81 per cent of consumers in Thailand now managing personal finances digitally: New Mastercard research
FRIDAY, SEPTEMBER 23, 2022
THE NATION
Benefits like speed, convenience, and flexibility contribute to the shift in how Thai consumers manage their personal finances.
Thailand – September 22, 2022 – Most Thai consumers have now gone digital when it comes to managing a range of personal financial matters, including paying bills, banking, opening new bank accounts, and financial planning. Based on the Mastercard New Payments Index 2022, 81 per cent of consumers in Thailand have used digital tools for at least one financial task in the last year, with paying bills (78 per cent), banking (75 per cent) and opening new bank accounts (64 per cent) forming the top three.
The latest data on payment habits, attitudes and preferences was published in Mastercard’s second annual New Payments Index: a global consumer survey spanning 40 markets across five regions, including seven in APAC: Australia, China, India, Japan, New Zealand, Thailand and Vietnam.
Interestingly, when it came to personal financial management, the survey found that Thai consumers were typically more enthusiastic about using digital forms of payments than the regional average. This same enthusiasm mapped to Thai consumers’ broader use of payments, with 94 per cent having used at least one digital payment method like digital wallets, QR codes, Buy Now Pay Later (BNPL), cryptocurrencies, biometrics and other forms of digital payments in the last year, compared to the APAC regional average of 88 per cent. What’s more, 80 per cent of Thai consumers increased their usage of at least one digital payment method during the same period, demonstrating momentum.
“Although digitization brings a broad array of benefits—greater access to e-commerce, more economic transparency, more security—in many ways it’s the everyday tasks where it makes a big difference. In recent years, Thai consumers have increased their usage of digital payment options, often showing high engagement with new and emerging technologies. The survey results indicate that this comfort extends beyond payments, and now includes daily personal financial management, demonstrating the pervasiveness of digital technology in their everyday lives. This change is a positive sign for the continued digitization of the economy, and will help to spur long term, sustainable growth in Thailand,” said Aileen Chew, Country Manager, Thailand and Myanmar, Mastercard.
When asked about their reasoning for using digital methods to pay bills, convenience was the top response (85 per cent), followed by the fact that it was seen as more secure/safe (61 per cent), and that it gave consumers more control over their money (56 per cent). However, concerns remain about security, indicating an opportunity for service providers to offer consumers additional education and reassurance.
Thai consumers are also among the most enthusiastic in the region about using emerging payment technologies, with digital wallets leading (63 per cent), followed by account-to-account payments (55 per cent), and QR codes (54 per cent). Notably, Thai consumers have been strong adopters of cryptocurrencies, with 25 per cent using them to pay in the last year (compared to the regional average of 13 per cent).
JobsDB advises burnouts to focus on developing in-demand skills
THURSDAY, SEPTEMBER 22, 2022
Aside from learning new skills for the right opportunity, we can avoid burnout by increasing happiness at work by identifying the source of the burnout and starting something new.
Burnout is a term that many modern workers are familiar with. Some people are experiencing it right now, while others may have already gone through it.
Burnout frequently has a negative impact on work performance, daily life, relationships with family and coworkers, and so on.
Workers who are burned out may become discouraged and lose motivation.
JobsDB, Asia’s leading job portal, encourages new generation workers to rekindle their passion for work. JobsDB educates them on burnout and provides advice on how to change their perspectives and attitudes while learning new skills, so they make the most of their time and overcome burnout.
As a result, they would be armed with new knowledge and skills for a new job opportunity.
Burnout is common for people of all ages The term “burnout” conjures up images of long-term workers’ conditions. However, burnout affects workers of all ages, from first jobbers to supervisors and senior executives. It can be caused by a variety of factors, including an inability to manage things that affect your work, such as your work schedule or assignments, a sense of not belonging at work, not sharing the same goals as the organization, not being given the opportunity to do the job you are good at, being overlooked, and the classic work-life imbalance.
These factors contribute to performance delays, mental stress, and a loss of self-confidence and trust in the organization, all of which impact your performance.
