- Pattaya News
Bar from grace: British man gets 21 years for human trafficking
A British man has been reportedly sentenced to 21 years in prison after being found guilty of human trafficking at a notorious Pattaya bar, Bangkok Criminal Court heard. William Bilton originally from Barrow-in-Furness, was the manager of Flirt bar, a venue in Soi 6 of the seaside resort of Pattaya, when police raided it two years ago and hauled off dozens…
- Business News
Thailand’s tourist trade rocked by tariff-ic blow
Thailand’s tourist trade is feeling the heat, not from the sun, but from a chilly global economy and punishing US tariffs that are sending shockwaves all the way to Bangkok’s hotel lobbies. Thailand’s hotel sector is bracing for a rough ride as fewer foreign visitors and shrinking wallets threaten to slash spending, spark price wars and pile pressure on operators,…
- Business News
Thai stock index jumps as gold hits record high amid Fed rate plans
In a striking turn for the Stock Exchange of Thailand (SET), the index surged for the third consecutive day, momentarily cracking the 1,200-point mark yesterday, as gold prices soared to record highs. This rally followed the Federal Reserve’s decision to maintain interest rates at 4.25-4.50%, as anticipated. Rakpong Charoenpong, Senior Vice President at KGI Securities (Thailand), attributed the buoyant market…
- Business News
Thailand tackles high household debt with new relief programme
Household debt continues to pose a significant challenge for policymakers in Thailand, with fears it could destabilise the economy. The Fiscal Policy Office reports that it stood at 89.6% of GDP by the second quarter of 2024. This marks a slight decrease from the first quarter’s 90.7%, yet it remains alarmingly high when compared to recommended thresholds. Pornchai Thiraveja, director-general…
- Business News
Government extends excise tax cut for entertainment venues to boost tourism
The government has decided to extend the current excise tax reduction for entertainment venues, such as pubs, bars, nightclubs, and cocktail lounges, for another year to bolster tourism. This decision was announced by Deputy Finance Minister Paopoom Rojanasakul following a Cabinet meeting held yesterday, December 24. The extension will see the excise tax rate decrease from 10% to 5% of…
- Business News
Thai economy forecast: 109 billion baht boost from consumer spending
Predictions for the new year indicate a robust economic circulation of 109 billion baht, driven by consumer spending, according to findings from the University of the Thai Chamber of Commerce (UTCC). While this suggests a positive economic trend, many individuals remain cautious with their expenditures. The UTCC’s survey, conducted recently, highlights an anticipated 3.2% increase in spending compared to last…
- Business News
Thailand considers Bitcoin payment trial in Phuket for tech tourists
Thailand is considering a groundbreaking initiative proposed by former Prime Minister Thaksin Shinawatra to test Bitcoin payments in Phuket, aiming to enhance the country’s appeal to technology-forward tourists. This proposal, however, requires the Bank of Thailand to conduct a detailed examination of the potential risks involved, as highlighted by Gulf Binance, the local division of the global cryptocurrency leader, Binance.…
- Business News
Thai Oil may replace contractors over unpaid wages in fuel project
Thai Oil Plc is contemplating altering the contractors for its Clean Fuel Project (CFP) due to unresolved disputes over unpaid wages to construction workers, potentially causing further delays. This development marks a significant moment for the country’s largest oil refinery by capacity. Unincorporated Joint Venture (UJV), which includes Petrofac South East Asia Pte Ltd, Saipem Singapore Pte Ltd, and Samsung…
- Business News
Thailand’s credit card industry faces toughest challenge in 20 years
The credit card industry in Thailand is bracing for its most formidable challenge in two decades, a situation attributed to an anticipated weak economy next year, as highlighted by the Thai Bankers’ Association’s credit card club. Atis Ruchirawat, chair of the club, emphasised that the unsecured loan sector, encompassing credit cards and personal loans, has already felt the tremors of…
- Business News
Thai SMEs to boost exports to China via e-commerce
The International Institute for Trade and Development (ITD) plans to propose a strategic initiative to the Ministry of Commerce, focusing on cross-border e-commerce (CBEC) to aid small and medium-sized enterprises (SMEs) in expanding their exports to the Chinese market. This move aims to provide SMEs with new opportunities to enhance their presence in China through CBEC channels. Wimon Punkong, Deputy…
- Business News
ADB revises Thailand GDP forecast, warns of slower Asia growth
