The baht opened at 35.36 to the US dollar on Wednesday, strengthening from Tuesday’s close of 35.45.
The currency is expected to move between 35.25 and 35.45 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
He said the baht was likely to fluctuate and swing in a wide range amid two important factors that could affect the currency market today, Wednesday – the Bank of Thailand’s Monetary Policy Committee (MPC) meeting and US inflation results.
Poon believes the baht might strengthen if some MPC members decide to increase the policy interest rate by 0.5 per cent. The market may feel that the committee might increase the interest rate more in their next meeting, which could lead to foreign investors purchasing Thai stocks and short-term bonds.
However, the baht could fluctuate and weaken, especially if the dollar strengthens. If the US inflation rate is higher than expected, investors might feel the US Federal Reserve would continue to increase the interest rate until it can control the situation, Poon said.
The currency market is in a cautious state as investors await core US inflation data, which would influence market opinion about the Fed’s currency policy direction, he added.
Consumer spending on Mother’s Day (August 12) is expected to increase by 9 per cent over 2020, the highest in 10 years, the University of the Thai Chamber of Commerce (UTCC) has estimated.
Thanawat Polvichai, UTCC president and director of the Economic and Business Forecasting Centre, said that the centre had conducted a survey to study the opinion and spending behaviours on Mother’s Day in 2022.
The survey asked 1,288 people from all over the country from July 28 to August 2.
Based on the responses, the centre estimates that spending on Mother’s Day this year will amount to 10.883 billion baht.
The figure was a 9 per cent increase over 2020. The survey was not conducted in 2021 due to the Covid-19 pandemic.
Of the total spending, 10.012 billion baht will be used for various activities while another 870 million baht will be used for tourism.
The number was a reflection of the public perception that the Covid-19 situation was easing, hence they would spend more, which would facilitate economic recovery.
Thanawat said that the estimated spending would be the highest since 2010. It is a reflection that the economy is recovering but slowly as people will take their mothers for a meal, travel, or do other activities.
Thailand’s National Digital Trade Platform (NDTP) will launch next month, its private sector backers announced on Tuesday.
The NDTP will serve as Thailand’s national single platform for import and export procedures, integrating with counterparts in other countries, said Kobsak Duangdee, secretary-general of the Thai Bankers’ Association.
The platform will offer Thai businesses the flexibility required to compete in the digital era of international business, he added.
Rather than submitting the same document to several different government departments and organisations, businesses can make a single submission to the NDTP – which is already connected to the relevant parties.
This would save time and money for businesses and government while also improving ease of doing business in Thailand, which is a key factor in attracting foreign trade and investors, Kobsak said on Tuesday.
Jumrud Sawangsamud, director-general of the Federation of Thai Industries (FTI), said the NDTP platform would be up and running in September and linked with counterparts in Singapore (NTP) and Japan (TradeWaltz).
Results from the NDTP’s soft launch would be presented at November’s Asia-Pacific Economic Cooperation summit in Bangkok so that APEC leaders understand the need for this type of platform, he added.
Jumrud said that as well as simplifying document processes for businesses, NDTP also serves as a data centre that can be used to explore future trade opportunities.
Current Phase 1 testing of the platform by several Thai companies covers three areas. These are commercial documents such as e-purchase orders, e-invoices, and e-packing List; transport documents; and other government and insurance certificates.
The NDTP’s e-documents will be developed according to Trade Facilitation and E-business (UN/CEFACT) standard, said Jumrud.
Kobsak said the platform will go through five stages of development, each providing use-case lessons to improve features and functionality. The completed version will include all parties, including small and medium-sized businesses (SMEs).
But he cautioned that government support was needed to upgrade the Thai business environment.
“Before connecting with foreign trade partners, Thailand must first strengthen itself. To make the platform a reality, we need the government’s support,” Kobsak said.
The NDTP platform would improve business accountability and transparency by converting paper documents to electronic files that can be verified and traced back, he added. Hence, Thai companies would serve as a model for other countries seeking to establish a unified platform and participate in the global era of digital trade.
A mother’s love is universal greatness, therefore a gift that represents undying bond and exceptionally pure love between a mother and child takes extra care and attention.
