Q1 2024 Business Updates

The first quarter of 2024 has come to an end, let’s delve into some notable business updates that have shaped the global industry landscape. These developments showcase innovation, resilience, and the ever-evolving nature of the business world.

E-commerce on the Rise in Thailand

The Department of Business Development revealed that Thailand’s e-commerce industry continues to flourish, with an expected market value of THB 700 billion by 2025. This growth is evident in the increasing number of business entity registrations in the sector, currently standing at 7,393 active businesses.

Banking and Investment Industry Thailand’s banking and investment sector witnessed mixed results in the first quarter of 2024.

  • Bank of Ayudhya: Net profit for Q1 2024 reached THB 10,524 million, reflecting a 3.9% growth compared to the same period in the previous year.
  • SCBX: Q1 2024 net profit amounted to THB 11,281 million, expanding by 2.6%.
  • Krungthai Bank: Net profit for Q1 2024 stood at THB 11,079 million, increasing by 10%, driven by growth in non-government loan income.
  • Krungsri Bank: Q1 2024 net profit was recorded at THB 7,540 million, representing a 13.1% decline due to increased loan reserves.
  • TMB Bank: Q1 2024 net profit reached THB 5,334 million, demonstrating a 24% growth.
  • Kasikorn Bank: Q1 2024 net profit amounted to THB 13,486 million, reflecting a 25.55% YoY growth, driven by quality loan expansion.
  • TISCO Group: Q1 2024 net profit continued to decline by 3.3%, while loans grew by 0.2%.

Semiconductor Investment

Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest chipmaker and a key partner for Apple and Nvidia, reported a net profit of NT$225 billion (approximately US$7.5 billion) for the first quarter of 2024, reflecting a 9% growth. This strong performance propelled TSMC to become Asia’s most valuable company, with a market capitalization of NT$20 trillion (approximately US$660 billion).

South Korea announced an investment of over 9.4 trillion won (approximately US$8 billion) to develop AI and support domestic semiconductor manufacturers. The country aims to become a leader in the AI and semiconductor markets by 2030. This move builds upon South Korea’s established leadership in the memory chip industry, where it holds over 30% of the global market share. Currently, South Korea boasts the 4th largest economy in Asia, with semiconductors accounting for one-fifth of its total exports.

The business world is constantly evolving, presenting both challenges and opportunities for companies of all sizes. In this dynamic environment, traditional recruitment services are no longer enough. Businesses need strategic partners who can help them navigate the complexities of talent acquisition and empower them to achieve their long-term goals.

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