SMEs

  • Thailand NewsThailand’s VAT hike: Restaurant and hotel sectors’ suggestions

    Thailand’s VAT hike: Restaurant and hotel sectors’ suggestions

    A proposed increase in the value-added tax (VAT) rate from 7% to 15% has sparked significant concern among Thailand’s restaurant and hotel industries. Although the plans for the VAT hike are now reportedly scrapped, Sorathep Rojpotjanaruch, who leads the Thai Restaurant Business Association, expressed alarm over the potential consequences this tax hike could have on the already struggling restaurant sector.…

  • Thailand NewsThailand unveils plan to boost SMEs, tackle substandard imports

    Thailand unveils plan to boost SMEs, tackle substandard imports

    The Deputy Minister of Commerce, Napintorn Srisangpang, has reported on the outcomes of the second meeting of the subcommittee aimed at promoting and upgrading Thai SMEs, alongside tackling the issue of substandard foreign goods. The meeting, involving 20 related government agencies, categorised products into three groups: agricultural, consumer, and industrial products. To address these issues, a three-phase plan, short, medium,…

  • Thailand NewsThai Cabinet approves 15 billion baht loan for small businesses

    Thai Cabinet approves 15 billion baht loan for small businesses

    The Thai Cabinet approved a substantial loan initiative aimed at boosting employment and entrepreneurship with a budget of 15 billion baht, targeting street vendors and small businesses to alleviate high-interest debt. The scheme is expected to benefit around 300,000 individuals across the country. Finance Deputy Minister Paophum Rojanasakul announced that the Cabinet agreed to allow the Government Savings Bank (GSB)…

  • Business NewsThai SMEs boxed in by debt and dwindling demand

    Thai SMEs boxed in by debt and dwindling demand

    Small and medium-sized enterprises (SMEs) in Thailand are on the ropes, grappling with crippling debt and plummeting sales as the country’s economic engine sputters, warns the Federation of Thai Industries (FTI). The financial plight of these crucial businesses is worsening, says the FTI, with government support measures arriving too little, too late. Yet, the federation, the voice of Thailand’s SMEs,…

  • Business NewsThailand to develop SME-focused industrial estate in EEC

    Thailand to develop SME-focused industrial estate in EEC

    The Industrial Estate Authority of Thailand (IEAT) is planning to develop a new industrial estate tailored specifically for small and medium-sized enterprises (SMEs) within the Eastern Economic Corridor (EEC). Sumet Thangprasert, the acting governor of IEAT, confirmed that a portion of an IEAT-owned industrial estate in the EEC would be utilised for this project. The EEC, encompassing regions like Chon…

  • Business NewsThailand launches 20 billion baht fund to support struggling SMEs

    Thailand launches 20 billion baht fund to support struggling SMEs

    Industry Minister Akanat Prompan announced plans to establish an Industrial Reform Fund worth at least 20 billion baht (US$593 million). This initiative aims to support manufacturers, particularly small and medium-sized enterprises (SMEs), in addressing liquidity challenges and enhancing their competitiveness. SMEs are currently facing significant liquidity issues and difficulties in accessing financial resources amidst intensifying competition and rapid technological advancements,…

  • Thailand NewsThai SMEs eye US e-commerce payday after major Amazon deal

    Thai SMEs eye US e-commerce payday after major Amazon deal

    Thailand’s small and medium-sized enterprises (SMEs) are set to cash in on the lucrative US e-commerce market following a groundbreaking deal inked between the Department of International Trade Promotion (DITP) and Amazon Global Selling (AGS). The partnership, formalised during the TOPTHAI Cross-Border e-Commerce Day 2024, aims to turbocharge the e-commerce export capabilities of Thai businesses, opening doors to the US$1.1…

  • Business NewsThailand aims to become global financial hub

    Thailand aims to become global financial hub

    Thailand is making strides towards becoming a global financial hub by focusing on five key industries: banking, securities, derivatives, digital assets, and insurance. This move comes in the wake of the 1997 Asian financial crisis, as the nation aims to build a resilient financial infrastructure and elevate its status on the global stage. Caretaker Finance Minister Pichai Chunhavajira highlighted the…

