China’s Great Wall to Kick-Start Thai Sales With Focus on Electric Cars
(Nikkei Asia) Chinese automaker Great Wall Motor will make an official entry into Thailand, Southeast Asia’s largest car market, this year with a focus on electrified cars to break the stranglehold of Japanese brands, which together hold nearly 90% of the market share.
Executives of the company met Thai Prime Minister Prayuth Chan-ocha on Monday and told him that Thailand will be an important production base and export hub for the Association of Southeast Asian Nations region, local media reported.
Great Wall has been preparing to enter the Thai market after purchasing a car manufacturing plant in Rayong Province, southeast of Bangkok, from General Motors, which decided in February 2020 to scale back its operations in the Asia-Pacific region. The deal was completed in September, marking the end of GM’s presence in the kingdom.
By Reuters Staff
2 Min Read
BANGKOK, Feb 8 (Reuters) - Thailand’s second-largest lender by assets, Kasikornbank Pcl, said on Monday it plans to open a branch in Vietnam’s commercial hub of Ho Chi Minh City in the third quarter of this year to tap into the country’s growth.
“Attention is now focused on Vietnam as a regional investment hub that has attracted the world’s leading companies – including those from Thailand – thanks to its strong economy,” said executive vice president Pattarapong Kanhasuwan, noting its recovery should be helped by the country’s success containing COVID-19.
The move comes as other Thai banks have expanded in Southeast Asia.
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The COVID-19 pandemic has profoundly impacted the lives of people around the world. Throughout 2020, local governments worked to restrict people s movement to contain the spread of the disease. Lockdowns greatly impacted the daily operations of several vertical industries and limited access to different types of goods and services.
Moreover, as fear of the pandemic spread, people began to increasingly rely on digital channels to fulfill their needs and wants. This triggered a shift to the use of digital payments. A study (June 2020) discovered that 62% of consumers in the ASEAN region plan to increase use of online payment services after the pandemic subsides, while 60% of consumers plan to increase use of digital wallet (eWallet) services in a post-pandemic scenario.