Category: Business

Rome: Ambassador to Italy Duong Hai Hung has congratulated Vietnamese enterprises - the Ho Chi Minh City Investment and Trade Promotion Centre (ITPC) and the Handicraft and Wood Industry Association of HCM City (HAWA) - for their initial success in showcasing Vietnamese products in Milan Design Week in Italy - a design and brand arena of furniture businesses around the world. While visiting the Vietnam pavilion at the event on April 18, the diplomat encouraged enterprises to focus on enhancing their competitiveness through good cooperation with design buyers in Italy and Europe, thus penetrating deeper into the European market, as well as other markets. The Vietnamese wood industry needs substantial and systematic investment to enter and dominate higher market segments, he stressed. The pavilion opens to visitors from April 16 - 21. Covering a total area of 360 sq.m, it is showcasing outstanding furniture and handicraft products from 35 Vietnamese enterprises. Vietnam is renowned for its export of furni ture, ranking sixth in the world. The debut at the Milan Design Week is a significant affirmation of the creative values of Vietnamese furniture and handicraft industry on the international stage, demonstrating its strength and potential for strong development./. Source: Vietnam News Agency

Moscow: The Vietnamese Embassy in Russia organised a seminar on April 19 on prospects for Vietnam-Russia digital economic cooperation, attracting over 100 delegates representing ministries, sectors, research institutes, and business associations of the two countries. The function focused on opportunities and solutions to further promote cooperation between the two nations in this promising field. In recent years, Vietnam's digital economy has experienced remarkable development. According to the Ministry of Information and Communications, the proportion of the digital economy in Vietnam's GDP reached 16.5% in 2023, with an average annual growth rate of 20%, which is three times the GDP growth rate. According to assessments from international organisations, the scale of Vietnam's Internet economy in 2023 reached approximately 30 billion USD, up 19% compared to the figure in 2022. Vietnamese digital technology companies have also been gradually strengthening their international cooperation efforts. Last year, Vietnam had over 1,500 digital technology enterprises with revenue from foreign markets totaling an estimated 7.5 billion USD, up 4% year-on-year. Meanwhile, the strongest growth in Russia's Internet economy is observed in the e-commerce sector, with total revenue reaching 15.4 trillion rubles (over 164 billion USD) in 2023. Russia also leads in the field of smart cities and e-government, with cities like Moscow and St. Petersburg being at the forefront of IT application worldwide. Delegates said that the current context presents tremendous opportunities for cooperation between the two countries in general and between their respective businesses in particular. Several digital economic cooperation projects are already underway between Vietnam and Russia, particularly in such areas as cybersecurity, smart cities, digital banking, and digital business solutions. In addition to the aforementioned projects, participants also highlighted numerous other promising areas for digital economic cooperation, such as fi nance, health care, agriculture, transportation, energy, environment, and manufacturing. They put forward recommendations and solutions to further expand cooperation in the digital economy sector from the perspectives of policymakers, researchers, and businesses, including intensifying the trade promotion in information technology products of the two countries, and boosting collaboration in researching and developing digital platforms and products. Ambassador Dang Minh Khoi emphasised the significance of the event, saying Russia's experiences in developing its digital ruble is highly beneficial, expressing Vietnam's interest in participating in the testing process of Russia's digital ruble by the Central Bank of Russia. Delegates agreed that if utilised effectively, this could be a significant driver for economic cooperation between the two countries in the coming time./. Source: Vietnam News Agency

