- Thailand News
Thai AirAsia sees triple surge in China flight bookings
In the wake of the permanent visa-free arrangement between Thailand and China, Thai AirAsia saw a wave of soaring bookings, catapulting towards a threefold increase in flights from Thailand to mainland China. Tansita Akrarittipirom, the director of commercial operations at Thai AirAsia, revealed that the company is witnessing a seismic shift in passenger demographics. “Previously, only 10% of our passengers…
- Business News
Thai SMEs urged to leverage Secured Transaction Act for loans
The Thai Commerce Ministry is encouraging small and medium-sized enterprises (SMEs) to capitalise on the Secured Transaction Act. This act allows businesses to use assets with economic value, such as machinery, high-value trees, and intellectual property, as collateral for securing loans. Deputy Commerce Minister Napintorn Srisunpang made these remarks during the opening of the Business Collateral Fair. The event was…
- Business News
Thai govt accelerates Thai-European FTA negotiations
The Thai government is speeding up negotiations for the Thai-European Free Trade Association (EFTA) to conclude within the current year. This information followed a discussion between Commerce Minister Phuntham Wechayachai and Swiss Ambassador Pedro Zwahlen. The minister revealed that the talks are being hastened following the policy of Prime Minister Srettha Thavisin’s administration, which desires to expand opportunities and bolster…
- Business News
Bitcoin forecast to break US$80,000 barrier by year-end
Cryptocurrency prices, particularly Bitcoin, have experienced an unexpected surge this year. The world’s largest cryptocurrency exchange, Binance’s chief executive, Richard Teng, previously predicted Bitcoin would conclude 2024 at approximately US$80,000. However, current market trends indicate that Bitcoin could surpass that figure before the year ends. Bitcoin’s popularity has been on the rise, reaching an all-time high of US$73,750 in mid-March.…
- Business News
Thai economy struggles post-election, foreign investment declines
Thailand’s economy continues to struggle despite the first General Election since 2019, which was anticipated to stimulate growth and attract foreign investors. Instead, the nation has seen its benchmark stock index decline for the fifth quarter consecutively, foreign investment is waning, and the baht is showing the second-worst performance amongst Asian currencies. According to Narongsak Plodmechai, CEO of SCB Asset…
- Business News
BAAC to back 50,000 tech-savvy farmers with 55 billion baht
The Bank for Agriculture and Agricultural Cooperatives (BAAC), a state-owned entity, outlined an ambitious plan to foster a new breed of technologically adept farmers. The bank intends to support 50,000 young, smart farmers over the next five years, offering low-interest loans that total 55 billion baht (US$1.5 billion). BAAC president, Chatchai Sirilai, announced the project’s key objective following a memorandum…
- Business News
Thai domestic car sales slump hits 26% as pickup sector suffers
The Federation of Thai Industries (FTI) reported a 26% year-on-year drop in domestic car sales for February, primarily affecting the pickup sector. This downturn is expected to hit a two-year low. The total number of cars sold in the country came to 52,843 units, a significant drop from the previous year’s 71,551 units. Despite the worrying sales slump, Surapong Paisitpatanapong,…
- Business News
Growth in Thai exports expected in Q1 due to stable freight costs
Thailand is set to experience a 1 to 2% growth in export value during the initial quarter of the year, fuelled by stable freight costs and rising shipments of key commodities such as rubber, rice, pet food, electronics, and automobiles. This positive forecast is shared by Keerati Rushchano, the permanent secretary of commerce, who anticipates a steady growth trajectory as…
- Thailand News
Hong Kong’s national security law: Foreign corporations
Corporate lawyers and consultants have revealed that foreign corporations operating in Hong Kong have been revisiting their strategies since the previous year in anticipation of the recently passed domestic national security law. Despite assurances from the city and central authorities that the legislation, dictated by Article 23 of the Basic Law, would neither disrupt operations nor negatively impact the city’s…
- Business News
Thailand’s car industry hits the brakes: Production plunges 20%
With a significant decrease in production, Thailand’s car output experienced a 19.28% year-on-year slump in February, with the total units produced amounting to only 133,690, as reported by the Federation of Thai Industries (FTI). The numbers, attributed predominantly to the reduced production of pickup trucks and increased imports of electric vehicles (EVs), starkly contrast the 12.46% dip recorded in January.…
