- Business News
Thailand’s border trade faces slowdown amid regional politics
The Federation of Thai Industries (FTI) predicts a slowdown in Thailand’s border trade for the current year due to political turmoil in Myanmar and economic issues in other neighbouring nations. Myanmar, Laos, Malaysia, and Cambodia, nations that share borders with Thailand, are facing obstacles to their economic growth, says Montri Mahaplerkpong, the FTI Vice-Chairman. Among the challenges, he highlights the…
- Business News
Franchise frenzy: Commerce Ministry ramps up business game
Aiming to bolster its capabilities, the Commerce Ministry is set to upgrade franchise businesses, hasten the creation of franchise business standards, and foster relationships with domestic and international investors. The strategy is designed to expand the market and stimulate economic value. The Director-General of the Business Development Department under the Commerce Ministry, Auramon Supthaweethum, highlighted the appeal of the franchise…
- Business News
Cortina Watch forecasts growth in Thailand’s luxury watch sector
Cortina Watch, a prominent retailer and distributor of high-end watches in Asia, is optimistic about the growth of Thailand’s luxury watch sector, forecasting an increase of 5-10% this year. This forecast comes as the company launches its first independent Patek Philippe Boutique in Bangkok. Jeremy Lim, Cortina Watch’s CEO and COO of Cortina Holdings, expressed confidence in the luxury watch…
- Tourism News
Chinese economic stimulus to boost Thai tourism and economy
Analysts predict that China’s economic stimulus measures will spur an increase in Chinese tourists visiting Thailand, potentially driving the Thai economy to achieve a growth rate of at least 3% this year. This is due to the expectation that Beijing’s financial initiatives will simultaneously boost the economies of both nations. Asia Plus Securities (APS) highlighted that China has rolled out…
- Tourism News
Thailand explores long-term visa-free scheme with India
Tourism authorities in Thailand are pushing for a long-term reciprocal visa-free scheme with India, projected to become the world’s third-largest economy by 2027. Somsong Sachaphimukh, the vice president of the Tourism Council of Thailand, highlighted the positive impact of the current temporary visa exemption for India, which has accelerated the Indian market’s growth. As of February 18, the Indian market…
- Business News
Thai life assurance set for 2-4% growth in premiums this year
The Thai Life Assurance Association (TLAA) has set its sights on a projected growth of 2-4% in industry premiums this year, amounting to 640-650 billion baht (US$17.8 billion-18 billion). Health insurance premiums are expected to see a significant rise, likely due to an increased public focus on health and wellbeing. TLAA President, Sara Lamsam, who also holds the position of…
- Business News
Taxing times ahead: Employers must now e-file payroll returns
Vinit Visessuvanapoom, the Director-General of the Revenue Department, announced a new requirement for all employers to submit payroll tax returns electronically. The move is part of an effort to prevent fraudulent tax return forms. The director-general highlighted that before the department’s notification on income tax No.438, the electronic submission was voluntary. However, starting from January 1, 2024, all tax return…
- Business News
Thailand optimises on Kazakhstan’s tourism and trade potential
Deputy Foreign Minister of Thailand, Jakkapong Sangmanee, emphasised the government’s optimism about enhanced tourism and trade between Thailand and Kazakhstan. This follows the forthcoming signing of three memoranda of understanding (MoUs) in April. Sangmanee, accompanied by the Tourism and Sports Minister Sudawan Wangsuphakijkosol, led a delegation of Thai investors to Kazakhstan’s capital, Astana, and its largest city, Almaty. During their…
- Business News
Thailand’s NIA plans new strategy to boost local startups
The National Innovation Agency (NIA) outlined a new strategy to bolster local startups and align them with global innovation demand. The strategy, Create the Dot — Connect the Dot — Value Creation, aims to increase the number of innovation-based enterprises (IBEs) and propel Thailand into the top 30 leading innovation nations by 2030. NIA executive director Krithpaka Boonfueng highlighted the…
- Business News
Thaksin Shinawatra’s return stirs interest in Thailand’s economic policy
Former Prime Minister of Thailand Thaksin Shinawatra is back in the political limelight following his release on parole. His return to his Ban Chan Song La residence in Bangkok, which previously served as his command centre during his time in office, has sparked interest from the business sector. They are keen to understand the potential implications this could have on…
