Thailand’s Business Sector on Edge as New Government Faces Economic Challenges
新政府面臨經濟挑戰，泰國企業界處於不安狀態
As Thailand prepares to install its third government in just over a year, businesses are expressing deep concerns about the potential impact on critical policies, including the delayed digital wallet stimulus. The abrupt transition, triggered by the Constitutional Court’s removal of Prime Minister Srettha Thavisin and the quick appointment of Paetongtarn Shinawatra, has left the business community uneasy about the continuity of economic strategies amid stagnant growth and increasing competition from cheap Chinese imports. Experts emphasize the urgent need for the new government to implement measures to protect domestic SMEs, address high household debt, and reassess Thailand’s open investment policies to maintain competitiveness.
Industry leaders, including Aat Pisanwanich and Montri Mahaplerkpong, highlight the pressing economic issues that the incoming Pheu Thai-led coalition must tackle. These include reviving struggling Thai SMEs, reducing household debt, and curbing the influx of low-cost Chinese products that have severely impacted local businesses. Additionally, the new administration faces the challenge of maintaining investor confidence while addressing high energy costs, which have driven up production expenses and diminished Thailand’s appeal as an investment destination compared to neighboring countries.
Bangkok Post – Back to square one?
編者按： 隨著泰國準備在一年多內安裝第三個政府，企業界對關鍵政策（包括延遲的數位錢包刺激計畫）的延續性表示深切擔憂。在經濟成長停滯及中國廉價進口產品競爭加劇的背景下，前總理賽塔遭到解職與貝東丹的迅速接任，使商界對於經濟策略的連貫性感到不安，並強調政府迫切需要重新獲得投資者信心並有效應對結構性經濟挑戰。
Thai Baht Faces Uncertainty Amid Political Turmoil and Central Bank Decision
政治動盪與央行決策下，泰銖面臨不確定性
The recent rally of the Thai baht is under significant pressure as political developments threaten to destabilize the currency’s recovery. Since hitting a near two-year low against the dollar in May, the baht had been one of the strongest-performing currencies in the region, buoyed by a resurgence in tourism. However, the political upheaval following Paetongtarn Shinawatra’s rise to the prime ministerial position and the ousting of her predecessor, Srettha Thavisin, has raised concerns among traders. With the Bank of Thailand (BoT) expected to maintain its interest rate at 2.50% in its upcoming policy meeting, market analysts are skeptical about the baht’s ability to sustain its recent gains. Some forecast a decline towards 37.5 per dollar by year-end, citing technical vulnerabilities and the possibility of a weaker neutral rate due to structural impediments to Thailand’s economic growth.
As traders prepare for the BoT’s decision, the political landscape remains a critical factor influencing the baht’s trajectory. Analysts like Jeffrey Zhang from Credit Agricole CIB HK Branch and Moh Siong Sim from Bank of Singapore have maintained a bearish outlook on the currency, with expectations that the baht may weaken further due to external pressures, including potential US dollar strengthening amid upcoming US elections. Meanwhile, domestic issues such as Thailand’s elevated household debt and the uncertain fate of the digital cash handout program, previously advocated by Paetongtarn, add to the uncertainty. While the immediate political uncertainty has eased with Paetongtarn’s victory, concerns over delayed economic reforms and fiscal policies may continue to weigh on the baht in the near term.
編者按： 泰銖正經歷顯著的波動，這主要受到近期政治不穩定（包括總理賽塔被解職）及泰國央行貨幣政策委員會決定的影響。儘管出口商在泰銖走強時面臨挑戰，但分析師預測，隨著政治局勢趨於穩定，泰銖可能會在每美元 34.25 至 34.50 泰銖之間波動，不過聯準會的潛在降息舉措和泰國國內政治的進一步發展，仍將是決定泰銖未來走勢的關鍵因素。
Thai Government Agency Maintains GDP Forecast Amid Calls for Economic Stimulus
泰國政府機構維持 GDP 預測，同時出現要求經濟刺激的呼聲
The National Economic and Social Development Council (NESDC) has upheld its GDP forecast for 2024, projecting growth between 2.3% and 2.8%, with an average of 2.5%. Despite this steady outlook, the agency has urged the government to expedite economic support measures, particularly those targeting low-income earners, and to accelerate budget disbursements in the second half of the year. NESDC Secretary-General Danucha Pichayanan emphasized the importance of preparing the 2025 budget to address global economic volatility, which could be exacerbated by increasing international conflicts and trade tensions.
