Category: The Bangkok Post

MR. D.I.Y. Holding (Thailand) Plc (MRDIYT) is poised for listing on the Stock Exchange of Thailand (SET), following Atlas Energy Plc’s successful initial public offering (IPO) earlier this month and its upcoming debut on the bourse, hinting at a fresh wave of initial public offerings (IPOs).

MRDIYT, one of Thailand’s leading home improvement and lifestyle retailers, set an offering price range of 8.30-8.60 baht a share.

The subscription period for retail investors and related persons is Oct 20-22, while local and foreign institutional investors may subscribe between Oct 27-29. The company expects to make its trading debut on the SET in early November.

Bualuang Securities (BLS) and CIMB Thai Bank Plc are financial advisors for this offering, with BLS and CGS International Securities (Thailand) acting as joint lead underwriters.

The IPO comprises up to 655 million shares, representing 10.89% of MRDIYT’s total paid-up capital after the offering. Of these, 420 million shares are newly issued by the company, while 235 million shares are offered by existing shareholder MDIH (Singapore) Pte Ltd.

The final offering price will be determined through a book-building process among institutional investors to assess demand within the price range.

MRDIYT expects to raise 3.3-3.4 billion baht from the IPO, with proceeds allocated for business expansion, debt repayment and working capital.

Founded in 2016, MRDIYT operates as a holding company and has grown rapidly to become a nationwide retail leader with more than 1,000 stores.

The company offers more than 16,000 items across six categories: hardware; household and furnishings; electrical; stationery and sports; toys; and others.

The MRDIYT IPO follows the successful share offering of Atlas Energy earlier this month, raising 1.26 billion baht from its IPO of 418.12 million shares priced at 3 baht each.

Atlas operates in liquefied petroleum gas (LPG) and high-margin media sectors, leveraging synergies under the PTG Energy umbrella and utilising its Max Card membership base of more than 20 million users to expand its market footprint.

According to Amorn Piriyapatsom, executive vice-president at Sage Capital Ltd, the financial advisor to Atlas, proceeds from the IPO will support expansion of the company’s LPG operations, including household cooking gas, gas refilling plants, cylinder production, new LPG stations, and the PT Auto Transform Project, which promotes the adoption of LPG-fuelled vehicles and expansion into industrial and commercial segments.

Suwatchai Pithakwongsaporn, managing director of Atlas, said the SET listing marked a milestone in the company’s growth journey, reinforcing its vision of becoming a leading innovator in energy products and household services.

According to an industry source who requested anonymity, with the two October listings investor sentiment in Thailand’s equity market remains upbeat, underscoring the positive outlook for new listings in the final quarter.

Arnupharp Kongmalai, vice-president of marketing at MRDIYT, said the Thai retail industry faces volatility from both internal and external factors. Rising tensions between Thailand and Cambodia have also affected retail sentiment.

In this environment, some higher-income consumers are trading down for purchases, presenting an opportunity for a firm that targets the mass market and position its products as value-for-money options, he said.

In Malaysia MR. D.I.Y. serves roughly 25,000 people per store and continues to expand, whereas in Thailand each store serves around 75,000 people, making the company bullish about its growth here, said Mr Arnupharp.

Regarding the government’s “Khon La Khrueng Plus” co-payment scheme, he said the company is not participating and it will launch its own marketing campaign during that period.

Nowadays, governments around the world sound like movie production houses. They always come up with catchy slogans for their policies, like Donald Trump’s Big Beautiful Bill.

The bill is essentially a tax cut, one which would result in US$3.3 trillion (107.4 trillion baht) of budget deficits over the next 10 years. To pay for his bill, he taxes the whole world with reciprocal tariffs. The trade war, which most people believed was already over, has now returned with a 100% extra tariff on Chinese products.

Our four-month government also came up with a catchy slogan — “Quick Big Win”. The slogan does not mean much to me because in the realm of economics, nothing can be done quickly.

