- 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…
- Business News
Isaan illuminates: Thai govt sparks tourism surge in the northeast for economic radiance
The northeast region of Thailand, known as Isaan, is set to become a new focal point for tourism growth. It is part of the government and the Tourism Authority of Thailand (TAT) initiative geared towards stimulating economic activity in secondary cities. The plan was unveiled last month during the China International Travel Mart 2023 where TAT promoted Isan to Chinese…
- Business News
Thailand’s revised GDP growth forecast met with caution due to global slowdown risks
Analysts expressed caution over the Bank of Thailand’s revised GDP growth forecast of 3.2 to 3.8% for the upcoming year, highlighting potential risks from an economic slowdown in China and the US. Doubts have also been raised about the efficacy of government stimulus to revive the economy. Nattaporn Triratanasirikul, the deputy managing director of Kasikorn Research Centre (K-Research), deemed the…
- Business News
Thailand’s SET index forecasted to rise due to return of foreign investments
Asia Plus Securities (ASPS) forecasted a potential rise in the Stock Exchange of Thailand (SET) index to the 1,500-point level by year’s end, up from approximately 1,380 points last month. This optimistic prediction stems from the expected return on foreign investments and the impact of the recently approved Thailand ESG Fund (TESG) on trading. ASPS anticipates the index to climb…
- Business News
BCPG to divest its nine solar farms in Japan for strategic reinvestment
BCPG Plc, Bangchak Group’s power generation subsidiary, is planning to divest all its nine solar farms in Japan, in a strategic move to revamp its long-term investment in renewable energy. The assets on sale include equity worth 6.93 billion baht and net debt totalling 3.44 billion baht. The company has entered into an asset purchase agreement with Danish renewable energy…
- Pattaya News
German documentary reignites sex tourism concerns for Thailand’s Pattaya
Concerns are being raised about the potential damage to Thailand’s overall tourism market due to a documentary by German media organisation Deutsche Welle (DW), which highlights Pattaya as a sex tourism destination. This documentary is currently blocked in Thailand. Marisa Sukosol Nunbhakdi, the president of the Thai Hotels Association (THA), recalls a similar report about sex tourism in Pattaya from…
- Business News
Thai government approves 8 billion baht scheme to tackle PM2.5 pollution
To mitigate the escalating PM2.5 pollution problem, the government recently approved a scheme worth 8 billion baht designed to incentivise sugarcane farmers to modify their harvesting methods. The initiative, which is set to be implemented in the 2022/23 harvest year, encourages farmers to cut fresh sugarcane without burning the residue, a practice known to be a significant contributor to the…
- Business News
Thailand’s PM courts tech giants for digital sector investment
Prime Minister Srettha Thavisin has been courting major corporations in a bid to bolster foreign direct investment (FDI) in Thailand’s digital and high-tech sectors. This comes after the initial deals struck for tech investment under the previous administration. During his recent visit to the US, the 61 year old Thai PM engaged with several technology behemoths, imploring them to consider…
- Transport News
Thai EV solutions provider teams up with Chinese manufacturer for electric taxis
In an innovative move to capitalise on the upswing in electric vehicles (EVs) in Thailand, EVme Plus Co, a leading EV solutions provider, is partnering with a Chinese EV manufacturer. This collaboration is aimed at promoting the usage of battery-powered cars among taxi drivers. EVme Plus Co is a part of the oil and gas colossus PTT Plc. The company…
- Business News
Invest in foreign bonds, REITs, healthcare, and tech stocks for 2024, advises Tisco bank
Tisco Bank’s Head of Wealth Advisory, Nattakrit Laotaweesap, advises investors to focus on foreign bonds, real estate investment trusts (REITs), and healthcare and technology stocks in the next year as a safeguard against potential downturns. The global economy’s pace is anticipated to decelerate next year due to the impact of tighter monetary policies, which could result in a potential downgrade…
- Business News
AI accelerates: Dell’s 2024 forecast unveils tech integration triumph for business evolution
Dell Technologies predicts that by 2024, artificial intelligence (AI) will be the driving force behind the integration of other emerging technologies, including advanced hardware, edge devices and cybersecurity, all aimed at enhancing business transformation. The tech firm foresees a convergence of quantum computing and generative AI within the next five years. John Roese, Dell Technologies’ Global Chief Technology Officer, shared…
