Category: Trading

Nonthaburi, Minister of Commerce Signed to move forward with FTA talks between Thailand and Bangladesh Accelerate the expansion of Thailand’s new potential markets in South Asia.

Mr. Bhumitham Wechayachai, Deputy Prime Minister and Minister of Commerce, and Mr. Ahasanul Islam Titu, Minister of Commerce of Bangladesh, signed a letter of intent to begin negotiations on a free trade agreement. (FTA) Thailand-Bangladesh by 2024, moving forward to create a handicap for the Thai private sector to enter the Bangladesh and South Asian markets. After discussion, both sides signed a letter of intent to begin negotiations on a Thailand-Bangladesh Free Trade Agreement (FTA) by 2024 in the morning of April 26, 2024 at Government House. During the official visit of the Prime Minister of Bangladesh (Mrs. Sheikh Ashina) from 24-27 April 2024, the joint signing of the Letter of Intent is considered an important step in enhancing trade and relations. Mutual investment by Bangladesh is interested in opening negotiations to es
tablish an FTA with Thailand as the first country in ASEAN. Thailand sees Bangladesh as a strategic country for trade and investment for Thailand in the South Asian region. With the potential in market size, labor, and resources that facilitate business expansion of the Thai private sector in South Asia. as well as connecting to the Middle East and Africa markets

. Bangladesh is a large buyer and consumer market with potential. Because it is a country that depends on importing goods from abroad. In addition, it has a population of 172 million people, the 8th largest in the world, and has a continuously high economic growth rate, averaging 6 percent per year, as well as being a large Halal market. It has the world’s 4th largest Muslim population. From now on, the Ministry of Commerce of Thailand and Bangladesh will hold an Exploratory Discussion meeting to exchange information and expectations. and concerns regarding the preparation of FTAs ??between each other, including conducting related internal processes
In order to be able to begin negotiations on the Thailand-Bangladesh FTA within this year

, however, he and the Minister of Commerce of Bangladesh emphasized on creating an environment conducive to doing business and trade. They will work together to resolve trade barriers, both tariff and non-tariff aspects. to expand trade and investment between them. Currently, several Thai companies have invested in doing business in Bangladesh in the food, construction, and hotel industries. Bangladesh has also expressed interest in importing agricultural products and essential products from Thailand, such as sugar. Sand, vegetable oil and various nuts To prevent the risk of shortages Thailand is willing to support and be a source of food security for Bangladesh

. Bangladesh is Thailand’s number 2 trading partner in South Asia. After India, in 2023, trade between Thailand and Bangladesh was worth 1,185.39 million US dollars. Divided into Thai exports to Bangladesh worth 1,091.45 million US dollars. with important expor
t products such as refined oil plastic cement pellets artificial fibers and fabrics, and Thai imports from Bangladesh valued at US$93.94 million, with important imported products such as ready-made clothing. Other metal ores, fresh, chilled, frozen, processed and semi-finished aquatic animals, chemicals, and scientific and medical equipment. Thailand has a trade surplus of 995.54 million US dollars.

Source: Thai News Agency

Nonthaburi, Minister of Commerce is pleased with “Golden Banana” Korat exports to Japan. Order the commercial team to expedite the export of agricultural products. Help Thai farmers have sustainable income

Mr. Phumtham Wechayachai, Deputy Prime Minister and Minister of Commerce, revealed that he had given the policy to the commercial team. Proactively follow up on performance results Coordinate with all sectors To promote Thai entrepreneurs to increase income into the country. Recently received a report from Nakhon Ratchasima Provincial Commerce Office By Mr. Jirasak Sriphet, Commerce Officer, Nakhon Ratchasima Province Regarding the success in pushing the export of Thai golden bananas to Japan. of the company’s large plot of Thong Sukpaiboon bananas, Seng Sang District, Nakhon Ratchasima Province, which is the first export of the company. arising from public and private cooperation Work together until we can continue to promote export entrepreneurs until they are successful. Which the company has a large p
lot of Banana Hom Thong Sukpaiboon. The goal is to export 120 tons/month and plans to increase the export volume to 8,000 tons/year in the future.

Japan is a country where bananas are very popular. Because the fruit has delicious taste and high nutritional value. And it is very inexpensive, easily accessible and can be used to transform into many types of desserts. Meanwhile, Japan grows only a small amount of bananas. Due to the unfavorable climate Therefore, each year more than 1 million tons of bananas must be imported for domestic consumption, but a small amount is still imported from Thailand. Thailand and Japan have an economic partnership agreement between Thailand and Japan (Japan – Thailand Economic Partnership Agreement). ) also known as JTEPA, which has been in effect since 2007, with Japan granting a special tax exemption on banana imports from Thailand in the amount of 8,000 tons, but in the past the right has not been fully exercised. Ministry of Commerce Therefore, we are accelerating to promo
te the export of Thai bananas to the Japanese market.

