- Business News
Weixin Pay rolls out red carpet for tourists in Thailand with new payment perks
Tencent’s Weixin Pay, commonly known as WeChat Pay, a Chinese payment service provider, has introduced innovative features aimed at simplifying payments for foreign tourists in China and cross-border transactions in Thailand. These features allow visitors to conveniently make payments by scanning QR codes, streamlining the payment process. Starting in July, Tencent has been collaborating closely with major global credit card…
- Business News
Thailand biz shields up: Low cyberattacks, high cybersecurity worries in ASEAN
In the past year, Thai corporations experienced the lowest number of disruptive cyberattacks among ASEAN nations, with only 22% reporting an increase in incidents by 50% or more, according to a recent survey by global cybersecurity firm Palo Alto Networks. However, cybersecurity remains a significant concern for Thai businesses as they grapple with increasingly complex threats. The survey, which examined…
- Business News
Thai economy to be driven by private consumption, tourism in 2023
Stimulating private consumption is a reasonable strategy for the government to maintain economic growth amidst global uncertainties, according to Tim Leelahaphan, an economist at Standard Chartered Bank Thailand. The first half of 2023 saw a 7% year-on-year increase in the country’s private consumption. Expectations are high for private consumption and tourism to be the main drivers of economic growth in…
- Business News
Thailand’s Student Loan Fund expands reach to address ageing society needs
The Student Loan Fund (SLF) in Thailand, managed by Chainarong Katchapanan, announced plans to extend its loan services to all working-age adults, aged between 18 and 65. The move, aimed at upskilling and reskilling, is in response to Thailand’s shift towards an ageing society. This initiative will be implemented by the end of this year, marking the first time since…
- Business News
BlackRock eyes Thai clean energy and sustainability bonds for investment
Global asset management giant, BlackRock Inc, with a staggering total of US$9.43 trillion worth of assets under its belt, has set its sights on expanding its business horizons in Thailand. The company is particularly interested in investing in the Thai government’s Sustainability Linked Bonds and the country’s clean energy sector, according to a statement by government spokesperson Chai Wacharonke. The…
- Business News
Visa-free Chinese tourism raises concerns over illegal Thailand tour operations
The recent decision to exempt Chinese visitors from visa requirements sparked concerns within the Tourism Department about potential loopholes for illegal zero-dollar tours and unlicensed tour guides. The worry stems from the inability to verify the legitimacy of tour companies during the visa-free period. The department’s director-general, Jaturon Phakdeewanit, revealed that this issue was flagged to Tourism and Sports Minister…
- Business News
Nok Airlines stocks nosedive as SET delisting threat soars
Low-cost carrier Nok Airlines stands on the brink of being delisted from the Stock Exchange of Thailand (SET). This possibility stems from the airline’s failure to improve its financial performance and submit its 2022 financial results within a given timeframe, as stated by the Thai bourse. The SET identified Nok Airlines as a potential candidate for delisting, given that the company’s…
- Business News
Elon Musk’s Thai-landed ambitions: High-voltage investment opportunities on the horizon
Business magnate Elon Musk is set to discuss potential investment opportunities in Thailand with the Thai delegation via a teleconference. This news was shared by Prime Minister Srettha Thavisin, who is currently attending the 78th Session of the United Nations General Assembly (UNGA78) in New York. The prime minister revealed that the Thai government is seeking to attract foreign investors and…
- Business News
Thailand’s ‘plastic’ ambition: Industry Ministry seeks foreign investment to mould bioplastics hub status by 2027
The Industry Ministry of Thailand is being urged to devise innovative strategies in order to attract foreign investment for the nation’s burgeoning bioplastics sector. The ultimate aim is to establish Thailand as a bio hub within the ASEAN region by 2027. Viboon Pungprasert, president of the Thai Bioplastics Industry Association (TBIA), has called upon the new government to implement measures…
- Thailand News
EGAT seeks Cabinet approval for 50.8 billion baht power generation boost in Bangkok
The Electricity Generating Authority of Thailand (EGAT) anticipates approval from the Cabinet for its proposal to increase power generation at its south Bangkok gas-fired facility in Samut Prakan. The initiative recently underwent a public hearing. The proposal for additional capacity comes in response to the decommissioning of several generators. To ensure sufficient electricity for the capital’s inhabitants, EGAT deemed this…
