Alex Morgan
- 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
Khao San Road unaffected by 4am closing time due to exclusion from approved zone
Tourism operators on Khao San Road expressed their indifference towards the forthcoming 4am closing time set to come into effect from today, stating it will have minimal impact due to the area’s exclusion from the approved zone for extended hours. Sanga Ruangwattanakul, who presides over the Khao San Road Business Association, pointed out that there is a prevailing confusion among…
- 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
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
Electric dreams charge ahead: Aiming for a ‘shocking’ 359,000 EVs in the next year
Aiming for a substantial boost in their electric vehicle (EV) production, Thai authorities have set a target of 359,000 units for the coming year. This ambitious plan is supported by a 39.5 billion baht investment, as confirmed by industry insiders. The Office of Industrial Economics (OIE) is optimistic that the state’s EV policy, coupled with incentives for investment, will lead…
- 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
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
Thailand’s central bank forecasts export revival and low inflation
The Bank of Thailand (BoT) anticipates an export revival in the coming year, as revealed in a recent statement. The Bank also projects low inflation rates for the same period, attributing it to government subsidies, albeit with a gradual increase within an acceptable range. Meeting minutes from the BoT’s November 29 monetary policy gathering, released on Wednesday, indicated that while…
- 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
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
PTT’s OR diversifies with budget hotels and community malls at petrol stations
PTT Oil and Retail Business Plc (OR) is renewing its focus on diversifying its non-oil business ventures, with plans to construct budget hotels within its petrol stations and incorporate community malls catering to tourists. The company’s President and Chief Executive, Disathat Panyarachun, shared these developments. The next quarter will see OR onboarding a business consultant to oversee the hotel project.…
- 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,…
- 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 companies seek dynamic leadership amid challenging times
The need for a dynamic, collaborative and empowering leadership style is paramount in today’s business environment, particularly for Thai companies navigating unpredictable challenges. Leadership development has become a critical issue for companies as they strive to integrate Generation Z into the workforce, reskill older generations, and cultivate a diverse pool of leaders who can inspire innovation and high performance, whilst also…
- 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…
- Business News
Thai Cabinet reshuffle could impact economy and foreign investment
The Thai Cabinet, currently conducting mobile meetings in Nong Bua Lam Phu – the country’s poorest province, is speculated to face potential reshuffles in leadership or dissolution in the coming year, intensifying the political activities across various Thai provinces. Such changes could pose a risk to the country’s economy, given the current administration is only a few months old. The…
- Business News
Surat Thani’s hidden gems captivate American tourists
Tourism operators within the southern province of Surat Thani are pivoting their attention to the US market, showcasing the distinctive local attractions. Atirat Danpattaraworawat, who heads the Cheow Lan Lake Tourism Promotion Association, disclosed on Sunday that their recent networking expedition to the United States, spearheaded by the Tourism Authority of Thailand (TAT), garnered considerable interest from the US market.…
- Business News
Bangkok’s mobile grocery stores to ease living costs
The Ministry of Commerce remains steadfast in its mission to operate mobile grocery stores across Bangkok and its neighbouring provinces, to alleviate the cost of living. Goranij Nonejuie, the Deputy Director-General of the Internal Trade Department, confirmed the continuation of the mobile grocery store initiative, now entering its fifth year of operation. The initiative will see deployment in over 100…
- Business News
Vietnam attracts soaring Chinese investment as US trade dwindles
With a surge in Chinese investment, Vietnam has become a hotspot for economic activity this year, as figures indicate a decline in US trade and spending. Vietnam’s strategic location along the South China Sea makes it a vital link in global supply chains, particularly for Chinese components and American consumers. September saw United States President Joe Biden elevate diplomatic relations…
- Business News
Thai industry calls for retention of current power tariff amid hike fears
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is urging the Thai government to retain the current power tariff of 3.99 baht per kilowatt-hour. The request comes amid concerns that a proposed hike to 4.68 baht could escalate operational costs for manufacturers, leading to a 5 to 10% increase in product prices. The Energy Regulatory Commission previously suggested…
- Business News
NBTC plans to boost Internet connectivity for impoverished Bangkok communities
In a bid to bridge the digital divide, the National Broadcasting and Telecommunications Commission (NBTC) has announced plans to increase Internet connectivity for impoverished communities in Bangkok. The initiative also includes the provision of WiFi service for districts nationwide. This move forms part of the NBTC’s fourth universal service obligation (USO) plan. In line with the draft USO 4.0 scheme,…
- Business News
Thai executives warn against fiscal burden increase: SET survey
The Stock Exchange of Thailand (SET) has published a survey in which top executives from Thai listed firms have urged the government to avoid amplifying the nation’s fiscal burden and distorting markets. The executives also proposed more involvement from the private sector in policymaking. The survey, titled Economic Outlook 2023 to 2024, was the work of the SET’s research department…
- Business News
Thailand’s clean air bill targets PM2.5 dust menace
Thailand’s Cabinet has given preliminary approval to the Clean Air Bill, a bold initiative designed to combat the annual scourge of PM2.5 ultra-fine dust. This is a major move that gives authorities the necessary tools to manage sources of air pollutants effectively, particularly the minuscule dust particles that become a significant issue in the country each cool season. The Clean…
- Business News
High depreciation of EVs raises loan concerns says National Credit Bureau
The National Credit Bureau (NCB) raised concerns about the high depreciation rates of electric vehicles (EVs) and the associated loan risks. As the popularity of EVs, particularly Chinese brands, continues to rise, so does the volume of loans attributed to their purchase. However, EVs depreciate faster than traditional internal combustion engine (ICE) cars, which has heightened the risk for auto…
- Business News
Thailand’s smartphone market to recover in 2024 boosted by AI and 5G
The smartphone market in Thailand is projected to recover in 2024, following an expected slump this year. The rebound is attributed to artificial intelligence (AI) features on smartphones, increased availability of affordable 5G devices, and replacement demand from 2021, according to Canalys, a global tech market analyst firm. Canalys analyst Sheng Win Chow indicated that the AI features on these…