The Asian Development Bank (ADB) revised its economic forecasts today, upgrading Thailand’s Gross Domestic Product (GDP) projection for this year while maintaining next year’s estimate. However, the bank warns that developing Asia is set to experience slower growth than anticipated, with potential challenges looming due to possible changes in US trade policies under President-elect Donald Trump. Developing Asia, encompassing 46…
- Business News
NBTC partners with Facebook for digital marketing training
The National Broadcasting and Telecommunications Commission (NBTC) has partnered with Facebook and Kenan Foundation Asia to offer digital marketing training through 1,836 USO Net public Internet centres across the country. The Meta’s SME Academy and Seller Education course is designed to help individuals in remote areas increase their income through digital marketing skills. NBTC board chairman Sarana Boonbaichaiyapruck explained that…
- Business News
Thailand cash handout to boost Q4 GDP growth despite challenges
The Thai government’s initial cash handout is anticipated to boost the national economy in the upcoming months, according to industrial leaders and brokerages. They recommend that the second phase of the handout target individuals with higher purchasing power to prolong economic stimulation. In the first phase, the government distributed 10,000 baht in cash to each of the 14.5 million welfare…
- Business News
Thai stock market leads Asia with 6% dollar gain in September
The Thai stock market has surged to become the top performer in Asia this month, recording a 6% increase in dollar terms. Foreign investors have returned as net buyers, injecting over 20 billion baht (US$595 million) into the market, driven by a combination of domestic and international factors, according to the Stock Exchange of Thailand (SET). South Korean and Chinese…
- Business News
Software sector grows 12.8%, hits 215 billion baht
The software sector experienced a robust growth of 12.8% last year, reaching a valuation of 215 billion baht (US$6.4 billion), outperforming three other digital sectors. Investment in advanced technologies such as artificial intelligence (AI), data analytics, cloud computing, and cybersecurity bolstered this growth, according to a joint survey by the Digital Economy Promotion Agency (Depa) and IMC Institute. The software…
- Transport News
Thailand’s new transport centre boosts regional logistics hub status
Airports of Thailand Ground Aviation Services (AOTGA) anticipates that its newly inaugurated Multimodal Transportation Centre at Suvarnabhumi Airport will bolster Thailand’s position as a regional logistics hub, enhancing goods transportation among Cambodia, Laos, Myanmar, and Vietnam (CLMV). The new centre is designed to integrate various transportation modes, including land, rail, sea, and air, with the added benefit of consolidating customs…
- Tourism News
Thailand targets 8 million Chinese tourists in 2024 amid diverse strategies
The Tourism Authority of Thailand (TAT) has set an ambitious target of 8 million Chinese tourist arrivals for 2024 and is diversifying its focus to niche markets with significant purchasing power, such as young travellers, small meeting groups, and caravan tours. “Demand among Chinese is not enough to entice Chinese airlines to increase flights to Thailand,” said Nonglux Yooyendee, director…
- Business News
Commerce Ministry to finalise digital wallet registration
The Commerce Ministry will finalise the registration of two million vendors for the digital wallet handout scheme by September, marking a significant step in the initiative aimed at boosting the economy. Commerce Minister Phumtham Wechayachai announced that up to two million vendors are expected to participate in the scheme. The ministry plans to disclose more details next week regarding the…
- Business News
Cabinet to approve Thai ESG fund boosting SET by 50 billion baht
The Thai Cabinet is set to approve the new Thai ESG Fund tomorrow, with analysts anticipating that the revamped conditions of this environmental, social, and governance (ESG) centric fund will enhance trading on the Stock Exchange of Thailand (SET) by 40-50 billion baht annually. The fund’s revised structure includes a reduced holding period of five years, down from the original…
- Business News
Northeast plans NEC to boost economy at mobile Cabinet meeting
Private sector representatives in the northeast are set to present a series of economic stimulation projects, including the establishment of the Northeastern Economic Corridor (NEC), during the mobile Cabinet meeting in Nakhon Ratchasima on July 2. Hatsadin Suwattanapongchet, Secretary of the Northeastern Industrial Federations, announced that the NEC, traversing Nakhon Ratchasima, Khon Kaen, Udon Thani, and Nong Khai, will emulate…
