- Business News
Thailand’s DES ministry to establish national AI committee
Plans are underway by the Digital Economy and Society (DES) Ministry in Thailand to establish a new national artificial intelligence (AI) committee. The initiative is part of the second phase of the national AI strategy. The strategy is a cornerstone of Thailand’s ASEAN Digital Economy and AI Hub Plan, a key driver for the country’s digital economy. The ministry also…
- Business News
Krungsri aims for 7% loan growth in multinationals.
Despite a contraction in loans last year, Krungsri, Bank of Ayudhya, is ambitiously targeting a 7% loan growth for its Japanese and multinational corporation (JPC/MNC) banking clients this year. This was announced by Bunsei Okubo, head of JPC/MNC banking at Krungsri, who attributed last year’s 10% loan contraction to the sluggish growth of the Thai economy and the automobile industry.…
- Business News
Thailand’s tourism seeks boost after Cabinet reshuffle cooperation
Following the recent Cabinet reshuffle, Thailand’s tourism operators are urging for enhanced cooperation among ministries and related authorities to sustain the country’s transformation into a tourism and aviation hub. Khao San Road Business Association President Sanga Ruangwattanakul asserted that the Cabinet reshuffle would not destabilise the government, provided its key policies, particularly the 2030 Ignite Thailand vision, are sustained. This…
- Business News
Pichai Chunhavajira announced as new Thai Finance Minister
The former Stock Exchange of Thailand (SET) chairman has been appointed as the new finance minister, a move that has garnered a positive reception from stock market analysts. They believe Pichai Chunhavajira will play an active role in managing the capital market and advancing economic stimulus, now that the 2024 fiscal budget is prepared for allocation. Expressing his view on…
- Business News
Thailand and India to launch QR cross-border payments
The Bank of Thailand (BoT) is set to introduce QR code cross-border payments between Thailand and India by the third quarter of this year, with a broader vision to expand this system into a pan-Asian multinational payment network. The Assistant Governor for Payment Systems Policy and Financial Consumer Protection Group at the central bank, Daranee Saeju, revealed that the payment…
- Business News
NBTC board rejects new mobile tariff structure due to lack of study
The National Broadcasting and Telecommunications Commission (NBTC) board declined to approve a new tariff structure for mobile services, citing a lack of comprehensive study on the matter. The proposed tariff would have charged customers on a per-second basis, reflecting actual usage. The board has voiced concerns over the potential for increased costs for consumers and has asked for a more…
- Business News
SEC warns digital asset exchanges on special privileges
The Deputy Secretary-General of the Securities and Exchange Commission (SEC) issued a stern warning to digital asset exchange operators. The caution comes in light of recent findings by the SEC, which reveal that these exchanges often entice the public to invest by offering special privileges, thereby encouraging trades on their platforms. Anek Yooyuen emphasised that the operations of digital asset…
- Phuket News
Phuket Town’s southern side to face major power cut tomorrow
A significant power interruption is set to impact a substantial portion of Phuket Town’s southern side tomorrow, as announced by the main branch of the Provincial Electricity Authority for Phuket (PEA Phuket). The power cuts, scheduled from 9am to 4.30pm, are part of routine maintenance works undertaken by the power authority. PEA Phuket has devised a strategy to lessen the…
- Business News
Israel-Iran conflict threatens Thai economy in Q2
The ongoing conflict between Israel and Iran poses a potential threat to the Thai economy in the second quarter. Anticipated challenges include currency depreciation, an increase in oil prices, and a decrease in purchasing power. This comes after the International Monetary Fund reduced its Thai GDP forecast significantly from 4.4% to 2.7% growth, due to a slump in domestic consumption.…
- Business News
Thai commerce minister to boost fruit exports to China via Laos
An evaluation of the Boten and Mohan checkpoints’ capacity to facilitate Thai fruit exports to China is on the agenda for Commerce Minister Phumtham Wechayachai. This is part of a strategy to ease the exportation process of Thai fruit during the 2024 harvest season, with shipments expected to commence at the end of April. The ministry’s spokesperson, Wittayakorn Maneenetr, reported that…
- Business News
Asian millennials and Gen Z prefer regional travel, says Marriott
