SMEs

  • Business NewsThai SMEs to boost exports to China via e-commerce

    Thai SMEs to boost exports to China via e-commerce

    The International Institute for Trade and Development (ITD) plans to propose a strategic initiative to the Ministry of Commerce, focusing on cross-border e-commerce (CBEC) to aid small and medium-sized enterprises (SMEs) in expanding their exports to the Chinese market. This move aims to provide SMEs with new opportunities to enhance their presence in China through CBEC channels. Wimon Punkong, Deputy…

  • 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 NewsThailand’s SMEs to receive 1.9 billion baht support fund

    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 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…

  • Politics NewsThai PM orders swift action on Chinese goods influx

    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 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 NewsThailand boosts SMEs growth in upcoming Synergy Expo 2024

    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 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 NewsSMEs loans complications eased by Finance Ministry’s new AMC

    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 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 NewsThai government plans 7% VAT on imported goods from May

    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 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…