- Business News
Chongqing Sokon Motor plans entry into Thailand’s EV commercial market
Chongqing Sokon Motor, a prominent Chinese vehicle manufacturer, has revealed its plans to enter the electric vehicle (EV) commercial market in Thailand. The company will be collaborating with a local firm on this venture. David Luo, the sales director of Chongqing Sokon Motor, expressed confidence in the potential growth of the commercial EV sector in Thailand and ASEAN, predicting an…
- Business News
Thailand outlines cloud first policy to become Southeast Asia’s AI hub
As part of its vision to become Southeast Asia’s artificial intelligence (AI) hub by 2027, Thailand is strategising to attract more foreign technology investment in cloud data centres. The country’s Digital Economy and Society (DES) Minister, Prasert Jantanaruangthong, has outlined a plan to achieve this aim through a cloud-first policy. This policy emphasises public usage of a single digital ID…
- Business News
NBTC commissioners call for resolution on True Corporation-DTAC merger complaints
Recently, an urgent letter was sent to the National Broadcasting and Telecommunications Commission (NBTC) board chairman by four of its commissioners. The letter, authored by Thanapant Raicharoen, Suphat Supachalasai, Pirongrong Ramasoota, and Somphob Purivikraipong, called for a resolution to public complaints concerning the merger between True Corporation and Total Access Communication (DTAC). These complaints have been accumulating over several months…
- Business News
SMK facing liquidity crisis as liabilities surpass assets
The Syn Mun Kong Insurance Plc (SMK), overseen by the Office of the Insurance Commission (OIC), is facing significant liquidity issues and has been given 60 days to solve these problems and raise capital. However, the OIC suggests that SMK is unlikely to comply within the given timeframe. SMK’s total liabilities have surpassed its assets, amounting to 30 billion baht, according…
- Business News
Thai government unveils ambitious 500 billion Baht plan for debt resolution
A plan to resolve Thailand’s mounting debt issues, developed by the Thai government, is projected to rejuvenate the country’s economy by an impressive 500 billion baht (US$14 billion) if successful, according to 45 year old government spokesperson Chai. The initiative, designed to address debt problems within the agricultural, business, and civil society sectors, aims to provide relief to approximately 5…
- Business News
B.Grimm Power advances in renewable energy with Laos hydroelectric investment
With sights set on the renewable energy sector, B.Grimm Power Plc is advancing with a steadfast growth plan. Its most recent stride in this direction involves a joint investment with Ratch Group Plc into a hydroelectric power plant project based in Laos. This step is in line with B.Grimm Power’s GreenLeap strategy, underlining the firm’s ambition to emerge as a…
- Business News
Thai feed millers gain sustainable soybean insight at US led conference
A pivotal conference held last Friday by the Thailand Feed Mill Association (TFMA) saw US experts educating local businesses on the principles of sustainable soybean production. This collaborative event with the US Soybean Export Council (USSEC) was aptly named Strategic Insights into Sustainable Practices: A Conclave for Agricultural Stakeholders and Feed Millers. The primary objective was to facilitate knowledge transfer…
- Business News
Thanapiriya Plc plans 120 million baht expansion
Thanapiriya Plc, a leading retail store operator with branches in Chiang Rai, Chiang Mai, and Phayao, has announced a 120 million baht investment plan to expand its presence with new outlets in the following year. Amorn Phutthiphiriya, the firm’s chief operating officer, indicated that the expansion strategy would involve establishing six fresh branches in Chiang Rai. Despite the existence of…
- Economy News
Thailand tackles household debt crisis: doubts over effectiveness
To tackle the escalating household debt crisis in Thailand, the government has launched a series of measures aimed at combatting informal debt and loan sharks. However, researchers and industry leaders have voiced concerns about the effectiveness of these measures, urging the government to address the root cause of the problem by ensuring fair income distribution and creating high-income employment opportunities.…
- Business News
Thailand’s inflation hits 33-month low sparking economic slowdown concerns
Inflation in Thailand experienced a downward trend for the second month in a row, marking a 33-month low in November. This decrease sparked concerns regarding the increased risk of economic deceleration and potential deflation. The Commerce Ministry of Thailand has also predicted a further decline in the inflation rate in December. Deflation is defined as a period where the prices…
- Business News