- Business News
Thailand seeks German investment in electric vehicle industry
Deputy Prime Minister Parnpree Bahiddha-Nukara announced on a recent official trip to Germany, the Thai government’s intention to attract German automobile manufacturers to invest in Thailand’s burgeoning electric vehicle (EV) industry. This initiative is part of the broader plans for Prime Minister Srettha Thavisin’s official visit to Germany next month. The deputy prime minister, who also serves as the foreign…
- Thailand News
Beauty pageant stock’s overvaluation concerns
The once-dazzling rally of Miss Grand International Plc (MGI), a beauty pageant organiser, appears to be losing its shimmer as concerns loom large over its increasingly stretched valuation. Since its inception in mid-December at 4.95 baht apiece, the stock catapulted by over 900%, ranking as the second-best performer among new listings in the Asia Pacific region over the past three…
- Business News
Pizza company projects 15% sales growth despite food delivery downturn
Despite a challenging economic environment and a downturn in the food delivery sector, The Pizza Company remains optimistic about its growth prospects, projecting a 15% increase in sales this year. This confidence stems from its 20-minute delivery guarantee and strategic initiatives aimed at attracting younger customers. The company, a subsidiary of Minor Food, continues to focus on providing a value-for-money…
- Business News
PDMO to sell 100 billion baht savings bonds for budget deficit funding
The Public Debt Management Office (PDMO) announced plans to sell 100 billion baht (US$2.78 billion) worth of savings bonds within the fiscal year to finance the budget deficit. The initial issue, valued at 40 billion baht (US$1.1 billion), will be offered next month, according to the director-general of the PDMO, Patchara Anuntasilpa. The first tranche of savings bonds for the…
- Business News
SET proposes market cap rise for short selling, higher fines for violations
The Stock Exchange of Thailand (SET) proposed a rise in the stock market capitalisation requirement for securities eligible for short selling, along with a threefold increase in fines for rule violations. This move forms part of the SET’s strategy to enhance market supervision and bolster investor confidence. These changes, which are subject to a public hearing, propose to raise the…
- Business News
Thai export competitiveness declines with focus on rice market
The Bank of Thailand reports a significant decline in Thai export competitiveness, particularly in global rice markets. Over the last 20 years, the market share of rice shipments has dropped by over 50%. This reduction is a result of persistent structural issues in the export and manufacturing sectors, affecting the Thai economy at large. The bank’s recent report reveals that…
- Business News
Thai govt to review ASEAN-China FTA amid business concerns
The Trade Negotiations Department and Team Thailand, a government body focused on bolstering economic growth, have been directed by the Commerce Ministry to undertake a comprehensive study of products under the ASEAN–China Free Trade Agreement (ACFTA). This comes in response to concerns over the surge of low-cost Chinese goods in the domestic market. Commerce Minister Phumtham Wechayachai announced the ministry’s…
- Business News
Thailand promotes electric trucks and buses with new incentives
The National Electric Vehicle Policy Committee in Thailand has given the green light for incentives aimed at encouraging companies to switch their commercial fleets of large trucks and buses to battery electric vehicles (BEVs). The committee has also approved cash grants for manufacturers of EV battery cells. The secretary-general of the Board of Investment and secretary of the Electric Vehicle…
- Business News
INETREIT plans 3.2 billion baht capital increase to fund cloud services expansion
INET Leasehold Real Estate Investment Trust (INETREIT) is preparing to increase its capital by up to 3.2 billion baht (US$89 million). This move is anticipated to finance its additional investment in the INET-IDC3 phase 2, managed by Internet Thailand (INET), an information and communication technology infrastructure provider. The decision aims to profit from the growing demand for cloud services in…
- Business News
Thai authorities tackle surge in cheap Chinese imports
A surge in cheap Chinese products flooding Thai markets, particularly through e-commerce platforms, has prompted Thai authorities and organisations to seek measures to protect local producers. The influx has negatively impacted local small manufacturers of household goods and has boosted calls for the Revenue and Customs departments to expedite their efforts in controlling this wave of low-cost goods. Prime Minister…
