Makan in Thailand

[steveluv]

https://asia.nikkei.com/Business/Finance/Thai-pandemic-borrowing-binge-prompts-calls-for-repayment-delays?utm_campaign=GL_asia_daily&utm_medium=email&utm_source=NA_newsletter&utm_content=article_link&del_type=1&pub_date=20230208190000&seq_num=15&si=44594

Thai pandemic borrowing binge prompts calls for repayment delays
Household debt emerges as campaign issue with general election looming

As Thailand draws closer to general elections, the second largest party in the ruling coalition is promising stressed-out households a three-year debt holiday.   © Getty Images
FRANCESCA REGALADO, Nikkei staff writerFebruary 8, 2023 13:35 JST

BANGKOK -- The surge in Thai consumer borrowing during the pandemic has become a campaign issue in the Southeast Asian country, with populist politicians pushing for a multi-year debt holiday.

Thai households owe more as a percentage of gross domestic product than any other country in the region, according to the latest Bank of Thailand figures, reflecting a jump in borrowing that occurred as COVID dealt a blow to an economy that relies heavily on tourist revenues.

Thai consumer debt stood last September at 14.9 trillion baht, or 86.8% of GDP, up from 70% in early 2020. Between 2019 and 2020, consumer loan delinquencies of up to 90 days tripled to more than 1 trillion baht -- and have stayed above that level ever since, the central bank says.

"COVID has turned people with good discipline into ones with severe debt in just two years," Surapol Opasatien, chief executive of the National Credit Bureau, which tracks millions of debtors for the country's banks, told reporters in December.

Government forbearance programs have helped cushion the blow for borrowers. But many of these efforts are due to expire in the next few months, and with general elections looming, some Thai politicians are calling for further repayment delays.

The second-largest party in the governing coalition, the Bhumjaithai Party, has proposed a three-year consumer-debt holiday financed by the issuance of new government bonds.

"COVID has put us through tough times for three years. So, whoever has lawful debt, Bhumjaithai will give you a debt holiday of up to 1 million baht for three years," said Anutin Charnvirakul, the party's leader and Thailand's health minister.

Chartthaipattanakla, a party led by a former finance minister, has called for replacing the National Credit Bureau's debtor list with a formal credit scoring system. The Bank of Thailand and commercial banks have opposed the proposal, arguing it would undermine the credibility of the Thai banking system and make it harder to make loans.

The debt burden on individuals factored into the central bank's hesitance last year to raise interest rates in line with the U.S. Federal Reserve and neighboring countries. The bank finally bowed to inflation in August, and the policy rate now stands at 1.5% after four rate hikes.

The policy change will increase the burdens on borrowers of limited means who have taken on floating-rate loans, said Thitima Chucherd, head of economic and financial market research at SCB Economic Intelligence Center. "Although the impact of interest rate hikes may be limited to some certain types of debt, a higher debt burden could make those low-income households become more vulnerable."

Since 2017, the central bank has been working with lenders to restructure consumer debts of up to 2 million baht. More than 30,000 debtors with a combined 6.85 billion baht in principal were in the program as of August.

One of those participants, Mam, a single mother in northern Thailand, said she found herself struggling with debt since she shut down her part-time flea-market business four years ago after having a child. She owed money on her business credit card, a personal loan from her employer on another job and on loans for two cars, both of which were eventually seized.

Last year, she applied to the Bank of Thailand's debt mediation program. The clinic took on 60% of her 163,000 baht credit-card debt and reduced her monthly payment to 750 baht. "I used to feel that I had nowhere to turn, but I decided to participate in the debt clinic," Mam said.

Monitoring Thailand's consumer debt burden is tricky for the central bank because the commercial banks it oversees only account for 43% of household loans. The rest are made by other kinds of financial companies, such as specialized lenders and savings cooperatives.

The impact on banks depends on their customer mix. Profits at Bangkok Bank, the largest Thai bank by assets, rose 10.6% last year, reflecting strong returns from corporate customers. By contrast, Thailand's second-largest bank, Kasikornbank, which lends mainly to consumers and smaller businesses, reported a 6% fall in profits in 2022 as provisions for bad loans increased 28.73% to 51.9 billion baht.
 

