerage business maintained its top market share.
KKP’s fund management revenue increased as well, while investment business grew significantly due to equity and derivative trading in volatile market conditions.
Investment banking revenue was satisfactory, owing largely to transactions in the second half of 2022, he said, while wealth management asset under advice (AUA) was roughly 700 billion baht.
(From left) Aphinant Klewpatinond, Philip Chen Chong Tan, and Preecha Techarungchaikul
KKP’s president, Philip Chen Chong Tan, added that the bank would continue to focus on smart growth in potential customer groups and collateralised loans like auto hire-purchase and home loans.
KKP’s loan portfolio increased by 21.4% in 2022, resulting in higher interest and fee income.
In terms of this year’s plans, KKP’s president intends to expand markets for the recently launched “Rod Riak Ngern” (car for cash) and leverage banking digital channels, such as KKP Mobile and Edge, to connect banking services to KKP’s investment services.
Kiatnakin Phatra Financial Group (KKP) was formed by the merger of Kiatnakin Phatra Bank’s commercial bank and Kiatnakin Phatra Securities’ capital market business.
The group provides clients with financial resources, products, and services, such as corporate loans, real estate loans, SME loans, and retail loans such as car loans, housing loans, personal loans, investment banking, securities brokerage, wealth management, direct investment, and asset management.
Adecco has revealed that, in 2022, the average salary of office workers rose from that of the previous year, which reflected the continuous recovery of the Thai labor market in line with improved economy. As for first jobbers, the IT field enjoyed the highest salary of 80,000 Baht while logistics and marketing jobs were in high demand.
The Adecco Group Thailand, a world-leading HR solutions agency, has revealed its Salary Guide 2023 which showcases the information of minimum and maximum salaries of over 800 positions in 8 industries. Such data have been gathered from the employments of Thailand’s leading companies through Adecco. It has been discovered that, in 2022-2023, the Thai labor market has started to bounce back and become much more lively compared to the last few years during the Covid-19 pandemic. Such phenomena result from the country’s economy which starts to recover as seen in Thailand’s GDP in the third quarter of 2022 which rose by 4.5% in comparison to that of the same period in 2021. Employments have increased in various industries, e.g., manufacturing, logistics, FMCG trading, and banking & finance (FinTech).
Minimum salary of new grads has reached 15,000 Baht again
In 2020-2021, the Covid-19 outbreak triggered uncertainty in the labor market, causing the starting salary of new graduates to drop from 15,000 Baht to 12,000 Baht, and even reached the lowest point at 10,000 Baht. This year, their minimum salary has rebounded to 15,000 Baht once again. The average salary of employees with 0-3 years of experience has also been found to slightly increase to 24,000-38,000 Baht, with the maximum of 80,000 Baht for IT careers such as security analyst and software tester, followed by ERP consultant, frontend developer, programmer, process engineer, nutritionist, and credit analyst. It can be seen that most of these are the positions that require specific and specialized skills, for example, IT, digital, financial, and analytic skills. This demonstrates the importance of hard skills that working people must have and develop until they become specialists with profound knowledge. Nevertheless, in order to earn a high salary, it is indispensable for candidates or workers to be equipped with other skills as well. These include language and communication skills as well as teamwork skill which will help fulfill the candidates’ skillset so that employers are willing to pay a higher salary than normal.
Starting salary soars for employees of almost all levels while IT, logistics and marketing jobs are the hottest ones
As companies started hiring and recruiting heavily in 2022, the starting salaries of senior and manager positions also rose in the past year: 15,000 Baht to 18,000 Baht for senior positions and 20,000 Baht to 30,000 Baht for managers. The most popular career fields this year remain IT, supply chain management, and sales & marketing since they are the driving force which propels business growth amidst digital transformation, for instance, the development of new technologies to meet people’s needs nowadays, logistics as the heart of e-commerce which is the shopping trend of modern consumers with a tendency to grow continuously, or marketing which must connect online and offline platforms in an outstanding and efficient manner in order to compete with a large number of players in the market. For this reason, those who work in these career fields are in high demand for almost every industry. Employers are happy to offer high salaries to retain competent staff or to attract talented candidates to their companies.