Economic experts, including those from Kasikorn Research Center and KGI Securities, echoed the call for timely government intervention, noting that the second-quarter GDP growth of 2.3% aligns with market expectations but highlighted the need for further stimulus to achieve the projected 2.6% growth for the full year. Analysts pointed out that the economic outlook for the remainder of the year heavily depends on government spending and the implementation of consumption-boosting measures. With concerns over high household debt and the need to attract foreign investment, the new Pheu Thai-led government faces pressure to deliver on its economic policies while navigating the challenges posed by global uncertainties.
https://www.bangkokpost.com/business/general/2850166/agency-maintains-gdp-forecast-for-the-year
編者按： 泰國國家經濟與社會發展委員會（NESDC）維持其對 2024 年 GDP 成長 2.3% 至 2.8% 的預測，主要受觀光業回溫與公共投資增加所帶動。儘管預測保持穩定，但企業領袖仍呼籲政府採取緊急經濟刺激措施，以應對高額家庭債務、製造業放緩及全球經濟不確定性所帶來的衝擊，確保經濟能維持長期增長動能。
Push for Expanded Tax Reduction Scheme to Boost Rooftop Solar Panel Adoption
推動擴大減稅計劃以促進屋頂太陽能板採用
The IEEE Power and Energy Society (Thailand) is advocating for an expansion of the government’s tax reduction scheme aimed at promoting the installation of rooftop solar panels. Scheduled for final approval in the latter half of the year, the scheme currently targets 90,000 households from 2024 to 2027, offering tax benefits for those purchasing solar panels with a capacity under 10 kilowatts and costing less than 200,000 baht. Nipon Ketjoy, a member of the IEEE Power and Energy Society, has urged authorities to include small and medium-sized enterprises (SMEs) in the scheme to alleviate their electricity costs and support their operations during economic slowdowns. He argues that extending the scheme could drive significant adoption of clean energy and boost business growth, ultimately enhancing tax revenues.
The Department of Alternative Energy Development and Efficiency is expected to review the proposal, which requires a 20.2 billion baht budget and aims to cut annual electricity consumption by 585 million kilowatt-hours. As Thailand sets ambitious renewable energy targets under the 2024 national power development plan—aiming for 51% of total power supply from renewable sources by 2037—the inclusion of SMEs could further support the country’s transition to sustainable energy. New Energy Plus Solutions Co, a solar panel distributor, has supported the scheme, highlighting its potential to reduce carbon dioxide emissions and promote environmental benefits.
https://www.bangkokpost.com/business/general/2850121/state-urged-to-widen-tax-scheme
編者按： 泰國政府正研議擴大個人所得稅抵免計畫，以鼓勵更多家庭安裝屋頂太陽能系統，此舉旨在降低民眾電費負擔並協助達成國家碳中和目標。若該政策獲得批准，預計將大幅推動國內太陽能市場需求，並促進再生能源技術在居家環境中的普及。
Majority of Thais Lack Cybersecurity Knowledge, New Study Reveals
最新研究顯示大多數泰國民眾缺乏網路安全知識
A recent survey by Advanced Info Service (AIS) highlights a significant gap in cybersecurity awareness among Thai citizens, with over half of respondents lacking essential knowledge in areas crucial for personal and organizational safety. The Thailand Cyber Wellness Index 2024 revealed that many Thais are unfamiliar with the risks of ransomware, the dangers of using public Wi-Fi for financial transactions, and the importance of secure passwords. In response, AIS has launched the Digital Health Check, a personalized cyber-immunity assessment tool designed to enhance digital literacy and provide tailored learning recommendations. The initiative also includes the AIS Secure Net service, offering free, comprehensive cybersecurity protection for a year.