Hanoi: Vietnam has for the first time surpassed India and Thailand to become the largest rice exporter to Singapore by shipping 36.15 million SGD (26.55 million USD) worth of rice in the first three months of this year, an increase of 80.46% over the same period in 2023, winning 32.03% of the market share, according to the Vietnam Trade Office in Singapore. Vietnam was followed by Thailand with an export value of 33.63 million SGD, while India came third with 33.16 million SGD. The decline in export value of regular brown rice and white rice was offset by the strong increase of sticky rice, milled or peeled fragrant rice and broken rice with turnovers of 3.79 million SGD, 18.06 million SGD and 575,000 SGD, respectively. Particularly, besides Vietnam's traditional strong product of white rice, the turnovers of two other product groups - sticky rice and milled or peeled fragrant rice - also rose to dominate the majority of the market share in Singapore, reaching 80.08% and 73.33% respectively. This was the m ain factor that helps Vietnam surpass Thailand and India to become the country with the largest rice market share in Singapore, the office asserted. According to the office, Thailand, India, and Japan have been major competitors of Vietnam in Singapore. India's ban of rice export from July 20, 2023, has created good conditions for Vietnam to increase market share in Singapore. However, the office advised Vietnamese rice exporters to continue improving their competitiveness and enhancing the quality of rice. The office will organise more exhibitions to increase the presence of Vietnamese rice in this potential market. The office cited data from the Accounting and Corporate Regulatory Authority (ACRA) of Singapore as showing that Singapore imported nearly 112.9 million SGD worth of rice in the first three months of this year, up 23.86% year on year. In order to increase market share and sustainably maintain its top position, according to the office, all ministries, sectors, localities, associations, and bu sinesses should join hands together in strengthening promotion of Vietnamese rice products and trademarks. Alongside, the signing of a memorandum of understanding in rice trading between Vietnam and Singapore will also be an effective tool for Vietnam to maintain its position of No.1 rice supplier in Singapore, it added./. Source: Vietnam News Agency

Pathum Thani, Deputy Prime Minister and Minister of Commerce Open the stage to listen to the new generation in 4 large provinces around Bangkok. Listen to every side of the problem Hope to help each other find a solution. Accelerate the stimulation of every aspect of the economy for the better. Mr. Phumtham Wechayachai, Deputy Prime Minister and Minister of Commerce Revealed after visiting the Pathum Thani province. To meet and talk with entrepreneurs and the new generation of the surrounding provinces of 4 large provinces (Nakhon Pathom, Samut Prakan, Nonthaburi and Pathum Thani) about problems and obstacles in doing business. to help find a solution and promote entrepreneurs to generate income for the country together with the YEC group, the Young Smart Farmer group, the Chamber of Commerce, the Federation of Industry, MOC Biz Club, and tourism. The 4 provinces surrounding Bangkok, namely Nakhon Pathom, Samut Prakan, Nonthaburi and Pathum Thani, have special characteristics. Both urban and rural Today he met with a senior entrepreneur. Both the Chamber of Commerce Federation of Thai Industries and met young people, YEC Young Smart Farmer and MOC Biz Club, who have new ideas I want older people with previous experience to accept new ideas and build on them. Yesterday, he gave policies to the governors of all 4 provinces to help find a solution for the private sector to be at the forefront of driving the economy and making money into the country. Encourage the private sector to move forward. Both the logistics system Transportation must be connected by water, land, and rail in relation to the city plan. consistent with reality, not to be an obstacle to future development However, the government sector will need to help by amending regulations to allow the grassroots economy to grow. Support and encourage the private sector to grow more than this. He is interested in listening to the new generation who are the future of the province. Have knowledge Have a creative idea Seeing the determination to solve the prob lems of the province The government will act as a back-up and support the private sector to be the front line in generating income for the country. 'I got to talk with entrepreneurs. which together express opinions reflecting problems in each province and surrounding area Let's find a solution together I want the government to help facilitate more entrepreneurs. It will make the country's grassroots economy grow. He accepted the offer to continue promoting,' Mr. Phumtham said. Source: Thai News Agency

