Thailand to increase daily minimum wage
Thai Prime Minister Srettha Thavisin on Tuesday defended his plan to introduce a nationwide daily minimum wage of THB400 ($10.88) as a necessary move for the economy.
Prime Minister Srettha Thavisin shares his vision in a meeting at the Pheu Thai Party headquarters on May 3, 2024, Photo courtersy of bangkokpost.com.
Speaking at a weekly cabinet meeting, the PM said Thai workers’ wages have been risen just over 10% over the past 10 years. The wage hike was a key election platform of Srettha's populist Pheu Thai Party, which set a target of THB600 per day by 2027.
Earlier, the government has said it planned to increase the daily minimum wage countrywide from October, a policy that can help lift consumption in Southeast Asia's second-largest economy, which is lagging peers in the region. The government has raised the minimum wage to THB400 in several provinces already as a pilot scheme.
To help ease living costs, Srettha also said the government will keep diesel prices at up to THB33 per litre, adding it will also freeze some LPG prices and reduce some electricity costs.
However, the Thai Chamber of Commerce said it disagreed with the move as it will affect the economy and competitiveness. The shippers council said the hike will stoke inflation.
- Read More
Property developer Kita Invest reports surges in 2023 liabilities, profit
Kita Invest JSC, the real estate arm of Kita Group, had liabilities of VND13.97 trillion ($549 million) as of end 2023, up 34% from the beginning of the year, according to the firm's financial statements.
Companies - Sun, May 19, 2024 | 3:13 pm GMT+7
Gold mining project in central Vietnam at legal standstill
A gold mining project with an annual designed capacity of 13,800 tons of ore in Vietnam’s central province of Nghe An is on hold due to legal issues.
Industries - Sun, May 19, 2024 | 1:03 pm GMT+7
Japan pneumatics firm SMC plans relocation from China to Vietnam
Japanese pneumatic instrument producer SMC Corp is planning to move mass-produced products to Vietnam and to have Chinese factories specialize in the Chinese market, says SCM president Yoshiki Takada.
Industries - Sun, May 19, 2024 | 10:33 am GMT+7
UN maintains Vietnam’s economic growth anticipation at 6% in 2024, 6.5% in 2025
In its “World economic situation and prospects as of mid-2024,” the United Nations (UN) retained its projection of Vietnam’s economic growth at 6% in 2024 and 6.5% in 2025.
A year in review and 2024 forecasts - Sun, May 19, 2024 | 8:30 am GMT+7
VN-Index gains for 4 straight weeks
Vietnam’s benchmark VN-Index experienced a positive trading week ending May 17 with four out of five sessions closing in the green, marking its gain for the fourth consecutive week since the sharp decline in mid-April.
Finance - Sun, May 19, 2024 | 6:42 am GMT+7
PM urges lower interest rates, term extension for social housing loans
Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam to design credit packages for social housing buyers with interest rates 3-5 percentage points lower than popular lending rates.
Real Estate - Sat, May 18, 2024 | 8:46 pm GMT+7
Vietnam wood company GDT choosing most beneficial orders this year: chairwoman
Duc Thanh Wood JSC has received orders until August this year and “we’ve had to choose the most beneficial ones,” says La Hai Lieu, chairwoman of Duc Thanh Wood JSC.
Companies - Sat, May 18, 2024 | 8:05 pm GMT+7
Police chief To Lam nominated as State President
General To Lam, member of Vietnam's Politburo - the country's highest decision-making body and Minister of Public Security, has been nominated for the State President position.
Politics - Sat, May 18, 2024 | 4:40 pm GMT+7
Vietnam likely to grow 5.5-6 % this year: think tank
Vietnam’s economy is likely to expand 5.5-6.0% this year, 0.5 percentage points lower than the government’s target, researchers with the Hanoi-based Vietnam Institute for Economics and Policy Research (VEPR) estimate.
Economy - Sat, May 18, 2024 | 4:31 pm GMT+7
Chu Lai Port in central Vietnam deploys Doosan Vina-produced crane system
Chu Lai International Port in the central province of Quang Nam has commissioned a specialized crane system to increase loading and unloading capacity, improving efficiency of its logistics service chain.
Companies - Sat, May 18, 2024 | 3:59 pm GMT+7
Emirates to add second daily Ho Chi Minh City-Dubai service
Dubai's flagship carrier Emirates will expand its presence in Vietnam by adding a second daily flight between Dubai and Ho Chi Minh City starting January 15, 2025, one month earlier than originally planned.
Travel - Sat, May 18, 2024 | 2:00 pm GMT+7
Police to join Vietnam central bank-led gold market inspections
Representatives from the Ministry of Public Security will join central bank-led inspection teams that are looking into gold trading at local credit institutions and companies.
Finance - Sat, May 18, 2024 | 11:44 am GMT+7
Livestock industry stocks rally on skyrocketing pork prices
Tickers of livestock farming companies gained sharply on Friday thanks to soaring pork prices.
Finance - Sat, May 18, 2024 | 10:09 am GMT+7
Housing, real estate business laws proposed to take effect from July 1
The Vietnamese government on Friday approved a proposal to put the new Housing Law and Law on Real Estate Business in place on July 1, six months earlier than the date approved by the National Assembly, the country's legislative body.
Real Estate - Sat, May 18, 2024 | 9:52 am GMT+7
Central Vietnam province eyes seaport infrastructure as catalyst for investment attraction
Vietnam’s central coastal province of Thua Thien-Hue is increasingly becoming a promising land for seaport infrastructure investors, thanks to the enormous potential of its marine system and coastal lagoons.
Infrastructure - Sat, May 18, 2024 | 9:44 am GMT+7
Pi Group member to delay bond interest payment, cites ailing property market
Phuong Dong Land, a subsidiary of Ho Chi Minh City-based real estate developer Pi Group, has said it will delay bond interest payments of more than VND53.5 billion ($2.1 million).
Companies - Sat, May 18, 2024 | 8:06 am GMT+7