Mikimoto, the number on pearl jewelry brand from Japan, also shares the same sentiment when the brand transforms high quality, pure natural pearls into uniquely exquisite jewelry wonders with meticulous craftsmanship of its veteran artisans.
For this coming Mother’s Day celebration, Mikimoto is presenting precious gifts for every family’s number one lady. The special collection, Mother’s Day, comprises various outstanding designs from many timeless collections. One selection is White Southsea Pearl and Golden Southsea Pearl Necklace with Diamond Clasp where lustrous, perfectly round natural Southsea pearls in white and light gold are laced in multicolor order to create a charming necklace that complements every neckline.
For ladies with contemporary tastes, M Code Collection is an ideal choice. Comprising Akoya Pearl Pendant, Akoya Pearl Bracelet and Akoya Pearl Earrings, the design concept takes inspiration from Morse code that symbolizes pulsating, vibrant rhythm of life.
Haute craftmanship at Mikimoto transpires Feather Collection, a series of magnificent, detailed designs that reflect timeless beauty with wings of faith and joy taking to the skies. A perfect harmony of ethereal imagination and carefully selected Akoya Pearl, the collection include stellar pieces such as Akoya Pearl Earrings with Diamond, Akoya Pearl Pendant with Diamond and Akoya Pearl Ring with Diamond.
If “less is more” is a lady’s style motto, and one statement piece is sufficient to express her elegance, Wonderland Collection is the selection to go. Constructed with heavenly white Southsea pearls, the collection includes understated luxe pieces such as White South Sea Pendant with Diamond, White South Sea Ring with Diamond and White South Sea Earrings with Diamond that shine flawlessly with sparkling diamonds.
Discover the best gift that stands for the greatest and purest kind of love this coming Mother’s Day at Mikimoto Boutique, located at Level M of Siam Paragon, between 29 July – 12 August 2022. For more information, please contact 0-2129-4444-5.
Minister of Natural Resources and Environment Varawut Silpa-archa on Monday (August 8) presided over the academic conference of the Office of Natural Resources and Environmental Policy and Planning (ONEP).
This year, the annual conference was held under the topics of ‘47th Anniversary of ONEP in Promoting Sufficiency Economy for Sustainable Development’ and ‘30th Anniversary of Environment Fund’.
Varawut gave a special lecture on ‘Sufficiency Economy Philosophy and the Driving of Natural Resources and Environment Operations’, highlighting how the government has adopted the Sufficiency Economy Philosophy (SEP) in protecting Thailand’s natural resources and biodiversity.
He pointed out that although Thailand takes up only 1 per cent of the Earth’s area, we contribute to 10 per cent of the global biodiversity thanks to over 102 million rais of virgin forests or more than 31 per cent of the country’s area. “These forests are the sources of biodiversity and serve as carbon sinks that absorb greenhouse gases from the atmosphere,” he said. “The government has been using SEP in raising participation from related parties and setting a holistic management mechanism based on the principles of moderation, rationality, and preparedness to lead the country towards sustainable wealth and stability.”
Varawut added that the Ministry has also been adjusting the management strategy of Thailand’s natural resources and environment following the global development trends, as well as establishing a cooperation network with both domestic and international partners, to ensure that the socio-economic expansion can progress along with the balanced usage and fair sharing of natural resources and environment. This will ultimately lead to people having a better quality of life while leaving a better world to the next generation.
After the lecture, Varawut gave Environment Fund Awards, EIA Monitoring Awards 2021, and Best Municipality Awards 2021 under the Asean Working Group on Environmental Sustainable Cities (AWGESC) to the ministry’s partners in government and private sectors, community organisations, private development organisations and education institutes.
The conference at Miracle Grand Convention Hotel, Bangkok was joined by over 400 participants including minister’s secretary Thanespol Thanaboonyawat, ONEP secretary-general Phirun Saiyasitpanich, and ministry’s executives.
The Natural Resources and Environment Minister Varawut Silpa-archa announced that the Thailand Climate Action Conference (TCAC) was a resounding success as it promoted participation and received suggestions from the environmentally conscious new generation.