- Business News
Thailand’s new tax twist: Overseas earners spending 180 days face income tax
Thailand’s tax policy, as declared by the Revenue Department, recently stipulated that an individual spending up to 180 days a year in the country and earning income from overseas will be liable for personal income tax. This decision, governed by Section 48 of the Revenue Code, is expected to primarily influence three groups: individuals involved in foreign stock market trading…
- Business News
Chiang Mai tourism recovery slower than expected despite visa-free policy
Despite the gradual revival of tourism, a significant number of rooms in Chiang Mai‘s hotels and the international airport remain unoccupied, with the return of travellers seemingly slower than anticipated post-pandemic. Adding to the concerns is the anticipated PM2.5 dust during the peak season. Over the weekend, Prime Minister Srettha Thavisin undertook an inspection of the airport in light of…
- Business News
Thai PM’s ‘spice of life’ plan: Srettha Thavisin to boost Thai-Indian tourism in Modi meet
Prime Minister Srettha Thavisin announced his impending visit to India, scheduled for later this year, with an agenda to discuss boosting Indian tourism in Thailand with Indian Prime Minister Narendra Modi. The two leaders aim to resolve ongoing issues with visa application procedures and achieve approval for a visa-free policy for Indian tourists. Srettha told the media yesterday that he…
- Economy News
Thai economy faces scrutiny amid recession fears and slow pandemic recovery
The Thai economy is in the spotlight as concerns over a looming recession persist due to the nation’s weak export outlook and slow recovery from the pandemic. Last week, the government faced heavy criticism from opposition parties and business leaders during a Thai economy policy debate, with the latter expressing concerns over the lack of detail in the 43-page policy…
- Business News
Thai business department investigates 439 firms for potential nomination violations
In a move to suppress the ‘grey’ market in the fiscal year 2023, the Business Development Department (BDD) investigated 439 companies, suspecting them of acting as nominees for foreign corporations. Interestingly, legal entities potentially involved in nominee activities were discovered in Chiang Mai and Chon Buri provinces. The BDD Deputy Director-General, Jitakorn Wongkhatekorn, revealed that the agency inspected three targeted…
- Thailand News
Thailand’s healthcare sector transformed by AI innovations
Artificial intelligence (AI) is rapidly transforming Thailand’s healthcare sector, with innovative solutions designed to enhance patient care, ease the workload of medical professionals, and address the specialist shortage. In a collaboration aimed at advancing medical treatment, public hospitals, state agencies, and local startups are joining hands to develop AI-based healthcare products and services. These advancements are expected to boost the…
- Business News
Tablet talk: IT companies endorse education ministry’s digital vision, but call for a SMARTer plan
The plan of the Education Ministry to equip every student and teacher across the nation with a tablet has received support from several IT companies. They believe the tablet initiative is a step towards promoting equal educational opportunities. However, they recommend a well-thought-out strategy about device specifications, relevant courseware, and the necessary skills students should acquire. This tablet initiative is…
- Business News
Evergrande wealth management staff detained amid ongoing debt crisis
China Evergrande Group, the world’s most heavily indebted property developer, finds itself under increased scrutiny as staff from its wealth management unit have been detained by the police in southern China. Shenzhen City Police said in a social media statement on Saturday night that public security organs took criminal compulsory measures against China Evergrande general manager Du Liang and other…
- Business News
Thailand and China’s Guangxi discuss bolstering trade via ILSTC route
Trade discussions took place yesterday between Thailand and China‘s Guangxi Zhuang Autonomous Region, focusing on the potential use of the New International Land-Sea Trade Corridor (ILSTC) to enhance trade cooperation. Guangxi Zhuang, a southern Chinese region adjacent to Vietnam, is the operational hub of the ILSTC, a trade and logistics channel. The route extends from Chongqing to the Beibu Gulf…
- Transport News
Thailand’s airlines resist price war despite rising operational costs
Despite escalating operational costs, Thailand’s airlines are unlikely to trigger a new price war, while the Civil Aviation Authority of Thailand (CAAT) intends to retain the existing ceiling for ticket prices. This information was shared by Suttipong Kongpool, the CAAT director, during a seminar co-hosted by the Airlines Association of Thailand (AAT) and CAAT this week. Suttipong indicated that with…