- Business News
Thai stock market hits snooze button despite extended hours
Despite the extension of the Stock Exchange of Thailand‘s (SET) trading hours and looming interest rate cuts by the Bank of Thailand, the Thai market failed to rally yesterday. Concerns over a premature rate cut and the aftermath of a recent terrorist attack near Moscow fuelled investor anxiety. The SET yesterday, March 25, increased its trading period from 270 to…
- Business News
Thai EV market shifts into gear with Chinese investment
Major automobile companies are forecasting a rapid escalation in the Thai electric vehicle (EV) market, propelled by increased investment from Chinese EV manufacturers. This is anticipated to ignite a price war as manufacturers strive to lure consumers with competitive pricing. This viewpoint was shared by Narong Sritalayon, the managing director of Chinese automaker Great Wall Motor (GWM), in a statement…
- Business News
Thai fruit frenzy: Chanthaburi aims to peel away competition
Chanthaburi is set to be promoted as the leading fruit exporter to China by the Commerce Ministry, to drive sales of durian and mangosteen to exceed 3 billion baht. This move has been catalysed by a recently signed memorandum of understanding (MoU) between the Thai-Chinese Agricultural Import-Export Association and the China Fruit Marketing Association. Commerce Minister Phumtham Wechayachai emphasised that…
- Business News
Thai PM considers turning air force base into commercial airport
Thailand Prime Minister Srettha Thavisin has been approached by provincial authorities in Nakhon Ratchasima to convert the local air force base into a commercial airport. The appeal was made during a meeting yesterday, March 24, to foster business growth and encourage tourism in the province, according to deputy spokesperson Kenika Ounjit. The authorities are requesting the private sector be allowed…
- Business News
Chinese EV investments in Thailand linked to zero dollar tours
Chinese Electric Vehicle (EV) makers’ investments in Thailand have sparked comparison with a notorious scam, the zero dollar tours, among some industry insiders. The scam, which came into the limelight in 2016, involved Chinese tourists being enticed with inexpensive tour packages in Thailand, only to be compelled to purchase overpriced souvenirs and services. The parallel is being drawn because Chinese…
- Business News
Thailand govt releases 1.35 trillion baht from 2024 budget
Between October 1, 2023, and March 8, a whopping 1.35 trillion baht has been released from the 2024 fiscal budget by the Thailand government, according to data from the Comptroller-General’s Department. Comptroller-General’s Department Director-General Patricia Mongkhonvanit explained that the 2024 Expenditure Budget Act draft is still under review by the House of Representatives. In such scenarios, the Budget Bureau’s Budgetary…
- Business News
Charged up: Thai finance chief sparks debate on EV development
Thailand’s finance permanent secretary stressed the need for the country to continue developing its electric vehicle (EV) sector, despite concerns about the arrival of the Chinese EV supply chain in the local automobile industry. Lavaron Sangsnit warned that without active policies to encourage EVs, Thailand may be overlooked as a locale for factory establishment due to the lack of essential…
- Business News
Thailand grapples with surge in illegal foreign workers in tourism
The Labour Ministry of Thailand has expressed worries over the persistent issue of foreigners being unlawfully employed within the country’s tourism sector. Labour Minister Phiphat Ratchakitprakarn revealed that the ministry has been vigilantly tracking the situation and has reported a steady increase in the number of illegal foreign workers. From October 2023 to February 2024, as many as 13,424 foreigners…
- Business News
Japan experiences surge in qr code transactions amid push for digitalisation
Across Japan, a surge in electronic payment drives has been noted, as municipalities aim to encourage digitalised consumption through QR code transactions. These campaigns, often run in collaboration with local businesses, have seen increasing popularity, despite resistance from certain demographics, particularly the elderly and those less adept with digital devices. The country’s significant elderly population, a group that has been…
- Thailand News
Chao Phraya Princess enhances cruise services to boost tourism
Thailand’s tourism industry is witnessing a revival, with operators enhancing their services to attract the global inflow of tourists. A sought-after experience for many first-time visitors in Bangkok is a scenic cruise along the Chao Phraya River, the country’s main thoroughfare. Chao Phraya Princess, among the largest river cruise operators, has weathered several crises, including the Covid-19 pandemic. To survive…