Most importantly, this government’s hands are tied with the 2026 budget, which has already become law. The government is not allowed to use budget allocated from a specific programme to fund other ones, even if it does not agree with the allocated budget.

For instance, the previous government allocated 4 billion baht for realising its soft power policy and related action plans. If this government feels that soft power programmes are not effective, the budget will be left wasted and unspent.

Furthermore, the fiscal budget is approved for use over 12 months. If the budget use is front-loaded like the implementation of the “Khon La Khrueng Plus” or Half-Half Plus Co-payment scheme, there will be fewer tools left to stimulate the economy for the remaining part of the 2026 fiscal year.

Most people, including some economists, feel the Half-Half Plus scheme will be an effective tool to stimulate the economy because the scheme favours small businesses. A study authored by a Chulalongkorn economics associate professor proves otherwise.

The study focused on the economic impact of Prayut Chan-o-cha’s half-half co-payment scheme. It concluded that (1) the scheme did not lead to increased overall spending and (2) the multiplier of the scheme was only 0.4 times.

The sales of participating businesses increased by 60%, while the sales of non-participating businesses were lower. It was simply a shift in spending locations to take advantage of the government’s co-payment support. Therefore, overall spending growth was flat.

The effectiveness of the scheme was no better than any income transfer programme like Pheu Thai’s 10,000 baht cash handout. That is, with every 100 baht disbursed from the government, the Thai economy would benefit by only 40 baht.

That is why it was calculated that a 44 billion baht budget for the scheme would raise quarterly GDP growth by only 0.4%. Not a significant impact if you ask me.

What about the remaining 60 baht? It goes to importers, as Thailand imports goods and services amounting to over 60% of GDP. Consumption-driven schemes are never very wise programmes, as 60% of our tax money goes abroad.

The prime minster hinted that there could be more of this type of scheme next year. That does not excite me either. Government spending is capped by the 2026 fiscal budget. Spending more on one scheme means spending less on others. It is indeed a zero-sum game.

Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas argued that the stimulation policy is necessary because GDP growth for Q4/2025 could be as low as 0.3%. The 66 billion baht stimulus (22 billion baht to welfare card holders and 44 billion baht for the Half-Half Plus scheme) would lift final quarter GDP growth by 0.6%.

Is this move really worth it? If the minister spends 66 billion baht in Q4, does he have no concern about Q1/2026? With Mr Trump’s renewed trade war with China, things are bound to get worse. The Thai economy will still need support after Q4/2025. The Bank of Thailand estimates that Thai GDP growth for 2026 will only be 1.6%, a significant drop from 2.2% in 2025.

These are my words of caution. Actual revenue collection for the 2025 fiscal year is already 37 billion baht short of estimates. With 1.6% projected growth for next year, there is a good chance that revenue collection could be 100 billion baht below estimates.

The government is strongly advised to be conservative. Nobody has (or dares to) estimate the economic damage of the current floods. Heavy government support for flood relief might be needed.

Due to budget constraints, the government cannot use the term “BIG”. The term “QUICK” is also not appropriate, as nothing quick can be done in Thailand. That is because the country’s problems are structural ones. Handing out money would only give very short-term relief. The 210 billion baht cash handout by the Pheu Thai government proves that.

Mr Ekniti said the Thai economy faces four traps that hinder our development. They are (1) an investment trap, (2) a population ageing trap, (3) a technology trap, and (4) a debt trap. He could not be more right. Unfortunately, none of these traps can be resolved quickly. One of the traps causing Thailand’s economic growth to be the lowest in Asean, excluding Myanmar, is inadequate investment.

Mr Ekniti pointed out that Thai investment to GDP is only 20% of GDP, a sharp drop from the high of 40% of GDP. I do not want to argue, but to say that the normal investment to GDP for Thailand is around 25% of GDP. Those high 40% of GDP numbers were before the Tom Yum Kung Economic Crisis in 1997, when the economy had excessive investment in real estate. But it is undeniable that our investment is way too low.