The event was held on August 5-6 at Siam Paragon shopping mall in Bangkok.
In his closing remarks on August 6, Varawut said the forum has successfully created awareness and propulsion among target groups from all sectors to work together on Thailand’s climate issues. “Throughout the two-day event, we also realised the full potential of Thai people when working together to bring about the change, especially among the new generation who wish to see an improvement in the country’s climate change management,” he said.
He added that groups of young participants have proposed that the government increase the efficiency in educating the public on environmental issues on top of providing financial and technological support, as well as amend the laws to maximise public access to renewable energy. He said the ministry would discuss with related agencies about adapting these suggestions into its action plans.
Varawut said the meeting also helped agencies realise and understand the government’s long-term policy that Prime Minister Prayut Chan-o-cha had announced in the 26th United Nations Climate Change Conference (COP26) in November 2021 that Thailand aims to become carbon neutral in 2050 and achieve net zero greenhouse gas emissions in 2065.
He added that his ministry is preparing Thailand’s Long-term Low Emissions and Development Strategies (LT-LEDS) to be submitted to the office of the United Nations Framework Convention on Climate Change (UNFCCC) before the 27th United Nations Climate Change Conference (COP27) is held on November 6-18 in Egypt. The ministry will also act as Thailand’s representative to present the country’s progress in climate change to the global community during the COP27.
“As minister of Natural Resources and Environment and Member of the Parliament for Suphan Buri, I have witnessed first-hand how climate change has impacted the lives of nearly 67 million Thais, especially farmers who have suffered greatly from floods,” he said. “The ministry promises to continue working with all provinces to achieve the long-term goals in climate change. These goals are no longer an option, but rather our only chance of survival in the changing world.”
Varawut then thanked over 3,000 participants of the TCAC, including ambassadors from over 50 countries and representatives of over 20 international organisations who joined the event to witness Thailand’s commitment to tackling climate change issues. He also urged them to support Thailand in its climate change endeavour by providing financial and technological support impartially, especially in renewable and clean energy.
Vitafoods Asia returns both online and in-person, with a new location in Bangkok
Registration is now open for Vitafoods Asia 2022, the leading platform for the nutraceutical, functional food and beverages, and dietary supplement industries in Asia.
The event will take place online from September 26 – October 10, and in person at the Queen Sirikit National Convention Center (QSNCC) in Bangkok, October 5-7.
For the first time in its history, Vitafoods Asia will be co-located with Fi Asia in Bangkok and is set to welcome more than 21,000 attendees and 600+ global suppliers across both the nutraceutical and food & beverage industries.
“After two years of lockdowns, variants and social distancing, the nutraceutical community across Asia is eager for a chance to start collaborating and innovating together once more.
Two years’ worth of anticipation, ideas, excitement, expectation, and enthusiasm has been building up… and now it’s time to harness it – in Bangkok! More than an exhibition, Vitafoods Asia is the only nutraceuticals event in Asia to offer end-to-end insights into the entire nutraceuticals supply chain – from research to product formulation and commercialisation, through to packaging and brand development,” says Julien Bonvallet, Group Brand Director at Informa Markets.
“This year we’re joining forces with Fi Asia to bring people together like never before. We’re conscious that there are still some travel restrictions in the region, so by co-locating these two key events our intention is to make it as convenient as possible for attendees and exhibitors.
Not only that, but with the blurring of lines between the nutraceuticals and functional food industries, alongside the increased focus on holistic health by consumers in the region, the co-location is intended to help drive both innovation and business growth – whether that’s discovering new ingredients, exploring formulations and applications, or enhancing your supply chain. It’s opening up a world of possibilities.”
Bursting with opportunity Following the resounding success of its hybrid events in Europe, Vitafoods Asia 2022 will also be a digital-enabled event. Allowing visitors and exhibitors to connect ahead of the event, for example, to set up virtual meetings or plan face-to-face meetings in Bangkok, increases connectivity and enhances the in-person experience, ensuring attendees can make the most of their time at the event.
By registering for Vitafoods Asia 2022, visitors can not only access the dedicated online platform but also both in-person Vitafoods Asia and Fi Asia events in Bangkok.