Talent shortage gives candidates more power to negotiate
Ms. Tidarat Kanchanawat, CEO of the Adecco Group (Thailand), said that “If we look at the overall picture of the labor market in the previous year, it can be said that 2022 is the year that many companies started to recover from the Covid-19 situation, especially during Q1 and Q2 when there were a large number of job openings in various industries. Also, job transfers of talents with desirable skillsets could be seen in several career fields, which was in line with the global trend. According to Adecco’s Global Workforce of the Future 2022 report last year, 1 out of 4 employees decided to quit or change their job for higher compensation, better welfare benefits, or work policies which suited their needs better. As the number of talents is limited and insufficient for the market’s need (talent shortage), these skillful workers have more power to choose, resulting in the competition between companies to maintain capable staff and attract new talents into their organizations, also known as a talent war. Such competition is reflected in the average salary rates which are higher than last year. This is not only the adjustment to reflect the inflation rates, but it is also the strategy to retain existing skilled staff and appeal to new talents. The ones with the biggest advantage are well-rounded candidates as they have the power to negotiate both in terms of salary and other benefits. They can choose to work with the company that suits their needs the most.
As for the news about employee layoffs by several companies in the previous year which might cause many to feel concerned, in my point of view, some cases happened because such businesses or industries might really face a downturn, such as publishing or TV broadcasting businesses. The layoffs by most technology companies, on the other hand, were caused by the fact that those companies hired more staff in response to the higher-than-usual demand for products and services during the Covid-19 pandemic. However, when things began to get back to normal, the need for labor in such fields might have declined. In companies’ viewpoint, this is a good opportunity to acquire a talent pool full of capable candidates and to look for the right people to join their workforce. The most important thing for candidates is to continue to develop hard skills and soft skills under the T-shaped skills concept which is not just limited to the ability to work in their particular field, but also includes communication skill, teamwork skill, the will to fight without giving up or resilience, the ability to adapt themselves and solve problems in different situations. These are essential skills for work no matter what career you have”.
Organizations should adjust their work culture to welcome Gen Z to the labor market
“My advice for companies this year is that HR and organization leaders should gain better understanding of their employees by analyzing data for manpower planning, come up with plans to manage and develop their employees’ skills, and learn about the characteristics of Gen-Z people who are about to step in and become another significant group in their company. It is also important to find a way to adjust corporate culture in preparation for this group, for instance, to get the managers who will work with Gen Z prepared to open up to new ideas, to increase flexibility in their work policies both in terms of place and time, and to create work culture which enables people with differences in terms of age, gender, religion, etc. to work together efficiently. Companies that are able to accomplish these first will be one step ahead of others,” Ms. Tidarat added.
Asian Pacific labor market lacks STEM workers
Mr. Simon Lance – The Adecco Group Senior Vice President & Regional Head of Permanent Recruitment (APAC) also discussed about the overall picture of the regional labor market, saying that “The labor markets throughout Asia Pacific are still facing the lack of talents, especially in the fields of STEM (Science, Technology, Engineering and Math), including for senior management positions, while the industries which are growing in this region remain life sciences, healthcare & biotechnology, and renewable energy. In 2023, we should see the growth of tourism, hotel, and hospitality industries as well.
Job transfers across countries in this region tend to increase as the measures to control and prevent Covid-19 are relaxed. This also helps promote corporate image in terms of workplace diversity. Nevertheless, hiring foreigners remains a challenge as it is a costly investment for companies. It is also challenging for workers themselves as they have to get ready to adapt themselves in order to work amidst different cultures.
Still, many companies are starting to compare the pros and cons of offshoring and nearshoring employments for different functions of their organization. Some companies now become interested in shared service centers such as an IT hub or designer hub in one country which will provide its services to other branches of the company in other countries, too. This will allow them to make the most of their existing human resources, and it is another way to cope with worker shortage or high wages due to inflation which are happening in many countries.”
Thailand signs MOU with Ishikawa in Japan to link local businesses, investment
WEDNESDAY, FEBRUARY 01, 2023
The Industry Ministry has signed a memorandum of understanding with Ishikawa prefecture in Japan to forge links between local Japanese and Thai businesses, government spokesman Anucha Burapachaisri said on Tuesday.
Ishikawa is the 23rd of Japan’s 47 prefectures to sign an MOU with Thailand to promote industrial cooperation under the theme of “Otagai”, which means “to help each other”, said Anucha.
On the Thai side, the Department of Industrial Promotion will match cluster industries in Ishikawa – including machinery, textile and fibre, food and agriculture – with suppliers and partners in Thailand.
Both sides also agreed to participate in the 22nd Otagai Forum in Nanao City, Ishikawa, on February 22 to promote collaboration in the carbon-fibre-reinforced polymer and food processing industries and the bio-circular and green (BCG) economy.
