Thai currency rises to highest level in 19 months
Thai businesses are pressing the central bank to take measures to stabilize the domestic currency (baht), which has rapidly gained strength and could impact fourth-quarter growth.
Speaking at a press conference on Monday, Deputy Chairman of the Thai Chamber of Commerce (TCC) Phot Aramwattananon said the baht has strengthened faster than anticipated and was affecting exports and tourism.
He expressed concerns over the impact of the rising baht on export competitiveness, particularly in agriculture and food products. TCC has urged the Bank of Thailand (BoT) to manage the baht's stability in line with domestic and global economic conditions.
As of Monday, September 23, the baht hovered around 32.8 to the US dollar, trading at its strongest level in more than 19 months. It has gained 13% against the dollar since a low in April of 37.17.
An appropriate level was 34 baht to the greenback, said TCC Chairman Sanan Angubolkul, adding it was seeking a meeting with the central bank and finance ministry to discuss economic stimulus, interest rate reduction, and debt resolution.
Thailand’s household debt is projected to reach THB16 trillion in 2024, or 90.8% of GDP, among the highest ratios in Asia.
In contrast, BoT Governor Sethaput Suthiwartnarueput downplayed the baht's strength, asserting it has minimal impact on exports.
The TCC also adjusted its 2024 growth forecast upwards from 2.5% seen previously to a range of 2.6% to 2.8% due to policies of the new government to revive the economy.
- Read More
Thailand, Australia strengthen strategic economic cooperation
A Thailand-Australia Strategic Economic Dialogue took place in Bangkok on Monday, during which the two sides discussed in-depth investment and trade opportunities.
Southeast Asia - Tue, September 24, 2024 | 10:23 pm GMT+7
Malaysia offers incentives for investors in $100 billion mega real estate project
Malaysia has announced a series of new incentives during the launch of the Forest City Special Financial Zone, in a bid to accelerate the progress of its $100 billion mega real estate project located in Johor state.
Southeast Asia - Tue, September 24, 2024 | 10:22 pm GMT+7
Thailand to launch second-phase renewable energy scheme
Thailand plans to launch the second-phase 3.6-gigawatt renewable scheme in the fourth quarter of this year, following the end of a legal dispute concerning the first phase.
Southeast Asia - Tue, September 24, 2024 | 10:20 pm GMT+7
S Korea’s SK Group to survey central Vietnam for gas-fired power plant
South Korea’s chaebol SK Group aims to survey Nam Van Phong, an economic hub within Vietnam’s central coastal province of Khanh Hoa, to build a gas-fired power plant.
Energy - Tue, September 24, 2024 | 7:15 pm GMT+7
Tasco, China’s Geely form JV for vehicle assembly, distribution in Vietnam
Hanoi-based Tasco Joint Stock Company (Tasco) and Geely Auto Group (Geely), a top 10 global auto manufacturer, have signed a joint venture agreement for the manufacturing and assembly of automobiles in Vietnam.
Companies - Tue, September 24, 2024 | 6:51 pm GMT+7
Military Bank a double winner at IR Awards 2024
Military Commercial Joint Stock Bank has won two prestigious awards at the IR Awards 2024 for its effective and professional investor relations (IR) performance and transparent information disclosure.
Companies - Tue, September 24, 2024 | 6:07 pm GMT+7
Real housing demand lends stability to Vietnam property market: Indochina Capital exec
Vietnam’s real estate market is showing signs of stability and sustainability with strong demand for homes from people with real needs, says Michael Piro, CEO of Indochina Capital.
Real Estate - Tue, September 24, 2024 | 4:58 pm GMT+7
PV Gas marks 34th anniversary with ‘daring’ commitment to green, sustainable growth
Petrovietnam subsidiary PV Gas has reaffirmed its “Dare to think, dare to act” motto as it navigates a challenging transitional period that also presents growth opportunities.
Companies - Tue, September 24, 2024 | 4:20 pm GMT+7
Equinor quits Vietnam per global trend, may return later: EuroCham
Norwegian energy major Equinor’s recent decision to not proceed with offshore wind business development activities in Vietnam is in line with challenges in the global market, says a representative of EuroCham Vietnam.
Companies - Tue, September 24, 2024 | 3:50 pm GMT+7
HCMC exhibition showcases 8,000 green tech products, highlights sustainable growth
Around 200 enterprises are displaying nearly 8,000 green technology products in about 300 booths at the 2024 Green Growth Show (GRECO 2024) held in Ho Chi Minh City until Wednesday, September 25.
Companies - Tue, September 24, 2024 | 2:03 pm GMT+7
Vietnam considers 20% offtake from self-use rooftop solar power installations
Vietnam may allow excess rooftop solar power to be connected to the national grid at no more than 20% of installed capacity, says a much expected government decree being finalized by the Ministry of Industry and Trade (MoIT).
Energy - Tue, September 24, 2024 | 1:57 pm GMT+7
Vietjet, Honeywell strike $1.1 billion technical service agreement
Vietnam's low-cost carrier Vietjet and U.S.-based Honeywell Aerospace Technologies have entered a cooperation agreement valued at $1.1 billion to provide avionics and aviation technical services for Vietjet’s modern and fuel-efficient fleet.
Companies - Tue, September 24, 2024 | 1:47 pm GMT+7
Vietnam PTSC, US Excelerate Energy to cooperate in LNG imports into Vietnam
PTSC, the technical arm of state-owned Petrovietnam, and Texas-based liquefied natural gas (LNG) importer Excelerate Energy, will jointly study solutions for LNG imports into Vietnam.
Energy - Tue, September 24, 2024 | 10:43 am GMT+7
Denmark’s A.P. Moller Holding keen on big seaport investments in Vietnam
Copenhagen-headquartered A.P. Moller Holding is interested in constructing large-scale deep-water container ports and strategic logistics projects in Vietnam, which boasts a coastline of over 3,200 kilometers.
Infrastructure - Tue, September 24, 2024 | 10:23 am GMT+7
Finland’s Nokia, Vietnam’s Viettel to jointly deploy 5G equipment in Vietnam
Finnish giant Nokia and Vietnamese telecoms major Viettel will jointly deploy 5G equipment for the first time across Vietnam later this year, the former said on Monday.
Infrastructure - Tue, September 24, 2024 | 9:45 am GMT+7
Bosch Vietnam appoints new managing director
Andre De Jong will lead Bosch’s operations in Vietnam in addition to his current role as business unit head of Bosch Two-Wheeler and Powersports for Southeast Asia.
Companies - Tue, September 24, 2024 | 9:39 am GMT+7