Over 1,300 factories were up for sale or out of business in first 10 months of 2019

[snoop1130]

Over 1,300 factories were up for sale or out of business in first 10 months of 2019

By The Nation

 

 

There were 1,339 factories with 34,569 employees and a total investment of approximately Bt56.9 billion registered for sale or out of business in the first 10 months of 2019, according to the Industry Ministry.

 

The factories were classified into 21 industrial groups including crop products, food, drinks, clothes, woodwork, paper, chemical products, machines, electronic devices, and automobiles.

 

Entrepreneurs are meanwhile expressing concern that Thailand’s subdued economic situation in 2019 would continue in 2020.

 

Thai Plastic Industrial 1994 PCL managing director Teerachai Teerarujinon said the future of the industry was uncertain with the risk still high, and the matter of most concern in the next two or three years would be labour security, since a majority of labourers from neighbouring countries that Thailand depends on would expectantly return to their homeland if the Thai economy got worse.

 

Source: https://www.nationthailand.com/news/30378245

 

-- © Copyright The Nation Thailand 2019-11-11

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[Yadon Toploy]

There are dozens of major companies out on the Eastern Seaboard in trouble. Many are shuttering up for a few months and laying off staff. 

 

There's major trouble ahead.

[RotBenz8888]

15 minutes ago, snoop1130 said:

Entrepreneurs are meanwhile expressing concern that Thailand’s subdued economic situation in 2019 would continue in 2020.

Worst is yet to come.

[steven100]

4 minutes ago, Yadon Toploy said:

There are dozens of major companies out on the Eastern Seaboard in trouble. Many are shuttering up for a few months and laying off staff. 

 

There's major trouble ahead.

agree ....  however this is not only happening in Asia it is the same in Australia. Many large companies closing or going bust, building companies, banks laying off staff, retail sales has actually gone into recession, the global downturn in every economy is starting to hit and I believe things are going to be dire for years to come.

 

[ivor bigun]

A friend of my wifes works for a major car manufacturer here ,she is in quite a high position and is in sales ,traveling to many countrys ,they have many many many thousands of cars stored as nobody is buying them ,owing to the high baht . she says its very worrying ,also our son is in charge of a Thai company ,they are doing quite well ,but many companys on the estate are in great difficulty he was saying this weekend .

[metisdead]

Off topic posts about the UK and Brexit have been removed. 

[happy chappie]

the futures so bright I've got to wear shades.i see this coming before I got married and that was over 3 years ago.

i used to say...teerak soon Thailand will have a financial money tsunami and here it comes.

most in this government probably thought it was good to have a strong baht.....oh yes we are champions,our baht super strong,better than any money around the world.

now the ship has started to hit the fan they are left scratching their heads and it's slowly dawned on them it ain't such a good thing.

with household debt thrown in this country is in for a proper rough ride.

[mercman24]

i see no problem said the ostrich (think about it) about sums this lot up lol

[gk10002000]

seems like a huge loss of opportunity and incentive for many many Thais.  If legitimate businesses keep falling by the wayside, that leaves.. well, some less savory markets. Now as they seem to be aggressively chasing out long stay expats and retirees or at best levying more and more requirements on them and costs, I guess the little and middle people will get more and more shunted and just some corporations such as organized travel groups, travel group owned hotels will run their course for a while. 

[BestB]

Once again contradicting news, Just few weeks ago, BOI stated heaps of new companies and investments.

 

Just like economy news, one day its falling apart, the next day is booming and growing.

 

One day tourist numbers are down, next day its an increase and more than ever

 

One day exports are down, next day exports have grown

 

Is everyone in this government suffering with bipolar?

 

[kingofthemountain]

It's not a problem at all

some more ''hub'', a pinch of EEC, 2 or 3 hot air in the media from the

concerned minister and everything should be going well

[Borzandy]

10 hours ago, yogi100 said:

It's not just factories that are struggling and it's all because of the strong baht.

 

I got talked into buying a girl a bottle of San Miguel beer last night at a cost of 140 baht (nearly four quid in UK money) That's in an open air beer bar! I won't be doing that again in a hurry.

 

That same beer in the same bar was 130 baht the last time I was in Pattaya in July. It's now the start of high season and that bar is not much busier than it was back then.

 

Punters can't afford these prices any more than foreign importers can afford to buy Thai exports at such inflated prices.

Yes there is a huge difference between 130 Baht and 140 Baht. Especially when it's well known that all bars in Thailand can fix there own price.

[Denim]

Relax. All part of returning happiness to the people. The thinking is that by mismanaging the economy , the government will cause more unemployment and the working classes will have a lot more free time to pursue their hobbies or wander aimlessly around shopping malls window shopping.

