Tag Archives: Economics

PTG improves quality of life of school children and locals in Lampang province

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PTG improves quality of life of school children and locals in Lampang province

PTG improves quality of life of school children and locals in Lampang province

TUESDAY, NOVEMBER 29, 2022

Thailand’s leading energy company, PTG Energy Plc, is continuing its corporate social responsibility (CSR) campaign titled “PTG Volunteers Leave No One Behind” with a focus on benefiting local communities and the environment in the provinces where the company operates.

On November 19, PTG volunteers visited Ban Pa Tan Kum Muang school in Pong Saeng Thong subdistrict of Lampang province to donate scholarships, learning materials, sports equipment and medical supplies to four schools in the subdistrict.

Forty students were granted scholarships of 2,000 baht each to support their education. Ten children of PTG’s employees in Lampang province also received scholarships of 1,000 baht each.

PTG improves quality of life of school children and locals in Lampang province

PTG also donated 200 bags of oyster mushroom substrate and 200 young frogs for the school’s mushroom sheds and frog ponds to use as ingredients for the school lunch.

The PTG volunteers also released 3,000 Nile tilapia fish into the school’s reservoir to serve as a food source for 11 villages in Pong Saeng Thong subdistrict. They then visited bed-ridden patients in 10 households to offer them survival bags. The CSR activities concluded with the planting of 200 plants in front of the community hall, as well as the donation of 300 vegetable plants to villagers to grow at their houses.

PTG improves quality of life of school children and locals in Lampang province

PTG president and CEO Pitak Ratchakitprakarn said that throughout 33 years of operating in Thailand, the company has always been committed to helping the society, improving people’s quality of life, and supporting the communities in various aspects such as environment, education and public health.

PTG improves quality of life of school children and locals in Lampang province

“This is the seventh time that we organised “PTG Volunteers Leave No One Behind” campaign in provinces that have PTG’s oil reserves. The company have a long-standing relationship with locals of Pong Saeng Thong subdistrict, so we held the CSR activities here to benefit the local communities,” he said.

Pitak added that the “PTG Volunteers Leave No One Behind” campaign has won the “CSR of the Year 2022” title at the Thailand Top Company Awards 2022. Another activity under the campaign is called “PT Brighter Vision”, which has provided 2,300 pairs of eyeglasses to underprivileged elderly people.

PTG improves quality of life of school children and locals in Lampang province

PTG ran the two campaigns in parallel, leading a team of ophthalmologists to examine the eyes of elderly and bedridden patients in each community and prescribe glasses as needed. After the November 19 activity, 500 seniors in Pong Saeng Thong subdistrict will each have a new pair of glasses to help make their daily life easier.

Since its establishment, PTG Energy Plc has been committed to supporting communities and improving local people’s quality of life, in line with the company’s motto of “creating happy bodies, happy minds, and a happy society”.

ABeam points out the benefits of Data Democratization

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ABeam points out the benefits of Data Democratization

ABeam points out the benefits of Data Democratization

TUESDAY, NOVEMBER 29, 2022

Data management that allows for high and convenient accessibility to all can lead to better data-driven business decisions and long-term success for organizations

As businesses grow, the data that organizations and enterprises created, stored, utilized, and accumulated over the course of their transaction expands.

Data is as useful as its management, and one way to maximize the use of data is to make it available and accessible to as many staff as possible to reap its best potential.

Traditionally, data is stored separately and managed, segment by segment, with its own IT or specialist team. When a need for data arises, a staff member usually makes a request to the relevant party which could take a while to respond.

And in some cases of overloading work for IT talents, the response to such request may arrive too late or not at all. Democratization of data, which is the practice of making data accessible to all in a user-friendly manner, is one approach to tackling this problem.

Technological research centre Gartner identified data democratization as one of the top tech trends of the decade. Data democratization is the ability for digital information to be accessible to the average end user.

The goal of data democratization is to allow non-specialists to be able to gather and analyze data without requiring outside help. Essentially, it is a process that enables everybody within an organization to access and understand their data in order to make better data-driven decisions and therefore create growth and long-term success for the organization. 