Bangkok, CIMB Thai Bank announced 1Q/2024 net profit of 626.1 million baht, a decrease of 24.6% from the same period last year. Loans were 248.3 billion baht, an increase of 1.4%. Deposits were 316.9 billion baht, an increase of 2.1%. Total capital funds to risk-weighted assets were 20.8%. Tier 1 capital was at 15.5%. Paul Wong Chee Kin, President and Chief Executive Officer of CIMB Thai Bank, revealed that the banking group's operating results for the three-month period ending March 31, 2024 had a net profit of 626.1 million baht, a decrease of 204 million baht or 24.6 percent compared to net profit for the same period in 2023, profit before income tax amounted to 790.2 million baht, a decrease of 247.9 million baht or 23.9 percent, mainly due to a decrease in operating income. 8.4 each and an increase in operating expenses of 11.8 percent, net of expected credit losses of 36.9 percent. When comparing operating results for the three-month periods ending March 31, 2024 and 2023, operating income in 2024 am ounted to 3,506.1 million baht, a decrease from the same period in 2023 in the amount of 322.7 million baht or 8.4 percent. The decrease is as follows. This was a result of a decrease in net interest income of 28.8 million baht or 1.2 percent due to an increase in interest expenses on deposits. Net fees and service income decreased by 26.2 million baht or 8 percent due to an increase in fees and service expenses. Other income decreased by 267.7 million baht or 23.1 percent, mainly due to a decrease in net profits from investments and net profits from sales of non-performing loans. Operating expenses for the three-month period of 2024 compared to the same period of 2023 increased by 231.7 million baht or 11.8 percent, mainly due to an increase in allowance for impairment of foreclosed properties and tax expenses. duty This makes the ratio of operating expenses to operating income for the 3-month period of 2024 at 62.5 percent, increased compared to the same period of 2023 at 51.2 percent. The ratio of net in terest income to average assets (Net Interest Margin-NIM) for the 3-month period of 2024 was at 2.2 percent, decreasing from the same period in 2023 at 2.6 percent as a result of increased deposit costs. March 31, 2024 Loans, net of deferred income (Including loans guaranteed by other banks and loans to financial institutions) of the banking group stood at 248.3 billion baht, an increase of 1.4 percent compared to loans as of December 31, 2023. The banking group had deposits. (Including bills of exchange, bonds and certain types of financial products) amounting to 316.9 billion baht, an increase of 2.1 percent from the end of 2023 which amounted to 310.4 billion baht. The bank group's Modified Loan to Deposit Ratio decreased to 78.4 percent from 78.9 percent as of December 31, 2023 Non-performing loans (NPLs) stood at 8.4 billion baht. The ratio of non-performing loans to total loans was 3.4 percent, an increase compared to 3.3 percent as of December 31, 2023. This was due to retail loans. However, the grou p The Bank has a strict credit risk management policy. Effective risk management measures Including improving the guidelines for debt collection from existing non-performing loans. and continuously solving the problem of non-performing loans. The ratio of allowance for doubtful accounts to non-performing loans as of March 31, 2024 was 121.3 percent, down from 124.2 percent at the end of 2023. The group's allowance for expected credit losses. The Bank is at 9.6 billion baht, which is 1.5 billion baht in excess reserves according to the Bank of Thailand criteria. Total capital funds of the banking group as of the end of March 31, 2024 amounted to 59.7 billion baht, representing a total capital adequacy to risk-weighted assets ratio of 20.8 percent, with a Tier 1 capital ratio of 15.5 percent. Source: Thai News Agency

Bangkok, Krungsri Bank reports operating results for the first quarter of 2024 with a net profit of 7,543 million baht, a decrease of 13.1% from the first quarter of 2023, the main factor being increased reserves. SME loans grew at 2.7%, the city's ASEAN loans grew at 4.0%, while total loans decreased 0.9% from the end of 2023. Bank of Ayudhya Public Company Limited and its subsidiaries Reports important operating results and financial status for the first quarter of 2024. Net profit of 7,543 million baht in the first quarter of 2024 decreased 13.1% or 1,133 million baht from the first quarter of 2023, with the main factor being an increase in of reserve Under the policy of careful and careful risk management To accommodate fluctuations that may affect credit quality in the future both domestically and abroad. Total loans decreased 0.9% or 17,252 million baht from the