- Business News
Unveiling Thailand’s cultural heritage through mini-dramas
The Department of Commerce is encouraging business owners to utilise mini-dramas as a means of enhancing the global market’s awareness of the nation’s cultural heritage, traditions, and tourism opportunities. Commerce Minister Phumtham Wechayachai recently introduced actors to Prime Minister Srettha Thavisin, demonstrating the government’s commitment to promoting local products worldwide through the Y-Yuri Series. The department teamed up with well-known…
- Business News
Powering down to unplug overhead chaos for underground gain
Four major organisations, namely the Metropolitan Electricity Authority (MEA), the Provincial Electricity Authority (PEA), the National Broadcasting and Telecommunications Commission (NBTC) and the Bangkok Metropolitan Administration, have joined forces to replace overhead cables with underground ones along 116 routes. This substantial project, spanning across both Bangkok and other provinces, will cover a total distance of 213 kilometres. Originally slated for…
- Business News
MR. D.I.Y. undeterred by Thai wage hike, continues expansion
MR. D.I.Y., a leading home improvement retailer, persists in its expansion plans in Thailand, unperturbed by the recent escalation in the daily minimum wage. The CEO of MR. D.I.Y. Thailand, Andy Chin, acknowledges that while this wage increase may raise the company’s costs slightly, it will be advantageous for the economy. Chin predicts a positive surge in the retail sector…
- Business News
Fed’s rate cut sends gold soaring past US$2,200 per ounce
Gold soared beyond US$2,200 per ounce for the first time, following the Federal Reserve’s decision to maintain its forecast of three rate cuts this year. The Federal Reserve seems undeterred by recent inflation increases. Early trading saw Bullion reach an unprecedented high before retreating slightly. Its meteoric rise since mid-February has been underpinned by enduring support such as escalating geopolitical…
- Business News
Thailand targets diverse travel groups to boost tourism revenue
Thailand‘s aim of generating 3.5 trillion baht (US$97 billion) in tourism revenue this year requires a broader appeal beyond just leisure travellers to be competitive with other destinations, as per Dusit International. Suphajee Suthumpun, the CEO of Dusit Group, pointed out that while the new visa-free scheme is likely to ease travel, it alone would not suffice to boost revenue.…
- Business News
Northern Thailand braces for severe air pollution crisis
Northern Thailand, specifically the provinces of Chiang Mai, Chiang Rai, and Mae Hong Son, are bracing for severe PM2.5 air pollution. These areas, surrounded by mountains and hills, have previously been rated as the most polluted globally. The pollution crisis has strained the public healthcare system and forced locals to invest in air purifiers and face masks for protection. While…
- Business News
Q-Con’s land acquisition set to boost southern Thailand’s economy
The Industrial Estate Authority of Thailand (IEAT) anticipates its recent land sale to Quality Construction Products Plc (Q-Con), a lightweight brick manufacturer, to bolster the increasing demand for bricks and endorse the government’s economic upliftment plan for the southern region. Situated in the Southern Region Industrial Estate, the 35-rai land was acquired by Q-Con, which had committed to a purchase…
- Business News
Thai govt’s cash splash: 500 billion baht digital wallet green light
With a budget proposal of 3.48 trillion baht (US$96.5 billion) for the fiscal year under discussion, the Government of Thailand is determined to proceed with a significant 500-billion-baht (US$13.8 billion) digital wallet handout scheme, according to Deputy Finance Minister, Julapun Amornvivat. During the parliamentary debate, Julapun stated the possible necessity of securing a loan via a bill to finance the…
- Business News
Thai economy falters as high interest rates impact major sectors
The Thai economy has taken a hit, with government revenue collections falling short of the target. Lavaron Sangsnit, the permanent finance secretary, attributed the shortfall to high interest rates, which have significantly reduced the purchasing power of consumers, impacting major sectors such as automobiles and real estate. Consumers, particularly those interested in purchasing cars or homes, have found their ability…
- Business News
Thailand anticipates American tourism influx due to Songkran
The Tourism Authority of Thailand (TAT) is anticipating a robust tourism influx from North and South America this year, with a projection of at least 1.5 million tourists – a figure that mirrors the 2019 statistics. This surge is attributed to the confluence of the Songkran celebrations and the Easter holiday in April. Deputy Governor for Europe, Africa, the Middle…