Foreign e-commerce giants to dominate Thailand’s market in 2024
An e-commerce chief predicts that foreign operators will continue to control Thailand’s e-commerce landscape, with live commerce and affiliate marketing becoming increasingly prevalent in the next year. Overcoming the nation’s digital trade deficit continues to be a challenge as international companies lead in sales, delivery, and advertising. The value of Thailand’s e-commerce market is slated to surge to an impressive…
- Business News
Thailand’s tourism recovery under threat from safety concerns and sluggish Chinese economy
The future of Thailand tour packages hangs in the balance as safety concerns plague the minds of tourism operators in China. They forecast that tourism levels might only return to pre-pandemic figures by 2025. Tourism bookings take an immediate hit whenever safety incidents occur in Thailand, and Chinese social media plays a significant role in the rapid dissemination of such…
- Business News
EGCO acquires 30% stake in Indonesia’s PT Chandra Daya Investasi
Electricity Generating (EGCO), the power generation subsidiary of the state-run Electricity Generating Authority of Thailand, announced the acquisition of a 30% stake in PT Chandra Daya Investasi, an Indonesia-based company. The deal, valued at US$194 million, was orchestrated via EGCO’s fully-owned subsidiary, Phoenix Power BV, and is expected to be finalised by year-end. PT Chandra Daya Investasi (CDI) is a…
- Business News
Thailand’s economic growth potentially in decline, SCB EIC warns
The Siam Commercial Bank’s research wing, SCB Economic Intelligence Center (EIC), expressed concern over the potential decline in Thailand’s long-term economic growth. It has attributed this to enduring structural problems, such as low investment, diminished total factor productivity, and the economic impact of the pandemic. Chief Economist at SCB EIC, Somprawin Manprasert, revealed that Thailand’s economic recovery has been more…
- Business News
Yellen urges China to reconsider state-driven economy due to investment deterrence
US Treasury Secretary Janet Yellen urged China to deviate from its state-driven economic policy, citing the deterrence it creates for investors. Speaking at the US-China Business Council’s 50-anniversary dinner in Washington, Yellen highlighted the stifling effect of an overbearing role for state-owned enterprises. US businesses have repeatedly voiced their concerns about the perceived unfair Chinese business environment, including limited intellectual…
- Business News
PTTEP forecasts 9% rise in petroleum sales due to expanded gas production
PTT Exploration and Production Plc (PTTEP) anticipates a 9% surge in petroleum sales in the coming year, largely due to the expanded gas production from the Erawan field in the Gulf of Thailand. The company’s President and CEO, Montri Rawanchaikul, revealed that the average sales for this year are anticipated to be around 464,000 barrels each day. This increase in…
- Business News
Minimum wage hikes unlikely to impact Thai goods pricing significantly
The Commerce Ministry’s planning unit has weighed in on the ongoing debate regarding the impact of minimum wage increases on domestic goods and services, suggesting that such hikes are unlikely to significantly influence the pricing landscape. Poonpong Naiyanapakorn, the director-general of the Trade Policy and Strategy Office (TPSO), has argued that a rise in the daily minimum wage by an…
- Business News
Thailand’s tourism authority plans strategy revamp to boost visitor spending
The Tourism Authority of Thailand (TAT) is setting its sights on revamping its strategies to rejuvenate tourist spending, which has experienced a notable decline since the onset of the pandemic. Foreign tourists’ expenditure has dipped from an average of 50,000 baht to 42,000 baht. Prime Minister Srettha Thavisin yesterday urged TAT executives and domestic offices to reignite tourism expenditure. He…
- Business News
Thai stock market could sink below 1,300 amid foreign investor exodus
In a worrying development, analysts signalled that the Stock Exchange of Thailand (SET) index, which plummeted to a three-year trough yesterday, could continue its descent to below 1,300 points in the short term as foreign funds persist in their exodus. The Thai stock market appears unaffected by the recent resurgence of other equity markets, despite encouraging indicators emerging since last…
- Business News
Japanese car makers risk lagging behind in EV production, warns Thai PM
Srettha Thavisin, the Prime Minister and Finance Minister, issued a cautionary note to Japanese car manufacturers, warning that they risk falling behind in the industry unless they accelerate the production of electric vehicles (EVs). This comes as Chinese competitors continue to gain a substantial market share in Southeast Asia. The business mogul turned political figure voiced his concerns during an…
