- Thailand News
Thailand’s GPSC secures 1,050MW solar project in India
The power generation division of Thailand’s PTT Plc, Global Power Synergy Plc (GPSC), is making significant strides in expanding its renewable energy footprint in India. Its subsidiary, Avaada Energy, has secured a contract to construct a massive 1,050-megawatt solar farm aimed at boosting clean energy production, reducing carbon emissions, and serving millions in India. Avaada Energy emerged victorious in a…
- Thailand News
HR leaders urged to align vision for strategy success
Aligning every member of an organisation with a unified vision has become essential in today’s fast-changing business environment. The recent HR Talk, titled E=AMC: Unlocking the Code — How HR Can Turn Strategy into Action, delved into this theme, offering significant insights into how Human Resources teams and leaders can transform strategic visions into concrete results. Distinguished speakers at the…
- Thailand News
Government to advance 47 billion baht in PPP projects this year
Government investment projects under public-private partnerships (PPP) are set to advance this year, nearing the target of 47 billion baht, as projected by the State Enterprise Policy Office (Sepo). Sepo’s director-general, Tibordee Wattanakul, mentioned that the PPP investments are expected to alleviate the government’s fiscal responsibilities. By February, the PPP Committee had sanctioned 18 billion baht for fiscal 2024, focusing…
- Thailand News
Ethereum ETFs approved, crypto prices to surge this year
Cryptocurrencies are having a golden year, with the US Securities and Exchange Commission (SEC) recently approving eight funds set to launch spot Ethereum exchange-traded funds (ETFs). Analysts predict the bull run will persist into the second half of the year, driven by strong interest from institutional investors. The SEC’s approval on May 23 for rule changes allowing ETFs to buy…
- Thailand News
Thailand urged to support major theme parks
Thailand should offer robust support, including investment incentives and infrastructure development, to attract major theme park brands like Disney, according to the International Association of Amusement Parks and Attractions (IAAPA). IAAPA Board Chairman Wuthichai Luangamornlert emphasised that investors are inclined to develop attractions in destinations providing substantial support. China’s rail transport system was completed a year before the opening of…
- Thailand News
Land and building tax revenue to hit 43 billion baht this year
The Finance Ministry anticipates the land and building tax collection to reach 43 billion baht this year, marking an increase of 8 billion from the previous year due to the discontinuation of the tax discount. Finance Permanent Secretary Lavaron Sangsnit, speaking at a property seminar on the fifth anniversary of the tax’s implementation, revealed that the ministry is currently reviewing…
- Thailand News
FTI argues minimum wage hike would primarily benefit migrants
The Federation of Thai Industries (FTI) is urging the government to reconsider its plan to raise the daily minimum wage to 400 baht nationwide, arguing that the policy would primarily benefit migrant workers rather than stimulate the local economy. Every year, migrant workers from neighbouring countries remit approximately 100 billion baht to their families back home. The FTI contends that…
- Business News
Finance Ministry to reassess stock holdings worth 1.19 trillion baht
The Finance Ministry plans to reassess its shareholdings in various stocks to optimise its asset portfolio and generate additional revenue for the state. Deputy Finance Minister Paopoom Rojanasakul instructed the State Enterprise Policy Office to evaluate the ministry’s stock holdings. According to sources, this review aims to identify which assets the government should retain and which could be sold. A…
- Thailand News
Commerce Ministry investigates oil palm price drop
The Commerce Ministry directed the Internal Trade Department to investigate the recent drop in oil palm prices by visiting provinces known for palm plantations. This initiative follows complaints from growers about reduced purchase prices. Commerce Minister Phumtham Wechayachai instructed Wattanasak Sur-iam, director-general of the Internal Trade Department, to assess the situation in Phang-Nga, Krabi, and Surat Thani provinces. The goal…
- Business News
Thai car production drops 11.02% in April amid long holidays
Car production in Thailand experienced a significant decline of 11.02% in April from the previous year, with total units produced amounting to 104,667, according to the Federation of Thai Industries (FTI). This decrease follows a more substantial drop of 23.08% year-on-year in March. The FTI attributed April’s reduced production figures to long holidays during the month. For the January to…