However, this time it was also the result of successful integration. Working in every sector Especially the arrangement Activities for pre-ordering fruit products before the products are released. Ministry of Commerce through the Department of International Trade Promotion organized And today, Thai entrepreneurs and farmers are gradually sending products according to those orders. This confirms the work of the Ministry of Commerce with concrete results. Thanks to Provincial Commerce Foreign commercial ambassador Government agencies, entrepreneurs, farmers and all related people. that helps push exports for agricultural products and Thai SMEs products. After this, the Ministry of Commerce Will accelerate proactive work to increase export figures. and create additional income for Thai farmers I want farmers and entrepreneurs to help control quality. and adapt to the new world trade order. that emphasizes the environment Product origin green and health In or
der to continue to grow sustainably.

Source: Thai News Agency

Singapore: Five Vietnamese enterprises operating in the fields of food and hospitality are attending the Food and Hotel Asia (FHA) 2024 which is taking place in Singapore from April 23-26.

This year’s event attracts over 1,500 businesses from more than 50 nations and territories and expects to welcome 60,000 visitors.

Vietnamese booths draw the attention of many visitors with their wide variety of products such as confectionary, beverage, frozen foods, pepper and other spice products, and canned and dried fruit.

Speaking at the opening ceremony, Singaporean Minister of Trade and Industry Low Yen Ling said that FHA-F and B is an equal playground for enterprises to seek collaboration in today’s free trade agreement networks. It also aims at internationalisation, continuous innovation and sustainable development in the field of food and hospitality.

Vietnamese Ambassador to Singapore Mai Phuoc Dung emphasised that the participation of Vietnamese enterprises has shown their enormous efforts in studying food
and hospitality development trends in the world. He affirmed that the event also helps to promote more Vietnamese product to foreign markets.

Through the event, Vietnamese enterprises anticipate opportunities to meet potential partners, bringing more Vietnamese agricultural brands to international market.

Michael Duck, Executive Vice President of Informa Markets stressed that Vietnam is a supplier of many important food items and the event is an occasion to expand the market further./.

Source: Vietnam News Agency

Bangkok, EGAT together with Lao Electricity State Enterprise, Chiyoda Company and Mitsubishi Company signed a memorandum of cooperation to study and develop the use of renewable energy certificates. To produce green hydrogen (Green hydrogen) and ammonia. in areas with potential in Thailand Moving forward with green energy, heading towards Carbon Neutrality and Net Zero Emission.

The Electricity Generating Authority of Thailand (EGAT), Lao Electricity State Enterprise (EDL), Chiyoda Corporation (CYD), and Mitsubishi Company (Thailand) Ltd. (MCT) signed a memorandum of cooperation (MOC) to study and develop methods. Take advantage of cross-border Renewable Energy Certificates (RECs) to import renewable energy electricity from the Lao People’s Democratic Republic (Lao PDR) to produce green hydrogen (Green hydrogen) and ammonia. in potential areas of Thailand including studying hydrogen business opportunities and green ammonia both in Thailand and abroad, with Mr. Debarat Theppitak, Governor of EGAT, Mr. Wongsa
kul Yingyong, Managing Director of EDL Company, signing along with Mr. Yasuhiro Inoue General Manager – Hydrogen Business Department, CYD and Mr. Kazuhiro Watanabe Senior. Vice President, MCT signed as a witness at the Auditorium, EGAT 50th Anniversary Building, EGAT Head Office, Nonthaburi Province.

Mr. Debarat Theppitak, Governor of EGAT, said that signing this time Following the signing of a cooperation agreement with leading Japanese companies in 2023 to study and develop a project to produce hydrogen and clean ammonia in potential areas, EGAT found that the cost of electricity from renewable energy is a factor that It has a significant effect on the price of hydrogen. EGAT therefore has an idea to study the utilization of hydroelectric power production in Lao PDR and if the cost of clean energy for the green hydrogen production project in Thailand decreased This will keep the price of hydrogen produced at a competitive level in both the domestic and international markets. Continuously push for the devel
opment of hydrogen-related projects. Promote the use of clean energy to reduce carbon dioxide and greenhouse gas emissions. To achieve the country’s Carbon Neutrality and Net Zero Greenhouse Gas Emissions goals sustainably.

