Source: The Nation Thailand

The event highlighted the kingdom’s suitability as manufacturing base under modern global trends. Thai trade delegates led by Deputy PM and Commerce Minister Phumtham Wechayachai met with executives of Keidanren, led by Suzuki Jun, chair of Japan-Thailand Trade and Economic Committee at Imperial Hotel in Tokyo.

During the meeting, Phumtham underscored Japan was Thailand’s third-largest trade partner last year, while accumulated investment amount from Japanese corporations made up for 25% of the kingdom’s total foreign investment, more than any other country.

He invited Japanese business leaders to invest in Thailand as well as visit the country to witness its potential. The Thai government has facilitated this by exempting visa requirements for Japanese visiting Thailand for up to 30 days since 1 January 2024, he added.

Phumtham said Thailand possesses readiness to be a manufacturing and exporting bases for various industries, adding that the government has prepared and promoted Thai entrepreneurs for new global trends that focus on green business, sustainable manufacturing, low-carbon emission and the use of renewable energy.

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As the country scrambles to execute search and rescue, automakers might need to brace themselves for more impact coming from disruptions of suspended port operations till further notice. According to Statista.com, Japan imported ¥269.94 billion (US$1.78 billion) of auto parts from ASEAN last year for its domestic assembly. These automakers often source various components such as engines, transmissions, electrical parts, and body parts from Southeast Asian countries. 

In 2022, the Observatory of Economic Complexity (OEC) noted Japan imported US$7.93 billion worth of motor vehicles parts and accessories from China (US$3.38 billion), Thailand (US$831 million), Germany (US$501 million), South Korea (US$447 million) and the United States (US$423 million).

Apart from auto parts, ASEAN enjoys a trade surplus of more than US$250 billion – the majority of which are due to exports of electrical machinery. The bloc exported some US$73 billion of electrical machinery and equipment in 2021, which makes up 28% of all ASEAN exports to the US. United States also imports other electrical machinery from Malaysia (US$1.73 billion), Indonesia (US$1.05 billion) and Thailand (US$1.04 billion).

What Does It Leave The Automakers?

Ford CFO John Lawler told Bloomberg TV the incident will have a negative impact on deliveries of parts. He said Ford is looking to reroute car parts to other east coast ports and it would draw on its experience with COVID-related supply chain disruptions, but that the supply chains will inevitably be lengthened. 

“It’s a large port with a lot of flow through it, so it’s going to have an impact. We’ll work on the workarounds,” he added.

GM spokesman Kevin Kelly said GM uses the port to ship some vehicles “to select export markets”. GM exports the Chevrolet Corvette, built in Bowling Green, Kentucky, to the United Kingdom through Baltimore as one example. Kelly said GM is working with its logistics providers to find shipping options at other ports, but GM expects only a minor impact on operations.

Stellantis spokeswoman Jodi Tinson said in an emailed statement, “The Port of Baltimore is an important waterway for the automotive industry. We are initiating discussions with our various transportation providers on contingency plans to ensure an uninterrupted flow of vehicles to our customers and will continue to carefully monitor this situation.”

Port of Baltimore issued a statement giving no definite date of vessel traffic resumption, which says a lot about verticals affected. If these equipment cannot make into the US, that might just mean another episode of supply chain issues and freight price gouging. Japan has officially entered a recession  with one export sector forcefully paused, the ripple will reach ASEAN suppliers.  

Although there are other ports on the East Coast, it does not translate directly to business as usual. Port capacities would be a question in terms of port throughput, and the stranded cargo contends with waiting time or even diverting further to the West.

Kevin Linderman, Professor and Supply Chain Expert at Pennsylvania State University, said: “They will likely have to reroute shipping to other ports on the East Coast. However, this will put additional demand on these ports, and shippers may not be able to access US markets.”

Apart from auto parts, construction machinery is also affected. Reuters noted at least 40 ships are now more or less trapped inside the port, and some 30 others planned to arrive there.

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This is a significant step towards the company’s long-term vision, Nissan Ambition 2030, to empower mobility by solving transportation service issues faced by local communities in Japan. Local communities have been facing several mobility challenges, such as driver shortages, which are a result of an ageing population.

With this service, Nissan will provide a broad range of new services that enable free movement. Nissan has been testing business models for mobility services in Japan and abroad since 2017.

These vicinities include the Minato Mirai area of Yokohama and Namie town, Fukushima Prefecture, where a manned mobility service called Namie Smart Mobility has been in operation since 2021. Outside Japan, Nissan has been testing autonomous-drive mobility in London and other areas with the support of the UK government.

Equipped with this knowledge, Nissan plans to begin offering autonomous-drive mobility services starting in fiscal year 2027, working with third parties such as local authorities and transport operators. Nissan will begin trials in the Minato Mirai area in fiscal 2024, and eventually scale up the trials the following fiscal year.