ABeam points out the benefits of Data Democratization

The benefit for the employee is to get the most out of every data point, boosts their confidence to tackle data problems and hence help the entire organization to make aligned judgments and better choices. Data democratization also brings greater customer insight as the whole organization grasps all aspects of the data, and with the right usage and analysis, the organization can deliver a superior customer experience.

Moreover, data democratization can help the organization make timely decisions, confidently adjust its business strategies, and make proactive judgments. 

To successfully implement data democratization, an organization must fundamentally transform their digital infrastructure so that everyone can access all the data from one source. This can be achieved by using Data Virtualization, the complexity of accessing disparate sources of data is hidden from the data consumers. Data Virtualization platforms will also help to ensure that data privacy is respected, and data security policies have complied.

And to enable everyone to properly utilize the data without the help or assistance of IT talents or specialists, organizations should promote machine learning or advanced analytics automation tools. An Automated Machine Learning platform (AutoML) provides a full range of functionalities that support the lifecycle of a machine learning project from access and preparation of data to machine learning model design, training, and evaluation to the deployment and monitoring of the deployed models.

These platforms enable employees with different levels of technical know-how – from no-coders to low-coders to coders – to easily perform advanced analytics without IT help to truly create value through democratization.

Finally, everyone in the organization should be educated about data democratization, with full support from management. Continual evaluation and improvement of processes are also vital to keep data democracy thriving and beneficial. It is important to realize that data democratization is a journey instead of an end-state, consisting of ongoing activities driving the organization towards successful data democracy.  

ABeam Consulting (Thailand) provides advanced analytics consultancy services globally and has successfully implemented technology solutions that help our customers move closer to achieving data democracy in their organizations and enterprises. In addition to technologies, ABeam can also advise on planning for and implementing a roadmap that is tailored to each customer’s situation and objectives. 

Analysis: Thailand’s property market landscape in post-Covid era

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Analysis: Thailand’s property market landscape in post-Covid era

Analysis: Thailand’s property market landscape in post-Covid era

TUESDAY, NOVEMBER 29, 2022

Marciano Birjmohun, Vice President of Business Development for Magnolia Quality Development Corporation Ltd, provides his market update results.

Living in Thailand since 2011, I have seen firsthand the exponential growth of infrastructure, tourism and real estate. No longer is Onnut is the last stop on the Sukhumvit line, but far extension into a neighboring province is possible. Following primary observations in the Real Estate sector come from my intrinsic involvement in this industry as executive and engagement on both sides of the value chain.


Post Covid…New Normal?

Covid has reconditioned our behavior and living habits indefinitely. Post Covid means larger living spaces, more privacy and a demand for projects that compliment individual lifestyles. The foreign market has always been attracted to the Thai real estate market, and Thailand is one of the few countries in the region that can offer a variety of property choices based on geographical preferences such as coastal, metropolitan or mountain areas. A unique value proposition that makes Thailand still one of the top destinations for real estate.

Analysis: Thailand’s property market landscape in post-Covid era

In post Covid, we have seen a notable shift in buyer behaviors from overseas, second homes and end-users dominate the scene in any region of the country. The uptake of premium assets with a higher grade of specifications, extended facilities, low density, limited units per floor, privacy and accessibility to primary and secondary necessities such as transportation, shopping centers, education and healthcare are high in demand. Perhaps one of the most appreciated demands have been in the housing sector (“Moobaan”) despite the absence of freehold ownership allocation for foreigners, this has not been a threshold for buyers and developers. Taking Phuket as example, where villas are acquired by foreigners through either a BVI structure (British Virgin Islands), Leasehold agreement or Thai company formation. A common practice that does not withhold foreigners to continue acquisitions in the foreseen future.

From a global perspective, Thailand still holds one of the lowest closing costs to acquire real estate. This is often overlooked during the project marketing pitch but worth mentioning again. Most importantly, these costs are uniform across the kingdom, making it comfortable for investors to make acquisitions in different provinces. Foreign buyers welcome Thailand’s closing cost structure with much enthusiasm.  