Thailand needs to have an investment of around 30% of GDP, like Vietnam, in order to turn our economy around and pull the economy out of the investment trap.

But where does the necessary funding for investment come from? Economists start talking about the Sovereign Wealth Fund (SWF). Our foreign reserves are almost 9 trillion baht, which is the 4th strongest in the world. It is suggested that instead of investing in foreign bonds, about one-third, or 3 trillion baht, should be invested in Thai development projects to eliminate the investment trap, technology trap, and debt trap. One stone could kill three birds — investment, debt and technology traps. Sorry, there’s no solution to the population ageing trap. Maybe Estee Lauder can help.

I am 100% against the SWF set-up from the foreign reserve and will write an article about it.

Thailand does not need to win quick. We need SLOW, SMALL, LONG-TERM WINs. We need to win for a long-long time. Not just for one quarter before the next election.

Busanan Ongbamrungphan eased through her opening match at the US$900,000 (approx 28.8 million baht) BWF Denmark Open but mixed doubles pair Dechapol Puavaranukroh and Supissara Paewsampran were forced to dig deep to advance on Wednesday.

Busanan got past Polina Buhrova of Ukraine 21-11, 21-13 in just 39 minutes but will have a much tougher assignment in the last 16 of the Super 750 event as she takes on third seed Han Yue on Thursday.

China’s Han ousted Yeo Jia Min of Singapore 21-14, 21-10 in her opener.

Mixed doubles third seeds Dechapol and Supissara, who reached the semi-finals at the Arctic Open last week, dropped the opening game against Chen Cheng-kuan and Hsu Yin-hui of Taiwan but eventually prevailed in three games, 19-21, 22-20, 21-18.

The duo, who are chasing their fifth title of the year, will face Hiroki Midorikawa and Natsu Saito of Japan in the last 16.

Dechapol and his partner Kittinupong Kedren, however, bowed out in the men’s doubles opener on Tuesday.

Another women’s singles hope, Ratchanok Intanon, failed to get past her first hurdle, going down to Michelle Li of Canada in three games, 21-16, 12-21, 19-21.

It was Ratchanok’s third loss against Li, but the Thai still leads their head-to-head record 8-3.

Also on Wednesday, Kim Ga-Eun of South Korea knocked out Stefani Stoeva of Bulgaria 21-10, 21-13. Kim will face Li in the last 16.

Men’s singles third seed Kunlavut Vitidsarn, women’s singles player Supanida Katethong and another mixed pair Ruttanapak Oupthong and Jhenicha Sudjaipraparat were due to play their first round matches later last night.

Defending men’s champion Anders Antonsen, who also won the competition in 2020, is seeded second at his home event and was to face old rival Anthony Sinisuka Ginting in his opener.

The Thai army has accused Cambodian media outlets of distorting a Thai senator’s ‘incomplete’ comments about Thai air strikes in Cambodia for propaganda purposes.

Maj Gen Winthai Suvaree, the Royal Thai Army spokesman, said on Thursday that Thailand deployed F-16 fighter jets to destroy Cambodian military bases from which inhumane attacks on innocent Thai civilians were launched in July.

Cambodia has frequently claimed that Thailand struck first and that some strikes targeted civilians. This week some media outlets backed this claim by reporting that Thai Senator Angkhana Neelapaijit ‘admitted to the media that Thailand used F-16 fighter jets to drop MK-84 bombs to attack Cambodia first’.

‘Upon investigation, it was found that the news was distorted and created to create misunderstandings in society,’ the army public relations department said.

Senator Angkhana actually said: ‘Thailand’s use of F-16s to attack Cambodia caused Cambodia to suffer considerable losses.’

The former head of the National Human Rights Commission made the comment in response to claims that she was insufficiently patriotic, after she had criticised the broadcasting of loud, ‘ghostly’ sounds intended to intimidate Cambodians in a contested border area.

