- 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,…
- Business News
CPN plans 3 billion baht expansion of Phuket condos
Central Pattana (CPN), a company listed on the Stock Exchange of Thailand (SET), announced its intentions to introduce two additional phases to its condominium project, Phyll Phuket, near Central Phuket Floresta. The Phuket condos expansion, which includes nearly 700 units worth a total of 3 billion baht, is set to launch in the forthcoming year. This decision is motivated by…
- Business News
Suvarnabhumi Airport’s SAT-1 terminal to soft-launch boosting capacity by 33%
Suvarnabhumi International Airport, governed by Airports of Thailand (AoT), is set to soft-launch its Satellite 1 (SAT-1) terminal on September 28, following a successful full-scale trial involving 180 mock passengers and their luggage. The trial aimed to evaluate operations at both the SAT-1 satellite passenger terminal and the primary terminal, with Thai Airways offering assistance by supplying cabin crew and…
- Business News
Thai tourist numbers set to soar with anticipated visa exemption for China
The Thai tourism industry is poised for a significant boost, as an anticipated visa exemption for Chinese travellers could trigger a surge in foreign tourists, according to Chinese government-owned Thai brokerage, CGS-CIMB Securities (Thailand). However, the firm predicts that the arrival figures for tourists from China will still lag behind the 2019 statistics due to the economic challenges faced by…
- Business News
Commerce captain charts cost of living course: Cost-cutting and export-boosting ahoy
New Commerce Minister Phumtham Wechayachai aims to address the cost of living and align product prices with production costs. He plans to expedite efforts to discover new export markets and enhance Thai shipping opportunities through increased trade negotiations. On his first day, Wechayachai emphasized his commitment to Prime Minister Srettha Thavisin‘s policies and assured prompt attention to public concerns, especially…
- Business News
Bangkok’s condo market: Buyers rush for ‘ready-to-move’ amid sales slump
The second quarter of this year witnessed a significant slump in sales for newly launched condominiums in Bangkok. Buyers, gripped by mortgage rejection fears, exhibited a strong preference for ready-to-transfer units. Tritecha Tangmatitham, Managing Director at Supalai, highlighted that a staggering 70% of condo sales in the current year have been for completed units, underscoring a marked shift in consumer…
- Business News
Recruitment adventures: When job hunting in Thailand feels like a blind date
Navigating the waters of a job interview can often feel akin to treading the unpredictable path of a blind date. The entire process can be punctuated by uncertainty, ambiguity, and occasionally, a lack of respect and courtesy from the hiring party. An interviewee’s experience can be marred by a lack of information about the interview process: from the number of…
- Business News
Shock and recharge: Thailand’s EV sector hopes for spark
The Electric Vehicle Association of Thailand (EVAT) expects greater manufacturer interest in Thailand’s EV sector. The latest incentive package might be less appealing than earlier ones. Current incentives consist of tax reductions and subsidies for car producers and importers. These incentives aim to boost EV production and consumption from 2022 to 2023. The incentives range from 70,000 to 150,000 baht…
- Business News
JSCCIB to discuss Chinese goods influx and revise Thai economic forecasts
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is preparing to discuss new economic challenges such as the influx of Chinese merchandise. The committee aims to formulate a fresh economic proposal for the Srettha Thavisin Pheu Thai Party-led government. The subjects are set to be discussed in the committee’s today’s meeting. The JSCCIB intends to confer with the new…
- Business News
Baht-ing for growth: Pheu Thai Party’s digital policy to boost Thai economy
The 10,000-baht digital currency policy handout by Pheu Thai is expected to inject an estimated 2 trillion baht into the country’s economy, according to Deputy Finance Minister Julapun Amornvivat. This initiative aims to contribute to a growth of at least 5% in the GDP by 2024. Julapun Amornvivat stated that the economy would get a boost from the widespread use…
- Business News
Thai-dal wave: Taiwanese electronics firms spark 30 billion baht boom in Thailand