The sentiment to acquire property as mean of investment vehicle is no longer the main objective, Covid teaches us that even established property markets CANNOT withstand this economic impact. Therefore, foreign buyers are now securing assets that provide their families long term security in the sense of generational living. Generational living is simply clarified where 2 or 3 generations life together in one household.

The condominium market

Buyers have become more sophisticated, in the capital Bangkok we have seen a healthy up take of units with larger living spaces; multiple bedrooms, extended facilities, better unit functionality and most of all privacy. The sophistication can be explained deeper, because post Covid buyers are willing to pay more to satisfy their needs. 

From a developer perspective this is where service aptitude plays an important role. In short, this entails a developers’ ability to recognize opportunities to exceed customers’ expectations. Thailand is the land of smiles and when dealing with foreign buyers the high and low cultural context plays an important role in the communication. Developers that have bi-lingual sales teams tend to attract more successful foreign transactions than traditional companies. 


The demand

So where does the foreign demand 2022 come from? Well, this is subjective to the ability of the sales team at each developer, but a few buyer groups have been notable:

  • Overseas Chinese holding a foreign passport. Many Chinese families from Cambodia have been flocking the Thailand market to seek a better life for their families. Education, Healthcare and Infrastructure is one of the key drivers
  • Myanmar, with ongoing political unrest, the Burmese have been the top-ranking buyers in the capital. With a variety in purchase power, both resales to newly build projects are of demand. Thailand provides them a safe haven not far from home
  • The new money or “Nouveau Riche”, buyers who acquired their wealth within their own generation. Many of them are in the technology and venture capital space trying to secure assets that accommodate their aspirational lifestyle
  • Expats have always been and remain an intrinsic part of the foreign sales quota, many of them have seen the transition and upgrade of Thailand’s real estate market. Enabling them to make sound decisions with a long-term objective
  • From Russia with love, it has not gone unnoticed that the Russian Ruble has kept its strength in the last quarters of the year, benefiting the coastal locations such as Phuket, Pattaya and Hua Hin


B2C Relations – The Agent

The vast majority of foreign transactions are the result of agent efforts. For foreign buyers, new or not familiar to Thailand’s real estate landscape, agents are often the first point of contact and an essential part of Thailand’s real estate market. For many foreigners, the agents are not just a salesperson, but also their tour guide, translator, legal counsel, troubleshooter and most importantly a new friend.

The trust and dedication real estate agents provide foreign buyers cannot always be leveled on the developer side. Many agents go up and above to accommodate foreign buyers to their best ability, and most important they remain a consistent contact for years to come. This is not a trend, but a given fact that agents are the engine behind foreign transactions (note to developer).   


Thailand going forward

Thailand has been raising its living standards for the better and despite skeptics the country remains a top destination. The residential sector has gone through a revolution, not only in asset class diversity but also strategic locations and architecture. Branded residences have made their entry a decade ago, placing Thailand in the spotlight for lifestyle-oriented investments – attracting a wealthy demographic.

Overseas markets have changed their property taxations drastically, but Thailand remains a consistent role model. Foreign buyers will diversify further away from the capital, and peripheral areas will see a growing demand from overseas.

Although still in early stage, developers will receive more demand from foreign buyers for sustainability and carbon neutrality in real estate. A good initiative that will strengthen the competitiveness level of Thailand’s real estate market going forward.

Researchers laud Thailand’s potential in becoming regional EV hub

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Researchers laud Thailand's potential in becoming regional EV hub

Researchers laud Thailand’s potential in becoming regional EV hub

TUESDAY, NOVEMBER 29, 2022

Nongluck Ajanapanya

Though Thailand came in ninth among 15 countries in terms of readiness to adopt electric vehicles, it still has a very good potential to become an EV manufacturing hub soon.

Thailand’s potential was unveiled on Tuesday at the release of Arthur D Little (ADL)’s report “Unleashing Thailand’s Electric Mobility Potential”.

This report comes after the 15 countries were ranked in ADL’s annual Global Electric Mobility Readiness Index (GEMRIX 2022).