- Business News
Baconomics at play: Pork prices sizzle down, fuelling October’s inflation cool-off
A decline in pork prices significantly contributed to a reduction in the inflation rate in October, an anonymous figure within the Finance Ministry has revealed. The inflation experienced a year-on-year decrease of 0.31% in October, largely due to a 0.2% drop in energy prices, attributed to lower oil costs and employed subsidies to keep energy prices in check. Moreover, food…
- Business News
Thailand ramps up fight against online IP infringements
Commerce Minister Phumtham Wechayachai ordered the Intellectual Property Department to accelerate measures against online intellectual property (IP) infringements. The proliferation of such violations on digital platforms, he noted, not only damages IP owners, predominantly entrepreneurs but also tarnishes Thailand’s image. In response to this, small and medium-sized enterprises are being encouraged to boost their comprehension of IP rights. This includes…
- Business News
Rice production crisis forecast: Dry woes, dwindling waters, and El Nino brew trouble
Asian rice production during the off-season is predicted to suffer due to a blend of unfavourable weather conditions including dry planting, dwindling reservoirs and ongoing El Nino weather patterns. These issues are due to reduce the early 2024 yields, further squeezing supplies and potentially causing a rise in food inflation. Both India, the world’s largest rice exporter and Thailand, the…
- Business News
Thai Commerce Ministry plans new year mega sale
The Thai Commerce Ministry has unveiled plans for a new year mega sale, an extensive retail event, to alleviate living costs for the local population. The sale, which is being presented as a new year’s gift to the citizens, is set to take place at Muang Thong Thani from December 20 to December 24. The Commerce Minister, Phumtham Wechayachai, reported…
- Business News
Singapore and Zurich rank as world’s most expensive cities in 2023
The Economist Intelligence Unit (EIU) recently revealed that Singapore and Zurich share the title of the world’s most expensive city in 2023. Following closely are Geneva, New York, and Hong Kong, maintaining that the worldwide cost-of-living crisis is yet unresolved. The research and analysis division of the Economist Group observed that prices for over 200 frequently utilised goods and services…
- Business News
Thai organisations face frequent cyberattacks, study reveals
A recent study conducted by Cloudflare, a US-based firm specialising in content delivery, networking, and cloud cybersecurity, disclosed that 57% of Thai organisations have been targeted by at least 10 cybersecurity incidents in the past year. The findings revealed that the primary motivation for these cybercriminal activities was to install spyware, followed by financial gain and ransomware. Interestingly, despite the…
- Business News
Thai finance ministry considers beverage tax restructure to boost tourism
A proposed restructuring of the beverage tax framework is under consideration by the Finance Ministry, as revealed by the permanent finance secretary, Lavaron Sangsnit. The restructure aims to bolster tourism and domestic spending. This Friday, Lavaron plans to engage in a discussion with officials from the Customs Department and the Excise Department. The proposed measures align with Thai governmental policies…
- Business News
Thailand’s export sector sees recovery with third month of growth
The Director-General of the Fiscal Policy Office, Pornchai Thiraveja, announced that the export sector is showing signs of recovery, marking its third month of consecutive growth. Despite a year-on-year contraction of 2.7% in the value of exports between January and October, monthly figures indicate a resurgence, with an 8% rise in October to US$23.5 billion. Quarterly analysis shows a decrease…
- Business News
Thailand’s shrimp exports forecasted to surge by 10% next year
A 10% surge in Thailand’s shrimp exports is on the horizon for the upcoming year, brought about by a minor uptick in local shrimp production and bolstered demand primarily from the United States. Thai Shrimp Association President Ekapoj Yodpinit disclosed that shrimp production in Thailand this year mirrored the previous year’s figure of 280,000 tonnes. Meanwhile, the country’s shrimp exports…
- Business News
Thai auto market anticipates price war as Chinese EVs flood in
The Thai auto market is bracing for a potential price war as the influx of affordable electric vehicles (EVs), mainly from China, threatens the traditional dominance of internal combustion engine (ICE) vehicles. Over the next few years, the competition is set to escalate as two to three Chinese automakers plan to roll out their EVs in Thailand, capitalising on the…