During the trials, the level of autonomous driving will be gradually enhanced while assessing customer acceptance, with the aim to provide driverless services.

The following is a broad timeline:

Nissan’s initiative will be promoted in close cooperation with the Japanese Ministry of Economy, Trade and Industry; Ministry of Land, Infrastructure, Transport and Tourism; and other central ministries. The ministries will also promote initiatives to realise new autonomous mobility services at the Level 4 Mobility Acceleration Committee that they organise.

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Japan’s slipping into a recession was due to the country’s gross domestic product (GDP) contracted by a worse-than-expected 0.4% in the last three months of 2023, compared to a year earlier. It came after the economy shrank by 3.3% in the previous quarter. The figures from Japan’s Cabinet Office also indicate that the country has lost its position as the world’s third-largest economy to Germany.

Economists had expected the new data to show that Japan’s GDP grew by more than 1% in the fourth quarter of last year. The latest figures were the first reading of Japan’s economic growth for the period and could still be revised. Two quarters in a row of economic contraction are typically considered the definition of a technical recession.

In October, the International Monetary Fund (IMF) forecast that Germany was likely to overtake Japan as the world’s third-largest economy when measured in US dollars only to be shocked by the economic performance. The IMF will only declare a change in its rankings once both countries have published the final versions of their economic growth figures. It began publishing data comparing economies in 1980.

Economist Neil Newman told the BBC that the latest figures show that Japan’s economy was worth about $4.2tn (£3.3tn) in 2023, while Germany’s was $4.4tn. This was due to the weakness of the Japanese currency against the dollar and that if the yen recovers, the country could regain the number three spot, Mr Newman added.

At a press conference in Tokyo this month, the IMF’s deputy head, Gita Gopinath, also said an important reason for Japan potentially slipping in the rankings was the yen falling by about 9% against the US dollar last year. However, the weakness of the yen has helped to boost the share prices of some of Japan’s biggest companies as it makes the country’s exports, such as cars, cheaper in overseas markets.

This week, Tokyo’s main stock index, the Nikkei 225, crossed the 38,000 mark for the first time since 1990, when a collapse in property prices triggered an economic crisis. The Nikkei 225’s record high of 38,915.87 was set on 29 December 1989. The latest GDP data may also mean that the country’s central bank may further delay a much-anticipated decision to raise the cost of borrowing. The Bank of Japan introduced a negative interest rate in 2016 as it tried to boost spending and investment.

Negative rates make the yen less attractive to global investors, which has pushed down the currency’s value — making the recession a reputational blow for the country. 

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TSMC’s new plant brings a total investment in its Japan venture to more than US$20 billion with the support of the Tokyo government. The Taiwanese chip titan announced plans in 2021 to build a US$7 billion chip plant in Kumamoto in southern Japan’s Kyushu.

The company said the first Japanese factory would open in February 2024 with volume production in the Q4 2024. TSMC was also exploring building a second factory in the country.

In a statement, TSMC said its majority-owned unit Japan Advanced Semiconductor Manufacturing in Kumamoto would build a second fabrication plant, or fab, in response to rising customer demand. TSMC added the second fab will begin construction by the end 2024. With both factories, the site is expected to have total monthly capacity of more than 100,000 12-inch wafers to be used for automotive, industrial, consumer and high performance computing-related applications.

The capacity plan may be further adjusted based upon customer demand, it noted. TSMC is a major supplier to companies including Apple and Nvidia, holds an 86.5% stake in the Japanese venture, with Sony Group 6%, auto parts maker Denso 5.5% and carmaker Toyota with 2%.

TSMC’s expansion in Kyushu is central to the Japanese government’s efforts to rebuild the country’s position as a leading chip manufacturing centre and ensure the stable supply of chips amid trade tensions between the United States and China. The decision to build a second fab is a vote of confidence by TSMC in Japan where construction of the first fab has run smoothly and which, it sees as a source of diligent workers with a government that is easy to deal with.

Japan’s chip-making sector, the world’s biggest in the 1980s, struggled to maintain its competitive edge, going into a steady decline in the past three decades, while rivals such as Taiwanese manufacturers gained ground. While both TSMC and the Taiwan government said the majority of the company’s most advanced manufacturing would continue to take place in Taiwan, TSMC has been expanding its global manufacturing footprint in response to what it says is customer demand.

TSMC’s flagship overseas investment is a US$40 billion project to build two fabs in Arizona, supporting Washington’s plans to boost U.S. chipmaking capacity. TSMC is also planning its first European factory, in Germany, which will mainly serve the auto industry.

TSMC’s Taipei-listed stock has risen 8.9% so far this year on the back of a boom in demand for chips for artificial intelligence applications, outperforming a 0.9% gain for the broader index.