Andreas Schlosser, ADL partner and global chief of the automotive department, told the press that electric vehicles were fast becoming popular with overall usage rising over the past two years.

“Thailand is also well prepared for EVs in terms of market, users, infrastructure, and government,” he said.

However, he pointed out, that though the Thai EV market is growing thanks to government policies and moves to attract investment, there are still many challenges it must address to maintain competitiveness.

Hirotaka UchidaHirotaka Uchida

Hirotaka Uchida, chief of ADL operations in Thailand, said the development of an EV industry is critical for Thailand to maintain its position as the “Automotive Hub of Asia”, and to do that, the government needs to build a stronger EV charging infrastructure and encourage more start-ups to join the EV ecosystem.

He said Thailand lags behind Indonesia in terms of lithium battery production and cannot compete with Vietnam when it comes to funding.

However, he said, Thailand can benefit from its strong foreign allies like China and Japan, which will help the Thai EV industry grow exponentially.

Besides, Thailand’s experience as an internal combustion engine manufacturer has also helped with its transition to becoming an EV engine producer.

“What you need to focus on now is strengthening what you are good at and speeding up the improvement of your EV charging stations and infrastructure to support a wide adoption of EVs among Thai consumers,” Uchida said.

In the report, ADL identified five key challenges in Thailand’s transition to electric mobility. They are:

  • Shifting to mixed energy and relevant supplier base
  • Competitiveness in the supply of batteries
  • Building a charging infrastructure
  • Building awareness of carbon neutrality
  • Potential in the export market

Akshay PrasadAkshay Prasad

Akshay Prasad, ADL Southeast Asia’s senior engagement manager, said for Thailand to evolve into an EV ecosystem, all players will have to collaborate across the value chain.

Local players should also establish a Thai EV brand, which will serve as a game changer for the future of Thailand’s auto industry, he said.

“To become a regional EV export hub, Thailand needs to have its own national brand and then it should explore new potential markets like Pakistan, Bangladesh and the Middle East,” Prasad said.

He also advised Thailand to look into battery recycling and continue developing alternative options. He said that though the country lacks nickel, it does have zinc, which is a useful ingredient in making batteries.

Andreas SchlosserAndreas Schlosser

Schlosser backed Prasad’s idea on battery recycling, saying this would ensure that EV batteries do not end up polluting the environment after three to five years of use.

According to the study, the sale of EVs in Thailand should surge by more than 500 times from 1,572 units in 2020 to about 831,161 units by 2030.

By 2030, the report said, Thailand should have 61,000 electric cars and pick-trucks, 763,000 motorcycles and 7,000 buses and trucks.

However, the three ADL representatives said that though these figures are impressive, they are still not sufficient for the country to become an Asean EV hub.

But once Thailand addressed its weaknesses and strengthened its abilities, it can start playing an important role in the global EV ecosystem and be at the forefront regionally.

Researchers laud Thailand's potential in becoming regional EV hub

Meanwhile, Norway took the top spot in this year’s GEMRIX index, followed by China, Germany, Singapore, and the United Kingdom in that order. Thailand held the 9th spot after the United States, Japan, and the United Arab Emirates, while Mexico, India, Brazil, Indonesia, Vietnam and South Africa held up the rear.

The countries were divided into four groups, namely global benchmark, ambitious followers, emerging EV markets and starters.

Nongluck Ajanapanya

JKN gets Miss Universe brand ready for listing on NYSE in 2025

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JKN gets Miss Universe brand ready for listing on NYSE in 2025

JKN gets Miss Universe brand ready for listing on NYSE in 2025

TUESDAY, NOVEMBER 29, 2022

After acquiring Miss Universe Organisation (MUO) in October, Thailand’s JKN Global Group Plc (JKN) is now getting ready to have it listed on the New York Stock Exchange (NYSE) by 2025.

MUO has the potential to grow, JKN’s chief executive Jakkaphong “Anne” Jakrajutatip said recently after meeting with business leaders in the retail, hospitality and tourism sectors to build potential alliances and partnerships.