‘There is the concern that a Thai communicated incomplete information due to misunderstanding about the situation or personal intention, and Cambodia picked it up to make claims for information operations,’ Maj Gen Winthai said.

‘Under the present circumstance, unity among Thai people in all sectors is crucial,’ he added.

Thai air force spokesman AM Jackkrit Thammavichai said that at 9.30am on July 24 Cambodia fired rockets from its BM-21 multiple rocket launchers at Surin province, killing and injuring Thai civilians.

At that point the Thai air force received a retaliation order to protect the lives and property of Thai people, he said.

At 10.38am on July 24, an F-16 fighter jet deployed precision-guided munitions against Cambodia’s military targets and there were no impacts on its civilians, he said.

Despite the response, Cambodia continued to fire rockets and shells at Thai civilians and the Thai air force had to take action until the night of July 28 when the ceasefire started.

‘Our operations were based on self-defence in accordance with Article 51 of the Charter of the United Nations,’ AM Jackkrit said.

Thailand is preparing to enhance cross-border electricity connectivity between four countries, while also working with Asean to jointly reduce carbon dioxide emissions, says Energy Minister Auttapol Rerkpiboon.

The move aims to forge stronger cooperation on regional power trade, and was approved by the cabinet ahead of the 43rd Asean Ministerial Meeting on Energy, which is being held in Kuala Lumpur this week.

Thailand, Laos, Malaysia and Singapore are expected to adopt the sixth joint statement on the Laos, Thailand, Malaysia and Singapore Power Integration Project, also known as LTMS-PIP, which was initiated in 2022.

“The joint statement serves as a crucial foundation for Asean Power Grid connectivity, which aims to enhance regional energy security,” said Mr Auttapol.

The latest statement marks the second phase of the LTMS-PIP. In the first phase, Laos sold 100 megawatts of electricity to Singapore via Thai and Malaysian transmission lines.

In the second phase, Malaysia agreed to sell additional electricity to Singapore, bringing total power trade to 200MW, he said.

Thailand can benefit from the project by earning revenue from a wheeling charge, which refers to a service fee for the use of transmission lines, said Mr Auttapol.

The cabinet also approved another joint statement on cooperation to curb carbon dioxide emissions for the third Asia Zero Emission Community (Azec) Ministerial Meeting, which is scheduled for Oct 28 in Kuala Lumpur.

Malaysia is hosting the 47th Asean summit from Oct 26-28.

Azec commits 11 countries — Australia, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — to address climate change and achieve carbon neutrality, a balance between carbon dioxide emissions and absorption.

Under the “One Goal, Multiple Approaches” theme, the Azec Ministerial Meeting focuses on discussions to find ways to reduce greenhouse gas emissions in difficult sectors through the development of clean energy technologies, supporting the development of carbon markets and tracking greenhouse gas emissions throughout the supply chain.

Thailand can benefit from these projects by accessing innovative green finance and expertise from Japan and other Azec partner countries, said Mr Auttapol.

The Chinese Navy’s 83rd Fleet docked at a port in Chon Buri province on Thursday morning to promote bilateral relations between China and Thailand.

The fleet, known as Pasan, arrived at Chuk Samet Port in Sattahip district around 9.30am. Chinese members were welcomed by over 20 Thai naval personnel led by Adm Korawit Chayarathi, commander of the Royal Thai Fleet; RAdm Suraphak Cherdpard, director of the Port of Sattahip; and Chinese ambassador Zhang Jianwei.

The visit was part of a maritime training session for over 1,000 Chinese cadets, aimed at enhancing navigation experience and strengthening navy-to-navy relations between China and Thailand.

The fleet includes the training ship No. 83 ‘Qi Jiguang,’ with a displacement of 9,000 tonnes, a length of 165.3 metres and a top speed of 22 knots, as well as the warfare ship No. 988 ‘Yi Menshan,’ with a displacement of 25,000 tonnes, a length of 210 metres and a top speed of 25 knots.