The ministry will also promote Thai industries to Japanese investors in Ishikawa.
Over 6,000 Japanese businesses currently operate in Thailand, said Anucha.
“The government believes that industrial cooperation with Japan can be expanded to related aspects that help maximise Thailand’s potential in product development and contribute to the growth of our industrial estates,” he added.
The MOU follows a January 11-15 roadshow held by the ministry in Ishikawa to generate Japanese investment for Thailand’s electric vehicle and smart technologies industries. The roadshow was expected to bring up to 10 billion baht in investment, focused on the 12 targeted S-Curve industries in the Eastern Economic Corridor.
SCB EIC expects stronger CLMV economic growth in 2023, despite a global economic slowdown
WEDNESDAY, FEBRUARY 01, 2023
CLMV countries will gain a stronger growth momentum in 2023 but remain below their growth potential prior to the Covid-19
The rebound would be uneven across countries, depending on economic fundamentals and country-specific risks. SCB EIC expects that Cambodia‘s economy will grow 5.5% this year, 3.0% in Laos and Myanmar, and 6.2% in Vietnam.
Domestic demand and tourism will be key drivers for CLMV‘s economic recovery in 2023. Domestic demand will gain support from improvements in the labour market, as seen in Vietnam’s Q4/22 employment soaring to its highest level since the Covid-19 outbreaks.
Meanwhile, the service sector will benefit from rising tourist arrivals this year – particularly Chinese visitors, who made up about 30-35% of total foreign tourists in 2019.
China has authorized outbound group tours travelling to Cambodia and Laos starting from February 6, 2023, and is expected to add more destinations to the list soon. In particular, Cambodia and Vietnam are poised to benefit the most from the tourism rebound, considering the high contribution of tourism (both domestic and foreign) to GDP at 18.2% and 9.8%, respectively.
In contrast, external demand will decline alongside a subdued global economy. Such a gloomy backdrop could affect CLMV exports and foreign direct investment (FDI). Among CLMV countries, Vietnam would take the hardest hit due to its extensive ties to the global supply chain. SCB EIC thus expects only Vietnam to witness a gradual slowdown this year, after a profound growth of 8% in 2022.
China’s reopening might somewhat cushion adverse impacts on exports and FDI. Still, there remain risks that weak external demand could depress CLMV domestic demand, manufacturing production, and employment.
CLMV central banks will likely implement a tighter monetary policy in 2023, but policy normalization will be gradual after inflation tends to cool down. Based on our assessment, CLMV inflation will start to wind down in line with falling global commodity prices in 2023, albeit slowly, as prices should remain elevated. Weak currencies – such as the Lao kip (LAK) and the Myanmar kyat (MMK) – will also keep import prices persistently high.
Against this backdrop, CLMV central banks will raise the policy rate slightly to curb inflation and stabilize national currencies. SCB EIC anticipates a slower rate hike in H2/23 because
1) The US Federal Reserve has signalled a slower rate increase, which would alleviate downward pressure on CLMV currencies,
2) Overall economic recovery remained fragile,
3) In some countries – such as Vietnam, local firms began to face hardship in refinancing debt and thus fell into a liquidity crunch. This could fuel economic risks if the tight financial condition continues.
The economic recovery in Laos and Myanmar are expected to be slower than in other countries due to country-specific risks.
Laos’ economic stability is fragile from price stability, to fiscal and external balances – which would keep future growth below its potential. Laos also faces high inflation, partly from rapid LAK depreciation and deteriorating fiscal positions, which depressed domestic economic activities Laos’ external public debt burden is expected to average USD 1.2-1.5 billion annually in the next four years, while the foreign reserve buffer remained low at around USD 1.1 billion as of September 2022.
Meanwhile, in Myanmar, ongoing political uncertainty would weigh down economic growth in the medium term. Investors will continue to have lower sentiment, and domestic economic activities in Myanmar should remain subdued. Despite the incoming general election in 2023, SCB EIC views that it will not significantly ease political uncertainties. Hence, these drawbacks will likely keep Myanmar’s growth below its potential for the time being.
Thailand’s direct investment in CLMV is expected to grow this year, albeit slowly, from a subdued reading in 2022. Negative factors in recent years include a fragile and teetering economic rebound, soaring inflation that heightened business costs, and country-specific risks such as Myanmar’s political unrest that hampered investor sentiment. Furthermore, as foreign investment usually takes time for preparation, the Covid-19 outbreaks thus aggravated many FDI project postponements. These setbacks would still exist in 2023, yet improving conditions – from more upbeat economic momentum, cooling inflation, and the easing of regional travel restrictions—should help ignite a gradual rebound in FDI to CLMV countries.
