- Business News
Export growth: Thailand’s commerce ministry targets US$288 billion by 2024
The Commerce Ministry of Thailand has established an export growth goal for next year, aiming for an increase of 1.99%, which equates to approximately US$288 billion or 10 trillion baht. This information was shared by permanent commerce secretary, Keerati Rushchano, following a meeting attended by Commerce Minister Phumtham Wechayachai, other ministry heads and representatives from the private sector. The gathering…
- Tourism News
Thailand tourism council to allocate visitor fees
The Tourism Council of Thailand plans to allocate a tourism fund, garnered from fees collected from foreign visitors, predominantly for the improvement of the tourism sector by state agencies. The fund, according to Surawat Akaraworamat, the Vice-President of the Tourism Council, is being prepared for implementation as soon as the government greenlights the project. Three subcommittees have been working relentlessly…
- Business News
Thailand sees 5% tourism expenditure rise despite high living costs
The Tourism Authority of Thailand (TAT) predicts a 5% surge in tourism expenditure during this year’s Loy Krathong festival, amounting to a total of 6.1 billion baht. The anticipated increase comes despite the country’s locals exercising caution due to escalating living costs. TAT forecasts that the festival will witness around 2.04 million domestic journeys, a 10% rise from the previous…
- Business News
Grab Thailand to offer million baht loans to tap into digital lending
Grab Thailand is set to offer loans of up to 1 million baht to its merchants to tap into the growing digital lending space, with ambitions to achieve profitability for a second consecutive year in 2023. The move comes as digital lending in Thailand is expected to reach US$12 billion in 2023, a 65% increase from 2022, according to the eConomy…
- Business News
Tourists travelling less but spending more in luxury Thai tourism
The luxury travel sector is witnessing a peculiar trend: tourists are travelling less but spending more, according to the observations from Pimalai Resort and Spa, a hospitality establishment located on Koh Lanta. The resort has also noted that Krabi tourism is grappling with the dearth of international flights, especially from China. The resort’s owner, Charintip Tiyaphorn, revealed that despite the…
- Business News
Tech giants AWS, Google and Microsoft to invest 300 billion baht in Thailand
Amazon Web Services (AWS), Google, and Microsoft are set to invest in Thailand, marking a significant achievement for the nation’s economy. The total investment from these tech giants is expected to reach around 300 billion baht. The announcement was made by government spokesperson, Chai Wacharonke, following Prime Minister Srettha Thavisin’s successful talks with executives from the three tech powerhouses during…
- Business News
Thai rice exports prediction rises amid high global prices
Thailand is now aiming to export 8.5 million metric tonnes of rice this year, an increase from their initial projection, as reported by Chookiat Ophaswongse, the honorary president of the Thai Rice Exporters Association. The decision comes as rice prices escalate in competing nations such as Vietnam. Chookiat informed that due to the high cost of Vietnamese rice, countries including…
- Business News
Thailand PM invites Tesla, HP, and Analog Devices to invest
Thailand Prime Minister Srettha Thavisin extended an invitation to three significant American corporations to consider investing in Thailand, asserting the nation’s capability to act as their productive bases. The 61 year old prime minister recently visited the manufacturing plant of Tesla’s electric vehicles (EVs), where he participated in a trial run of the company’s cyber truck, which is set for unveiling…
- Business News
Thailand’s digital wallet initiative raises concerns among tourism sector
The forthcoming 10,000-baht digital wallet initiative has raised concerns among tourism operators in Thailand. The scheme is viewed as primarily beneficial to the retail sector, leaving the tourism sector behind, which could have potential economic repercussions leading to a potential decline in domestic travel. Sanga Ruangwattanakul, the head of the Khao San Road Business Association, suggests the scheme offers limited…
- Business News
New ESG fund could boost Thai stocks by up to 70 billion baht
Analysts predict that a forthcoming environmental, social and governance (ESG) fund could draw investments of between 20 and 70 billion baht into 114 stocks listed on the Stock Exchange of Thailand’s (SET) ESG index this year. The long-term savings fund, which is set to be established later this year, will be focused on investing in domestic ESG stocks and bonds.…
- Business News