end of December 2023, mainly due to the seasonal decline in large business loans and retail loans. At the same time, loans for small and med ium-sized businesses and ASEAN loans Still growing at 2.7% and 4.0% respectively. Deposits increased significantly by 8.9% or 164,500 million baht from the end of December 2023, with the main factor being an increase in fixed deposits. Net interest margin (NIM) was 4.16%, up from 3.35% in the first quarter of 2023, driven primarily by growth in high-yield loan outstandings. This is a result of the consolidation of overseas consumer loans in the 2nd and 4th quarters of 2023 and from an increase in loan interest rates. Non-interest income increased 26.9% or 2,383 million baht from the first quarter of 2023, mainly driven by net fee and service income. from the combined consumer finance business in the 2nd quarter and 4th quarter of 2023 expense to income ratio Improved to 43.0% from 44.4% in the first quarter of 2023, mainly driven by effective control of operating expenses. The non-performing loan ratio (NPL Ratio) stood at 2.69%, compared to 2.53% at the end of December 2023, while prudent provisioning w as cautious. Especially for overseas subsidiaries As a result, the ratio of provisions to total loans rose to 248 basis points in the first quarter of 2024, excluding the ASEAN loan portfolio. The non-performing loan ratio is 2.30%. Ratio of reserves to non-performing loans It stood at a strong level of 141.5%, while the bank's capital adequacy to risk assets ratio stood at 18.08%, compared to 18.24% at the end of December 2023. Mr. Kenichi Yamato, President and Chief Executive Officer Bank of Ayudhya Public Company Limited said that the economy in the first quarter of 2024 still tends to expand continuously. Although the growth rate is slower with the main support from the service sector With the momentum from tourism Including the recovery of private investment and the manufacturing sector in some industries. In this regard, the disbursement of the fiscal year 2024 budget is later than scheduled. which affects government spending Including the problem of household debt that remains at a continuously high level. It is still a major constraint in the past quarter. It is expected that the Thai economy in 2024 will be able to grow at a higher rate than last year at 2.7%, with a target for total loan growth this year at 3-5%. As of March 31, 2024, Krungsri, which is the fifth largest financial business group in the Thai economy by asset value, Loans and deposits It is one of the systemically important financial institutions (D-SIBs) with total loans of 2.00 trillion baht, deposits of 2.00 trillion baht, and total assets of 2.86 trillion baht, while the bank's capital is at a strong level of 310.29. Billion baht or equivalent to 18.08% of risk-weighted assets. It is the equity tier 1 capital accounted for. 13.44%. Source: Thai News Agency

Bangkok, "Pae Thong Than" counts 1 Soft Power for the grassroots to the taproot, leading the Soft Power group to announce an important step, moving forward with "OFOS" 1 Family 1 Soft Power, giving everyone an opportunity to apply to develop their potential, study. Learn for free from "real professionals" who create annual incomes of 200,000 baht per person/year, aiming for 500,000 people to join the project in the first year. Ms. Paethongtan Shinawatra, Pheu Thai Party leader and chairperson of the National Soft Power Development Committee, spoke after chairing the 4th annual meeting of the National Soft Power Development Committee. 2024, with Mr. Pansak Winyarat, Advisor and Director of the National Soft Power Development Committee, Dr. Suraphong Suebwonglee, Vice Chairman of the National Soft Power Development Committee, as well as the group. Member of the soft power development committee in various areas Subcommittee, all 11 branches. The agenda for this meeting is that it will be an important step in t he development of soft power. and develop the potential of "Thai people" through the OFOS project or One Family One Soft Power (1 Family, 1 Soft Power) to promote and push Thai soft power throughout the world, starting with "people development" by recruiting The potential of every Thai family At least one person per family to promote and cultivate potential through the "Creative Skills Incubation Center" that will be available at every level, starting from the village level. up to the national level So that everyone can come and learn to increase their own creative skills in every aspect. Whether it's skills in cooking, singing, designing, art, sports, etc., all of which will 'It doesn't cost you a single baht.' You