  • Thailand NewsThailand govt addresses TEMU’s impact on local SMEs

    Thailand govt addresses TEMU’s impact on local SMEs

    Thailand’s Deputy Prime Minister and Minister of Commerce raised concerns over the impact of the global e-commerce platform TEMU on Thai SMEs. Immediate protective measures are being discussed with eight agencies to curb the influx of online goods into the country. Phumtham Wechayachai shared his views on Facebook, stating that while international e-commerce platforms bring opportunities, they also present significant…

  • Business NewsThai ministry tackles substandard imports threatening SMEs

    Thai ministry tackles substandard imports threatening SMEs

    The Commerce Ministry has partnered with ten government agencies to implement measures aimed at reducing the influx of low-priced, substandard imported goods, which pose safety risks to consumers purchasing from both online and offline vendors. The Commerce Permanent Secretary, Vuttikrai Leewiraphan, highlighted that the rise of Chinese e-commerce platforms using a direct-to-customer model allows buyers direct access to inexpensive products…

  • Business NewsThailand’s SME D Bank offers interest-free loans to entrepreneurs

    Thailand’s SME D Bank offers interest-free loans to entrepreneurs

    Thailand’s Small and Medium Enterprise Development Bank (SME D Bank) has partnered with the National Innovation Agency (NIA) to offer interest-free loans for up to three years to entrepreneurs developing innovative products and services. Phichit Mitrawong, Managing Director of SME D Bank, announced this initiative following the signing of a cooperation agreement with the NIA yesterday. The agreement aims to…

  • Business NewsThai SME bank sees non-performing loans surge to 13%

    Thai SME bank sees non-performing loans surge to 13%

    Rising non-performing loans (NPLs) in the first seven months of this year have predominantly emerged from wholesale and retail sectors, as reported by the Small and Medium Enterprise Development Bank of Thailand (SME D Bank). The Managing Director of SME D Bank, Phichit Mitrawong, attributed the increase to sluggish economic conditions, which have led to a contraction in consumer purchasing…

  • Business NewsTikTok teams up with Thailand’s biz dept to boost SME impact

    TikTok teams up with Thailand’s biz dept to boost SME impact

    TikTok Shop has taken a significant step by signing a memorandum of understanding (MoU) with Thailand’s Department of Business Development to boost the contribution of small and medium-sized enterprises (SMEs) to 40% of the GDP by 2027, up from the current 35%. TikTok Live data from Thailand shows that in 2023, there were 700,000 Thai creators live streaming on the…

  • Business NewsFinance minister orchestrates with BoT for fiscal symphony

    Finance minister orchestrates with BoT for fiscal symphony

    Finance Minister Pichai Chunhavajira is adopting a more cooperative stance towards the Bank of Thailand (BoT) compared to the Thai prime minister, aiming to align fiscal and monetary policies more effectively. Prime Minister Srettha Thavisin has been advocating for interest rate cuts to stimulate the economy. Pichai, however, has shifted the focus towards enhancing public access to finance, expressing his concerns…

  • Business NewsStartups urge inclusion in Thai digital wallet scheme

    Startups urge inclusion in Thai digital wallet scheme

    Startup communities are urging the Finance Ministry to include them in the government’s upcoming digital wallet scheme. They see this as a pivotal chance to promote the adoption of digital technologies among small and medium-sized enterprises (SMEs), fostering digital transformation. President of the Thai Startup Trade Association Yutthana Srisavat, alongside Pawoot Pongvitayapanu, a leading figure in the startup ecosystem has…

  • Business NewsThai industries launch initiatives to boost SMEs post-pandemic

    Thai industries launch initiatives to boost SMEs post-pandemic

    New initiatives by the Federation of Thai Industries (FTI) aim to bolster local entrepreneurs, particularly small and medium-sized enterprises (SMEs) still grappling with the effects of the pandemic. The FTI is focusing on critical sectors such as agribusiness and the auto parts industry to foster resilience and growth. Efforts are being made to help SMEs become more competitive through the…