- Business News
Thai businesses fear cost surge due to minimum wage hike
Businesses in Thailand are bracing for a potential increase in operating costs, following the government’s proposition to raise the daily minimum wage to 400 baht (US$11) within the year. The Federation of Thai Industries (FTI) has expressed its concern over the implications of this wage hike, particularly on small and medium-sized enterprises (SMEs), which are currently grappling with elevated interest…
- Business News
Southern Thailand sees room revenue surge due to European visitors
Southern provinces of Thailand are experiencing a boost in room revenue in the first quarter, thanks to extended stays by European visitors. This increase has occurred despite the lesser number of tourists from China. Room rates have reached a new high, setting a record. Pongsakorn Ketprapakorn, the ex-president of the Tourism Council of Phangnga predicted the surge. “The first quarter…
- Business News
Thailand incentivises companies to go green with EV conversion
The Thailand government confirmed yesterday that measures have been approved to encourage companies to convert their commercial fleets of large trucks and buses to battery electric vehicles (EVs). This move aims to increase the adoption of EVs and support companies in achieving their net-zero targets. In addition, cash grants will be provided for EV battery cell manufacturers. These policies are…
- Business News
Bank of Thailand faces political pressure to cut interest rates
The Bank of Thailand (BoT) is under increased political tension to reduce interest rates, with the majority of analysts predicting that the monetary authority will withstand requests for unexpected easing to bolster the economy. This escalating discord between Prime Minister Srettha Thavisin and the central bank concerning monetary policy direction is predicted to damage investor confidence, though the likelihood of…
- Business News
Thailand govenment raises sugar cane price, stirs industry buzz
The government yesterday sanctioned a definitive sugar cane price for the 2022/2023 season at 1,197 baht (US$33) per tonne, marking a substantial increase of 117 baht from the preliminary price of 1,080 baht per tonne. In parallel, the initial price for the 2023/2024 season was ratified by the cabinet, standing at 1,420 baht per tonne. Government spokesperson, Chai Wacharonke, indicated…
- Business News
FTI urges support for Thai SMEs to boost global herbal medicine exports
The Federation of Thai Industries (FTI) urged the government to strengthen its support for small and medium-sized enterprises (SMEs) involved in herbal development and production. The move is aimed at enhancing their global competitiveness and propelling Thailand into the top 10 herbal medicine exporters worldwide. SMEs in the sector are currently struggling with insufficient funds for research and development, and…
- Business News
CKPower sparks renewed growth under new leadership
CK Power Public Company Limited (CKPower), led by Managing Director Thanawat Trivisvavet, is set to continue its positive performance trend, buoyed by seasonal factors and a commitment to enhance its renewable energy capacity. The company’s goal aligns with its CKP NET ZERO EMISSIONS 2050 initiative. CKPower, one of the leading renewable energy producers with a minimal carbon footprint, disclosed a…
- Business News
SET to tighten supervision of listed Thai firms starting March 25
The Stock Exchange of Thailand (SET) announced plans to strengthen the supervision of its listed companies from March 25 onwards, as part of an initiative to reinforce their financial standing and provide detailed disclosure for investors. SET’s president, Pakorn Peetathawatchai, stated that the move aims to provide investors with clearer and more varied warning signs to alert them of potential…
- Business News
High airfares dampen Songkran holiday spirit
Despite the extended Songkran holiday, a surge in outbound trips is not anticipated, mainly due to high airfares and deflation risk concerns. This perspective comes from travel agents who predict that the 21-day Water Festival campaign is more likely to entice foreign tourists than the local market. Kriangphon Piyaekchai, the vice president of the Thai Travel Agents Association, explained that…
- Business News
Bank of Thailand explores credit guarantee schemes for SMEs
The Bank of Thailand is contemplating the establishment of credit guarantee schemes for small and medium-sized enterprises (SMEs) to enhance their access to bank loans. Suwannee Jatsadasak, assistant governor for the supervision group, stated that the central bank is analysing various credit guarantee schemes implemented in other countries, including Japan and Taiwan. These nations offer more extensive credit guarantee packages…