- Business News
US imposes major tariffs on Chinese EVs and semiconductors
The United States recently imposed substantial tariffs on Chinese products, focusing particularly on electric vehicles (EVs) and semiconductors. This move is expected to push China to expand its EV manufacturing within Asia, with Thailand emerging as a significant export hub, according to the Federation of Thai Industries (FTI). President Joe Biden’s administration cited Beijing’s unfair trade practices as the reason for…
- Thailand News
Bangkok Land to transform Mueang Thong Thani into smart city
Bangkok Land, a Stock Exchange of Thailand (SET)-listed company, is poised to transform Mueang Thong Thani into a smart city district. This ambitious plan includes the establishment of a new seafood and fruit centre aimed at providing affordable goods to attract tourists to Nonthaburi. The development is strategically timed to coincide with the launch of the Pink Line monorail service,…
- Business News
Foreign business as usual: Thailand schools diplomats on investment
The Department of Business Development in Thailand hosted a briefing for diplomats and international organisation representatives to clarify the Foreign Business Act (FBA) of 1999. The objective was to educate foreign investors on the law to ensure compliance and proper investment practices in Thailand. The Director-General of the Department, Auramon Supthaweethum, stated that the meeting aimed to help foreign investors…
- Business News
Betting on Songkhla: Legal casino spin to boost border tourism
Tourism operators in Songkhla urge the government to consider developing an entertainment complex with a legal casino to revitalise tourism in border areas and reduce dependence on Malaysian visitors. As the government reviews a project for an integrated entertainment complex, Songchai Mungprasithichai, President of the Songkhla Tourism Promotion Association, highlighted the potential of Ban Dan Nok and the area around…
- Thailand News
Thai PM to attend Bangkok Pride 2024 amid security concerns
Prime Minister Srettha Thavisin will attend the Bangkok Pride Festival 2024, becoming the first Thai premier to join the event. This decision comes despite security concerns highlighted by a recent warning from the US Federal Bureau of Investigation (FBI) and the Department of Homeland Security (DHS). On May 10, both organisations issued a joint release warning that foreign terrorist organisations…
- Business News
Thailand targets 465 billion baht in central region tourism revenue
The Tourism Authority of Thailand (TAT) is set to promote the central region with new flight connections to the south and northeast, aiming to generate 465 billion baht in tourism revenue this year. Following a mobile cabinet meeting in Phetchaburi province, Prime Minister Srettha Thavisin directed TAT to boost tourism in Suphan Buri, Kanchanaburi, Ratchaburi, and Phetchaburi. The initiative will…
- Business News
Thonburi Healthcare to invest 1.5 billion baht in cancer centres
Thonburi Healthcare Group Plc (THG) will invest 1-1.5 billion baht to establish three cancer centres in Thailand, aligning with the trend of specialised hospitals and expanding its operations in Myanmar and Vietnam. According to the Chief Executive, Dr. Tanatip Suppradit, the company aims to meet the increasing demand for hospital beds in Myanmar and enhance its wellness business in Vietnam.…
- Business News
Loan and behold: NPLs spike as economy recovery stumbles
The Bank of Thailand reported a rise in non-performing loans (NPLs) within the banking industry for the first quarter, attributing the increase to all types of loan products amidst an uneven economic recovery. NPLs in the banking sector reached 502 billion baht, equivalent to 2.74% of total outstanding loans in the first quarter, an increase from 2.66% in the previous quarter.…
- Business News
Cassava crunch: Thai exports take a dip with 16.4% drop in Q1
Thai exports of cassava and cassava products fell by 16.4% year-on-year in the first quarter, largely due to a reduction in cassava chip output. The Director-General of the Trade Policy and Strategy Office, Poonpong Naiyanapakorn, reported that the export value of cassava and cassava products reached 33.2 billion baht for the first three months of this year, marking a 16.4%…
- Business News
Philippines aims to be Asia’s next logistics hub with US support
According to President Ferdinand Marcos Jr, the Philippines is positioning itself as Asia’s next manufacturing and logistics hub, leveraging its strengthening relationship with the United States. Under the leadership of Marcos, the Philippines has bolstered its defence and economic cooperation with Washington, which recently committed to accelerating investments in the nation’s transport infrastructure, clean energy, and semiconductor supply chains through the…