The electronics industry of Thailand is set to experience significant growth as 20 new investments, amounting to 30 billion baht, have been approved by the Board of Investment (BoI). These investments are from Taiwan-based electronics firms that have shown intent to establish Thailand as their new export base. The BoI indicated that this move is particularly noteworthy for manufacturers of…
- Business News
Bangkok gems and jewellery fair targets 3 billion baht in trade value
The 68th Bangkok Gems and jewellery Fair, a global hotspot for buyers, importers, and visitors, kicked off yesterday with an anticipated attendance of over 30,000 international guests. The fair, held at the Plenary Hall of the Queen Sirikit National Convention Center (QSNCC) until Sunday, is projected to amass a trade value surpassing 3 billion baht, stated Phusit Ratanakul Sereroengrit, Director-General…
- Business News
Thai shippers’ council forecasts export decline amid sluggish global demand
The Thai National Shippers’ Council (TNSC) predicts a 1% decline in exports for the current year, down from their previous estimate of a contraction between 0.5% and a 1% increase. This revision is due to ongoing sluggish global demand. TNSC Chairman Chaichan Chareonsuk stated that Thailand’s export sector is expected to decline by -1% or more this year due to…
- Business News
Tourism safety concerns: Thai Government urged to reassure China
The Thai administration is being prodded to collaborate with Beijing before implementing a visa-exemption scheme for Chinese tourists, as the country’s image suffers due to its portrayal as a transit hub for fraudulent activities in recent Chinese media, hindering tourism safety. A Chinese film titled No More Bets, which revolves around scammer networks in Southeast Asia, grossed a whopping US$505…
- Business News
Climate change hits Thai economy, calls for smart agriculture surge
The economy has been negatively impacted due to the challenges presented by climate change, leading to a decrease in farmers’ income because of reduced production, and affecting foreign investment. This has subsequently resulted in higher inflation and cost of living and impacted the export of agricultural products and food. This insight is according to a recent study conducted by the…
- Business News
Foot Locker kicks off its Thai journey, stepping into youth-driven sneaker scene
Foot Locker, the renowned speciality athletic retailer based in New York, launched its first store in Thailand, targeting the youth demographic and aiming to invigorate the sports shoe/sneaker market. The announcement came from Deepak Tomar, country general manager and director of MAP Active Adiperkasa, the official licensee for Foot Locker in Thailand, who revealed the store’s opening in the Siam…
- Business News
Thailand’s DES minister vows to combat online scams
Newly appointed Digital Economy and Society (DES) Minister, Prasert Chanthararuangthong, pledged to prioritise the suppression of online fraud and call centre scams. As part of the Pheu Thai Party‘s commitments, the DES ministry is also expected to cooperate with related agencies to roll out a digital wallet scheme by 2024, with an initial rollout anticipated for early next year. The…
- Business News
NBTC and DES ministry prepare for Thaicom 4 satellite transition in 2024
The office of the National Broadcasting and Telecommunications Commission (NBTC) is working closely with the Ministry of Digital Economy and Society (DES) to prepare for the Thaicom 4 satellite‘s 2024 lifespan expiry at 119.5° East orbit. Dr Sarana Boonbaichaiyapruck, NBTC board chair, held talks with outgoing DES Minister Chaiwut Thanakamanusorn on joint responsibilities. Thaicom previously managed both Thaicom 4 broadband…
- Business News
Kasikornbank’s ASEAN ambitions grow: Eyes on Home Credit Vietnam
Kasikornbank (KBank), the second-largest lender in Thailand by total assets, is in preliminary discussions to acquire consumer finance provider Home Credit Vietnam. This move is part of KBank’s ASEAN business expansion. Home Credit Vietnam belongs to the Netherlands-based non-bank financial institution, Home Credit Group, which is planning to offload its ASEAN businesses. KBank executive vice-president Pattarapong Kanhasuwan revealed the deal…
- Business News
Digital economy minister urged to support SMEs and combat online scams in Thailand
The newly appointed Digital Economy and Society (DES) Minister is being urged by industry leaders to combat online scams, bolster cross-border e-commerce for small and medium-sized enterprises (SMEs), and provide additional incentives to businesses for technological investments. The National Broadcasting and Telecommunications Commission (NBTC) is also looking to collaborate with the minister, Prasert Chanthararuangthong, on various initiatives to bridge the…