- Business News
Malaysia and Singapore lure Chinese travellers with visa-free policies
The Chinese traveller market could see a significant rise to 7 million arrivals next year as Malaysia and Singapore become increasingly attractive due to reciprocal visa-free policies. Thailand, however, has yet to secure such an agreement with China. Following the introduction of a visa exemption for Malaysians, Beijing is speculated to extend a 30-day visa exemption to Singapore in the…
- Business News
Thai businesses navigate bankruptcy via national rehabilitation process
The Thai economy has weathered numerous challenges recently, including the Covid-19 pandemic, a worldwide economic downturn, repercussions from international conflicts, declining exports, and persistent domestic political upheaval. This has led to a surge in bankruptcies, and many other Thai businesses have sought to navigate the business rehabilitation process under Thailand’s Bankruptcy Act. The Bankruptcy Act allows a creditor, debtor, or…
- Business News
Sarath Ratanavadi remains wealthiest shareholder in Thai market for fifth year
For the fifth year running, Gulf Energy Development Plc‘s Chief Executive, Sarath Ratanavadi, tops the list as the wealthiest shareholder in the Thai capital market. Despite a 12.9% dip from the previous year, his shares were valued at a whopping 190 billion baht, according to a recent survey. The annual assessment, a joint effort between Money & Banking magazine and…
- Business News
Thai department of intellectual property seeks to safeguard Muay Thai
The Department of Intellectual Property, under the Thai Ministry of Commerce, is making swift strides to protect and promote the nation’s soft power elements, beginning with intellectual property (IP) rights related to Muay Thai and its associated products. This move is a direct response to calls made by Commerce Minister, Phumtham Wechayachai, to curb violation of the nation’s IP rights.…
- Business News
Thai outbound tourism recovery slower than expected due to high costs
This year has been bleak for both inbound and outbound tourism in Thailand, with a weaker recovery than anticipated. Only 60-70% of Thais who travelled abroad in 2019 are expected to do so present year. High living costs, household debt, and a slump in the stock market have made most Thais prefer saving over spending on outbound trips, which usually…
- Business News
Slowing Chinese economy may impact Thailand’s exports, tourism and investment
Economic experts are voicing apprehension over the slowing Chinese economy, citing that the mainland’s deceleration and escalating tensions with the US could potentially affect Thailand in terms of exports, tourism, direct investment, and property. Despite China’s economy surpassing estimates by growing 4.5% in the first quarter, it has since experienced a slowdown. The disappointing figures in terms of investment, consumption,…
- Business News
Electronics firms poised for a shocking surge in the new year
Electronics companies listed on the stock market are set to witness a performance upturn in the new year, owing to a forecasted global recovery across all industry sub-sectors, according to KGI Securities. The firm predicts a higher growth rate in the second half of the year on the back of continuing inventory restocking. The outlook is based on the steady…
- Thailand News
China’s outbound tourism surges due to strategic visa policies and AI use
The increase in China‘s outbound tourism can be linked to the strategic visa policies and the use of artificial intelligence (AI) in travel assistants, as stated by Trip.com Group, China’s leading online travel platform. The group’s vice president and managing director of international markets, Boon Sian Chai, highlighted the significance of visa waivers introduced in September in the revival of…
- Business News
Thai high-value sectors to boost economy, exports in 2024 says FTI
The Federation of Thai Industries (FTI) forecasted that the country’s high-value sectors such as agriculture, food, automotive, and bio-, circular and green (BCG) manufacturing will bolster the economy and exports in the coming year. The BCG initiative, launched as a national agenda in 2021, aligns with global environmental campaigns, encouraging manufacturers to adopt environmentally friendly technologies. Kriengkrai Thiennukul, FTI chairman,…
- Business News
Festive hamper market heats up as retailers vie for consumer spend
The festive hamper and gift market is witnessing a surge in competition, with major supermarket chains and beauty brands leveraging aggressive campaigns and attractive offers to boost consumer spending during the Christmas holiday season. Following a full recovery from the pandemic’s impact on the retail sector, a substantial budget has been set aside this year to mark the inauguration of…