The study underscores the urgent need for improved digital skills, with findings showing that while overall digital literacy has reached a basic level, significant gaps remain. The Technology Crime Investigation Division 1 reports that cybercrime has caused 69.1 billion baht in damages from March 2022 to July 2024, with only a fraction of the losses recoverable. Thailand ranks sixth globally for financial cyber threats, highlighting the critical need for targeted digital literacy programs to address these vulnerabilities and enhance cybersecurity awareness across various demographics.
編者按： 泰國國家網路安全局（NCSA）的一項最新研究指出，大多數泰國民眾在防範網路詐騙與數據保護方面仍缺乏足夠的知識。研究強調，隨著數位交易普及，提升全民網路素養已成為當務之急，政府與私人企業應加強合作教育，以降低日益增長的數位犯罪風險。
New Solar Panel Partnership Aims to Boost Sales Amid Growing Competition
新太陽能板合作夥伴關係旨在競爭日益激烈中提振銷售
New Energy Plus Solutions Co, a local distributor of solar panels, has announced a strategic partnership with Chinese solar panel manufacturer LONGi Green Energy Technology to enhance its market presence in Thailand. This collaboration comes as New Energy Plus Solutions, currently selling panels from Shanghai-based Jinko Solar Holding, seeks to stay competitive by integrating LONGi’s advanced technologies. The partnership will introduce two new types of rooftop solar panels featuring LONGi’s innovative “Back Contact” technology, designed to improve efficiency in low sunlight conditions, and building-integrated photovoltaics (BIPV) for enhanced integration with building structures.
The Thai solar panel market has been expanding at an average rate of 22% annually since 2022, with projections estimating its value to reach 67 billion baht by 2025, driven by advancements in solar technology, the rise in work-from-home arrangements, and increasing electricity costs. LONGi’s entry into the market aligns with Thailand’s government initiatives to promote renewable energy through feed-in tariffs, green utility tariffs, and tax incentives. The collaboration is set to leverage New Energy Plus Solutions’ commitment to customer education and one-stop solutions, aiming to capture a larger share of the growing solar market.
編者按： 面對來自國外廉價產品的競爭壓力，泰國本土太陽能企業正透過策略結盟來整合資源，強化研發能力與售後服務。這類夥伴關係旨在提升產品效能與價格競爭力，同時開發更符合在地需求的能源解決方案，以確保在快速增長的再生能源市場中佔有一席之地。
Commerce Ministry to Propose Measures Against Cheap, Poor-Quality Imports
商務部將針對廉價劣質進口產品提出應對措施
The Commerce Ministry is set to propose new measures to Prime Minister Paetongtarn Shinawatra next week aimed at addressing the influx of cheap, low-quality imported products that are impacting local businesses. Ronnarong Phoolpipat, Director-General of the Department of Foreign Trade (DFT), announced that the proposal will include the formation of a national working team to tackle the issue. This initiative follows consultations with local entrepreneurs who reported that such imports, along with customs fraud and foreign competition, are undermining their market position.
The proposed measures will involve stricter quality inspections for imported goods and potential amendments to trade laws and international agreements to better protect Thai businesses. Entrepreneurs will also be guided on how to utilize anti-dumping and countervailing regulations to safeguard their interests. The DFT will collaborate with various agencies, including the Thai Chamber of Commerce and the Federation of Thai Industries, to address these concerns and enhance the competitiveness of Thai businesses.