This visit was of particular significance because it marked the first time the Chinese fleet allowed public visits on their ships. People could tour the ships between 10.30 am and 11.30 am and again from 2.30pm to 5pm daily until Sunday.

On Monday, a farewell ceremony was scheduled before the fleet departed for Singapore and Malaysia.

During their stay, friendship exchange activities between the two navies were held. Prior to arriving in Thailand, the Pasan fleet had docked at Sihanoukville port in Cambodia on Oct 10.

New releases that hit cinemas in Thailand this week.

Showtime 7

Directed by Kazutaka Watanabe.

Who’s in it?

Hiroshi Abe, Tamae Andô and Tetsu Hirahara.

What’s it about?

Shinnosuke Orimoto was forced out as the main anchor for news programme ‘Showtime 7′. Now, while doing a live radio programme, he receives a phone call.

Why watch it?

Remake of The Terror Live (2013).

Virgin Punk Clockwork Girl

Directed by Yasuomi Umetsu.

Who’s in it?

The voices of Katsuyuki Konishi, Sumire Uesaka and Norio Wakamoto.

What’s it about?

A young woman becomes a bounty hunter, navigating danger while wrestling with personal conflicts. She’s drawn into a web of turmoil amid powerful figures’ schemes and society’s eccentric elite.

Housenka (The Last Blossom)

Directed by Baku Kinoshita.

Who’s in it?

The voices of Kaoru Kobayashi, Hikari Mitsushima and Yoshiko Miyazaki.

What’s it about?

A dying prisoner reflects on his final summer of freedom in 1986, when he lived with a woman and her son surrounded by Housenka flowers. As death approaches, one of these flowers guides him through memories of his past as a yakuza.

Garo Taiga

Directed by Keita Amemiya and Masaki Suzumura.

Who’s in it?

Rika Kashima, Shoichiro Kitada and Kazuki Namioka.

What’s it about?

A prequel where Taiga Saejima, a young Makai knight, battles a horror who stole the compass and seeks to retrieve it.

Tatsuki Fujimoto 17 To 26

Directed by Naoya Andô, Osamu Honma and Nobukage Kimura.

What’s it about?

An upcoming anthology anime series adapting eight short stories by the Chainsaw Man creator, Tatsuki Fujimoto, written between the ages of 17 and 26.

Bryan Bell

Directed by Stephan Yip Tin-Hang.

Who’s in it?

Warinrat Yolprasong, Michael Thomsen, Jarupong Kluaymaingam and Nattapong Chatpong.

What’s it about?

Bell is blind. Her Doberman named Bryan is murdered. A suspect is arrested but commits suicide. But the real killer lurks in the shadows.

Why watch it?

A Thai-HK-China production.

Tôi yama-nami no hikari (A Pale View Of Hills)

Directed by Kei Ishikawa.

Who’s in it?

Suzu Hirose, Fumi Nikaidô and Yoh Yoshida.

What’s it about?

Dual timelines explore a Japanese widow’s memories spanning post-war Nagasaki in 1950s and England during 1980s Cold War era, unraveling secrets that intertwine her past and present experiences across borders.

Why watch it?

An adaptation of Kazuo Ishiguro’s Nobel prize-winning writer’s 1982 debut novel.

The Black Phone 2

Directed by Scott Derrickson.

Who’s in it?

Ethan Hawke, Mason Thames and Arianna Rivas.

What’s it about?

As Finn, now 17, struggles with life after his captivity, his sister begins receiving calls in her dreams from the black phone and seeing disturbing visions of three boys being stalked at a winter camp known as Alpine Lake.

Why watch it?

Hawke, Thames, Madeleine McGraw and Jeremy Davies reprise their roles from The Black Phone (2021).

Ito and Her Brother

Directed by Miki Koichiro.

Who’s in it?

Hata Mei, Sakuma Ryuto, Nasu Yuto, Oriyama Nao and Uchida Kirato.

