- Tourism News
Thai visa extension for Russians sparks mixed industry reactions
The Thai Cabinet’s decision to extend the stay period for Russian tourists under the visa extension to 90 days, from the previous 30 days, has sparked mixed reactions. While some tourism operators fear an increase in illegal work activity, others in the south see potential for a boost in spending. The new policy, announced on Monday, aims to stimulate the…
- Economy News
FTI urges new regulatory body to curb cheap Chinese imports
The Federation of Thai Industries (FTI) urged the Industry Ministry to establish a novel regulatory body to supervise product standards. The move is intended to curb the influx of inexpensive Chinese imports, which the FTI claims are flooding the Thai market. The FTI did not clarify whether the proposed regulatory body would be governed by the state or the business…
- Business News
Thailand land tax act assessment: Fiscal policy office’s evaluation
The Thailand 2019 Land and Building Tax Act (LBTA) is receiving a thorough evaluation for its effectiveness and potential issues in enforcement, according to the Fiscal Policy Office director-general, Pornchai Thiraveja. The investigation is a collaboration between the Finance and Interior ministries and is aimed at understanding the effectiveness of the new land tax collection system, identifying any issues and…
- Business News
Traveloka reports surge in Thailand travel bookings amid slow aviation recovery
Travel bookings to Thailand have seen a significant surge, according to online travel agent Traveloka. The company’s president, Caesar Indra, highlighted that despite the slow recovery of the aviation sector, Thais have predominantly utilised their platform for air ticket bookings, veering towards less frequented destinations. This trend has been mirrored across numerous Asian markets. Indra reported a fivefold increase in…
- Business News
Bank of Thailand maintains 4.4% GDP growth forecast amid stimulus measures
A 4.4% GDP growth forecast for the coming year has been maintained by the Bank of Thailand, factoring in the government’s proposed economic stimulus measures. Assistant Governor Piti Disyatat confirmed this projection following the Monetary Policy Committee’s vote on September 27 to hike the benchmark interest rate by a quarter-point, making it a decade-high 2.5%. The committee, however, reduced its…
- Tourism News
Thailand boosts tourism with free SIM cards and digital privileges for visitors
The Welcome Back to Thailand campaign, a collaborative endeavour by the Tourism Authority of Thailand (TAT) and Advanced Info Service (AIS), is ready to roll out. The initiative is designed to attract international tourists by offering them Amazing Thailand SIM cards, bundled with an array of digital privileges and services. As part of the campaign strategy, TAT plans to distribute…
- Economy News
World Bank identifies growth potential in Thailand’s secondary cities
The World Bank has highlighted the potential for growth in Thailand’s secondary cities such as Chiang Mai, Khon Kaen and Rayong in a recent study. The report, Thailand Urban Infrastructure Finance Assessment, suggests that these cities could boost Thailand’s economy if they invest in urban infrastructure improvements, such as mass transit systems and renewable energy sources. However, the study points…
- Business News
Middle East tensions cause gold rush, prices poised to strike US$1,875
The escalating conflict in the Middle East could drive global gold prices to US$1,875 (67,950 baht) per ounce, as predicted by the Gold Traders Association (GTA). The association’s president, Jitti Tangsithpakdi, pointed out that prices have risen by US$20-30 per ounce since the onset of hostilities between Israel and Hamas militants. Gold prices reached a one-week high of US$1,860 yesterday…
- Thailand News
El Niño could trigger three-year rice shortage, warns Thailand’s Commerce Minister
Commerce Minister Phumtham Wechayachai expressed worries over a potential three-year-long impact of the El Niño-induced drought. This prolonged effect could potentially harm rice production and create a shortage in domestic consumption. Phumtham commissioned the Internal Trade Department and Foreign Trade Department to jointly monitor and alleviate the potential impacts of the El Niño phenomenon and the ensuing drought. He voiced…
- Business News
SEC considers compensation fund for victims of investment fraud
The newly appointed secretary-general of the Securities and Exchange Commission (SEC) disclosed that the regulatory body is examining the possibility of setting up a compensation fund for victims of investment fraud. This announcement was made during her inaugural press briefing since assuming office the previous month. Pornanong Budsaratragoon emphasised the regulator’s commitment to restoring public trust in the capital market.…