She said the beauty pageant business, especially the Miss Universe brand, has the potential to generate stable revenue, especially in the health and beauty market.

Plus, she said, with 70 years in the beauty pageantry business under its belt, MUO is a well-established global brand. This, she said, gives it a significant advantage in getting listed on the NYSE by 2025, under its new company JKN-Metaverse.

After acquiring MUO on October 25 for 800 million baht, JKN believes the brand will generate growth of at least 40% and prove to be an engine in its drive to become a big player in the global content commerce industry.

To make the Miss Universe brand synonymous with Thailand, Jakkaphong met Yuthasak Supasorn, the governor of the Tourism Authority of Thailand, and Culture Minister Ittiphol Kunplome.

Her proposal was to hold a Miss Universe pageant in Thailand, which has already hosted the pageant three times, in 1992, 2005 and 2018.

The 2022 Miss Universe will be crowned in New Orleans, United States.

“It will be good to host the Miss Universe pageant under the ‘Amazing Thailand’ and ‘Amazing New Chapters’ tourism promotional concepts. This will offer travellers a valuable but different experience,” Yuthasak said.

Separately, as part of its plan to have MUO listed in NYSE, JKN has announced the following streams of income for the brand:

• Franchise fee: Revenue from the country hosting the Miss Universe pageant

• Hosting fee: Revenue from granting the right to host the Miss Universe pageant

• Production fee: Revenue earned from the production of the pageant every year

• Sponsorship fee: Revenue from sponsoring the pageant

• Merchandise and licence fees: Revenue from merchandise and licence of products and services under the Miss Universe brand

• Broadcast fee: Revenue from TV stations across the world broadcasting the contest

• Miss Universe programme and format fee: Revenue from operating shows, such as “Road to the Universe”

• Talent management fee: Revenue from Miss Universe winner’s management

• Ticket sales: Revenue from the sale of contest tickets across all platforms.

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Techsauce cooks up new strategy to incubate new start-ups

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Techsauce cooks up new strategy to incubate new start-ups

Techsauce cooks up new strategy to incubate new start-ups

MONDAY, NOVEMBER 28, 2022

Nongluck Ajanapanya

Techsauce Media, a top knowledge-sharing platform, is partnering with 25 companies to incubate 10 start-ups in Thailand and the region.

The objective is to be part of an ecosystem that seeds start-ups and turns them into engines to drive the Thai economy.

Oranuch Lerdsuwankij, co-founder and CEO of Techsauce Media, said the project was launched after the company realised that funding was the most difficult issue for most start-ups.

As per the Techsauce Start-up Directory, Thai start-ups attracted less investment this year compared to 2021, even though the total value of investments in 2022 had been pushed up by one huge deal.

Data shows that most venture capitalists prefer to invest in start-ups that have grown to some extent instead of those in their early stages.

“This trend is bad for Thailand in the long run,” Oranuch said. “As a tech ecosystem builder, Techsauce has established the Thailand Accelerator project to help start-ups in Thailand and Southeast Asia raise funds and grow their businesses sustainably by using our resources and a global network built over a decade.”

Charle Charoenphan, Thailand Accelerator’s programme director, said the accelerator is one of the key cogs for building an ecosystem of young entrepreneurs across the world. This ecosystem, he said, will help them grow faster in terms of customer base and revenue.

Start-ups interested in joining the accelerator program should be prepared to expand their market in Southeast Asia and already have products or services available. The start-up should also be in the Seed or Pre-Series-A funding stage.

Batch 1 of the project focuses on four business groups: impact and climate, tech, Software as a Service (SaaS), and AI and machine learning technology.

Charle said the programme was not just limited to Thai businesses because Techsauce wants local companies to learn from their foreign counterparts.

This is the first step for the participants to experience true competitiveness as well as widen their outlook, which will help in the development of their business internationally, Charle explained.

Techsauce cooks up new strategy to incubate new start-ups

Techsauce’s new venture was applauded by nearly all bigwigs in the start-up industry, including Sarun Sutuntivorakoon, Thai Venture Capital Association president; Chinawut Chinaprayoon, executive vice president of Digital Economy Promotion Agency; Yutthana Srisavat, Thai Start-up Association president; and Pariwat Wongsamran, director of Startup Thailand.