Mr. Wongsakul Yingyong, Managing Director of EDL Company, revealed that Lao PDR has the potential to be a source of renewable energy production. And there is an electrical network connected to EGAT. EDL is a state enterprise of the Lao PDR that has a role in planning the electrical system and overseeing the country’s electrical energy security. This cooperation presents a good opportunity for the development of renewable energy through the study and application of RECs in green hydrogen and ammonia projects. It also promotes work and international relations. To move towards green energy in the future together

Mr. Yasuhiro Inoue General Manager – Hydrogen Business Department (Mr. Yasuhiro Inoue General Manager Hydrogen Business Department) CYD representative said that CYD, as a global eng
ineering company, is willing to support technical cooperation. To take part in the development and expansion of clean energy in Thailand, Laos, and Japan in the future.

Mr. Kazuhiro Watanabe Senior Vice President (Mr. Kazuhiro Watanabe, Senior Vice President), representative of MCT, said that this study marks another step in expanding and completing the development of green hydrogen and ammonia production. in potential areas of Thailand Through importing renewable energy from Lao PDR using the RECs mechanism, which will help improve competition. This cooperation will create a source of green hydrogen production within the country. This will affect the development of clean energy in the region. That will be part of the move towards carbon neutrality that the world has a common goal for in the future.

Source: Thai News Agency

Hanoi: Another bidding session for 16,800 taels of gold bullion will be held on April 25, the State Bank of Vietnam said in a statement.

The bank said the auctions aim at ensuring stable, transparent, and effective operation of the domestic market.

Bidders need to deposit 10% of their purchase value. Each is allowed to place order for at least 1,400 taels and at most 2,000 taels.

State-owned gold producer and distributor Saigon Jewelry Company and Asia Commercial Joint Stock Bank (ACB) bought 3,400 taels out of the16,800 offered by the central bank during the auction on April 23. The gold was purchased for 81.33 million VND (3,195 USD) per tael at the highest, and 81.32 million VND at the lowest, against the base price of 81.30 million VND.

Economists said bidders were prudent at the auction on April 23, with only two among the 11 participants winning bids, adding psychological factor has affected the domestic demand for gold in recent time.

SJC gold prices rebounded following the auction, at 82.3 millio
n for buyers and 84.3 million for sellers, up 1.3 million and 1 million VND per tael, respectively, at 13:14 on April 24.

Meanwhile, Doji gold prices rose 2 million VND and 1.5 million VND to 82 million VND for buyers and 84 million VND for sellers./.

Source: Vietnam News Agency

Bangkok, BAAC holds 17,239 prizes for the Pay Dee Mee Chok project, worth 208 million baht, giving luck and building morale in repaying debts to farmers. Distributed to both pickup trucks Motorcycle and Gift voucher

Mr. Sunan Phongprayoon, Assistant Manager of the Bank for Agriculture and Agricultural Cooperatives (BAAC), presided over the 2nd Regional Pay Dee Meechok Award Ceremony to encourage and motivate customers to change their payment behavior. debt Leading to a sustainable solution to the household debt problem. According to government and BoT policy, with customers repaying their debts during January – March 2024, 1.63 million will be eligible to win a chance to win a total of 17,239 prizes.

Consisting of Toyota Hilux Revo Z edition pickup trucks, 21 prizes, Yamaha Finn UBS version 2023 motorcycles, 45 prizes, and BAAC gift vouchers valued at 100,000 baht, 63 prizes, valued at 30,000 baht, 1,170 prizes, valued at 10,000 baht, 6,390 prizes, and valued at 5,000 baht. 9,550 awards worth 208 million b
aht. Every award from BAAC aims to support in promoting careers. Bringing good fortune to reduce debt burden and building financial immunity

For example, pickup trucks are used to transport agricultural products, BAAC gift vouchers are used to pay off BAAC loans, both for repaying debts of oneself or those in the family. Used to purchase various BAAC products or services, such as savings lottery, digital lottery, life support deposit products. Buy products in A-Shop

BAAC will announce the names of lucky winners via the BAAC Mobile application, www.baac.or.th website and post the announcement at BAAC branches nationwide within 15 days after the prize draw. Customers who participate in the prize draw in each round will receive only 1 prize of the highest value and can contact to confirm their rights at the BAAC branch that entered into the loan contract. By bringing your ID card, house registration along with 1 copy to confirm within business days and hours within 90 days after the names are announced.