[thailand49]

Don't worry the Chinese and Indians are coming to save the day!  One day it is good one day it is bad! 

 

Does this mean for retirees and others no more income verification, no more money in the bank, no more TM-30, reduce ATM Charges, no more duel pricing?????

[thailand49]

1 minute ago, Denim said:

Relax. All part of returning happiness to the people. The thinking is that by mismanaging the economy , the government will cause more unemployment and the working classes will have a lot more free time to pursue their hobbies or wander aimlessly around shopping malls window shopping.

More visits and donations to the Temples praying it will get better?

[jlwilliamsjr18]

10 hours ago, RotBenz8888 said:

Worst is yet to come.

Agreed.  This condition is nothing new. It's been coming for a long time. Young Thais are way over their heads in debt (virtually 80% of GDP is debt), unchecked expansion, construction etc, and unmonitored tourism will not make it all good. At the same time blaming expats and others doesn't help either. 

[Destiny1990]

Its a tsunami of good financial news here lately !

[Chazar]

11 hours ago, snoop1130 said:

since a majority of labourers from neighbouring countries that Thailand depends on would expectantly return to their homeland if the Thai economy got worse.

and lest not forget your ridiculous registering of foreign workers where you  must specify their exact work and they must not deviate from that..then spread the reporting locations sparsely and impose unbelievable fines for non conformity to both employers and employees........idiots!!

[Crash999]

Exporters are really suffering because of the strong Baht but aside from a belated rate cut nothing has been done. 

[worgeordie]

Just the other day it was reported ,droves of companies

are relocating here from China,because of the US sanctions,

So is that fake news ? if only Thai people knew the real truth.

regards Worgeordie 

 

[ICELANDMAN]

That Thailand only finds out that the world and recession is ridiculous, the real reason is that Western companies have been producing for a long time with robots in factories, making the low cost of Asian countries out of world competitiveness, while Thailand has remained to look, in the future this country is destined only to produce food for world trade, nothing more.

[AhFarangJa]

31 minutes ago, thailand49 said:

Don't worry the Chinese and Indians are coming to save the day!  One day it is good one day it is bad! 

 

Does this mean for retirees and others no more income verification, no more money in the bank, no more TM-30, reduce ATM Charges, no more duel pricing?????

I just love your optimism, it has brightened my day no end, many thanks............

[Tayaout]

Strong baht.

Strong military.

Gold up. 

Thailand number 1.

[ChipButty]

It's happening on a local basis maybe the government dont take note of that, the other day I was talking to a girl I know she works in a small resort they have laid off staff down to one cleaner were they had 3 

[AhFarangJa]

7 hours ago, happy chappie said:

the futures so bright I've got to wear shades.i see this coming before I got married and that was over 3 years ago.

i used to say...teerak soon Thailand will have a financial money tsunami and here it comes.

most in this government probably thought it was good to have a strong baht.....oh yes we are champions,our baht super strong,better than any money around the world.

now the ship has started to hit the fan they are left scratching their heads and it's slowly dawned on them it ain't such a good thing.

with household debt thrown in this country is in for a proper rough ride.

Yes, but the strong Baht is great for all the top brass to make a killing in foreign investments with all their "savings and pensions"........

[PatOngo]

No problem! "Chim, Shop, Chai!"

[yellowboat]

11 hours ago, snoop1130 said:

Entrepreneurs are meanwhile expressing concern that Thailand’s subdued economic situation in 2019 would continue in 2020.

The government was saying things were fine.   Kind of what happens when you shutout the rest of the world, making business difficult.  The junta strategy in keeping the money at the top seems to be working, but may not for much longer.

[miamiman123]

Strong Thai baht foretold this 

[Andrew65]

11 hours ago, ivor bigun said:

A friend of my wifes works for a major car manufacturer here ,she is in quite a high position and is in sales ,traveling to many countrys ,they have many many many thousands of cars stored as nobody is buying them ,owing to the high baht . she says its very worrying ,also our son is in charge of a Thai company ,they are doing quite well ,but many companys on the estate are in great difficulty he was saying this weekend .

The flip-side being that this is very good for Thais buying things overseas.

I was first in Thailand in 1985 when it was dirt cheap, it just ain't any more. A much wealthier country, for one thing.

[Skallywag]

I'd say 1300 businesses in Pattaya alone. The number of beer bars and shops for sale or rent, closed down to build more condos that will remain 70% empty.  Capitalism doesn't work when you do not research the demographic and market you are doing business in.  Consumerism is changing, cannot go on what worked 25 years ago and keep manufacturing/selling products that have long since flooded the marketplace