What’s it about?

A love comedy that takes place under one roof.

Why watch it?

A live-action adaptation of the comic of the same name by Ozaki Akira.

A Big Bold Beautiful

Directed by Kogonada.

Who’s in it?

Colin Farrell, Margot Robbie and Phoebe Waller-Bridge.

What’s it about?

An imaginative tale of two strangers and the unbelievable journey that connects them.

Why watch it?

Marks celebrated composer Joe Hisaishi’s first score for a Hollywood film.

Premieres on Oct 19

Gen Hoshino presents Mad Hope

What’s it about?

The final performance of Gen Hoshino’s “Mad Hope” tour on Oct 19, which will be broadcast live.

Why watch it?

It’s Gen Hoshino’s first nationwide tour in six years.

Premieres on Oct 22

Tomorrow X Together VR Concert: Heart Attack

Directed by

Who’s in it?

Soobin, Yeonjun, Beomgyu, Taehyun and Huening Kai.

What’s it about?

In a 30-second video also released, the group said, ‘It will be a VR concert filled with refreshment and love. Since we found more of a sense this time compared to our first VR concert, I think there will be more ‘face attacks’ this time.’

Why watch it?

The concert combines AI-based video processing with Unreal Engine-based VFX, enabling more precise scenes that blur reality and fantasy. Performances set against diverse backdrops, pink skies, fantastical racing tracks and frozen winter landscapes, offer audiences a unique viewing experience.

Flooding remained in 15 provinces on Thursday morning, mostly with unchanged levels and affecting mainly the Central Plains.

The Department of Disaster Prevention and Mitigation reported flooding in eight central provinces:

Uthai Thani in Muang district with lower floodwater

Chai Nat in Sapphaya district with stable flood levels

Sing Buri in In Buri, Phrom Buri and Muang districts with stable flood levels

Ang Thong in Pa Mok, Wiset Chai Chan, Chai Yo and Muang districts with stable flood levels

Suphan Buri in Muang, Bang Pla Ma, Song Phi Nong, Don Chedi, Doembang Nangbuat, U Thong, Nong Yasai, Sam Chuk and Dan Chang districts with stable flood levels

Ayutthaya in the districts of Sena, Phak Hai, Bang Ban, Bang Sai, Bang Pa-in, Phra Nakhon Si Ayutthaya, Mara Rat, Bang Pahan, Ban Phraek, Tha Rua, Nakhon Luang and Ban Sa-ai with stable flood levels

Pathum Thani in Sam Khok and Muang districts with stable flood levels

Nakhon Pathom in Bang Len, Sam Phran and Nakhon Chai Si districts with stable flood levels.

Ayutthaya still had the most affected households, 50,128, of any of the 15 inundated provinces nationwide.

In the North, flooding was in four provinces:

Phitsanulok in Wang Thong and Bang Rakam districts with lower floodwater

Sukhothai in Muang, Sri Samrong and Sawankhalok districts with lower flood levels

Phichit in Sam Ngam, Pho Thale, Pho Prathap Chang, Bung Narang, Bang Mun Nak, Thap Khlo, Muang, Dong Charoen, Sak Lek, Wan Sai Phun, Taphan Hin and Wachira Barami districts with lower floodwater

Nakhon Sawan in Chumsaeng, Muang, Phaisali, Phayuha Khiri, Krok Phra and Tha Tako districts with stable flood levels.

In the Northeast, flooding was reported in:

Ubon Ratchathani in Muang, Warin Chamrap, Phibun Mangsahan, Sawang Wirawong, Trakan Phuetphon and Don Mot Daeng with stable flood levels

Udon Thani in Phibun Rak, Sang Khom, Nong Han, Ban Dung, Phen, Kut Chap, Muang, Nong Wua So, Na Yoong and Kumphawapi districts with stable flood levels.

In the East, flooding affected only Chachoengsao, in Bang Nam Priao district, and the water level was lower.

