- 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…
- Business News
Sizzle and supersize: Sizzler and McDonald’s cook up expansion goals in Thailand
Leading restaurant brands, Sizzler and McDonald’s are set on amplifying their reach, aiming to attract a wider range of customers and heighten patronage frequencies. The general manager of SLRT Co, Anirute David Collins, who oversees the operation of Sizzler Steakhouse, disclosed plans to inaugurate a Steak Lab concept Sizzler along Koh Samui’s coast on December 16. This restaurant expansion is…
- Business News
El Nino-induced drought disrupts Indonesia’s rice production, hikes prices
Indonesia, Southeast Asia’s largest economy, is grappling with a severe disruption to its rice production due to the extreme El Nino phenomenon. This drought-induced shortage has led to a surge in rice prices, impacting small businesses and consumers. Yanto, an East Jakarta food stall owner who caters to the lower-income bracket, has seen a significant profit decline since August, unable…
- Business News
Thailand economy: Fiscal position to suffer due to government policies like digital wallet scheme
Thailand’s fiscal position is predicted to face a downturn in the medium term, according to analysts, as the government advances populist policies such as the digital wallet scheme. BMI, a division of Fitch Solutions, forecasts that the nation’s budget deficit will escalate from 2.9% in the current fiscal year to 3.6% in the following fiscal year. This is due to…
- Business News
Soft power strategy: Thailand targets 11 sectors with a focus on Muay Thai
Thailand’s National Soft Power Strategy Committee, established in September following the Cabinet formation, has recently identified 11 key sectors for soft power implementation. The Committee intends to action the Thailand Creative Content Agency (THACCA) Act, which will facilitate a unified agency to dictate policies across these sectors. The sectors in question span a broad range of creative industries: fashion, books,…
- Economy News
Economic resilience in question: Thailand’s situation amid Middle East conflicts
Sethaput Suthiwartnarueput, the governor of the Bank of Thailand, addressed a business seminar today, emphasising the need for Thailand to bolster its economic resilience to secure sustainable growth. He warned that economic stability should not be taken for granted, particularly considering the potential high-risk side effects that conflict in the Middle East could pose. Thailand, the second-largest economy in Southeast…
- Business News
CNG vehicle operators demand fuel price cut amid falling petrol costs
Transport operators providing services with compressed natural gas (CNG) vehicles are pushing for a price cut in fuel from the government following a decrease in diesel and petrol prices, inclusive of a recent 2.5 baht per litre drop for Gasohol 91. A group of operators, including those of passenger vans, congregated in front of the Energy Ministry yesterday, November 2,…
- Business News
Gold demand remains strong due to central bank purchases says report
The World Gold Council has released its third-quarter report for this year, indicating a continued strong demand for gold. The council’s data reveals that central bank purchases have been instrumental in maintaining this demand. The report shows that gold demand, excluding over-the-counter (OTC) transactions, reached 1,147 tonnes for the quarter. This figure is 8% higher than the five-year average. When…
- Tourism News
Thailand tourism aims for 2.38 trillion baht target with late-year surge
Aiming to achieve its revenue target of 2.38 trillion baht, Thailand’s tourism sector is pushing ahead in the last two months of the year. The Tourism Authority of Thailand (TAT) announced that the total takings for the first ten months stood at 1.67 trillion. TAT’s governor, Thapanee Kiatphaibool, outlined plans to stimulate the sector further, with a focus on intensifying…
- Business News
Thailand’s proposed land bridge project could boost various sectors
The potential implementation of the proposed land bridge project in Thailand could significantly benefit sectors such as contractors, industrial estates, transport, and finance, according to industry analysts. The project, which has been under discussion by various governments for four decades, aims to connect the Andaman Sea to the Gulf of Thailand, specifically via the provinces of Ranong and Chumphon. The…
- Business News
Accor predicts surge in hotel conversions in Thailand post-pandemic
