Changan Automobile has made TH as its strategic base with EV sale target this year at 20K units, and an ambitious target of 200K export from its Rayong plant.
SEC to ban Thai from investing in NVDR, will hold public hearing to prohibit securities company from providing such services. It sees NVDR as a tool to avoid compliance or a way to hide shareholding information. Initially, securities companies are prohibited from accepting purchase orders, receiving transfers, or exchanging securities that result in increased NVDR securities for Thai investors.
The Excise Department expects electric vehicle imports to total 175,000 over two years based on a state incentive scheme.: Subsidies encourage domestic production. The Excise Department estimates electric vehicle (EV) imports will reach 175,000 units within two years, says director-general Ekniti Nitithanprapas. Under the four-year plan to support EVs, dubbed EV3.5 (2024-27), importers must set up a production base in the country to produce EVs to substitute for imports from 2024-25. Bangkok Post
Pita to resume MP duty: Court rules on MFP star’s iTV shares. Pita Limjaroenrat, advisory chairman to the Move Forward Party (MFP), will retain his MP status and the party’s prime minister candidacy following the Constitutional Court’s ruling that the iTV shares he holds did not make him ineligible to run for a House seat. Bangkok Post
The Fiscal Policy Office reported Thai GDP grew only 1.8% last year, far below its projection of 2.7% in October.: Host of negative factors hit economy. The FPO expects the economy to grow by 2.8% in 2024. The Fiscal Policy Office (FPO) announced GDP expanded by only 1.8% in 2023, lower than the previous forecast by almost 1 percentage point, attributed to many negative factors affecting the economy, says directorgeneral Pornchai Thiraveja. Growth was projected to increase to 2.7% in 2023 according to the previous projection in October last year. Bangkok Post
Sales on course to achieve double-digit growth this year: Thailand’s retail industry is expected to register double-digit growth this year, driven by private consumption and government stimulus measures. The government’s Easy E-Receipt tax refund scheme and the rise of online retail are contributing factors, but there is concern regarding the high cost of living, according to the Economic Intelligence Center, the research arm of Siam Commercial Bank. Bangkok Post
Media spending on course for 4% gain this year: Media spending is expected to grow by 4% this year, similar to 2023, propelled by online, TV and out-of-home media as political stability and government economic stimulus drive demand. Bangkok Post
IMF upgrades Thailand’s GDP growth projection for 2024: The International Monetary Fund (IMF) projects Thai GDP growth of 4.4% for this year, up from 2.5% in 2023. Bangkok Post
Permanent visa-free scheme with China set to be inked: Thailand and China will sign an agreement to permanently waive certain visa requirements for each other’s citizens during a four-day visit by Chinese Foreign Minister Wang Yi that begins today, according to the Ministry of Foreign Affairs (MFA) of Thailand. Bangkok Post
Banks booked flat loan growth in 2023 as a result of debt repayment by borrowers and banks’ greater scrutiny of loan expansion.: New loans offset by debt repayment. The banking sector booked flat loan growth last year as a result of debt repayment by borrowers and banks’ increased scrutiny of loan expansion amid heightened economic uncertainties. Ten commercial banks listed on the Stock Exchange of Thailand (SET) reported combined loans worth 14.7 trillion baht in 2023, rising slightly by 0.68% year-on-year. Bangkok Post