編者按： 泰國商務部計畫實施更嚴格的進口檢驗標準與反傾銷措施，以應對大量湧入市場的廉價且低品質產品（特別是來自中國的商品）。此舉旨在保護本土中小企業的生存空間，並確保消費者使用的產品符合國家安全與品質標準，平衡國內貿易競爭環境。
Taiwanese Startup Promotes Thai Relocation Amid Geopolitical Shifts
地緣政治轉向，台灣新創公司推廣搬遷至泰國
Profet AI, a Taiwanese startup specializing in AI applications for manufacturing, is advocating for the relocation of businesses to Thailand to mitigate geopolitical risks. Jerry Huang, co-founder and CEO of Profet AI, revealed that about 40% of their Taiwanese clients are considering moving their factories to Thailand, driven by the need to reduce geopolitical exposure and capitalize on Thailand’s strategic market advantages. The move includes sectors like electric vehicle batteries, auto parts, and semiconductor manufacturing, as well as small robotics and startups from Taiwan.
The shift aligns with Thailand’s national AI strategy and action plans, which aim to enhance digital transformation and AI adoption. Profet AI, in partnership with HexaTech Solutions, plans to establish an R&D center in Thailand within the next year, focusing on developing large language models and other AI technologies. This investment comes amid a surge in Thailand’s electronics and automotive sectors, with substantial investments reported in advanced electronics, semiconductors, and printed circuit boards, reflecting the country’s growing role as a key player in the global manufacturing landscape.
https://www.bangkokpost.com/business/motoring/2851432/taiwanese-startup-touts-thai-relocation
編者按： 受美中貿易緊張與地緣政治風險影響，越來越多台灣新創公司與科技業者考慮將生產基地或區域總部遷至泰國。泰國在電子產業的完整供應鏈、完善的基礎設施以及針對科技業的稅務優惠，使其成為台灣企業多元化佈局與降低供應鏈風險的首選之地。
Vietnam’s ESG Framework: A Roadmap for Business Compliance and Growth
越南 ESG 框架：企業合規與增長的路線圖
As Environmental, Social, and Governance (ESG) factors gain global importance, businesses in Vietnam are being urged to navigate a complex legal landscape to align with international and domestic standards. Vietnam’s ESG framework is influenced by its participation in key international agreements such as the Paris Agreement and the EU-Vietnam Free Trade Agreement, alongside domestic regulations like the Law on Environmental Protection and corporate governance laws. These regulations cover a range of issues from environmental sustainability to labor rights, with public and listed companies facing stricter compliance requirements, including detailed ESG reporting to the State Securities Commission.
Compliance with ESG standards offers significant benefits for Vietnamese enterprises, including enhanced operational efficiency, improved brand reputation, and better access to financing and international markets. The Vietnamese government is actively promoting “green financing” and encouraging industries to adopt sustainable practices. By integrating ESG best practices, companies can attract long-term investors, access new financing opportunities, and remain competitive in high-standard markets such as the EU. With a growing emphasis on ESG compliance, businesses are advised to undertake ESG assessments, adopt international certifications, and collaborate with authorities to ensure alignment with evolving regulations and standards.
https://www.lexology.com/library/detail.aspx?g=7e3a5e09-e9d4-4696-8835-e396ea81d5f6
編者按： 越南政府正加速建立環境、社會與公司治理（ESG）的法律框架，引導企業接軌國際永續標準。此路線圖不僅旨在提升越南出口產品在國際市場（如歐盟）的競爭力，也協助企業透過透明的合規紀錄吸引更多國際綠色金融投資，促進國家經濟與環境的雙贏。
Taiwan and Vietnam Forge Stronger Startup Ties at Tech Solution Day
台越於技術解決方案日加強新創聯繫
Startup Island Taiwan showcased 18 innovative startups at the Taiwan Tech Solution Day, held at Hanoi’s National Innovation Centre on August 13. The event underscored the growing collaboration between Taiwanese and Vietnamese tech ecosystems, featuring leading representatives from both regions. Taiwanese startups demonstrated advancements in digital services, cybersecurity, smart manufacturing, and sustainable industries, with notable participants like Gogolook, IsCoolLab, and ZiG highlighting their successes and future plans in the Vietnamese market.