A surge in hotel conversions is expected in the post-pandemic hospitality sector, according to Accor, an international hotel chain. This trend is in response to stricter lending rules from financial institutions and a slowdown in the construction of new establishments. Andrew Langdon, Accor’s Chief Development Officer for Asia, detailed how the current supply of new hotels is slow and concentrated…
- Business News
Potential slump for Thai stock market due to digital wallet scheme delay
The Thai stock market is facing a potential slump this month, following a 6.1% drop in October and a 17.2% decline year-to-date, due to potential delays to a significant digital wallet scheme and a slower-than-anticipated recovery in the tourism sector. Such concerns are sparking significant investor anxiety, according to industry analysts. Sompong Benjathepanan, the assistant managing director at AIRA Securities,…
- Business News
Thailand’s economy set to grow despite potential export decline
A prominent joint business group announced today that Thailand’s economy is set to grow by 2.5% to 3.0% this year, a prediction consistent with their previous forecast. This anticipated growth is attributed to government support measures and the tourism industry. However, the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB), which represents these sectors, warned of a potential decline…
- Business News
Thai MPI faces contraction amid global conflicts and tourism slump
The Office of Industrial Economics (OIE) anticipates a contraction between 4% to 4.5% in the Thai Manufacturing Production Index (MPI) this year due to less-than-projected tourism growth and geopolitical conflicts impacting the global economy. In contrast, the MPI was projected to shrink by 2.8% to 3.8% in July. The OIE further predicts a contraction of 2.5% to 3% in the…
- Business News
Cabinet’s gasohol price cut draws scrutiny despite public approval
The recent resolution by the Cabinet to trim the prices of gasohol 91 and 95 by a single baht per litre has prompted queries from energy experts and firms, despite the public’s eager acceptance of this cost-of-living alteration. This determination was reached following Bangchak Corporation, a crucial oil retailer, increasing the prices of the majority of gasohol types, an amalgamation…
- Business News
Recruitment scams exposed: Protecting job seekers and employers
The recruitment industry is riddled with a number of deceptive practices and scams. Attracting a wide range of individuals due to its low setup costs, the sector is increasingly becoming a hotbed for unscrupulous activities. There are five prevalent recruitment scams that job seekers and employers should be aware of. Scam one involves recruiters pretending to represent a non-existent client.…
- Business News
Thai tourists’ Korea travel ban outcry impacts agencies amid visa woes
Following a surge in posts under the hashtag #BanTravelToSouthKorea (#แบนเที่ยวเกาหลี) on the Twitter (X) platform, tourism agencies are being urged to pay heed to the concerns of Thai tourists. Over a million posts were generated during the past weekend alone, highlighting the losses suffered by both tourists and tour operators in recent years. The Korea Tourism Organisation (KTO) reported that…
- Business News
Thai baht hits six-week high ahead of Federal Reserve meeting
The Thai baht reached a six-week high against the US dollar yesterday morning, trading at 35.86. Analysts predict further appreciation if the Federal Reserve does not provide clear indications regarding United States interest rate trends at its upcoming meeting. As Head of Research at Kasikorn Research Centre, Kanjana Chockpisansin observed that the baht’s quick appreciation from 36.50 to the US…
- Business News
Thai EV stocks to soar with renewed government support measures
Electric vehicle (EV) and battery manufacturing-related stocks are predicted to gain from the upcoming renewal of EV support measures by the government next year, according to Asia Plus Securities (ASPS). The EV Policy Committee will convene today, with new support measures for electric cars and pickups being anticipated. These measures are expected to adjust the subsidy to fall between 50,000…
- Economy News
Trade negotiations with EFTA set to boost Thai GDP
The Trade Negotiations Department of the Commerce Ministry gears up for the seventh round of trade negotiations with the European Free Trade Association (EFTA), to seal the deal by mid-2024. The announcement was made by Auramon Supthaweethum, the director-general of the department, who confirmed that the negotiations will take place from November 6 to November 9 in Geneva, Switzerland. The…
- Business News
LiuGong Machinery’s blueprint: Constructing a new chapter across Asia-Pacific