1962 Ferrari 250 GTO sells for US$51.7 million at Sotheby’s becoming second most expensive car
A 1962 Ferrari 250 GTO has been sold for a staggering US$51.7 million ( 18.6 million baht) at Sotheby’s in New York, making it the second most costly car ever auctioned. The sleek red vehicle had been held by an American collector for the preceding 38 years. The record for the highest auction price is still held by a Mercedes…
- Business News
Star Petroleum predicts global oil price drop despite high energy demand
Star Petroleum Refining Plc predicts a decrease in global oil prices for the remainder of the year despite robust energy demand. The reduction in prices is anticipated due to a potential surplus among key oil producers, according to Sakchai Thamsuruk, the manager for supply and planning at the petroleum company. The global oil industry is closely observing Saudi Arabia and…
- Business News
JobThai reports 10.8% surge in labour demand
JobThai, a leading online recruitment firm, reported a 10.8% year-on-year increase in labour demand for the first three quarters of this year. The travel sector experienced the most significant rise in job recruitment, showing the strongest rebound post-pandemic. The company declared 1.74 million positions from January to September, marking a 10.8% increment compared to the same period last year, according…
- Business News
Thailand smog sparks outcry, public anticipation for clean air act grows
The recurring smog season in Thailand’s northern provinces has sparked increasing public dissatisfaction. Notably, a 28 year old doctor in Chiang Mai, Krittai Tanasombatkul, who was diagnosed with lung cancer despite being a non-smoker, used his social media platform to question why the persistent PM2.5 pollution issue has not been resolved by the authorities. The Clean Air Act, seen as…
- Business News
Thai Airways reports profitable Q4, driven by Chinese visitor surge
Thai Airways International Public Company Limited (THAI) announced a profitable fourth quarter, marking the fourth consecutive quarter of profits, underpinned by a steady recovery in passenger numbers amid the Covid-19 era. The growth has been particularly driven by a surge in visitors from China. Thai Airways recorded a net income of 1.54 billion baht (US$43 million) for the quarter ending…
- Business News
Consumer confidence in Thailand soars to 44 month high
Last month witnessed a surge in consumer confidence for the third consecutive month, reaching its highest point in 44 months, according to the University of the Thai Chamber of Commerce (UTCC). Factors contributing to this uplift include the government’s initiatives to curb living costs, a boost in foreign arrivals, and a revival in exports. The UTCC reported that the consumer…
- Business News
Budget travel: Thai travelers choose affordability amid economic instability
In the wake of an unpredictable global economy, travellers are becoming increasingly cost-conscious. A recent survey by online travel agency Booking.com revealed that the majority of Thai citizens are apprehensive about the escalating cost of living and are thus curtailing their expenditure on travel, opting for budget travel instead. Michelle Gao, the regional manager for the Mekong region at Booking.com,…
- Business News
Cyberattacks plague Thailand: Over 10 annual incidents cause significant losses
A recent survey reveals that more than half of Thai organisations have experienced over 10 cyberattack incidents in the past year, leading to significant financial losses. The report, released by US-based cloud connectivity firm Cloudflare Inc., highlights the urgent need for Thai businesses to strengthen their cybersecurity infrastructure. According to a data breach report commissioned by IBM, the global average cost…
- Tourism News
Phuket tourism operators push for international convention centre
In a bid to elevate Phuket’s status as an exhibition hub, local tourism operators are urging for the rapid implementation of a long-stalled project for an international convention centre and a freeport city initiative. The urgency has arisen due to the impending enforcement of new environmental laws which may necessitate a redesign of the project. The Health Ministry recently abandoned…
- Business News
Sweet setback: Thailand’s sugar exports face sticky situation with government controls
Thailand’s sugar exports, which sit second globally behind Brazil, are threatened with potential delays in the coming year. This comes after the Thai government implemented new controls to guard the domestic supply and curb smuggling. The newly instated regulations require official approval for the export of any quantity exceeding one tonne, a move that some traders have voiced concerns could…
- Business News
The Energy Ministry crackdown on petrol retailers stockpiling fuel after price cut