[steveluv]

https://asia.nikkei.com/Business/Travel-Leisure/Thai-Airways-on-track-to-exit-rehabilitation-early-CEO?utm_campaign=GL_asia_daily&utm_medium=email&utm_source=NA_newsletter&utm_content=article_link&del_type=1&pub_date=20230210123000&seq_num=12&si=44594

Thai Airways on track to exit rehabilitation early: CEO
Carrier eyes increased service to China and Japan as travel recovers

Thai Airways plans to launch new flights to five Chinese cities this year, including Beijing and Shanghai.   © Reuters
YOHEI MURAMATSU, Nikkei staff writerFebruary 10, 2023 03:50 JST

BANGKOK -- Thai Airways is expected to conclude a restructuring plan ahead of schedule, new CEO Chai Eamsiri told reporters Thursday, as a worldwide relaxation of pandemic restrictions spurs travel demand.

The Thai flag carrier filed for bankruptcy protection in 2020 amid headwinds from COVID-19. In plans announced last year, it aims to complete restructuring in 2024 through a debt-for-equity swap, and is looking to resume trading on the stock market in 2025.

The restructuring plan is 70% complete, said Chai, who took the top post effective Feb. 1.

Thai Airways will officially announce its 2022 results by the end of the month. Revenue increased nearly fourfold last year to about 90 billion baht ($2.69 billion), Chai said.

The carrier predicts another 40% increase in 2023, which would bring revenue to about 70% of the pre-pandemic figure from 2019. It also aims to expand its fleet to 58 aircraft from the current 49.

Chai said he wanted to expand service to China, Japan and Europe. Thai Airways plans to launch new flights to five Chinese cities this year, including Beijing and Shanghai.

In Japan, Chai is more focused on increasing the frequency on existing routes than establishing new ones. He is considering more flights to and from the Haneda and Narita airports serving Tokyo, as well as Kansai International Airport serving Osaka.

Overall, Thai Airways expects to resume 65% of pre-COVID routes this year and 85% in 2025.

Chai is Thai Airways' first permanent CEO since Sumeth Damrongchaitham stepped down in April 2020. He served as chief financial officer until taking the top post.
 

[steveluv]

One of the mornings this week I had to leave home very early for a long drive to Rayong for work. 

I had to make a quick stop at a nearby 7Eleven for drinking water. Coming out of the store I saw people buying breakfast from street hawkers so I decided to take a video to show a typical morning scene at a 7Eleven store in Thailand.

 

For breakfast I stopped at the highway rest point along the highway between Bangkok and Pattaya

 

I had breakfast at Starbucks

Breakfast

[steveluv]

To all who visit this thread, thank you and 

[steveluv]

https://asia.nikkei.com/Business/Automobiles/China-s-Great-Wall-targets-50-growth-in-Thai-sales-this-year2?utm_campaign=GL_asia_daily&utm_medium=email&utm_source=NA_newsletter&utm_content=article_link&del_type=1&pub_date=20230214123000&seq_num=18&si=44594

China's Great Wall targets 50% growth in Thai sales this year
Local EV production to start in 2024 as automaker bets big on expanding market

Great Wall Motor's Ora Good Cat is the top-selling electric vehicle in Thailand. (Photo by Yohei Muramatsu)
YOHEI MURAMATSU, Nikkei staff writerFebruary 11, 2023 02:23 JST

BANGKOK -- China's Great Wall Motor aims to increase sales in Thailand by 50% this year over 2022, the privately owned automaker said on Friday, while also planning to launch local production of electric vehicles in 2024.

GWM sold 11,616 units in Thailand during 2022, more than triple the previous year's tally, for a market share of 1.4%. The company targets sales of 18,000 vehicles in 2023, with plans to introduce five new EV and hybrid models in the country.

More than one-third of the units sold in 2022 were of GWM's Good Cat, a compact electric vehicle under the Ora brand. The Ora Good Cat was the leading EV in Thailand by new registrations last year, with a 39% share, according to local automotive media.

The Good Cat is marketed in other countries as the Hao Mao and the Funky Cat. Sales of the car were suspended in Thailand due to production delays, but the company will resume accepting reservations. It aims to sell 5,000 units here in 2023.