At a discussion on “Elevating Start-up Ecosystem”, they agreed that more accelerating and incubating programmes are necessary to boost the number of start-ups and help in their development in Thailand and the region.

Most start-ups in the early stages are weak in doing business, and accelerators usually help them close those gaps.

Meanwhile, Oranuch said those interested have until December 31 to apply and the list of qualified candidates will be announced in January.

Those selected will receive three months of training from world-class mentors before they pitch their ideas to investors in May.

Nongluck Ajanapanya

Poor-quality durians on Shanghai roadside not from Thailand, ministry clarifies

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Poor-quality durians on Shanghai roadside not from Thailand, ministry clarifies

Poor-quality durians on Shanghai roadside not from Thailand, ministry clarifies

TUESDAY, NOVEMBER 29, 2022

Low-quality durians from other countries are being disguised as premium-grade fruit from Thailand to deceive shoppers in Shanghai, the Agriculture Ministry warned on Tuesday.

Alongkorn Ponlaboot, an adviser to Agriculture Minister Chalermchai Sri-on, said the minister on Monday had told agricultural attachés in China to conduct an urgent investigation after a video clip went viral in China on why Thai durians sold on a roadside in Shanghai were not delicious and appeared to be of poor quality.

The clip was posted on YouTube by a Thai woman living in Shanghai on Saturday. The woman was seen in the clip asking the vendors whether the durians came from Thailand and the vendor confirmed it.

The clip caught the attention of Chalermchai on Monday when some Thai media played it up.

“Once he learned of the clip, the minister instructed the agricultural attachés in Beijing, Shanghai and Guangzhou to investigate the matter,” Alongkorn said.

Chalermchai was informed immediately that the agricultural officer of the Thai consulate in Shanghai had rushed to the roadside as seen in the clip to check, but did not find durians being sold there.

The officer then investigated and found that the buyer had bought durians from a vendor who sold the fruit from the back of his truck, not from a regular shop that has quality control.

The mobile vendors drive their trucks around to sell durians on the roadside over weekends and they sold poor-grade durians from Thailand’s neighbouring countries, Alongkorn added.

Poor-quality durians on Shanghai roadside not from Thailand, ministry clarifiesHe said such mobile vendors normally sold low-quality durians on the outskirts of Chinese cities to avoid being checked by the officials and they mostly sold durians that failed to meet quality standards.

The Thai officials checked with wholesale markets and found that the mobile vendors normally bought poor-grade durians in high quantities to sell on the roadside at cheaper prices than quality fruits sold in permanent shops, Alongkorn said.

He said the Thai official also checked with five large durian shops in Shanghai and found that Thai durians are sold at higher prices than durians form Vietnam.

The shops told the agriculture attaché that Thai durians are more delicious and more popular and buyers mostly choose to buy the Thai variety.

The adviser said most consumers could not tell from the appearance which durians came from which countries so they must check certified stickers put on the fruits.

Alongkorn added that the Thai agricultural attachés in China have reminded Thai exporters to make sure their durians are of premium quality in line with the policy of the agriculture minister.

Poor-quality durians on Shanghai roadside not from Thailand, ministry clarifiesAlongkorn said Chalermchai, who heads the committee in charge of development of Thai fruit quality, has also instructed the three agricultural offices in China to work with other Thai officials there to monitor fake news on Chinese social media that might affect Thailand’s image, especially about the quality of Thai fruit.

Chalermchai also instructed the Agriculture Extension Department, the Agriculture Department, and the Cooperative Promotion Department to coordinate with the provincial governors and other government agencies to make sure that no unripe, no Covid-contaminated, and poor-quality durians would be exported to China.

The departments were asked to work with provincial administrations so that durian farmers and exporters in major durian-growing provinces, such as Chanthaburi, Trat, Rayong, Si Sa Ket, Chumphon and Surat Thani, would develop their brands for traceability.

