- Business News
PTT plc eyes green methanol production
PTT Plc, a major national oil and gas conglomerate, is contemplating the construction of a green methanol production facility. The project, costing an estimated 3.1 billion baht, aligns with PTT’s initiative to curtail carbon dioxide emissions and manufacture methanol-derived fuels. Traditionally, methanol production relies heavily on fossil fuels. However, PTT’s proposed method utilises biomass or carbon capture techniques, paving the…
- Business News
LiVE Fin Corp launches new S curve to capital market initiative
LiVE Fin Corp, under the aegis of the Stock Exchange of Thailand (SET), has set in motion a new initiative that seeks to bolster the potential of 60 entrepreneurial entities, startups, and small to medium-sized enterprises (SMEs) in high-growth sectors. The initiative, christened “New S Curve to Capital Market,” has been crafted in partnership with KPMG Thailand, the National Innovation…
- 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
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 tourism federation calls for urgent supply development
The Federation of Thai Tourism Associations (FETTA) has revealed its intention to present an urgent demand for supply development to the government. The appeal is due to a rising demand that is overburdening the existing infrastructure. This was disclosed by FETTA Secretary-General Adith Chairattananon. Adith explained that while the government has been keen on stimulating demand by granting visa exemptions…
- 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
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…
- Business News
Thailand forecasts 558 billion baht foreign investment in key sectors
Following a series of global roadshows led by Prime Minister Srettha Thavisin, the Board of Investment (BoI) anticipates a surge of at least 558 billion baht (US$15 billion) in foreign investment inflows into Thailand. The funds are expected to be channelled primarily into four critical sectors – digital, electric vehicles (EVs) and components, electronics and semiconductors, and logistics. BoI’s Secretary-General,…
- 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 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
True Corporation and DTAC merger lawsuit stirs telecom sector
A recent order from the Supreme Administrative Court may be causing ripples in the telecommunication sector. The court has asked the Central Administrative Court to accept a lawsuit filed by five individuals, aimed at nullifying the National Broadcasting and Telecommunications Commission’s (NBTC) approval of the merger between True Corporation and Total Access Communication (DTAC). However, industry insiders view this order…
- 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
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
Thailand Stock Exchange shakes up trading oversight
The Thailand Stock Exchange (SET) has launched a series of initiatives to bolster trading oversight and refine company listing criteria. This move is to regain investor confidence, following a 15.5% negative return last year, the worst performance globally among stock exchanges. Foreign investors offloaded 192 billion baht worth of Thai shares last year, with this trend continuing into the first…
- 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…
- 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…
- Thailand News
Boosting economic growth: Thailand-Hungary relationship
Hungary seeks to cultivate a stronger bilateral relationship with Thailand as part of the Central European country’s objective to achieve 4% economic growth in the current year, according to Péter Szijjártó, the country’s Minister of Foreign Affairs and Trade. Trade between Thailand and Hungary hit a new high last year, exceeding US$730 million (approximately 26 billion baht). Thailand made significant…
- 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
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
Political unrest fuels growth in Thailand Privilege Card membership
Political unrest and geopolitical conflicts worldwide have propelled the Thailand Privilege Card’s membership count to a staggering 3,871, according to the card’s operator. The card’s operator, Thailand Privilege Card Co (TPC), noted that the long-stay visa, spanning from five to 20 years across four membership categories, has been a significant draw for individuals in countries facing severe political challenges. Russia,…
- 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
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 workers anticipate 41% pay rise due to AI skills acquisition
A recent report reveals that Thai workers anticipate a significant salary increase of over 41% through the acquisition of artificial intelligence (AI) skills. This surge also promises to catalyse career advancement. The report reveals that by 2028, AI will be embedded in approximately 98% of Thai organisations. These statistics underscore the growing importance of AI-skilled employees, with 94% of employers…