- Business News
Imported goods: Thailand bolsters measures to safeguard local businesses
The Thai Industry Ministry is intensifying its measures to thwart the entry of low-priced, inferior imported goods into Thailand in the forthcoming six months, to safeguard local businesses and consumers. The measure comes on the heels of a report highlighting the negative impact of such low-quality imported goods on Thai entrepreneurs across various sectors and consumers, according to Industry Minister Pimphattra…
- Business News
Mall’s well in the northeast: Central Pattana pours 3 billion baht into booming secondary cities
Central Pattana Plc (CPN), the retail and property developer and operator of Central shopping centres across Thailand, declared plans to invest 3 billion baht in the development of secondary cities within the northeastern provinces of Nakhon Phanom and Nong Khai. The aim is to enhance these cities’ potential to rival megacities. Tos Chirathivat, Central Group’s executive chairman and chief executive,…
- Business News
High-flying headache: Aviation industry faces pilot pinch, needs 650,000 in 20 years
The aviation industry is currently grappling with a global pilot shortage, with an estimated 650,000 pilots required over the next two decades, as per data from the Emirates Flight Training Academy (EFTA). The dearth of pilots is attributed to a scarcity of flight instructors worldwide, said Abdulla Al Hammadi, EFTA’S vice president. The industry is highly competitive, with airlines recruiting…
- Business News
Bubbling brilliance: Thai soft drink market fizzes with 16% growth, ending years of flat fizz
The Thai soft drink market has seen a significant upturn, with a growth rate of 16% between September last year and August this year. This surge is a stark contrast to the previous five years’ tepid single-digit growth. The resurgence of food service restaurant operations can be credited for this change. Environmental conditions such as the El Niño phenomenon, which…
- Business News
Thailand consumer confidence sails higher, defying global economic waves
Following a more stable political climate, consumer confidence in Thailand increased for the second consecutive month in September, notwithstanding global economic uncertainties. The consumer confidence index, as reported by the University of the Thai Chamber of Commerce (UTCC), rose to 58.7 in September from 56.9 in August, and 55.6 in July. UTCC President, Thanavath Phonvichai, attributed this boost in confidence…
- Business News
Kaisa Group warns of under 5% recovery rate in potential liquidation
Facing severe financial difficulties, Kaisa Group, a prominent Chinese property developer, has forewarned creditors of a less than 5% recovery rate, should the company be driven into liquidation. This was the chilling forecast laid out by a legal representative for one such creditor who is currently pursuing a lawsuit against the beleaguered company. The revelation was made in a Hong…
- Politics News
Israel-Hamas conflict stirs concern in Thai business sector over trade disruption
The ongoing Israel-Hamas conflict has stirred unease within Thailand’s business sector, due to worries about its potential impact on Thai-Israeli trade, valued at around 40 billion baht. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, advised Thai businesses to closely monitor the situation and manage any potential risk. Those trading with the Middle East have been particularly urged to…
- Business News
Inflation squeeze: Investors seek assets that outinflate rising costs
The recent surge in inflation has had a profound impact on the investment landscape, leading to an increase in product prices and living costs. These conditions require investors to strategically select assets that can generate returns that beat inflation. One such investor, Phongthorn Thavontanakul, founder and CEO of Lief Capital Asset Management, shared his insights on investments that can weather…
- Business News
Thai bonds surge 5.8% amid elevated corporate debenture issuance
Thai bond valuations experienced a notable increase of 5.8% within the first nine months of the year, skyrocketing to a colossal 16.7 trillion baht. This rise was predominantly propelled by government and corporate bonds, as revealed by the Thai Bond Market Association (ThaiBMA). Corporate debentures, a significant part of this upswing, saw an issuance of 825 billion baht from January…
- Business News
Inheritance tax law changes aim to reduce economic inequality
A revenue department insider has revealed plans for the adoption of the prime minister’s proposal to make changes to the inheritance tax law. The objective of the amendment is to reduce economic inequality, according to the anonymous source. The source disclosed three key points that form the guidelines for the amendment. The first is the application of the inheritance tax…