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The government strategy lays out plans for the public and private sectors to jointly engage in state-of-the-art research and development projects. AUVs are used to map seafloor topography, among other purposes.

In the global AUV market, Japan lags the United States and China. Many of the AUVs used in Japan are made overseas, prompting the government to draw up the strategy to encourage domestic firms to enter the business.

The strategy stresses the importance of involving AUVs in various marine activities, including development, observation and survey of marine resources, as well the realm of security. The government will take the initiative to develop the domestic AUV industry so that it can expand overseas by 2030.

Regarding future steps for “technological development,” the strategy details three different types of AUVs: a cutting-edge model, to be used at depths of more than 3,000 metres; a small, reasonably priced, mass-produced model to be used in shallow depths; and specific-purpose models, to be developed in line with various needs.

The Japan government intends to share information regarding the vehicles’ basic software — related to navigation control and communications — with the aim of encouraging new companies to enter the market. The strategy also details the government’s aim of training and securing human resources in the marine field who can play leading roles in the AUV industry.

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Findings revealed the Japan’s manufacturing activity fell for the sixth straight month in November. The headline au Jibun Bank Flash Japan manufacturing purchasing managers’ index (PMI) slipped further to 48.1 this month from 48.7 in October, sliding below the 50.0 neutral mark that separates deterioration from expansion. 

“Despite weaknesses in new orders, Japanese private sector companies mentioned that the level of outstanding business was unchanged, ending a four-month sequence of decline,” said Usamah Bhatti, economist at S&P Global, which compiled the survey. Japan’s purchasing managers index (PMI) registered its deepest contraction in November.

Early results of the survey showed manufacturers are catching up with their backlogs fast as pressure on capacity softens, prompting them to reduce staff levels for two months in a row. Firms were also hit by the weak Yen, high materials, fuel and labour costs, which affected manufacturing.

India on the other hand enjoyed growth — India’s IT hardware market is expected to register a compound annual growth rate of 12.8% in the next four years on strong demand and rising domestic production, according to Fitch Solutions. The firm estimated the country’s IT hardware industry to grow to US$104 billion by 2027 and still dominate the overall IT market with a 53.5% market share, it said in a 22 November note. Fitch also noted the country’s above-average risk/reward index profile as a main appeal for tech firms reconfiguring their supply chains, considering the severe blow of US chip export restrictions to China currently. 

“A large addressable market of consumers and a trend of tech companies looking to re-route their supply chains due to geopolitical risks makes us believe India’s consumer electronics market will outperform its regional peers,” it said. Setting up shop in the country also allows companies to tap both the domestic and Southeast Asian markets, it added.

Fitch sees domestic manufacturing gathering momentum in the near term after about 27 electronics manufacturers made INR30 billion (US$360 million) in fresh investments recently, while the government continues to incentivise companies to boost domestic production.

Data from Statista.com revealed the value of trade between India and the ASEAN region amounted to over US$110 billion in fiscal year 2022. The largest portion of this trade came from Singapore, valued at over US$30 billion. Comparing both nations, it is of no surprise conditions in India contributed to the country’s export performance including exchange rate.

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Source: Vietnam Plus

Vietnam lured close to US$18.15 billion in foreign direct investment (FDI) from the beginning of this year to 20 August 2023, up 8.2% year-on-year, according to the Foreign Investment Agency under the Ministry of Planning and Investment. In the period, there were 1,924 newly-registered projects with a combined capital of US$8.87 billion, up 69.5% and 38.6% compared to the same period last year, respectively.

Meanwhile, over US$4.53 billion was added to 830 existing projects, down 39.7% and up 22.8% year-on-year, respectively. The value of capital contribution and share purchase deals rose by 62.8% to US$4.47 billion.

The manufacturing and processing sector led in FDI attraction, with close to US$13 billion, followed by real estate with more than US$1.76 billion. In the January-August period, Singapore topped the list of countries and territories pouring capital into the country with more than US$3.83 billion, down 15.4% annually, followed by China (nearly US$2.69 billion) and Japan (over US$2.58 billion).

For Vietnam, Hanoi received the lion’s share – US$2.34 billion – of the foreign investment, up 2.89 times against last year. Hai Phong came second with over US$2.08 billion, increasing by 72.2%, followed by Ho Chi Minh City, Bac Giang, and Binh Duong. As of 20 August 2023, FDI disbursement was estimated at about US$13.1 billion, an annual rise of 1.3%.

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This big wave of investment has been backed by Thailand’s government, which has rolled out incentives and courted Chinese firms, with a target to convert about 30% of the country’s annual vehicle production into EVs by 2030.