In the medium term, SCB EIC views that the CLMV region would remain an appealing investment destination for Thai and foreign investors, thanks to low wages, a growing domestic market, and free-trade agreements (bilateral and multilateral FTAs) with major trade partners.
Given those strategic advantages, CLMV countries could become an attractive manufacturing base for exports to large markets such as China and India.
Lastly, ongoing geopolitical tensions are risks that could lead to both advantages and disadvantages for the CLMV region. The top issue that warrants monitoring is the China-US-Taiwan dispute. The friction might expand into the South China Sea – a major regional trade route – and thus trigger a supply chain disruption in the manufacturing sector.
Meanwhile, leading economies tend to impose higher trade barriers to safeguard local industries, implying higher business costs and posing risks to CLMV exporters. On the other hand, geopolitical tensions could also benefit CLMV through a potential manufacturing relocation from China to the region.
In such cases, CLMV countries would enjoy an upper hand from geographical advantage with close proximity to China, low wages, and broad FTA networks. Besides, as major powers step up efforts to gain regional influence, CLMV could benefit from economic partnerships – such as China’s Belt and Road Initiative or the US’ Indo-Pacific Economic Framework – to uplift their economic potential.
Winner of CEO Thailand Award 2023, Shubhodeep Das, shines the light on leadership in the private sector in Chiang Mai
TUESDAY, JANUARY 31, 2023
Mr Shubhodeep Das, the founder and group CEO of Hylife Group, won the CEO Thailand Award in 2023, which led Hylife Group to become the business leader in Chiang Mai’s private sector in sectors such as real estate, mortgages, debt rehabilitation, food processing, and medical supplies.
The event held on January 29, 2023, at the Amari Don Mueang Airport Hotel, was arranged by the Broadcaster and Journalist’s Assembly of Thailand (BJ.AT) to provide awards for the best CEO in Thailand.
Mr Shubhodeep Das led the Hylife Group, which was founded during the COVID-19 outbreak, to overcome the crisis. Initially, Hylife Group was successfully established in medical mask production, land purchase, mortgages, and condominium sales while other businesses were developed, such as food processing and debt rehabilitation.
During the COVID outbreak, the impact of the employment reduction has impacted all areas of Thailand. Mr. Shubhodeep Das and the management team have assembled a team with strong potential to develop products and services in areas where the COVID-19 outbreak had a smaller impact, like Chiang Mai. The Hylife Group businesses have helped in income distribution during these hard times and helped drive the economy by proving jobs. Even though it went against the trend back then, it was better than doing nothing since COVID-19 caused a tourist city like Chiang Mai to stagnate. Surprisingly, the company’s condominium project has received more positive responses than expected because teams with high potential and experience from various places joined the company and drove it to success and the condominium project sold out in less than a year. This has been considered to have a massive impact on new Chiang Mai entrepreneurs. It is believed that Chiang Mai’s economy will recover after reopening the country. People have adjusted to living with COVID-19; thus, the company is preparing to develop additional projects to support new business opportunities that will arise.
There are now eight companies in the Hylife Group with registered capital totaling more than 471 million Thai baht: Hylife Asset Co., Ltd., Hylife Developments Co., Ltd., Hylife Property Development Co., Ltd., Dr. Hygiene Medical Products Co., Ltd., Pinnacle Asset Management, HA Construction Co., Ltd., Hylife IBC Co., Ltd., and Hylife Global Foods Co., Ltd. The last two businesses recently received investment promotions from The Board of Investment of Thailand (BOI), which motivates Hylife Group to strive and always prepare to move forward to strengthen and sustainably grow the Thai economy.
Thailand Businesses Lead the World in Business Health
TUESDAY, JANUARY 31, 2023
Thailand’s business health in the second half of 2022 improved by 3.8 percentage points over H1 2022, with the index reaching 8.8 – marking the highest point in five years and exceeding regional and global averages for the first time since 2017, according to a report by Grant Thornton’s International Business Report (IBR)
In contrast, Asean business leaders are more cautious, while Asia Pacific and Global business leaders remain bearish.
Ian Pascoe, CEO and Managing Partner at Grant Thornton in Thailand, said, “Business leaders are better prepared after having gone through 3 years of unprecedented economic turbulence as Thailand emerges from the pandemic. Our business survey indicates Thai businesses share a positive sentiment in their outlook for 2023 and are more positive about the effects of the external factors on their business.”
