Asset firm proposed for bad debt: Finance Ministry to order GSB to conduct pilot project to consolidate non-performing loans. Deputy Finance Minister Krisada Chinavicharana has proposed a response to high levels of household debt: establishing an asset management company (AMC) for efficient management of bad debt. Bangkok Post
Demand remains healthy for single detached houses: Price index continues to edge up. The single detached house market in Greater Bangkok has been robust since last year, resulting in a year-on-year increase in the price index for five consecutive quarters as demand is strong. Vichai Viratkapan, acting directorgeneral of the Real Estate Information Center (REIC), said the price index for new single detached houses available for sale in Greater Bangkok continued to rise in the third quarter of 2023. After dropping from 131.0 in the fourth quarter of last year to 127.1 in the first quarter of 2023, the price index improved to 129.1 and 130.7 in the second and third quarters. Bangkok Post
The six largest banks in Thailand posted loan growth of less than 1% in the first nine months of this year.: SME demand slowed as debt lingers. Thailand’s six largest banks booked marginal loan growth of 0.71% in the first nine months of 2023 year-on-year as loan expansion was slow among small and medium-sized enterprises (SMEs) and household debt swelled. Bangkok Post
Finance Minister mulls issuing bonds in international markets to establish a benchmark for the nation and to attract foreign investors, marking a significant departure from three decades of policy.
A decline in domestic car sales has prompted the FTI to revise down the country’s car manufacturing target to 1.85m cars this year from 1.9m, (maintain manufacturing for exports at 1.05m units; cut production for domestic car sales from 850k to 800k) as sales slow due to stringent credit approval.
Changan Automobile China, who recently acquired land in WHA’s Rayong IE, has sets up Changan Auto Sales TH to handle its EV sales operations, pledges Bt8.8b to build manufacturing base here.
Foreign investment dips: Foreign investment in Thailand hit 84 billion baht during the first nine months of 2023. However, the investment value fell 15%. Mr Napintorn says there was much interest in investment in the Eastern Economic Corridor. Foreign investment in Thailand reached 84 billion baht during the first nine months of this year, with Japan continuing to top the list for investment aimed at developing businesses in the country. Bangkok Post
Govt looks at options to trim the size of a Bt560b digital wallet to exclude the wealthy or only given to 15-16m welfare card holders, which could lower budget to Bt150b, thus less econ impact. PM will be presented with options next week.
Interior Min to draw up a regulation that will set the criteria for nighttime entertainment venues in areas with high tourism potential to be granted extended operating hours until 4am.
The Thai smartphone market is expected to contract by double digits this year because of an unfavorable econ and declining consumer purchasing power in 2H, say an expo organizer and mobile phone vendors.