  • Thailand NewsThai noodle giant unfazed by minimum wage increase to 400 baht

    Thai noodle giant unfazed by minimum wage increase to 400 baht

    The imminent nationwide increase in the minimum wage to 400 baht holds little concern for major noodle producer Thai President Foods PCL, the maker of the popular instant noodle brand Mama, which believes the company’s ability to adapt will mitigate any significant impact, highlighting instead the potential challenges this wage hike could pose to smaller enterprises and small and medium-sized…

  • Thailand NewsCommerce Minister aims to boost Thai-Japan trade

    Commerce Minister aims to boost Thai-Japan trade

    The Deputy Prime Minister and Minister of Commerce, Phumtham Wechayachai, embarked on an international mission to amplify Thailand’s soft power and enhance Thai-Japan trade. This trip, scheduled for May 11-12, will take the Minister to Tokyo, Japan, where he will participate in the 24th Thai Festival Tokyo event. Wittaya Maneenet, the Ministry of Commerce spokesperson, clarified that the purpose of the…

  • Business NewsExim Bank of Thailand grows 7.05%, focusing on green lending

    Exim Bank of Thailand grows 7.05%, focusing on green lending

    Exim Bank of Thailand reported substantial growth in its first-quarter operations for 2023, with significant strides in environmental, social, and governance (ESG) lending. The bank, led by Rak Vorrakitpokatorn, approved new loans amounting to 5,853 million baht, with outstanding loans and obligations increasing by 11,474 million baht, representing a 7.05% growth compared to the same period last year. Remarkably, ESG-related…

  • Business NewsKrungsri Bank targets 2-3% growth in SME loans in 2024

    Krungsri Bank targets 2-3% growth in SME loans in 2024

    Krungsri, Thailand’s fifth-largest lender, is optimistic about achieving a 2-3% growth in small and medium-sized enterprise (SME) loans in 2024, following a surge in the first quarter of the year. The bank’s SME loans increased by over 2% by the end of March, in line with the gradual economic recovery of the country. This follows a robust 11% growth in…

  • Business NewsThai SMEs urged to leverage Secured Transaction Act for loans

    Thai SMEs urged to leverage Secured Transaction Act for loans

    The Thai Commerce Ministry is encouraging small and medium-sized enterprises (SMEs) to capitalise on the Secured Transaction Act. This act allows businesses to use assets with economic value, such as machinery, high-value trees, and intellectual property, as collateral for securing loans. Deputy Commerce Minister Napintorn Srisunpang made these remarks during the opening of the Business Collateral Fair. The event was…

  • Thailand NewsThailand to launch 50 billion baht SME support scheme

    Thailand to launch 50 billion baht SME support scheme

    Thailand’s Ministry of Finance is set to endorse a new credit guarantee scheme, known as PGS 11, with a funding pool of 50 billion baht (US$1.4 billion baht). This initiative, revealed by Radaklao Intawong Suwankiri, the Deputy Government Spokesperson, is designed to bolster small and medium enterprises (SMEs) in three key industries. Radaklao announced today that Krissada Chinavicharana, the Deputy…

  • Business NewsFTI urges protection for SMEs against cheap Chinese imports surge

    FTI urges protection for SMEs against cheap Chinese imports surge

    The Federation of Thai Industries (FTI) is advocating for enhanced protection of small and medium-sized enterprises (SMEs) against the surge of inexpensive Chinese products. Kriengkrai Thiennukul, FTI chairman, revealed that the importation of these products has caused certain local manufacturers, predominantly SMEs, to cut their production by 50%. The FTI asserts that some imported goods require comprehensive inspection, as they…

  • Business NewsNectec develops open-source cybersecurity for small manufacturers

    Nectec develops open-source cybersecurity for small manufacturers

    Nectec, the National Electronics and Computer Technology Centre, is in the process of creating an open-source Security Operation Centre (SOC) as a service for potential partners. This initiative predominantly targets small businesses in the manufacturing industry, offering them affordable cybersecurity options. This service model requires partners to invest in cloud computing and threat intelligence data. It is designed to be…