The crisis shed light on myriad hidden opportunities The pandemic has been a global crisis in recent years, causing immeasurable losses to countries worldwide. Many businesses have had to downsize or even close, while workers have been laid off and forced to look for new jobs in vain. It is not surprising that these workers are more likely than ever to give up and become burned out.
However, we couldn’t deny that the Covid-19 crisis also created new opportunities for many businesses and exponential growth in the demand for high-skilled workers.
Duangporn Promon, Managing Director of Jobs DB Recruitment (Thailand) Limited, said, “According to JobsDB Thailand Salary Report 2022 distributed on JobsDB (Thailand) platform, Computer/IT industry has been the industry with the highest number of job ads posted.
With the most job openings across all industries, Sales/Marketing was the most in-demand job function.
Several job functions in Thailand experienced salary increases as a result of the increased demand. Computer/IT, Sales & Customer service, Marketing & PR, Education and Beauty, and Health & Fitness were among them.
Various measures enacted to control the epidemic, business activity restrictions, and abrupt termination of employment caused entrepreneurs and workers to place a greater emphasis on job and financial security.
As a result, workforces worldwide are developing in-demand digital skills as they seek new opportunities in industries or job functions with high growth potential.
According to the “Decoding Digital Talent” survey of over 9,000 digital workers from various countries, including Singapore, Indonesia, Denmark, and Thailand, 63 per cent of digital workers want better job opportunities, while 49 per cent want a new challenge.
Duangporn adds, “Although the Office of the National Economic and Social Development Council (NESDC) found that the national unemployment rate is relatively low this year, it is interesting that the number of workers experiencing burnout is increasing. However, we would like workers to recognize burnout as a common occurrence. We hope they use the JobsDB survey results to look for opportunities to develop skills and qualifications for a more stable job in terms of organizational growth and future compensation.”
Developing skills and seeking inspiration to overcome burnout In an era of constant change and adaptation, struggling with burnout is not the best option.
Aside from learning new skills, we can avoid burnout by increasing happiness at work by identifying the source of the burnout and starting something new.
For example, setting a new goal, finding new inspiration and challenge, creating a positive environment, travelling to a new destination, or discovering a new hobby. This could eventually lead to a successful new career.
EXIM Thailand promotes Thai businesses in linkage with Next Normal global markets
THURSDAY, SEPTEMBER 22, 2022
In response to the Ministry of Finance’s Policy, The Bank regards Vietnam as a key business counterpart gearing up as a major manufacturing base of the future.
Arkhom Termpittayapaisith, Minister of Finance of Thailand, presided over the opening ceremony of a seminar titled “Vietnam in Focus 2022: The Dream Journey” in the presence of Nikorndej Balankura, Ambassador, Royal Thai Embassy in Hanoi, the Socialist Republic of Vietnam, and welcomed by Rak Vorrakitpokatorn, President of Export-Import Bank of Thailand (EXIM Thailand), at The St. Regis Bangkok Hotel on September 22, 2022.
Minister said that global economic recovery in the post-COVID-19 Next Normal era has come with plenty of fresh business opportunities particularly in such a new frontier as Vietnam where there is high economic potential with a population of almost 100 million and an annual economic growth prospect of around 7%.
Vietnam is Thailand’s 4th largest export market, following the US, China and Japan, and its 10th largest source of import.
Thai-Vietnamese trade has recorded a frog-leap growth of almost 20% per year from 150 million US dollars in 1992 to around 20,000 million US dollars at present.
Besides, the Vietnamese government has vigorously implemented a policy on the promotion of free trade and foreign direct investment, making it a promising investment destination for foreign investors including Thai investors who rank no. 8 among top investors in Vietnam.
Thus, Thai entrepreneurs should actively expand their collaboration with Vietnamese ones whether in international trade or joint investment.
Arkhom further said that the Thai government is well positioned to promote cooperation between public and private sectors in international trade and investment as well as fiscal and financial dimensions through EXIM Thailand’s support.