The business health was determined by combining the overall economic outlook with the sentiment on restrictions.
The three major economic outlook indicators of general economic optimism, business conditions and investment intentions declined by 2.1 percentage points, 0.5pp, and 3.4pp respectively, in the second half of 2022.
Improving sentiment on restrictions has significantly bolstered Thailand’s business health index. Business concern over demand constraints dropped by 9.6 percentage points from H1 2022, while worries over supply constraints fell by 7.4pp.
Despite ongoing challenges of inflation, high energy prices, and cultural phenomena such as the Great Resignation, businesses in Thailand remains more positive in their outlook as compared to the past 5 years, indicating that businesses have adapted and built resilience into their operations in preparation for 2023.
The Grant Thornton International Business Report (IBR) is the world’s leading survey which provides vital insight into the health of the global mid-market. These results for H2 2022 reflect the views of nearly 5,000 mid-market companies across 30+ countries interviewed in November and December of this year. In Thailand, there were 102 respondents from companies with a headcount between 50-500.
In Thailand only 49% of survey respondents across the region listed economic uncertainty as a major constraint, an improvement of 18pp from the second half of 2021.
Businesses remain cautious when it comes to fiscal expenditures and investments. Just 36% of Thailand’s mid-market companies indicated that they would increase their headcount in 2023. The availability of skilled personnel is certainly not a limiting factor, at least currently. Only 26% of respondents in Thailand said talent scarcity was a significant issue, compared to 37% of respondents in Asean and 57% globally.
Despite encouraging signs of recovery, companies across Thailand are planning only modest investments in information technology (49%; down 12pp from H1 2022), plant and machinery (39%; down 5pp from H1 2022), and personnel (36%, as mentioned above; down 12pp from H1 2022).
Tanva Mahitivanichcha, Partner at Grant Thornton, commented, “these results indicate that business leaders in Thailand are planning to invest cautiously, at least in the near term.
The challenges of inflation, energy prices, and interest rates remain. However, economic uncertainty dropping by 12pp since the first half of 2022 and nearly 20pp compared to the second half of 2022 indicates the nation’s resilience and ability to adapt to the post-covid environment. As Thailand continues to re-open its tourism sector, business health will continue trending upwards.”
Siam Commercial Bank names Pornpat Ongnithiwat new CFO
TUESDAY, JANUARY 31, 2023
Effective February 1, 2023, SCB will be appointing Pornpat Ongnithiwat as First Executive Vice President, Chief Financial Officer.
Siam Commercial Bank (SCB) aspires to be the main pillar of the SCBX Financial Group, focusing on delivering superior returns with rigorous risk control, appropriate management of operating costs, and winning the hearts of every customer segment. The Bank’s strategies and business plans are ready for fast-changing consumer behaviour in the digital age.
Pornpat will be a driving force in the Bank’s efforts to attain this objective efficiently. The new CFO will play a significant role in co-developing the Bank’s strategic plan and business direction, developing financial strategies, conducting assessment and management of financial indicators, and advising the management team and Board of Directors on the Bank’s finance and accounting matters.
In addition to her knowledge and expertise in finance and investments, Pornpat has been recognized as an expert in a variety of areas, such as strategic and business process development, mergers and acquisitions, investor relations, risk management, business and competition analysis, and more.
She has experience as a leader in preparing strategic plans and action plans for the Pruksa Holding Group, covering real estate plans, health care business, investment, and analyzing and forecasting earnings, as well as making recommendations and adjusting strategic alignment within the group to achieve its objectives.
Prior to joining SCB, Pornpat served as Deputy Group Chief Financial Officer at Pruksa Holding Public Company Limited and Group Chief Financial Officer at Pruksa Real Estate Public Company Limited and held several financial and investment management positions at PepsiCo Group companies, such as PepsiCo Asia in Hong Kong and Suntory PepsiCo in Vietnam. Additionally, she has worked with P&G and KPMG.
Pornpat earned a Bachelor’s degree in Finance and Banking from the Faculty of Business Administration at Assumption University and a Master’s degree in Marketing (International Program) from Thammasat University.
She was also enrolled in the Master of Science in Business Administration program at the Rotterdam School of Management, Erasmus University.
Kanokkamon Laohaburanakit
Spectacular modern architecture at Centara Grand Hotel Osaka
Pipat Luengnaruemitchai
(From left) Aphinant Klewpatinond, Philip Chen Chong Tan, and Preecha Techarungchaikul
SootinClaimon.Com 