- Business News
Thailand’s sports equipment market to hit 32 billion baht
The sports equipment market is set for significant growth in the coming years, thanks to a surge in consumer interest in health and wellness since the Covid-19 pandemic began. President of the Thailand Sporting Trade Association Kitti Charoenpornpanichkul reported that the domestic sports equipment market reached a value of approximately 30 billion baht (US$826 million) last year. This figure surpasses…
- Business News
Startups urge inclusion in Thai digital wallet scheme
Startup communities are urging the Finance Ministry to include them in the government’s upcoming digital wallet scheme. They see this as a pivotal chance to promote the adoption of digital technologies among small and medium-sized enterprises (SMEs), fostering digital transformation. President of the Thai Startup Trade Association Yutthana Srisavat, alongside Pawoot Pongvitayapanu, a leading figure in the startup ecosystem has…
- Business News
Thai hotels urge reform of unfair land and building tax rates
Hotels are calling for a revision of the property tax calculation based on land appraisal prices and business income to address the uneven recovery within the hospitality industry. President of the Thai Hotels Association (THA) Thienprasit Chaiyapatranun highlighted that the land and building tax remains a significant challenge for hotel operators. This year, the full rate is set to be…
- Business News
Indonesia seeks Tesla EV battery plant with Musk’s interest
Indonesia is once again courting Elon Musk’s interest in establishing an electric vehicle (EV) battery plant within its borders. After meeting with President Joko Widodo, the CEO of Tesla, Elon Musk, is set to consider the proposal, as confirmed by Indonesia’s Coordinating Minister of Investment, Luhut Pandjaitan. Musk’s immediate response was not available following the announcement made by Luhut to…
- Business News
Vietnam prioritises economic growth despite global challenges
Vietnam will focus on bolstering economic growth despite ongoing challenges from weak global demand, announced Deputy Prime Minister Le Minh Khai. Addressing the National Assembly during its summer session, Khai noted that while gross domestic product (GDP) growth has improved, significant hurdles remain. Industrial activity is recovering, albeit at a slow pace. Vietnam, now a manufacturing hub benefiting from shifting…
- Business News
Thailand’s economy grows 1.5% in Q1, beats forecasts
Thailand’s economy experienced a robust start to the year, expanding by 1.5% in the first quarter compared to the same period last year, according to official data released yesterday. This growth surpassed analysts’ expectations, indicating a positive shift for Southeast Asia’s second-largest economy. Every quarter, the economy grew by a seasonally adjusted 1.1% from January to March, as reported by…
- Business News
Thailand’s future depends on nurturing innovative talent
Thailand’s future hinges on becoming a dynamic centre of innovative talent and progress. The pivotal element in realising this vision lies in securing the right talent—those who bring ideas to life and spearhead transformative change. Throughout a lengthy career, it has been evident that exceptional talents do not merely meet expectations, they redefine them. Good performers play their roles well,…
- Business News
Thai industries launch initiatives to boost SMEs post-pandemic
New initiatives by the Federation of Thai Industries (FTI) aim to bolster local entrepreneurs, particularly small and medium-sized enterprises (SMEs) still grappling with the effects of the pandemic. The FTI is focusing on critical sectors such as agribusiness and the auto parts industry to foster resilience and growth. Efforts are being made to help SMEs become more competitive through the…
- Cannabis
Thailand faces cannabis reclassification deadline
The Government of Thailand faces a rapidly approaching reclassification deadline set by cannabis advocacy groups. Cannabis Future Network, a prominent pro-cannabis group, stated last week that whether the Public Health Ministry intends to fully or partially reclassify cannabis, the decision must be backed by scientific evidence. The group has given the government 15 days to substantiate its stance. Reclassifying cannabis…
- Business News
Thailand aims for 7.5 billion baht from foreign filmmakers this year
Thailand is making a concerted effort to boost its economy by attracting international filmmakers to its scenic and diverse locations. The Tourism and Sports Ministry has teamed up with the Culture Ministry to promote these film locations, aiming to generate 7.5 billion baht (US$206.5 million) in earnings from foreign film companies this year. The collaborative effort was highlighted at the…