There
fore, we invite customers to join us in changing behavior and maintaining discipline in repaying debts. Plus get a chance to win with the Pay Dee Mee Chok project. With interest paid for every 1,000 baht, you will get 1 – 3 rights to win prizes. The faster you pay, the more rights you get. which such rights It will be drawn as a regional prize every quarter, a total of 3 times, and a national grand prize draw once, with a total prize value of over 479 million baht. In the next lucky draw. The prize draw is scheduled for July 24, 2024.

Source: Thai News Agency

Hanoi: Though the State Bank of Vietnam (SBV) has announced it is selling the US dollar to intervene in the USD/VND exchange rate since April 19, the greenback price has remained high, which has been directly affecting many domestic enterprises.

The USD/VND exchange rate listed at VietinBank and BIDV on April 23 was at 25,180 VND and 25,485 VND per USD dollar for buying and selling, an increase of 20 VND compared to the previous session.

Vietcombank’s rate also stood high at 25,145 VND and 25,485 VND per dollar for buying and selling.

This was the sixth session that the selling price of the dollar at banks has consecutively broken its peak, moving closer to the threshold of 26,000 VND per dollar.

On the unofficial market, the dollar price on April 24 also increased by 90 VND per dollar for buying and 110 VND per dollar for selling compared to last week to reach 25,770 VND and 25,870 VND per dollar for buying and selling, respectively.

In the context of the sharp appreciation of the dollar, the SBV on Apr
il 19 announced it was selling the greenback to banks with negative foreign currency status at the price of 25,450 VND per dollar, 23 VND per dollar lower than the SBV’s cap, to influence the exchange rate. This move is expected to help cool down the domestic exchange rate but it is continuing to accelerate due to the high level of the dollar in the international market.

The sharp increase in the dollar price has caused difficulties to many domestic companies.

A seafood import company in Hanoi, which declined to be named, calculated that for each 100,000 USD order paid to a partner, it would have to spend an additional 100-150 million VND.

Nguyen Dang Hien, General Director of Tan Quang Minh Company, said the beverage manufacturing industry is facing many difficulties, including increased exchange rates.

According to Hien, his company currently has to import some types of orange juice, some flavours and plastic beads from other countries and most have to be paid in the dollar, which has increased producti
on costs by 4-5%. However, product selling prices have not increased for many months due to weak purchasing power.

To limit damage from the rising exchange rate, the Tan Quang Minh Company is trying to promote the search for domestic raw material sources to replace imports, and increase exports to markets paying in the dollar, Hien said.

Director of SKD Vietnam Mechanical Company Nguyen Van Ket said companies’ plans will not be affected if the Vietnamese dong depreciates by some 2-3% this year as previously forecast. However, the dong has so far strengthened by nearly 5%, while raw material prices, input and international transportation costs remain high due to rising gasoline price, which cause more difficulties for businesses.

In the context of the rising exchange rate, experts recommend that importing businesses need to pay attention to exchange rate risk prevention tools, and carefully consider the terms in foreign currency loan contracts.

Besides, it is also necessary to maximise domestic resources a
nd find alternative domestic partners to gradually reduce dependence on import markets to lower costs and limit risks when the world market fluctuates.

In addition, businesses should also choose banks with good trade support capabilities, and consider using derivative financial instruments and swap contracts, appropriately and in accordance with regulations, to reduce risks when exporting in the context of the current exchange rate fluctuations./.

Source: Vietnam News Agency

Bangkok, SET invites entrepreneurs in target industries to prepare to enter the capital market and learn through the ‘New S Curve to Capital Market Project’ July-Oct. 2024.

Lifefincorp Company Limited, under the Stock Exchange of Thailand (SET) group, together with the Center of Excellence in Life Sciences (Public Organization) (TCELS) National Innovation Agency (Public Organization) (NIA) and KPMG Thailand invite entrepreneurs in target industries including Life Science, High Technology, and High Growth to join the ‘New S Curve to Capital Market Project’ to learn through 4 courses, including Technical courses. Skills for Life Science, Business Innovation and Growth course, Accelerating New S Curve Business Success with Right Roadmap course and Unlock Your Business to Capital Market course through Workshop, Networking and One-on-One Coaching throughout 4 months (July-Oct. 2024), which was honored by expert speakers to share knowledge and techniques in business operations. Management skills Preparation for f
undraising for growth

Interested entrepreneurs Study details and apply to join the ‘New S Curve to Capital Market Project’ from today – 10 May 2024 at https://www.live-platforms.com/th/newscurve2024/ .

Source: Thai News Agency