Prime Minister Anutin Charnvirakul and his Laotian counterpart pledged to intensify efforts against cross-border crime and promote trade during talks in Vientiane on Thursday, during the Thai premier’s first official international trip.

During the visit, Mr Anutin, accompanied by his wife Thananon Niramit, attended a formal welcoming ceremony hosted by Lao Prime Minister Sonexay Siphandone and his spouse.

Both leaders also inspected a guard of honour before beginning the talks.

Thai government spokesman Siripong Angkasakulkiat said Mr Anutin expressed gratitude for the hospitality extended by the Lao government, noting that this was his first official overseas visit as prime minister.

The occasion also marked the 75th anniversary of diplomatic relations between the two neighbouring countries, reflecting their long-standing and close partnership.

Mr Anutin invited Mr Sonexay to attend the Mekong-Lancang Cooperation (MLC) Summit, to be hosted by Thailand later this year, and confirmed Thailand’s readiness to attend the upcoming Joint Commission (JC) and Joint Boundary Commission (JBC) meetings in Laos.

Mr Sonexay congratulated Mr Anutin on his appointment as premier, expressing confidence in his leadership and reaffirming Laos’ commitment to strengthening bilateral cooperation on shared interests.

The two sides discussed key areas of collaboration.

On security, both governments agreed to intensify efforts against transnational crime, particularly drug trafficking, online fraud and human trafficking.

Thailand pledged to support Laos with funding, training and information exchanges to enhance law enforcement capabilities.

In addition, Thailand has requested that Laos designate its main law enforcement agency to serve as a contact point for coordination with Thailand’s International Call Centre Scam and Human Trafficking Operations Centre, under the Royal Thai Police.

The aim is to enhance cooperation in preventing and suppressing online fraud and human trafficking along the border.

On environmental issues, both sides prioritised tackling transboundary haze and improving Mekong River water management through the CLEAR Sky Strategy, with Thailand offering technological assistance for data collection and public warning systems.

Mr Anutin reaffirmed Thailand’s readiness to host the 8th Meeting of the Cooperation Committee between Thailand’s Ministry of Commerce and Laos’ Ministry of Industry and Trade.

The meeting aims to outline strategies to boost bilateral trade, with a particular focus on promoting border trade and strengthening small and medium-sized enterprise (SMEs), in order to achieve a trade target of US$11 billion by 2027.

Progress in transport and logistics projects – including the upcoming fifth Thai-Lao Friendship Bridge (Bueng Kan-Bolikhamxay) – was welcomed to improve connectivity and tourism.

Thailand is also considering providing assistance for Laos in cross-border infrastructure, such as financing a new Mekong Bridge (Chiang Khong-Luang Prabang) and a rail bridge, alongside a comprehensive Thai-Lao logistics strategy.

The leaders further agreed to deepen energy cooperation to attract green investment and expand joint solar power production.

Both nations reaffirmed collaboration in multilateral forums, with Thailand committing to a constructive role in promoting peace in Myanmar and expressing hope that the upcoming Myanmar elections will mark a key political transition.

The two premiers also witnessed the signings of five agreements, including memorandums of understandings between banks of the two countries on trade, for funding anti-drug cooperation, vocational training equipment and water infrastructure design.

In an age of shifting geopolitics, many countries’ strategic planning includes imaginative exercises in weaponising their positions in the world. While Russia and China have been moderately successful at this game, America’s efforts have already boomeranged back on it.

Russia thought energy dependence would force Europe to accept its invasion of Ukraine in 2022, and that calculation was partly right: Europe has found it hard to wean itself off of Russian oil. Moreover, energy deals are at the heart of Russia’s improved relations with both India and China, providing the economic underpinning for a new anti-American coalition.

