SMEs
- Thailand News
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 News
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 News
Thailand’s SMEs to receive 1.9 billion baht support fund
Industry Minister Akanat Promphan is advancing initiatives to assist small and medium-sized enterprises (SMEs) in mitigating financial pressures and enhancing their technological capabilities to remain competitive. The Industry Ministry’s broader objective is to reform Thailand’s manufacturing sector, according to Akanat. To this end, the ministry plans to provide financial aid through its SME development fund, aiming to alleviate the financial…
- Business News
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…
- Thailand News
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 News
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…
- Politics News
Thai PM orders swift action on Chinese goods influx
Prime Minister Srettha Thavisin tasked Commerce Minister Phumtham Wechayachai with fast-tracking measures this month to tackle the surge of Chinese goods into Thailand. Following the weekly Cabinet meeting held yesterday, August 13, PM Srettha announced that the Commerce Ministry would spearhead efforts to prevent substandard goods from entering the country. This initiative will be a collaborative effort with the Finance…
- Thailand News
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 News
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 News
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 News
Thailand boosts SMEs growth in upcoming Synergy Expo 2024
Thailand is set to boost marketing opportunities for small and medium-sized enterprises (SMEs) through the newly announced Thailand SME Synergy Expo 2024. This five-day trade show, running from June 19 to 23 at the Queen Sirikit National Convention Center in Bangkok, is a collaborative effort by the Business Development Department (DBD), the Office of SMEs Promotion (Osmep), and several governmental…
- Business News
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 News
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 News
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…
- Business News
SMEs loans complications eased by Finance Ministry’s new AMC
The Thai Finance Ministry has scheduled the establishment of a new asset management company (AMC) for next month. This move aims to provide relief to beleaguered retail borrowers, especially small and medium-sized enterprises (SMEs), by assisting them in clearing non-performing loan (NPL) statuses and embarking on a fresh financial journey. The collaborative effort between Government Savings Bank (GSB) and Bangkok…
- Thailand News
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…
- Business News
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 News
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 News
Thai government plans 7% VAT on imported goods from May
The Thai government, under the directive of Prime Minister Srettha Thavisin, is preparing to implement a 7% value-added tax (VAT) on imported goods valued at 1 baht and above, starting in May. Currently, goods sold for less than 1,500 baht (US$40) per parcel and imported into Thailand are exempt from VAT. Deputy Finance Minister Julapun Amornvivat announced these plans after…
- Business News
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…
- Business News
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 News
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…