Rising travel expenses have led to an increase in intra-regional tourism among Asia-Pacific’s Gen Z and millennial tourists, according to Marriott International. The younger adults, keen on saving for their travels, are opting for trips within their region. In 2023, intra-regional travellers accounted for over 60% of bookings in the Asia-Pacific region, a significant increase from the 40-50% before the…
- Business News
Thai car production takes a hit with 23.08% decline in March
Thailand’s car production experienced a significant downturn of 23.08% in March compared to the same period last year, producing only 138,331 units, according to data from the Federation of Thai Industries (FTI). This follows a year-on-year decline of 19.28% in February. Over the first quarter of the year, car production has decreased by 18.45% year-on-year, amounting to 414,123 units. According…
- Technology News
Thailand gears up for stricter AI regulations, eyeing legal framework
The need for stricter artificial intelligence (AI) regulations has been highlighted, as countries, including Thailand, prepare to develop comprehensive AI legal frameworks. This follows the approval of the world’s first comprehensive AI law, the AI Act, by the European Parliament. Putchapong Nodthaisong, Secretary-General of the National Digital Economy and Society Commission, revealed that the commission already has AI ethics guidelines…
- Business News
Thai government changes funding approach for digital wallet project
Prime Minister Srettha Thavisin’s coalition government has made a crucial change to its flagship scheme, a digital wallet project aiming to distribute 10,000 baht (US$270) to 50 million Thais. The government has switched from borrowing funds, which faced severe criticism and raised concerns about possible violations of financial and fiscal discipline regulations, to using money from the annual expenditure budget.…
- Business News
Thailand’s central bank defends policy rates amidst govt pressure
Amidst persistent governmental pressure to decrease borrowing costs and stimulate slow-paced growth, Thailand’s central bank (BoT) defended its current policy interest rate settings today, stating they are resilient and capable of tackling future economic risks. The bank warned that although rate reductions could alleviate debt in the short term, they could also invite long-term hazards. By maintaining a steady rate…
- Tourism News
Thailand expects nearly a million Chinese and Japanese visitors
Tourism in Thailand is set to experience a significant boost as an estimated 996,000 Chinese and Japanese tourists are predicted to visit during the Labour Day holiday and Japan’s Golden Week. This figure indicates a 29% increase from the corresponding period last year, according to the Tourism Authority of Thailand (TAT). From April 26 to May 5, Thailand is expected…
- Thailand News
Thai firms jointly build waste-to-energy power facilities
A strategic alliance has been formed between local power and waste management firms to jointly finance and construct 12 waste-to-energy power facilities and three refuse-derived fuel production plants. This initiative is aimed at bolstering the country’s bio, circular, and green economic strategies. Supawat Khunvoravinij, who is currently serving as the acting managing director of Earth Tech Environment, a waste recycling…
- Business News
BoT may adjust policy due to economic changes and challenges
The Bank of Thailand (BoT) may revise its monetary policy if economic changes in the landscape and structural challenges significantly lower its long-term potential growth, disclosed BoT Deputy Governor Alisara Mahasandana. This follows governmental pressure on the central bank to decrease interest rates. Alisara, speaking from the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, highlighted that…
- Automotive
Electric car sales to surge by 2024 despite economic challenges
The International Energy Agency (IEA) predicts a robust growth in the sales of electric cars in 2024, despite economic challenges in certain markets. Key driving factors for this surge include affordability and the development of charging infrastructure. The IEA estimates that electric car sales will reach 17 million this year, a boost from 14 million the previous year. This indicates…
- Thailand News
Thai tourism sector proposes 300-baht tax to counter over-tourism
Thai tourism operators are advocating for government regulations to address the rising issue of over-tourism in the country. They propose the implementation of a 300-baht tourism tax, which they believe could alleviate the problem. Their call for action comes in response to Prime Minister Srettha Thavisin’s commitment to make 2025 a pivotal year for Thai tourism. The Federation of Thai…