LiuGong Machinery, a Chinese construction machinery manufacturer, unveiled plans to establish three new factories and three machine assembly facilities in the Asia-Pacific region. The company is still in the process of deciding on the specific countries for these new developments, with Thailand being one of the potential locations. The commencement of these projects is anticipated for the following year, according…
- Business News
Thailand’s population ages like fine wine, marking a global trend
The global ageing population has seen a swift rise in the past three decades, with two-thirds of individuals over 60 residing in developing Asian countries. As of 2021, Thailand has officially become a fully aged society, with a fifth of its population aged 60 or above, as per World Health Organisation and UN data. By 2031, Thailand is projected to…
- Business News
Thailand seeks 1 trillion baht investment for southern land bridge
The Office of Transport and Traffic Policy and Planning is organising a roadshow targeting foreign investors for the upcoming southern land bridge megaproject. Scheduled to kick off next month, the roadshow will span 10 countries, including notable names in the logistics and maritime shipping sectors, such as China, Japan, France, and Taiwan. The intelligence gathered from this event will be…
- Business News
Thai DUI products face stricter controls amid global conflicts
The Foreign Trade Department, under Thailand’s Commerce Ministry, announced its plans to tighten control measures over goods linked to weapons of mass destruction (WMD) and dual-use items (DUI). The Thai DUI products refer to goods that can serve both commercial and military applications. The decision, formulated in response to escalating global conflicts, aims to bolster international trust in Thai products.…
- Business News
YouTrip sets sights on Southeast Asian expansion
Southeast Asian fintech giant YouTrip is gearing up for regional expansion, backed by a successful funding round that raised US$50 million (1.84 billion baht). The round witnessed participation from new investors, including global venture capital firm Lightspeed. This Singapore-based multi-currency digital payments platform has managed to amass over US$100 million (3.68 billion baht) in funding since its inception. The newly…
- Business News
Thai tourism bodies urge government to rebuild confidence with Chinese tourists
The Association of Thai Travel Agents (ATTA) and the Tourism Council of Thailand (TCT) called on the government to restore confidence in Chinese tourists via mainland tour agents, emphasising that this approach can guarantee tourist safety. TCT president, Chamnan Srisawat, suggested that the government should exercise caution before deciding on a permanent exemption from visas for the Chinese market. The…
- Business News
Thailand’s smartphone market bracing for double-digit slump
Thailand’s smartphone market is facing a potential double-digit contraction this year, as a result of the economic downturn and a decrease in consumer purchasing power in Q2 and Q3, according to M Vision Plc, an expo organiser, and mobile phone vendors. However, market prospects are predicted to improve in Q4, owing to the introduction of new flagship phones. Opas Cherdpunt,…
- Business News
BAAC organises Japan trip to boost Thai farmers’ global market competitiveness
The Bank for Agriculture and Agricultural Cooperatives (BAAC), led by its president, Chatchai Sirilai, has organised an overseas business study trip to Fukuoka, Japan, from October 20 to October 24. The initiative aimed to aid small-scale Thai farmers and farming businesses by enhancing their business efficiency and competitiveness in the global market. The trip provided an opportunity for knowledge exchange…
- Business News
Scrapping immigration forms may boost Malaysian tourist influx in Thailand
Tourism professionals in Songkhla have voiced their desire for the discontinuation of the TM6 immigration paperwork as an additional border checkpoint and the eradication of extra-time service charges, as these measures continue to slow the influx of tourists from Malaysia. The government gave its approval this week to scrap the TM6 forms from November 1 to April 30, 2024, at…
- Business News
The Mall Group plans to extend opening hours to promote Thailand tourism
Thailand Mall Group Co-chairwoman Supaluck Umpujh proposed a novel strategy to invigorate the nation’s economy by attracting a greater influx of foreign tourists. She insists that the government’s ongoing efforts to enhance the tourism sector are moving in the right direction but advocates for the introduction of special incentives to stimulate investments in artificial tourist attractions across the nation. Supaluck also…