Alongkorn said traceability is crucial for quality control because Thailand has exported over 700,000 tonnes of durians, or about 210 million durians, to China from February 1 to the middle of this month.

Big jump in capital of foreign businesses registering in first 10 months of 2022

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Big jump in capital of foreign businesses registering in first 10 months of 2022

Big jump in capital of foreign businesses registering in first 10 months of 2022

TUESDAY, NOVEMBER 29, 2022

The Business Development said on Tuesday that 480 foreign firms with registered capital of 106.437 billion baht have been allowed to operate their businesses in Thailand during the first 10 months of this year.

Jittakorn Wongkhetkorn, deputy director-general of the department, said the number of newly registered foreign businesses during the 10-month period rose by 8 per cent compared to the same period of last year but the registered capital of foreign firms during the period rose by 72%.

Jittakorn said Japanese investors top the list of foreign investors registering their businesses in Thailand during the first 10 months of this year.

He said the top three nationals who registered their businesses in Thailand from January to October this year were:

– 15 Japanese with 2.756 billion baht capital

– 5 Hong Kong businesses with 579 million baht capital.

– 4 Singaporeans with 268 million baht capital.

Jittakorn added that the statistics of the department during the past three years indicated that 2022 would end with some 68,000 to 72,000 new businesses – both domestic and foreign – being registered with the department.

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1,973 Thai businesses close shop for good in October

1,973 Thai businesses close shop for good in October

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1,973 Thai businesses close shop for good in October

1,973 Thai businesses close shop for good in October

TUESDAY, NOVEMBER 29, 2022

As many as 1,973 businesses with a total registered capital of 7.3 billion baht ceased operations last month, the Business Development Department said.

Jittakorn Wongkhetkorn, deputy director-general of the department, said on Tuesday that the top three businesses that shut down were:

• General construction: 166 firms (8% of total)

• Real estate: 125 (6%)

• Restaurants: 44 shops (2%)

He said most of the businesses that closed operations in October had a registered capital of 1 million baht or less.

The registered capital of the 1,973 companies was:

• 1 million baht or less: 1,417 (71.82%)

• 1-5 million baht: 472 (23.93%)

• 5-100 million baht: 78 (3.95%)

• Over 100 million baht: 6 (0.30%)

However, Jittakorn said, 5,911 new businesses were set up in October with a total registered capital of 34.61 billion baht.

He said the top three types of newly registered businesses in October were the same as those that closed down in the month.

• General construction: 502 companies (9%)

• Real estate: 479 (8%)

• Restaurants: 273 (5%)

As of October, 849,958 businesses with a combined registered capital of 20.56 trillion baht were still in operation, Jittakorn said.

Despite the closure of so many businesses in the month of October, the Bank of Thailand and commercial banks maintain their projection of a 3.2-3.3% economic growth in Thailand.

Related stories:

Big jump in capital of foreign businesses registering in first 10 months of 2022

Thailand’s economy maintains growth momentum, GDP expands 4.5% in Q3

Baht plunges as China Covid protests rock investor sentiment

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Baht plunges as China Covid protests rock investor sentiment

Baht plunges as China Covid protests rock investor sentiment

TUESDAY, NOVEMBER 29, 2022

The baht opened at 35.75 to the US dollar on Tuesday, plunging from Monday’s close of 35.54.

The currency will likely move between 35.65 and 35.90 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.

Poon said the baht is fluctuating under pressure from China’s Covid-19 situation and protests. The protests added to concern over economic slowdown in China, Southeast Asia’s top trading partner.

Poon said short-term downward pressure on the Thai currency will persist while the currency market remains in a risk-off state.

Purchases of gold after the price dropped were also causing the baht to weaken, he said.

However, the currency is unlikely to test its resistance level at 36 to 36.10 per dollar since concern over foreign sell-offs of Thai assets had not materialised. Instead, foreign investors began buying more short-term bonds on Monday, Poon said.

He added that investors might not adjust their positions until the US Federal Reserve’s announcement on Wednesday, which is expected to signal a slower pace of policy rate hikes.

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

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