- World News
Indonesia introduces golden visa scheme to attract foreign investors
Indonesia has launched an initiative to draw foreign individual and corporate investors with the introduction of a golden visa scheme, aimed at bolstering the nation’s economy, according to an announcement made by the Ministry of Law and Human Rights. The director-general of Indonesia’s immigration Silmy Karim explained the new long-term, high-value visa plan. “The golden visa is granting a residence…
- Business News
Phuket Airport expansion to double capacity, costing 6 billion baht
Phuket International Airport is set to undergo a significant expansion, as approved by the Airports of Thailand (AoT). The project, which is currently in the design stage, is estimated to have a price of upwards of 6 billion baht. AoT’s President, Kerati Kijmanawat, highlighted the expansion as a primary agenda during Prime Minister Srettha Thavisin’s recent visit. The proposed airport…
- World News
AEC meeting to discuss digital economy and sustainability for ASEAN
The ASEAN Economic Council (AEC) meeting, set to take place in Jakarta, Indonesia, will be attended by Thai representatives, the objective being the discussion of the Digital Economic Framework Agreement (DEFA) progress. The upcoming 43rd ASEAN Summit’s preparations will also be a focal point in the discussions. Director-General of the Department of Trade Negotiations, Auramon Supthaweethum, shared with the press…
- Business News
Thailand’s free visa initiative to boost Chinese tourist influx by 700,000
Thailand‘s government’s initiative to issue free visas to visitors from China is expected to boost visitor figures by 700,000 during the high season, according to the Tourism Authority of Thailand (TAT). TAT governor Thapanee Kiatphaibool noted that Thailand typically receives between 350,000 and 400,000 Chinese visitors monthly, totalling 2.1 million in the first eight months of this year. Thailand accounted…
- Business News
Thai motorcycle production to exceed 2.1 million units amid tourism rebound
The Federation of Thai Industries (FTI) is forecasting that motorcycle production this year will surpass the initial target of 2.1 million units. The revival of the tourism sector and the easing of the global semiconductor shortage are cited as the primary factors for this optimistic outlook. Surapong Paisitpatanapong, the vice-chairman and spokesperson for the FTI’s Automotive Industry Club, attributes this…
- Business News
Ratch Group earmarks 35 billion baht for business expansion
Thailand’s leading private power producer, Ratch Group Plc, remains steadfast in its decision to allocate a capital expenditure of 35 billion baht for the expansion of its operations in both the power and non-power sectors this year. Chief Executive Choosri Kietkajornkul said that out of this capital allocation, 29 billion baht is for investments in power generation. She further revealed…
- Business News
AIS withdraws lawsuit against NBTC over True-DTAC merger approval
AIS, the telecommunications giant, recently took a surprising turn as it withdrew its case against the National Broadcasting and Telecommunications Commission’s (NBTC) decision, which recognised the merger between True Corporation and Total Access Communication (DTAC), its two direct competitors. The lawsuit contended that the NBTC board had failed to exercise its authority to regulate the deal according to existing regulations.…
- Aviation News
Thai Airways takes off in new direction with operational shake-up
Thai Airways International (THAI) Public Company Limited today announced several operational changes. THAI will use Airbus A320 aircraft for routes formerly managed by THAI Smile Airways: Ahmedabad, Kaohsiung, and Penang. The A320s will also fly to Kolkata, a route currently operated by THAI. Changes begin on September 1 for Ahmedabad and October 15 for Kolkata. The detailed flight schedule is…
- Business News
Pheu Thai Party’s digital handout scheme could boost Thailand’s GDP by 3%
The Pheu Thai Party‘s proposed digital handout scheme, requiring around 500 billion baht, could potentially boost Thailand’s GDP growth by 3% in the next year, according to the Bank of Thailand. Sakkapop Panyanukul, the central bank‘s director of the economic and policy department, mentioned the digital handout contribution depends on the economic multiplier. The 3% GDP projection uses a cash…