The Energy Ministry has pledged to take stringent action against oil retailers found to be illegitimately stockpiling fuel. This decision comes in response to complaints about a sudden shortage of oil at petrol stations, following the government’s decision to lower the prices of gasohol 91 and gasohol 95. On the morning of November 7, petrol stations across the nation began…
- Business News
Economic hurdles hamper Thailand’s tourist market recovery despite visa exemptions
Tourism operators have indicated that economic challenges are hindering the recovery of tourist markets from China, Taiwan, and India, despite Thailand’s recent introduction of visa exemptions. These exemptions, implemented for Chinese visitors since September 25, have had limited effect due to perceptions of Thailand as unsafe and China’s sluggish economic growth, according to Thanet Supornsahasrungsi, ex-president of the Chon Buri…
- Business News
Rice to the occasion: Thai government shells out 55 billion baht for price stability
The Thai government sanctioned measures totalling 55 billion baht to secure stable rice prices for the 2023 to 2024 harvest season, as confirmed yesterday by Commerce Minister Phumtham Wechayachai. The approved strategy includes providing loans to farmers to withhold the sale of their paddy rice for five months and to agricultural cooperatives for market intervention until prices improve. Farmers who…
- Business News
Thai shippers predict less than 1.5% contraction in 2023 exports
The Thai National Shippers’ Council (TNSC) expressed confidence in a less than 1.5% contraction in the country’s export performance for 2023. This optimistic outlook comes on the heels of export growth recorded in both August and September and an expectation for continued orders in the year’s final quarter. TNSC Chairman Chaichan Chareonsuk cited the Commerce Ministry’s latest data, which showed…
- World News
From apartheid assault to unsettled sanctuary: Gaza citizens’ desperate exodus amidst Israel’s onslaught causing 10,000 Palestinian deaths
A charity worker was forced to leave her home in northern Gaza along with her elderly mother after the brutal bombardment of Palestine by apartheid Israel that began post-October 7. Reda Sahoiun and her mother jumped into a taxi, taking with them only a ring, two necklaces, bracelets, blankets and some painkillers, as they fled the chaos and carnage to…
- Business News
ICONSIAM’s billion baht renovation: M and first floors set for stunning transformation
ICONSIAM Mall is preparing a substantial investment of 1 billion baht for a significant renovation of the complex, set to start in July 2024. The refurbishment is specifically targeted at the M and first floors of ICONSIAM, with the project expected to run until mid-2025. The company’s managing director, Supoj Chaiwatsirikul, explained that the ICONSIAM billion baht renovation will adjust…
- Business News
Gold prices shine on: Traders stay bullish amid recent slump
The trading community’s optimism for gold prices remains undeterred despite a recent slump, attributing potential strength to a possible end to US Federal Reserve interest rate increases and the escalating conflict in the Middle East. On Friday morning, spot gold prices oscillated between US$1,978 and US$1,978 per ounce, marking an increase of US$3.02 or 0.15%. Concurrently, domestic gold bars traded…
- Business News
Thailand shifts gears: Revving up both ICE and BEV vehicle production
The government of Thailand is pushing for a dual-track approach to vehicle manufacturing, fostering the production of both internal combustion engine (ICE) vehicles and battery electric vehicles (BEVs). Prime Minister Srettha Thavisin stated his desire for Thailand to be a significant centre of ICE production, even as the nation aims to become a hub for BEV manufacturing. He is due to…
- Business News
Ayutthaya proposed as new logistics hub amidst Thai-Chinese rail development
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) proposed to the government to establish Ayutthaya as a new logistics hub. This development is in anticipation of the increasing investment stimulated by the construction of the Thai-Chinese high-speed rail system. The suggested logistics hub would integrate with Ayutthaya’s existing rail, road, and river transport network. In addition, there is…
- Business News
Tasty transformation: Thai instant noodles ride K-pop and J-pop wave
Thai Instant noodles, a staple in many households and offices, have evolved significantly in recent years, influenced by the growing popularity of Korean and Japanese pop culture in Thailand. As a result, manufacturers are diversifying their offerings, serving freshly prepared instant noodle dishes in their restaurants, petrol stations, and luxury retail complexes in Bangkok. The global demand for instant noodles reached…