- Business News
Thai government’s 5% GDP growth aim deemed optimistic amidst challenges
The administration of Prime Minister Srettha Thavisin aims to boost annual GDP growth by 5%. This goal was unveiled during a policy statement delivered by the premier to the heads of government agencies last week during discussions about the fiscal 2024 budget. However, the World Bank recently cut its growth forecast for Thailand to 3.4% this year and trimmed its…
- Business News
AI adoption boom: Igniting innovation, doubling productivity, and fostering cross-gen cooperation
The revolution of Artificial Intelligence (AI) in businesses is underway, igniting innovation, boosting productivity by twofold, and fostering cross-generational cooperation. Currently, the United States alone hosts over 14,700 AI startups, with more sprouting daily, according to McKinsey. Forecasts suggest that AI adoption and digitisation will automate between 30% and 40% of existing jobs, augment 50 to 60% of job tasks,…
- Business News
SET anticipates foreign investor return amid economic policy progress
The Stock Exchange of Thailand (SET) anticipates a resurgence of foreign investors as progress in the nation’s economic policies, baht stability, and economic recovery gains momentum. Over the past eight months, foreign investors have sold more than they purchased, resulting in a net outflow of 22.4 billion baht (US$ 606,388,832). Despite this, the foreign investor trading ratio remained the highest…
- Business News
UHG announces 3.1 billion baht investment in new Thai hotel developments
UHG, a prominent developer of hotels and offices, has announced plans to invest 3.1 billion baht in the construction of two new hotels in Ramkhamhaeng and Phaya Thai. The investment supports UHG’s strategy to capitalise on the potential of these areas and cater to the high demand experienced by its nearby hotels. Wutthiphon Taworntawat, the managing director, highlighted the strategic…
- Business News
Vegetarian festival expected to boost Thai economy with record high spending
The annual vegetarian festival, set to take place from October 15 to 23, is predicted to spur a record 10-year high spending of 44.6 billion baht (US$ 1,207,363,478), marking a 5.5% growth compared to the previous year, as revealed by Thanavath Phonvichai, the President of the University of the Thai Chamber of Commerce (UTCC). The rise in expected expenditure is…
- Business News
Businesses ride the AI technology wave: Boosting creativity and productivity in Thailand
The world of business has seen a seismic shift as artificial intelligence (AI) takes centre stage. AI technology is being harnessed to enhance creativity and productivity, with millions already reaping the benefits. The rise in AI-powered products from startups and organisations is visibly transforming every industry sector. Canva, a widely used visual communication platform in Thailand, is a prime example.…
- Business News
Ford Thailand revs up for turbocharged pickup comeback as year-end season approaches
Ford Thailand, the driving force behind Ford Motor’s presence in the country, is gearing up for a turbocharged comeback in pickup sales as we cruise into the final quarter of the year – a season traditionally revved up for car enthusiasts. This resurgence is expected to shift into high gear thanks to the bumper crop of income flowing in from…
- Business News
Electrical appliance industry sparks up: El Niño predicted to surge sales by 4-5%
The El Niño weather phenomenon could potentially stimulate a 4 to 5% rise in sales within the electrical appliance and electronics industry this year, with sales projected to elevate from 230 billion baht last year. Major electrical appliance distributors and leading retail chains noted growth in the market within the first nine months of the year. Despite the purchasing power…
- Business News
Gold market rebounds amid weakening US labour market and dollar decline
The value of the gold market experienced a slight increase yesterday, reaching above US$1,820 per ounce. This followed an eight-day decline which was influenced by the high US bond yields and the strengthening dollar. The rise was a response to a weakening labour market in America. On yesterday morning, spot gold had risen by 0.3% to US$1,827 per ounce. This…
- Business News
Commerce Ministry revises inflation forecast, amid falling prices
Revising its earlier forecast, the Commerce Ministry now anticipates headline inflation to be within 1-1.7% for the current year, with an average of 1.35%. This comes as a result of expected lowered inflation in the last quarter. In July, the forecasted range was 1-2% with an average of 1.5%. Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, revealed…