EXIM Thailand seeks to perform its duties proactively toward its role as Thailand Development Bank leveraging its expertise, financial tools and alliance networks to promote Thai entrepreneurs’ access to new opportunities in global markets, transcending obstacles, and dealing with risks and challenges in international trade and investment, along with driving the development of industries of the future in the Bio-Circular-Green (BCG) economy in linkage with sustainable development regionally under the Asean and Apec’s cooperation frameworks.
EXIM Thailand President pointed out that crucial factors to Thai entrepreneurs’ competitiveness in Next Normal global markets are their resilience and adaptability.
The Bank is fully equipped to perform its duties beyond banking to assist Thai entrepreneurs of all levels from start-ups to existing entrepreneurs in continuing their businesses amid economic, social and environmental uncertainties and challenges.
A complete range of financial tools is made available in conjunction with the knowledge base and alliance networks to facilitate Thai entrepreneurs’ start-up or expansion of international trade and investment with confidence in both existing and new frontier markets. In particular, Vietnam which was formerly Thailand’s “competitor” has today become its “key business counterpart” on which Thailand has increasingly relied.
Vietnam has been Thailand’s 5th largest business counterpart since 2017, moving up from the 15th in 2012, while ranking the 4th largest investment destination of Thai investors at present, moving up from the 10th rank 10 years ago.
Rak clarified that EXIM Thailand has armed Thai entrepreneurs with the capability to comprehensively adapt to changes in and deal with risks of international business operation coupled with risk hedging tools, e.g. foreign exchange forward contract or foreign exchange option, or trade and political risk hedge tools in case of buyer’s bankruptcy, rejection of goods delivered or non-payment, or buyer country’s governmental control on money transfer, ban on import of goods, or eruption of war or riot.
EXIM Thailand will help them pay compensation and make debt collection aiming to relieve Thai entrepreneurs’ concerns about the said risks.
The Bank will also be committed to dedicating its time and resources to product and service development to fill up Vietnam’s production supply chain gaps, particularly in the industries in which Thailand has potential and for which there is high demand, such as automobile, electronics, clean energy and foods of the future.
EXIM Thailand has strived to support Thai entrepreneurs’ entry into the supply chains of Vietnam’s BCG businesses as Thai entrepreneurs’ capabilities are responsive to the Vietnamese government policy to promote renewable energy investment to cope with the surging demand for electricity in line with the country’s industrial sector development and urbanization.
EXIM Thailand has currently supported investment in Vietnam in the amount of over 17,300 million baht covering several businesses, among which are clean energy power plant business, petrochemicals, wholesaling and retailing.
Besides, to support business sectors’ reduction of greenhouse gas emissions and compliance with environmental standards in pace with green economy trends toward sustainable development, the Bank has rolled out products like EXIM Kill Bill by Biz Transformation, offering a credit line of up to 100 million baht, the lowest interest rate of 2.00% per annum and a maximum loan tenor of 7 years; and Solar Orchestra for businesses of all sizes which aspire to invest in the installation of solar rooftop systems with a maximum credit line of 100% of the project cost, the lowest interest rate of 2.75% per annum and a loan tenor of up to 7 years, together with entitlement to the registration of full-fledged carbon credit and a 3-year tax exemption privilege of 50% of the project cost from the Board of Investment (BOI).
In view of operational performance, as of the end of August 2022, EXIM Thailand recorded total outstanding loans of 67,458 million baht for international projects, a 4,271 million baht or 6.8% growth year-on-year. Classified by the principal market, the Bank has consistently supported Thai entrepreneurs in spreading their wings to cover the CLMV (Cambodia, Lao PDR, Myanmar and Vietnam) and new frontiers.
In the first 8 months of 2022, total outstanding loans to the CLMV and new frontiers amounted to 53,815 million baht, a year-on-year growth of 7,804 million baht or 17%. Of this total outstanding loan amount, 14,960 million baht was recorded in Vietnam, constituting a 55.4% year-on-year growth.
