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Thai Union has applauded new legislation aimed at combating illegal acts in the fishing industry and the continuous efforts to improve the sector through the enforcement of laws.

Thiraphong Chansiri, president and chief executive of the world’s largest canned tuna maker, said: “The new legislation is an important step towards consolidating a full traceability system within the Thai seafood industry from vessels to processing facilities.”

Thiraphong said that Thai Union strove to ensure that all its operations in Thailand abided by local and international laws.

The company has worked with the International Labour Organisation’s Good Labour Practices programme for more than two years to set standards throughout its operations to ensure no child or forced labour is used, he said.

Rocky road ahead

Weakening economic conditions and a volatile stock market will prove challenging factors for Thai securities companies in 2016, Fitch Ratings said in a new special report.

Brokerage income formed 68 per cent of Thai securities companies’ total revenue in 2014, it found.

The securities industry in Thailand remains highly competitive and fragmented with the top 10 companies accounting for about 50 per cent of traded value during the first nine months of 2015, Fitch said.

Competition is likely to continue increasing in the near to medium term as the barriers to entries are low, it added.