- Business News
Rice prices boil over, stirring inflation concerns for Asian central banks
Central banks across Asia are bracing themselves for the challenge of curbing inflation amid soaring food prices, particularly rice, a dietary staple in the region. The cost of rice surged to its highest since 2008, sparking concern among economists at HSBC Holdings Plc. Frederic Neumann, leading a team of economists at HSBC, referred to the significant impact of the 2008…
- Thailand News
EconThai urges government: Debt-lift measures needed for all, not just farmers
EconThai, the Employers’ Confederation of Thai Trade and Industry, called on the government to hasten steps to alleviate the heavy domestic debt burden, aiming to aid not only farmers but also middle-income earners who are bearing substantial financial loads. EconThai Vice-Chairman, Tanit Sorat, highlighted the necessity for debt suspension measures to be inclusive, covering a wide range of individuals in…
- Business News
Thai consumer confidence surges as new government takes charge, but high living costs cast a shadow
Last month saw a rise in consumer confidence following the swift establishment of a new government, although concerns about the high cost of living and the sluggish global economy remain. The University of the Thai Chamber of Commerce (UTCC) revealed that the consumer confidence index rose to 56.9 from 55.6 in July. This uplift was attributed to the easing of…
- Business News
Thai tourism aims sky-high: 3 trillion baht revenue target unveiled
The Thai tourism and sports minister announced an ambitious new target for foreign tourism revenue: an unprecedented 3 trillion baht. The minister, Sudawan Wangsuphakijkosol, revealed the goal, which marks a considerable increase from the 1.9 trillion baht recorded in 2019, is part of a broader strategy to position the nation as a leading hub for sports and entertainment. Sudawan acknowledged…
- Tourism News
Thailand tourism shifts focus to Kazakhstan amid slow Chinese tourism recovery
Chinese tourists aren’t expected to immediately surge to 700,000 arrivals per month, despite a prospective Thailand tourism visa–free scheme, due to safety concerns and lower flight frequencies, currently at half of their pre-pandemic 2019 levels. Phuket’s tourism operators are instead setting their sights on Kazakhstan, to be granted visa-free entries from September 25 to February 29, 2024. Travel agents see…
- Business News
Energizing savings: Government’s cost-cutting shock eases financial pressure
The Employers’ Confederation of Thai Trade and Industry (EconThai) expressed approval for the Thai government’s latest move to slash both electricity and diesel costs. This initiative is aimed at alleviating the financial pressure on households and businesses. The reduction in power tariff was confirmed yesterday, following Prime Minister Srettha Thavisin‘s policy statement announcement in parliament, reports Bangkok Post. The new…
- Business News
Koh Samui tourism seeks extended stays for European travellers amidst water crisis
Koh Samui’s tourism sector called for the government to extend stays for European travellers, arguing that the proposed visa-free travel for Chinese tourists will not significantly benefit the island. This comes from Ratchaporn Poolsawadee, the president of the Tourism Association of Koh Samui, who noted that Chinese nationals only make up a small percentage (10%) of the island’s foreign tourist…
- Business News
Thailand’s car rental sector shifts gears: 2023 growth outlook takes a modest dip of 2-3%
Thailand’s car rental sector is anticipated to witness a modest growth of 2-3% this year, as per Krungthai Car Rent & Lease Plc (Kcar). This is a step down from the previous annual growth of 4-5%, a dip attributed to numerous elements such as a stagnating economy, slow resurgence of tourism, diminished buying power, and escalating household debt. Pichit Chantarasereekul,…
- Business News
Charged up and rolling: GAC Aion sparks production of maiden battery EVs by June 2024
GAC Aion New Energy Automobile, the electric vehicle (EV) wing of Guangzhou Automobile Corporation (GAC), China’s second-largest EV purveyor, outlined plans to initiate the assembly of its maiden battery EVs by June 2024. The production is slated to occur at the brand’s nascent factory within the Eastern Economic Corridor (EEC). Gu Huinan, GAC Aion’s managing director, anticipates the assembly of…
- Business News
SET falls as Thai government’s new policies fail to convince investors
The Stock Exchange of Thailand (SET) experienced a slight decline yesterday as the newly elected government‘s policy statement failed to impress investors. Analysts have raised concerns about the lack of specific timelines and the feasibility of implementing these policies. The Srettha Thavisin administration’s key policies include a 10,000 baht digital wallet to stimulate domestic demand, energy price reductions, tourism promotion,…