“There are ample opportunities for Thai entrepreneurs in new frontiers, particularly Vietnam which is in alliance with various countries in political and economic dimensions and is among the top countries having inked free trade agreements (FTAs), covering more than 50 countries around the world.
Meanwhile, Thailand has a high potential to fill up the gaps in the supply chains of Vietnam and those globally. EXIM Thailand is fully ready to work collaboratively with the public and private sectors in supporting Thai entrepreneurs in their business start-ups or expansion in global markets with confidence. They may start from Vietnam and advance to markets elsewhere in the enhancement of sustainable development of the region and the world at large,” added Rak.
EXIM BANK Corporate Branding and Communication Department
Bitkub emphasizes the importance of Web3.0 and trending technology at Huawei Connect 2022 event
FRIDAY, SEPTEMBER 23, 2022
THE NATION
Bangkok, September 23, 2022 – Bitkub Blockchain Technology Co., Ltd., emphasized the importance of Web3.0 and the trending technology at Huawei Connect 2022 event.
It is an honor for Mr Passakorn Pannok, CEO of Bitkub Blockchain Technology Co., Ltd., to be a part of this event and share some useful information about the evolution of websites and trending technology.
The 7th annual flagship event for Huawei for the global ICT industry was organized in Bangkok and the theme of this year is called “Unleash Digital”. There are over 10,000 ICT industry experts and partners who join the event to demonstrate, explore and build up stronger digital technology and community.
In addition, it is an honor for Bitkub Blockchain Technology to have been invited to join this event, led by CEO, Mr Passakorn Pannok to share some useful information about Web3.0 and blockchain technology in the keynote speech. The detail of the keynote is concluded as follows:
1. The Evolution of Website – Earlier, only a few users could access Web1.0 and it is the beginning of the website era that functions as one-way communication with support from Javascript and Html. After a few years, Web2.0 has become very famous which highlights the user-generated content and interoperability of the end-users; we can communicate with each other in two-way communication. Now, it is the beginning of the Web3.0 era, with the integration of blockchain technology, we can virtually own the content and the digital asset; it enables a trustless society by getting rid of the middleman.
2. GameFi and Metaverse Concept – Mr Passakorn also emphasized the role of GameFi and Metaverse which will generate more real use-cases on Web3.0. The users can truly own the digital asset and interact with each other to create a mini digital economy within the platforms.
3. Social DAO Concept – The concept of a Decentralized Autonomous Organization (DAO) was constructed by using the source code. It is a type of bottom-up organization with no central authority. The smart contract was implemented into the structure and coded to govern the community to get rid of some human errors decision.
4. Web 3.0 and DApp on Bitkub Chain – At the present, there are several decentralized applications (DApp) on Bitkub Chain which are
4.1 Bitkub NEXT – The decentralized digital wallet on Bitkub Chain which is available for 80 countries worldwide. Currently, there are more than 1 million users already registered in the wallet.
4.2 Bitkub NFT – The primary non-fungible token (NFT) platform that uses blockchain technology for data storage and maintains transaction records and allows users to virtually own the digital assets (NFT).
4.3 Bitkub Social DAO – Allow the users to vote and participate in the activities by using blockchain technology to record the voting polls. This will add more utilities to the NFT as well.
4.4 EarnKUB – The platform on Bitkub Chain, allows the users to claim rewards as KUB Coin or other special NFTs from accomplishing the mission in both the physical and digital world such as attending events or holding NFTs.
4.5 Bitkub Metaverse – The land beyond imagination, opens for you to enjoy a new dimension of experience. It will be a place consisting of many businesses, entertainment, tourism, culture, and education. Bitkub Metaverse will utilize a state-of-art of technology like Web3 and blockchain to provide a futuristic experience.
5. The Efficiency of Bitkub Chain with the support from Huawei Cloud – Huawei Cloud is the first Web3.0 solution on Bitkub Chain. It is a service for building Web3.0 solutions, which 90% of Bitkub Chain’s infrastructure and 70% of official projects use Huawei Cloud Elastic Cloud Server (ECS) and this could reduce costs by 35%.
