- 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
Economic data in China sees Asian stocks surge, Thai shares dip
Asian stocks experienced a significant surge yesterday, a continuation of the global equity rally, following encouraging Chinese economic data that sparked optimism about the imminent culmination of major central banks’ tightening initiatives. Despite the overall momentum, Thai stocks saw a slight dip of 0.3% from the prior week, closing at 1,542.03 on Friday, with an average daily turnover of 46.97…
- 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…
- 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…
- Business News
Apple’s sweet surprise: iPhone 15 lineup set to juice up Thailand’s smartphone sales
Apple Inc’s new line of iPhone 15 models is set to boost Thailand’s smartphone sales in the fourth quarter, say industry analysts and a mobile phone distributor. In the premium smartphone market in Thailand, Apple and Samsung devices continue to reign. Apple debuted the iPhone 15, 15 Plus, 15 Pro, and 15 Pro Max on Tuesday. Thai consumers will be…
- 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
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
Thai-EU FTA talks set to roll, aiming for a trade-tastic deal within two years
Talks on a free-trade agreement between Thailand and the European Union (Thai-EU FTA) are set to kick off next week, to finalise the deal within a two-year timeframe. The Department of Trade Negotiations, under the Thai Commerce Ministry, is spearheading the negotiations. Auramon Supthaweethum, the department’s director-general, revealed that a team from various state agencies is being prepped for the…
- 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
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
Bangkok Airways eyes investment in proposed Phangnga airport to boost tourism
Bangkok Airways has expressed keen interest in an investment in the proposed airport in Phangnga if the government chooses to shift from a public scheme to a collaborative public-private partnership. The fresh investment is seen as a strategic move, as the new airport holds immense potential to become Thailand’s next tourist hotspot. The Thai government’s contemplation over investment into the…
- 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
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
Ticket turbulence: Thai airlines aim to price things right amid rising costs
Thai airlines plan to explain the accusations of raising ticket prices amid higher jet fuel costs. The Airlines Association of Thailand (AAT) announced it will host a seminar to clarify airfare structures and CAAT price regulations following consumer complaints. Nok Air CEO Wutthiphum Jurangkool stated that price increases mainly occurred during extended holidays due to high demand, impacting last-minute bookings.…
- 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
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
Thai hotels see surge in bookings as government agencies rush to spend budget
Thai hotels are seeing a bookings surge as government agencies rush to exhaust their fiscal 2023 budget ahead of the September cut-off. This comes following a period of stagnation in the booking of meetings due to the country’s political uncertainty. Marisa Sukosol Nunbhakdi, the Thai Hotels Association (THA) president, reported a 10-20% increase in both government and private sector meetings…
- 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
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
Line Man Wongnai and Line Thailand tap into booming Thai e-payment market
Tech giants Line Man Wongnai and Line Thailand recently revealed plans to expand their businesses by capitalising on the rising e-payment market within their business ecosystem. They officially announced last month their successful joint acquisition of shares in Rabbit Line Pay Co (RLP) from previous shareholders, RabbitPay System Co and Advanced mPAY Co. This crucial transaction has allowed Line Man…
- 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
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…