Highlights of this year’s event include: • Main stage showcasing expert content on key trends and themes from the region • Probiotics and Omega 3 Resource Centres • New Products Zone • Tasting Centre
Health and safety first As always, Informa Markets is committed to the safety of its visitors, staff and exhibitors. To ensure all visitors can learn, network and collaborate safely, the Vitafoods Asia 2022 exhibition has been planned in line with the latest Informa AllSecure standards and current local guidance.
Further updates on COVID-19 guidelines and entry requirements for Thailand will be shared via the Vitafoods Asia website in the coming weeks and months: http://www.vitafoodsasia.com
Registration for Vitafoods Asia 2022 is now open. Discover more about the show features and registration options at www.vitafoodsasia.com
Thai Union Group PCL reported all-time high revenue in the second quarter, demonstrating the strength of its core businesses and reflecting trust and product popularity among global consumers.
In the April-June period, Thai Union reported record high sales of THB 38.9 billion, an increase of 8.5 per cent compared to the same period last year, driven mainly by increased demand and higher selling prices.
The adjusted net profit for the second quarter, without one-time impacts from the THB 424 million change in the fair value of Red Lobster’s preferred shares as a result of higher U.S. interest rates, and the THB 195 million in restructuring costs at Rügen Fisch in Germany, is at THB 2.2 billion, down 8.4 per cent, year-on-year.
Thai Union’s robust sales performance over the quarter reflects the Group’s well-balanced and diversified portfolio across its three main business units. Ambient seafood sales grew 10.7 per cent to THB 16.9 billion thanks to a combination of higher prices, depreciation of the Thai Baht and strong consumer demand.
The frozen and chilled seafood business booked a 6.5 per cent year-on-year decline in sales to THB 13.9 billion due largely to the normalization of food service businesses in the U.S. after a very strong performance in 2021. The PetCare, value-added and other businesses unit posted an exceptional 41.7 per cent year-on-year increase in sales to THB 8.1 billion, thanks to strong demand for pet food and higher sales from value-added products.
Turning to the first half of 2022, sales reached a record THB 75.2 billion, while adjusted net profit declined 12.7 per cent to THB 3.9 billion. Thai Union also declared an interim dividend payment of THB 0.40 per share.
“Business diversification continues to be the cornerstone of our ongoing growth path, reflected in our results for the second quarter, which remained robust despite the impact of two one-off items,” said Thiraphong Chansiri, CEO of Thai Union Group.
“Consumers around the world continue to be drawn to our healthy and nutritious products and, by delivering new and innovative products, we are excited to be attracting even more customers to our global portfolio of brands,” Thiraphong added.
Thai Union continues to focus on higher-margin businesses and, during the second quarter, announced a CAD $10 million investment in Mara Renewables Corporation, one of the world’s leading producers of sustainably grown algae-based bio-products.
This is because of opportunities in the expansion of Mara’s proven portfolio of micro-algal products and unique innovation. Thai Union also moved forward on the construction of its protein hydrolysate and collagen peptide facilities and a new culinary factory, which are both planned to be commercialized in 2023.
As part of its ongoing commitment to sustainability, Thai Union published its ninth annual Sustainability Report during the quarter, providing an in-depth look at how the Company’s programs and initiatives are helping transform its operations and the global seafood industry.
Thai Union will announce a major update to its global sustainability strategy, SeaChange®, later this year, including the introduction of new science-based targets to address the threats presented by climate change.
Thai Union also joined 150 major companies in signalling their commitment to a healthy ocean by signing onto the UN Global Compact Sustainable Ocean Principles at the Sustainable Blue Economy Investment Forum in Cascais, Portugal, a special UN Ocean Conference event.
“Thai Union remains on track to achieve our 2025 financial and business targets, but we recognize that economic conditions continue to present a challenge, including inflationary pressures in many markets, rising interest rates and ongoing supply chain issues. So, we are firmly focused on cost efficiency, continuing to strengthen our core businesses and building value-enhancing operations,” Thiraphong concluded.