GrabMart committed to helping small retailers tap consumers
THURSDAY, SEPTEMBER 22, 2022
Nongluck Ajanapanya
Grab, a leading superapp in Southeast Asia, has promised to assist small merchants in reaching consumers in the digital era through GrabMart, an online platform for daily essential products.
Chantsuda Thananitayaudom, the head of marketing, Partnerships and GrabMart, Grab Thailand, told a press conference on Thursday that GrabMart has seen increasing popularity and tremendous growth since its launch in Thailand in April 2020.
The service provides on-demand delivery every day of goods from supermarkets, convenience stores, and local shops.
Chantsuda said the service responds effectively to the diverse needs and lifestyles of modern consumers seeking convenient shopping and on-demand delivery.
Despite constant changes in consumer behaviour since the Covid-19 outbreak two years ago, GrabMart’s business in Thailand grew significantly in 2021, compared to the previous year.
“Today, GrabMart service has expanded to more than 68 provinces, with over 15,000 merchant partners across the country,” said Chantsuda.
At present, there are approximately 9,000 small and medium enterprises (SMEs), or nearly 50 per cent of all merchandise. As a result, Grabmart hopes to attract more SMEs to its platforms.
“We plan to expand our merchant-partner base by targeting small-sized merchants to enable them to grow their customers and increase sales through digital platforms,” said Chantsuda.
Grabmart is classified as “Quick Commerce”, which differs from e-commerce. Quick commerce focuses on daily products that customers need to use that day and takes a short time to deliver, approximately 25 minutes, so the products are purchased from nearby grocery stores.
Over the last few years, online shopping has grown at an exponential rate. According to the “e-Conomy SEA Report 2021”, the total value of Southeast Asia’s e-commerce market was as high as US$120 billion, a 62 per cent increase over the previous year.
Although the total market value is less than that of the e-commerce market, quick commerce is regarded as one of the businesses with high potential, particularly in the online grocery category, where online purchases have a current penetration rate of only 2 per cent.
When purchasing on-demand everyday goods, shoppers consider three key factors: a wide selection of products, an affordable price, and quick delivery, according to a Grab study.
With these factors in mind, GrabMart developed a growth strategy centred on “Affordability, Wide Selection, and User Experience”.
Chantsuda said that Grabmart would maintain its affordability through marketing campaigns, expand a wide selection of products and merchant-partners, and provide a better user experience with enhanced convenience and quick delivery of daily essentials.
Chantsuda insisted that Grabmart would provide micro-entrepreneurs more opportunities to reach larger consumer groups, drive sales, and capture business opportunities via Grab’s platforms.
Currently, Grab operates across the deliveries, mobility, and digital financial services sectors in 480 cities in eight countries in Southeast Asia – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Thailand launching innovation incubator to train up ‘generation of Elon Musks’
FRIDAY, SEPTEMBER 23, 2022
The National Innovation Agency (NIA) on Friday launched an ambitious plan to produce the next generation of innovators to boost Thailand’s development.
The STEAM4Innovator Centre is a collaboration with Rajamangala University of Technology Lanna, King Mongkut’s University of Technology North Bangkok, Prince of Songkhla University, Yala Rajabhat University, and the Department of Vocational Education (DVE), which oversees vocational colleges across the country.
STEAM stands for Science, Technology, Engineering, Art and Mathematics.
NIA executive director Pun-Arj Chairatana said his agency is on a mission to produce young innovators with creative ideas that can be developed for commercial potential.
He said the NIA focuses on the 3Gs – grooming, grants and growth – to forge a network of “innovation creators” and “innovation coaches”.
The agency has worked with the four universities and the DVE to train 394 teachers for the network through the Steam4Innovator Trainers’ Lab.
Next year, participating unis and colleges will apply Steam4Innovator principles in their general education courses for first-year students.
In 2023, the NIA will equip more than 15,000 youngsters with the knowledge and skills to create innovations, and many more in the following years.
Any academic institution interested in housing a STEAM4Innovator Centre can contact the four universities, the DVE or the NIA. Further information about the project is available on the STEAM4Innovator website.