Investments Galore

China’s Great Wall Motor made an early punt on Thailand in 2020 when it acquired a factory from General Motors, where it will spend THB22.6 billion (US$647.38 million) turning it into a regional production centre for EV and hybrid cars. The automaker will start producing its popular compact Ora Good Cat EV in Thailand next year, and is also bringing in its subsidiaries MIND Electronics, HYCET and Nobo Auto that make electronics, powertrains and seating.

Rival SAIC Motor, which owns MG Motor and has a partnership with Thai conglomerate Charoen Pokphand Group, launched its first EV in the country in 2019. It is pumping in THB500 million to expand its existing plant for EV parts and battery manufacturing, the company announced in April.

Heavyweight BYD is investing THB17.9 billion to set up a new facility in Thailand that will start producing 150,000 passenger cars per year from 2024, some of which will be exported to Southeast Asia and Europe. China’s Hozon New Energy Automobile is also working with Thailand’s Bangchan General Assembly to locally produce the electric NETA V model starting next year.

More Investments Coming For Thailand

Several deals are also in the pipeline, according to the Thailand Board of Investment (BOI), which has been pursuing Chinese automakers. State-owned Chongqing Changan Automobile, which has partnerships with Ford and Mazda, will invest THB9.8 billion to set up its first right-hand drive EV factory outside China, according to the BOI.

GAC Aion, a subsidiary of state-owned automaker Guangzhou Automobile Group (GAC) is planning to invest more than THB6.4 billion to produce EVs in Thailand, the BOI disclosed. China’s Chery Automobile, which rolled out a self-developed EV in 2009, is “very interested” to invest in Thailand and plans to enter the market early next year, according to the BOI. Chinese automaker Geely is also in the early stages of planning an entry into Thailand, Reuters reported in May, including weighing models for import and local manufacturing.

Chinese EV’s Rising Popularity

The influx of Chinese models appears to be helping to boost the popularity of EVs in Thailand, the second-largest car market in Southeast Asia. In H1 2023, over 31,000 EVs were registered in Thailand, more than triple the number for all of 2022, the BOI cited industry data. The price gap between EVs and combustion engine cars has also narrowed, in part because of government subsidies.

The cheapest variant of Great Wall’s Ora Good Cat – Thailand’s best-selling EV last year – currently costs around THB828,500 , while Hozon’s NETA V costs THB549,000, according to company websites. Toyota’s Corolla Altis is priced at THB894,000 and the Yaris Ativ at THB549,000.

Chinese lithium-ion battery-maker SVOLT Energy Technology Company Ltd. kicked off the construction of its Thailand factory, the company revealed. SVOLT Energy Technology expects to complete construction by the end of the year and estimates the facility will have an annual capacity of 60,000 battery packs, according to a statement. 

The factory will have two production lines, one for making soft-pack battery packs for hybrid vehicles and another for short-blade battery packs used in plug-in hybrids and pure electric-vehicles (EVs), the company added. The surge of Chinese EV manufacturers into Thailand marks a significant shift in the landscape of Southeast Asia’s largest automaking hub.

With investments soaring to a remarkable US$1.44 billion in production facilities, long-held dominance by Japanese companies is being challenged. Japan was formerly the biggest investor for Thailand. The Thai government’s proactive support, through incentives and targeted efforts to attract Chinese firms, underscores their commitment to embrace the electric vehicle revolution.

As the country strives to convert 30% of its annual vehicle production into EVs by 2030, Thailand’s automotive industry is poised for a transformative journey, propelled by the influx of Chinese investments and the collective vision of a greener and sustainable future.

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Easily recognisable thanks to their eye catching design, they keep moving even when the going gets tough. Equally at home on American construction sites and Italian vineyards, these nimble carriers and dumpers can carve out a path in even the most inaccessible terrain.

Canycom’s specialized utility vehicles are a popular choice in over 50 countries around the globe – and it is not hard to see why. Combining high-quality workmanship and practical ingenuity, they keep things moving in even the toughest terrain. 

“Work can sometimes feel exhausting and demoralizing, but we do everything we can to make it more fun!” says Canycom Chairman Hitoshi Kaneyuki.

Owned by the same family for 20 generations, Canycom is steeped in tradition. The Kaneyuki family can trace its ancestry back to a master Samurai swordsmith in the early 14th century who was renowned for the craftsmanship of his curved katana blades.

As much a work of art as a weapon, these swords often took weeks of painstaking work to create. Although this mid-sized manufacturer no longer produces Samurai swords, it is still inspired by the idea of making the perfect product. 

Yoshimitsu Kaneyuki, who took over the day-to-day running of the business from his father in 2015, argues that Canycom’s success is based not only on reliability and robustness, but also on a healthy dose of playfulness.

“It’s quite an achievement to make tedious work fun – it might even be the main reason customers choose our products over others,” he says. That’s why the Japanese principle of asobigokoro – or ‘doing something in a playful way’ – plays such a central role in all Canycom’s products.

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