China is in an equally strong position, owing to its control over strategic raw materials and their processing, particularly rare earths and other critical minerals. Gallium and germanium are key ingredients only in not green energy technologies, but also in LEDs, fibre optics, and high-performance electronic devices. And antimony, also predominantly sourced from China, is crucial for high-performance military equipment and as a fire retardant.

In response to US President Donald Trump’s “Liberation Day” tariff announcement in April, China imposed new restrictions on seven additional rare earths: samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium. Having demonstrated little previous awareness of their importance, the Trump administration had to backpedal almost immediately on multiple fronts of its trade war.

The US has been scrambling to imitate the Russian and Chinese strategies, ramping up energy production and pouring public money into promoting the development of rare-earth production. But both efforts are problematic.

While short-term oil and gas production may have increased, new investment in drilling and pipelines will be required in the long run. And yet, with marginal costs of non-carbon energy continuing to fall rapidly, energy companies are wisely reluctant to devote resources to fossil fuels. That means the current US push will be a flash in the pan.

Developing rare earths is more plausible, but it will take time. From the 1960s to the 1990s, the Mountain Pass mine in southern California was a major world source of rare earths. But in recent decades, various US operators who have jumped into this business have ended up in bankruptcy.

So, in its desperation to do something more immediately effective, the Trump administration has reached for the most obvious and widely discussed lever: the dollar. Back in the 1960s, Valéry Giscard d’Estaing, then France’s finance minister, famously complained that the greenback’s global primacy gave America an “exorbitant privilege” within the global economy. Now, Mr Trump seems to want to test the limits of that privilege, even as he pursues other priorities (such as threatening the independence of the US Federal Reserve) that undermine it.

There is a long tradition of contemplating the various, and precarious, roles of international currencies over time. Early in the British pound’s long ascendancy, Walter Bagehot, the great nineteenth-century editor of The Economist, wrote that the “briefest and truest way of describing” Britain’s financial system was to call it “by far the greatest combination of economical power and economical delicacy that the world has even seen”.

The same argument can be applied to the US dollar today.

As a recent International Monetary Fund report makes clear, the dollar is indisputably at the centre of the global financial system. But trade and finance move at different speeds, because the former depends on the exchange of production, while the latter is simply a platform. If one financial platform has problems, it can be changed. Substantial sunk costs did not prevent Genoa, Antwerp, or Amsterdam from losing their positions as global financial centres.

Moreover, it is easier, and much quicker, for other countries to develop alternatives to the dollar than for America suddenly to develop its own rare-earths industry. You need only open your eyes to see currencies not weighed down with immense fiscal problems, high deficits, and spiraling debt levels.

Recall Facebook’s Libra initiative, undertaken in a much more stable world, to launch a blockchain-based currency benchmarked to a basket of other currencies. While this effort immediately ran into opposition from the United States and the European Union, there were no technical hurdles to pulling it off. While alternatives to the dollar — such as the euro or renminbi — looked implausible in the past, blockchain makes possible the old dream of a world currency.

To be sure, the Trump administration believes that stablecoins secured against the US dollar will increase demand for Treasury bills and bonds, thus allowing the US to service its vast national debt more easily.

But while almost all stablecoins are indeed dollar-pegged, it would take only one financial crisis in the US, or even just the hint of one, to create an impetus for coins pegged to a basket of other strong currencies (such as the Australian, Canadian, and Hong Kong dollar, the Norwegian and Swedish krone, and the Swiss franc). An imaginative issuer of a new synthetic currency could even add in some pure cryptocurrencies, and almost certainly would also include the world’s most enduring monetary backstop, gold.

In any case, Mr Trump is impatient about asserting America’s role in the world. He likes quick results and disdains losers. But despite the country’s abundance of talent and ingenuity, he has picked a fight that he is unlikely to win. The growing risk to the dollar’s global role will see to that.?©2025 Project Syndicate

Harold James, Professor of History and International Affairs at Princeton University, is the author, most recently, of ‘Seven Crashes: The Economic Crises That Shaped Globalization’ (Yale University Press, 2023).