Weaker baht a boon for export, tourism, but curse for industries relying on imports
FRIDAY, SEPTEMBER 23, 2022
THE NATION
The weakening of the baht will benefit the export sector but not importers, the Thai National Shippers’ Council (TNSC) said, while advising exporters to insure themselves against currency risk.
TNSC chairman Chaichan Charoensuk said on Thursday that the baht is currently at around 37 to the US dollar after the US Federal Reserve hiked the interest rate by 0.75 points on Wednesday for the third time this year to fight inflation.
“This has affected not just the baht, but all currencies are getting weaker against the dollar,” he said.
Chaichan added that a weaker baht will bring profits to exporters, but industries that rely on imported raw materials, like pharmaceuticals, will suffer from surging costs.
“Over the past few months, businesses did not stock up on raw materials due to high fluctuation, so now they have to buy materials again at a higher price until the baht gets stronger again,” he said.
However, he believes the weakening of the baht will only last for a short period and it will soon return to around 36 to 36.5 baht to the dollar before yearend.
“The Bank of Thailand will not allow the baht to become too weak and will issue new measures to ensure its stability,” he said.
The TNSC chairman has advised exporters to keep a close eye on the currency and acquire insurance against risks from currency fluctuation. He said nobody can accurately predict which direction the baht will move and by how much.
Chaichan added that a weaker baht will also affect the import of fuel for power generation, eventually resulting in higher electricity bills and costs. He urged the government to use measures to slow down the hike in electricity prices and do it in steps to soften the impact on businesses, especially small and medium-sized ones.
Wisit Limleucha, vice president of the Thai Chamber of Commerce, said another sector that could benefit from the weakening of the baht is tourism. “To make the fullest use of the situation, tourism operators must focus on selling locally made products instead of on brands imported from overseas, which will suffer a surge in price due to the weaker baht,” he said.
Wisit said he believes that with proper support from the government, inflation in Thailand will not be as bad as in other countries as Thailand can still produce its own food instead of having to import it.
Korn warns against setting predetermined rate for baht against US dollar
THURSDAY, SEPTEMBER 22, 2022
THE NATION
Former finance minister Korn Chatikavanij on Thursday advised the government against setting a target for pegging the baht against the US dollar, warning that doing so could cause a financial crisis.
Korn said the current slide of the baht, caused by a wider gap in policy rates of Thailand and the US, was a problem but not a crisis yet.
On Thursday morning, the baht slid further from 37 to 37.2 to the US dollar and continued to drop to 37.31 in the afternoon.
In his Facebook post, Korn said the US Federal Reserve (Fed) had steeply raised its policy rate by another 75 basis points on Wednesday to 3.0-3.25 per cent.
Korn said the US policy rate was the highest since the “Hamburger Crisis” in 2008, widening the gap between Thailand’s policy rate and that of the US to almost 3 per cent.
Korn said the US dollar had appreciated against the baht and other currencies because the market expected the Fed to raise the policy rate by another percentage point within this year.
“This is a problem, but not a crisis,” Korn wrote.
“A crisis will happen if we declare that we will defend the baht by setting an exchange rate target against the real market situation, such as 35 baht per dollar or any target.”
Korn wrote the post a day after acting Prime Minister General Prawit Wongsuwan confirmed on Wednesday he had made a suggestion during the weekly Cabinet meeting on Tuesday that the baht should be valued at 35 baht per dollar.
Korn said the gap in Thai and US interest rates would unavoidably affect the baht’s value until the US economy slows down.
Korn said he expected the US economy to slow down next year at the earliest.
“Once the US economy slows down, we will be benefited from declining prices of oil and consumer goods. By that time, the baht will appreciate automatically – especially if our current account improves to positive territory and if our revenue from tourism rises,” Korn said.
“Don’t cause panic by saying that the baht must be valued at this or that. Although the baht is valued at 37 per dollar, it will not cause a crisis like the Tom Yam Koong crisis because we have high foreign exchange reserves and we can handle public debt.”