Thailand has provided subsidies and tax incentives for the car on the condition that it be produced locally in the future. Good Cats currently are imported from China.

GWM plans to invest a total of 22.6 billion baht ($675 million) to renovate a plant in Rayong, an eastern Thai province, that it acquired from General Motors in 2020. The company already has invested 12 billion baht. Production of the Good Cat is slated to begin at the facility in the January-March quarter of 2024.

The automaker uses Thailand as a production base for Southeast Asia, exporting vehicles from there to neighboring countries.

GWM also intends to begin sales in Thailand this year of a coupe-type EV called the Ora Grand Cat, also known as the Lightning Cat in some markets.

"Thai people have a keen interest in EVs, and we predict that the market size in 2023 will expand [50%] from last year," Narong Sritalayon, managing director of Great Wall Motors Thailand, said at a news conference.

[steveluv]

One of my favourite places for breakfast is this countryside eatery by a canal

 

 

Went there this morning with my truck

Parked directly in front of the shop

Rustic and cozy setting

"Krapow moo sap khai dow" - Thai basil with minced pork and an egg (55 baht)

Shrimp tomyam (70 baht)

Sardine with Thai herb salad (70 baht)

Each dish is freshly cooked when you order. Its delicious fulfilling and great environment for having a relaxing breakfast. Total cost $7.60

[Adrianli]

15 minutes ago, steveluv said:

Each dish is freshly cooked when you order. Its delicious fulfilling and great environment for having a relaxing breakfast. Total cost $7.60

In SG, easily cost you $20. I am coming over in May!!!

[Wt_know]

1 hour ago, Adrianli said:

In SG, easily cost you $20. I am coming over in May!!!

$20 for the soup only ... not 3 dishes hor ... lol

Edited February 15, 2023 by Wt_know

[Adrianli]

1 hour ago, Wt_know said:

$20 for the soup only ... not 3 dishes hor ... lol

Have lah. Hawker center prices are ard $6-7 per dish. 

[steveluv]

3 hours ago, Adrianli said:

In SG, easily cost you $20. I am coming over in May!!!

Don't forget to call me

 

[Adrianli]

10 hours ago, steveluv said:

Don't forget to call me

 

Sure!!!

[steveluv]

I had to make a trip to the southern province of Ranong to attend a funeral. Ranong is about 600km away and require about 8 hours to drive there therefore will do it slowly in two days. Left on Wednesday and stopped at Chumphon.

Novotel Chumphon

The room

Went to a beach restaurant opposite the hotel. Known as Mae Mai.

First 3 dishes

Somtam

Southern Thai wild vegetables

Kale with salted fish

Prawn tomyam

Soft shell crabs

Deep sea pomfret - 1kg

Dinner

This meal costs only 2,400 baht or $93

 

 

[steveluv]

Next morning before leaving Chumphon for Ranong, had breakfast at a local dimsum place.

Name of restaurant is Hor Jiak meaning delicious

Dining

Pick what you want

The kitchen

My picks ready to steam and fried

Breakfast ready

Bak kut teh

Fried dimsum

 

 

 

[steveluv]

On Thursday last week I arrived in Ranong, my first trip to Ranong. Checked into this rather new hotel

Very bright and nice room

The spacious toilet very well designed

[steveluv]

I like the hotel breakfast simple yet comprehensive

 

 

[steveluv]

Visited a cafe in Ranong beach

 

[steveluv]

Had a great seafood dinner at a restaurant in Ranong

 

Steamed egg

Grilled squid in sweet sauce

Deep fried prawn in tamarind sauce

Mixed vegetables and chicken

Soya sauce groupa

Deep sea pomfret steamed with sour plum

[steveluv]

Friday 6.30am morning walk in the main street of Ranong

Old building 1959

Chinese school

Many shops still not open

Classic shopfront 

Old walkway

Waiting for the ride to school

Everyone seemed to be looking at their phone

Morning delivery

Ranong main market, lets go in to take a look

Morning pick

Fresh fish from the boats

Waiting for customers

Meats

Provision shop

Vegetables

Unloading 

Alms

Dry stuff