The global sales of electric vehicles (EV) are growing exponentially. To forge Kaohsiung as an important base for the global EV industry, the Kaohsiung City Government teamed up with Hon Hai Technology Group (Foxconn) to work on several aspects such as smart electric buses and smart city development, with an aim of becoming an experimental field that offers comprehensive business and service model to attract global manufacturers to invest in Kaohsiung and establish a complete industry chain for the EV industry.
Seeing the firm foundation in metal material and precision finishing technologies in Kaohsiung, Foxconn plans to build an EV ecosystem and a complete battery production chain in the southern city as part of its ambition to expand into the EV industry, ranging from the development of EVs to the production of battery packs and cells, and energy storage systems.
It also aims to localize battery manufacturing across all points of the supply chain, from upstream raw materials to midstream cells and the downstream battery packs.
In addition, Kaohsiung has also attracted investments from companies such as WIN Semiconductors Corp., the world’s leading foundry for power amplifiers and LiDAR technology for EVs, and lithium battery manufacturer Molie Quantum Energy Corp, laying the groundwork for the EV industry chain.
Foxtron Vehicle Technologies, a subsidiary of Foxconn, has set up its research and development and manufacturing facility for battery cells in Qiaotou Science Park. In compliance with the City Government’s plan to have all public buses run on electricity by 2030, the first Model T electric bus was officially delivered to Kaohsiung Bus in March this year with a targeted initial volume of 30 vehicles and more will be handed over based on operational demand.
To promote the development of the electric bus industry in Kaohsiung, the City Government has increased subsidies for the operation of electric buses and will also subsidize the purchase of locally produced electric buses, offering grants up to NT$1.5 million per vehicle.
In June this year, Foxconn announced that it will invest NT$6 billion to build the Battery Cell Research & New Product Introduction Center in the Ho Fa Industrial Park. It is estimated that the plant will achieve a production capacity of 1GWh for electric buses, passenger cars, and energy storage systems in the first quarter of 2024.
In line with the local growth of the EV industry, the City Government is also planning to cooperate with the Ministry of Transportation and Communications to build a national-level test site for self-driving cars and Vehicle-to-Everything in the Qiaotou Science Park.
By joining forces with the Smart Pole Standard Promotion Alliance, premises will be provided for testing Vehicle-to-Everything technology, services, and product verification, which will attract more relevant industries to set up their base in the area and expectedly create approximately 5,000 new jobs. The goal is to shape Kaohsiung into a model smart city and become an example for “package smart city export.”
The Thailand Climate Action Conference (TCAC) was held in Bangkok on August 5-6 to promote cooperation and efforts to achieve carbon neutrality in 2050 and reduce Thailand’s greenhouse gas emissions to zero by 2065.
The event saw the Natural Resources and Environment Ministry express confidence that multi-sectorial cooperation would help Thailand achieve tangible results to demonstrate to the 27th United Nations Climate Change conference (COP27) this November in Egypt.
At the TCAC opening ceremony, which was presided over by Prime Minister Gen Prayut Chan-o-cha on August 5 at Siam Paragon, Minister of Natural Resources and Environment Varawut Silpa-archa declared the conference theme as “Future of Thailand and the World: Opportunities and Responsibilities”.
He said the organisation of TCAC would incorporate the COP model, with climate targets set under cooperation from all related parties. Clear direction, timeframes, and evaluation processes would ensure that target groups achieved awareness and support to drive Thailand to carbon neutrality in 2050 and net zero emissions in 2065.
“Thailand is also ready to work with all countries and regions to achieve the goals that we have set,” said Varawut. “The ministry will use the Bio-Circular-Green (BCG) Economic Model as the main strategy to reduce carbon emissions.”
“TCAC will lead to achievement of tangible results in climate change, which will be demonstrated to the global community during the COP27 later this year. We will show the world that Thailand is focused on doing and not just talking,” insisted Varawut.
PM Prayut then gave a speech under the topic “Net Zero Target in 2065” underlining the government’s commitment to managing climate change both in Thailand and globally. Afterwards, governors of five major provinces in five regions, namely Chiang Mai, Khon Kaen, Chonburi, Phuket, and Bangkok, each gave a statement declaring their strategies and cooperation in reducing carbon and greenhouse gas emissions.
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