Korn added that the government should not be worried about the baht’s value for now but should focus on helping economically vulnerable groups who have to shoulder high cost of living, and should help prevent debtors from being blacklisted or else they would have no chance even when the country’s economic situation improves.
Thailand’s automotive manufacturing output rose 10.5 per cent year on year to 1.18 million vehicles during the January-August period, the Federation of Thai Industries’ (FTI) Automotive Industry Club announced on Thursday.
Club vice president and spokesman Surapong Pisitpattanapong said August production alone reached 171,731 units, jumping 64.9 per cent year on year, thanks to rising demand for cars and pickup trucks in both domestic and overseas markets.
The eight months of 2022 saw domestic sales of 559,537 vehicles, increasing 19.6 per cent year on year, with sales in August alone being 68,208 units, up 61.7 per cent year on year.
“Automotive sales are rising due to new models and a gradually improving economy after Thailand fully reopened the country to foreign tourists and investors,” Surapong noted.
Meanwhile, 606,055 vehicles were exported in the eight months, valued at 368 billion baht – an increase of 0.4 per cent and 5.18 per cent year on year, respectively. Some 73,325 vehicles were exported in August, valued at 49.36 billion baht, rising 23.09 and 38.12 per cent year on year, respectively.
The automotive industry saw 600.62 billion baht worth of exports (vehicles, parts and components) in the eight months, increasing 2.96 per cent year on year. Total exports in August were 78.3 billion baht, a 23.9 per cent increase year on year.
Surapong said the automotive industry’s current performance is on track to meet the club’s target of 850,000 vehicles sold domestically and 900,000 exported units by the end of the year.
The club is keeping an eye on external factors that could affect sales and prices of vehicles overseas, including the Russia-Ukraine war, tension in the Taiwan Strait, the US central bank hiking the interest rate, and global inflation, he said, adding that his club would evaluate the situation every two months and adjust its estimations/targets accordingly.
Several internal factors could continue to accelerate domestic vehicle sales through the year, such as the government’s domestic tourism promotion campaigns and price guarantee schemes for agricultural products that would increase the need for transport, Surapong said.
Government revenue exceeds target, pointing to economic expansion
THURSDAY, SEPTEMBER 22, 2022
THE NATION
Revenue collection in 11 months of fiscal year 2022 has exceeded the government’s target by 117 billion baht, or 5.5 per cent, the Finance Ministry said on Thursday.
In 11 months of the fiscal year — from October 2021 to August 2022 — revenue reached 2.25 trillion baht, the ministry said.
“Compared to last year, revenue collection increased 6.8 per cent due to expansion of the economy, which boosted domestic consumption and imports,” Pornchai Theeravet, director of the Fiscal Policy Office (FPO) and the ministry’s spokesperson, said.
The Revenue Department collected 1.86 trillion baht in the past 11 months, increasing by 248 billion baht, or 15.3 per cent, year on year. The department exceeded the target by 14.6 per cent, or 238 billion baht. Most of the increased revenue came from value-added tax and corporate income tax.
The Excise Department, meanwhile, has collected 465 billion baht, down 5.8 per cent year on year, dropping by 28.7 billion baht. The department missed its target by 15 per cent, or 82.2 billion baht. Pornchai attributed the drop to the diesel tax cut in a bid to reduce people’s cost of living.
The Customs Department’s collection of 100 billion baht, was a 7.8 per cent increase year on year, up by 7.03 billion baht. The department exceeded the target by 9.5 per cent, or 8.79 billion baht.
Revenues contributed by state enterprises in 11 months of the fiscal year also exceeded the target by 11 billion baht. Revenue from other government agencies, however, missed the target by 17.1 billion baht, added Pornchai.
The government has set a revenue target of 2.49 trillion baht for fiscal 2023, which begins next month.
Chantsuda insisted that Grabmart would provide micro-entrepreneurs more opportunities to reach larger consumer groups, drive sales, and capture business opportunities via Grab’s platforms.
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