- Business News
Phuket anticipates one million Chinese tourists post-Songkran
The popular tourist resort island of Phuket is gearing up to welcome an additional influx of 1 million Chinese tourists this year. This forecast comes in the wake of a targeted tourism promotion that took place across three Chinese cities. Anupab Vejwanichsanong, who occupies the role of the vice president for the Phuket Administration Organisation, revealed today, April 22, that the roadshow’s…
- Business News
Thailand urged to increase renewable power target beyond 50%
A call for an increase in renewable power generation beyond the target of 50% outlined in the Power Development Plan (PDP) has been issued to the government. The PDP is due to be finalised in the second quarter of this year. This rise is essential since Thailand has pledged to achieve carbon neutrality, a balance between carbon dioxide emissions and…
- Business News
Plant-based meat popularity fuels new ventures in Thailand
The appeal of plant-based meat production continues to rise as companies recognise the lucrative potential of this burgeoning sector. The opportunity to tap into a new revenue stream and cater to health-conscious consumers has led to collaborations between local entrepreneurs, scientists, and international firms, said Buranin Rattanasombat, the senior executive vice-president for new business and infrastructure at PTT Plc. “In…
- Business News
Singapore introduces flexible work options from December 1
Singapore employees are set to enjoy a new level of workplace flexibility starting from December 1, with the ability to request four-day work weeks, increased remote working days, and varied work timings. This move is part of a broader global shift as governments and companies loosen traditional office structures to retain skilled staff. The Ministry of Manpower has revealed that…
- Thailand News
Dip in Pattaya hotel occupancy despite Songkran festivities
Pattaya’s hotels and those in neighbouring provinces have seen a dip in occupancy rates during the Wan Lai Songkran festival. This downturn has prompted hoteliers to critique the promotional strategy for the extended 21-day Songkran celebration. Morrakot Kuldilok, head of the eastern chapter of the Thai Hotels Association (THA), projected that the occupancy rate in Pattaya would touch 70% over…
- Tourism News
Japan’s visitor count hits record high with Thai tourists in the mix
Japan experienced a surge in foreign visitors in March, surpassing the three million mark for the first time in a single month. Thai tourists to Japan ranked sixth, contributing to the notable increase in visitors. South Korea topped the list with 663,100 visitors marking a 13.2% rise from 2019 pre-pandemic levels. Taiwan and China followed with 484,400 and 452,400 visitors…
- Business News
Major creditors to rescue distressed Italian-Thai Development
Italian-Thai Development (ITD) Plc, currently facing financial distress, is set to receive an infusion of funds from its major creditors. The provision of fresh capital is aimed at bolstering the company’s operations without necessitating any rehabilitation plan. Bangkok Bank (BBL) President Chartsiri Sophonpanich, who is also a key ITD creditor, underlined the strong long-term business prospects of ITD, despite the…
- Business News
Thailand advances its bid for OECD membership to boost economy
Thailand is forging ahead with its application to become a member of the Organisation for Economic Cooperation and Development (OECD), a move that is anticipated to significantly enhance the country’s economic growth. The Thai Foreign Affairs Minister, Parnpree Bahiddha-Nukara, took a proactive step on Tuesday, April 16, by submitting an official letter of intent to Mathias Cormann, the secretary-general of…
- Business News
Hyundai’s electrifying dismay: Thailand EV sales spark low
Hyundai Mobility Thailand, the Korean automaker’s subsidiary, warns that this year’s electric vehicle (EV) sales in Thailand may fall short of the predicted 130,000 units. The company cites an ongoing price war amongst Chinese EV manufacturers as the primary obstacle, leading to unstable car prices and discouraging potential buyers. The managing director of Hyundai Mobility Thailand, Wallop Chalermvongsavej, noted the…
- Business News
Thailand’s revenue department ups tax amid economic slowdown
The Revenue Department faces a challenging year in meeting its tax collection targets, owing to a slowdown in economic activities. Despite this, five sectors have been identified as promising. The department, led by director-general Kulaya Tantitemit, has increased its revenue collection target to 2.27 trillion baht (US$61.7 billion) for the fiscal year 2024, up from 2.02 trillion baht (US$55 billion)…