Richard R. C. Shih from the Taiwan Economic and Cultural Office in Vietnam emphasized the strong bilateral relationship, citing significant Taiwanese investment and workforce presence in Vietnam. Do Tien Thinh of the NIC noted Vietnam’s vibrant startup ecosystem and digital transformation opportunities, positioning it as an attractive environment for Taiwanese ventures. The Taiwan Tech Solution Day fostered valuable connections and showcased Taiwan’s ambition to enhance global startup collaborations.
編者按： 台灣與越南在近期舉辦的「技術解決方案日」活動中進一步深化了新創生態系的合作，重點關注人工智慧、智慧製造及數位轉型。透過雙邊媒合與技術交流，雙方旨在利用台灣的硬體技術實力與越南蓬勃的軟體人才庫，共同開發適用於東南亞市場的創新方案，強化區域競爭力。
Indonesia Warns of Economic Disruption Without Clean Energy Transition
印尼警告：若無清潔能源轉型將面臨經濟中斷
Indonesia faces significant economic disruption if it fails to transition to clean energy, according to Rachmat Kaimuddin, Deputy for Infrastructure and Transportation at the Coordinating Ministry for Maritime Affairs and Investment. Speaking at the IDX Channel ESG 2024 Conference, Kaimuddin highlighted the potential loss of competitiveness for Indonesian goods due to climate policies like the Carbon Border Adjustment Mechanism (CBAM) in developed regions such as the European Union. He emphasized that integrating Environmental, Social, and Governance (ESG) principles is not only a sustainable investment but also crucial for economic resilience.
Kaimuddin stressed the importance of reducing reliance on imported energy, noting that Indonesia currently imports 60% of its fuel oil, which poses a risk to national energy security. While Indonesia remains a major exporter of fossil fuels, including coal, he urged the country to advance its renewable energy sector and reduce dependence on foreign clean energy technologies. This transition is essential to maintaining economic stability and aligning with global environmental standards.
編者按： 印尼財政部警告，若不加速從煤炭依賴轉向清潔能源，印尼未來可能面臨出口限制與嚴重的經濟中斷。由於全球主要貿易夥伴日益重視供應鏈的碳足跡，印尼必須有效引導資金投入再生能源基礎設施，並實施碳定價機制，以維持其在全球市場的吸引力與經濟韌性。
Nusantara Capital City Project Faces Scrutiny Amid Ambitious Goals
努山塔拉新首都項目在雄心目標下受到審視
Indonesia’s ambitious plan to relocate its capital to Nusantara in East Kalimantan is both a groundbreaking initiative and a source of public skepticism. The Ibu Kota Negara (IKN) project aims to address Jakarta’s severe challenges, including overpopulation and environmental degradation, by creating a modern, sustainable city. While the government envisions Nusantara as a model of smart and green urban development, integrating technological innovation and environmental sustainability, concerns have arisen. Critics argue that the project’s substantial $33 billion cost could strain national finances and exacerbate existing social and economic issues. Environmentalists also worry about the potential impact on East Kalimantan’s rich biodiversity and the carbon footprint of the construction phase.
Public opinion remains divided, with some Indonesians supporting the move as a means to spur regional development, while others question the project’s timing and financial feasibility. The relocation process has faced political opposition and administrative delays, raising concerns about its effectiveness and potential disruptions during the transition. As the project progresses, the government’s ability to address these issues transparently and mitigate negative impacts will be crucial to ensuring that Nusantara meets its ambitious goals and benefits all Indonesians.
編者按： 印尼耗資 330 億美元將首都遷往東加里曼丹努山塔拉的雄心計畫正受到嚴格審視，主因是各界對財政負擔與生態破壞感到擔憂。儘管政府強調該項目能帶動區域平衡發展並打造永續智慧城市，但批評者對其融資可行性、建設進度延遲及對當地生物多樣性的影響持保留態度，強調透明化管理與環境減緩措施的重要性。