- 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
KFC invests 500 million baht for digital transition in Thailand
KFC, overseen by Central Restaurants Group (CRG), unveiled plans to invest 500 million baht in the transition to digital stores in the coming year. Piyapong Chitchumnong, who oversees quick-service restaurants & Western cuisine, as well as the KFC brand, revealed that the budget is allocated for the inauguration of 15-20 new KFC digital outlets, and the transformation of a similar…
- 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
Thailand’s tourism revenue falls short of annual target
The Tourism Authority of Thailand (TAT) projected a shortfall in its annual tourism revenue target, with this year’s earnings expected to reach 2.07 trillion baht (US$58,773,427,200) instead of the projected 2.38 trillion baht. TAT Governor, Thapanee Kiatphaibool, attributes this shortfall to the sluggish performance of international tourism receipts, which were significantly lower than the state’s target of 1.6 trillion baht.…
- 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 EV policies and tech partnerships attract foreign investors
The Federation of Thai Industries (FTI) has projected that Thailand will become increasingly appealing to foreign investors, backed by distinct government policies encouraging investment. Prime Minister Srettha Thavisin recently endorsed a policy designed to stimulate Electric Vehicle (EV) production and consumption between 2024 and 2027. This incentive package, known as EV 3.5, is expected to be a significant determinant in…
- 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
Thai PBS proposes 4K broadcasting trial to combat streaming threat
Thai Public Broadcasting Service (PBS), in a bid to stay in line with the global trend of upgrading broadcast technology, has proposed a trial of the 4K high-resolution broadcasting platform. This would broadcast content in 16 provinces across Thailand, said the public broadcaster. This move is seen as crucial to combat the rising threat of streaming platforms in the broadcasting…
- 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
Tax deductions and returns: key investment options in Thailand
Shrewd investors actively seek opportunities that provide tax deductions while ensuring respectable returns. Within this context, three primary investment options demand consideration. These options comprise insurance, long-term funding, and savings through provident and social security fund contributions. Investment choices are manifold. Social Security Fund, for instance, offers a tax deduction equivalent to the amount paid, capped at 9,000 baht per…
- 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
Thailand leaps in digital competitiveness ranking, claims 35th spot globally
Thailand has made significant strides in its digital competitiveness, jumping five spots from the previous year to rank 35th out of 64 economic territories. This progress is revealed in the World Digital Competitiveness Ranking (WDCR) 2023, published by the International Institute for Management Development (IMD). The uplift in ranking is a result of advancements in three pivotal areas: technology, knowledge,…
- 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
TAT forecasts surge of Chinese tourists into Thailand via land in 2023
The Tourism Authority of Thailand (TAT) predicts that over 300,000 Chinese tourists are expected to cross into Thailand overland next year. This surge is due to the China-Laos railway, contributing to visitor numbers, especially in the northeast’s second-tier cities. Chuwit Sirivejkul, TAT’s regional marketing director for East Asia, indicated that around 70,000 to 100,000 Chinese tourists, 2% to 3% of…
- 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…
- Business News
Vietnam aligns corporate tax with global 15% minimum to attract investors
Vietnam has adopted a resolution to equalise its corporate income tax with the globally accepted minimum of 15% for multinational corporations. This move is aimed at countering the global trend of countries competing to attract investors by lowering their taxes. The resolution was supported by a vast majority, approximately 94% of the National Assembly delegates, as per the legislative records.…