can learn both on-site and online, no matter who you are. What studies have you completed before? Just have interest and have ability in that field. You can apply. For the goal within the next 4 years, create 20 million highly skilled workers, which is the creation of 20 million jobs with an incom e of at least 200,000 baht per year in the future. In this regard, from more than 6 months of work by the National Soft Power Development Committee, the committee has three strategies for creating soft power, industrial development. There are 11 subcommittees made up of the private sector to develop the industry and design policies. and amend the law and is setting up an agency named THACCA or Thailand Creative Culture Agency through the Act, which is currently in the process of listening to the public. The goal is to enter the House of Representatives this June. For 3 strategies for creating Soft Power, including foreign policy to create Soft Power, he had the opportunity to meet with government and private agencies in foreign countries. From all over the world, from every superpower To find cooperation We also work together with the Ministry of Foreign Affairs. and the Ministry of Commerce in exporting to create soft power. And part 3 is what I would like to report on the progress of the work. As for deve loping the potential of Thai siblings, OFOS, One Family Policy One soft power or one soft power potential Since preparing policies before the election Pheu Thai Party views that The soft power industry will be an important opportunity to raise income levels. push for Thailand Changing from a middle-income country to a high-income country Careers that create soft power, such as being a Thai food chef Muay Thai boxer career Occupation: Muay Thai teacher Sewing career and many other professions It will be able to raise the income level of the people. To have an income of not less than 200,000 baht per year, which is our goal. We will organize UpSkill, ReSkill training for all citizens who want to learn new skills. Develop your potential further All of this will be free of charge. However, OFOS training will begin registration for all courses at the beginning of June. You can register online. Through the application, website and at Village Fund Offices located in every village across the country, for 2024 we aim to train more than 266,400 people online and approximately 30,000 people will be trained online, such as in the food industry. There will be a gathering of approximately 10,000 Thai food chefs, approximately 6,000 Thai boxing chefs, etc. 'This is our goal to improve the lives of Thai people. It's close to reality. Many brothers and sisters will have new lives and new opportunities through learning new potential. With support from the government through the project one family One soft power,' Paethongtarn finally finished. The reporter also reported that Other interesting agenda items today Namely, appoint additional soft power subcommittees in various areas, such as appointing Prabda Yun, a S.E.A. Write Award-winning writer, Pathom Introdom, copyright subcommittee member. Department of Intellectual Property, Warorot Rojana, Chief Executive Officer Dek Dee Interactive Co., Ltd. and Jane Chongsathitwattana Deputy Managing Director Namee Books Company Limited is a sub-committee on books (additional), etc. So urce: Thai News Agency

Bangkok, Krung Thai Bank Reveals that the Thai economy still faces risks. The recovery is not comprehensive. Digital Wallet is expected to help replenish purchasing power. Krungthai COMPASS Krung Thai Bank released an analysis that The Thai economy has recently been faced with growth that has been continuously below its potential. from the slowdown of the economies of trading partners and domestic purchasing power which has not yet fully recovered. To support the recovery of fragile domestic demand, the Digital Wallet project, which is expected to begin transferring funds to project participants in the 4th quarter of 2024, is one of the tools that will help support economic expansion in the near term. page to have continuity The Digital Wallet project is considered a quick-win measure to drive domestic demand to recover more broadly. It also helps stimulate confidence in Thailand's economic expansion. Krungthai COMPASS views that the Digital wallet project can be further developed to help transition more of the informal economy into the formal system. In a situation where Thailand's informal economy is still as large as 48.4 percent of GDP, including the expansion towards a Data driven economy and Digital economy at a more full level. Source: Thai News Agency