- Business News
Thailand to explore AANZFTA ties and new economic partnerships
Prime Minister Srettha Thavisin has committed to strengthening collaboration under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), maintaining current markets, and forging new economic partnerships, government spokesman Chai Wacharonke announced yesterday. Delegates from the Commerce Ministry and the Department of Trade Negotiations (DTN) participated in the 21st AANZFTA Joint Committee Meeting held in Auckland, New Zealand, from May 26 to…
- Business News
Saudi Arabia approves live animal imports from Thailand
Saudi Arabia has approved the import of live cattle, sheep, and goats from Thailand, according to Commerce Minister Phumtham Wechayachai. The approval was communicated by the Saudi Arabian Ministry of Environment, Water and Agriculture through the Saudi Arabian and Thai foreign ministries. Phumtham noted that these live animals could be imported from Thailand and subsequently kept and slaughtered in Saudi…
- Business News
Thailand assists tourists stranded by tour operator’s bankruptcy
The Tourism Authority of Thailand (TAT) has committed to supporting tourists stranded due to the bankruptcy of major German tour operator FTI Group, while also collaborating with government officials to ensure hotels are compensated by the company. Siripakorn Cheawsamoot, TAT Deputy Governor for Europe, Africa, the Middle East, and the Americas, reported that there have been no reports of stranded…
- Business News
Philippines intensifies illegal offshore gambling crackdown
The authorities in the Philippines have intensified efforts to shut down illegal offshore gambling operations amidst growing calls for a complete ban due to alleged connections to criminal syndicates. The country’s gaming regulator revealed approximately 250 to 300 offshore gambling firms are operating without a licence, a significant increase from the 46 legitimate operators. This information was disclosed by Alejandro…
- Business News
Thailand reviews property tax law after five years
The Finance Ministry is currently reviewing the Land and Building Tax Act, which has been in effect for five years, marking a crucial phase in reforming Thailand’s property tax regime. Public hearings have been conducted to gather opinions from the public and stakeholders. Finance Permanent Secretary Lavaron Sangsnit says the amended version of the land and building tax law will…
- Business News
Vietnam considers ceasing decade long gold import ban
Vietnam may soon allow companies to import gold for the first time in over a decade. Aiming to bridge the gap between local prices and international benchmarks, this development comes as the Vietnam Gold Traders Association (VGTA) continues its extended discussions with the government to address the supply and demand imbalance for gold. Huynh Trung Khanh, vice chair of VGTA,…
- Business News
Chiang Mai to become digital startup hub with new visa scheme
Chiang Mai is poised to become a digital startup hub in Southeast Asia, with the government pledging support to achieve this goal, Prime Minister Srettha Thavisin announced during a visit to the northern province yesterday. PM Srettha highlighted Chiang Mai City as an established haven for digital nomads and one of the world’s leading creative cities. “Late last year, Tim…
- Thailand News
Thailand eyes MICE supremacy in Southeast Asia
Thailand is pulling out all the stops to become the epicentre of MICE tourism in Southeast Asia, with Vietnam emerging as a potential powerhouse partner. This ambitious vision, spearheaded by Puripan Bunnag, Senior Vice President of the Thailand Convention and Exhibition Bureau (TCEB), aims to harness the post-pandemic resurgence in the MICE sector to bolster Thailand’s economy. “The MICE segment…
- Business News
Vintage vibes: Public hearing revs up classic car imports
The Foreign Trade Department has initiated a public hearing on a proposed amendment to a notification that would allow the import of certain classic cars for promotional events. The department’s Director-General, Ronnarong Phoolpipat, announced that a new notification has been drafted for the Commerce Ministry concerning this category of used vehicles. The amendment addresses restrictions on specific used vehicle imports,…
- Business News
Thai digital skies to light up for OneWeb’s Internet services launch
OneWeb’s broadband Internet services, facilitated by low Earth orbit (LEO) satellites, are anticipated to launch in Thailand by the fourth quarter of this year, marking a significant step in expanding digital connectivity across the nation. In a collaborative effort, OneWeb has teamed up with state telecom enterprise National Telecom (NT) to offer these services. NT provides the necessary gateway station…
