Economy News
Thailand economy news, business updates, financial markets, and government policies—stay informed on economic developments shaping the nation. Get the latest from The Thaiger, your trusted source for Thailand economic news.
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Thai Finance Ministry pledges market confidence amid scandal
Thailand’s Finance Ministry vows to restore confidence in the Thai capital market following allegations of fraud involving former executives of Energy Absolute (EA), a company listed on the Stock Exchange of Thailand (SET). Finance Permanent Secretary Lavaron Sangsnit expressed optimism that actions by the Securities and Exchange Commission (SEC), in collaboration with the Department of Special Investigation (DSI) and the…
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Fertiliser fiasco: Thailand halts farmers’ subsidy scheme
Trouble is brewing for Thailand’s farmers as the much-anticipated fertiliser subsidy faces suspension until next year, according to Agriculture Minister Thamanat Prompow. Thamanat announced plans to discuss the troubled fertiliser subsidy policy with economic ministers, following revelations that the scheme could be on hold until 2024. Initially, the government had approved subsidies of 500 baht per rai, capped at 10,000…
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CIMB promotion offers increased interest rates for saving accounts
CIMB Thai is offering a new range of savings accounts with increased interest rates until the end of July. Beginning on June 1, CIMB Thai customers who open a ‘Speed Savings Account’ will receive an increased bonus interest rate to help grow their savings. Each savings account will receive a base interest rate adjusted based on the total amount of…
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Thailand approves genome editing to boost agricultural yields
Thailand officially sanctioned Genome Editing (GEd) technology for advanced plant breeding, aiming to boost yields while reducing chemical use in agriculture, according to the Department of Agriculture (DoA). DoA Chief Rapeepat Chansriwong announced the approval of the GEd technique under a ministerial regulation. This decision was endorsed by the agriculture minister and subsequently published in the Royal Gazette. Typically, new…
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Udon Thani hotel calls for delay in electricity rate hike
A prominent hotel in Udon Thani urged the government to delay the planned electricity rate hike, citing concerns about the current purchasing power of consumers. They argue that customers are only spending on necessities, and an increase in electricity costs could further impact the number of patrons using their services. Apicha Veerachatiyanukul, the managing director of Udon Plaza Co., Ltd.,…
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Thai PM announces 10,000 baht digital wallet registration date
Registration for the 10,000-baht digital wallet handout starts on August 1, as announced by Prime Minister Srettha Thavisin. This initiative aims to stimulate the economy through significant government spending. The Bangkok-born PM shared the date on X (Twitter) yesterday, July 15, coinciding with the Digital Wallet Policy Committee’s meeting to finalise preparations for registering eligible recipients and vendors. He emphasised…
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Thailand excludes groups from digital wallet project
The Government of Thailand decided to exclude two specific groups from participating in the 10,000-baht digital wallet project. This announcement comes as they prepare to release the registration timeline for the project tomorrow. The Deputy Minister of Finance, Chulaphan Amornvivat, disclosed the decision following a meeting at the Government House. The meeting also addressed the sources of funding for the…
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Thai factory closures, a victim of Chinese imports surge
Chinese electric vehicle (EV) manufacturer BYD recently opened its inaugural Southeast Asian factory in Thailand, garnering considerable attention and praise for the country’s industrial foresight. However, this development also adversely affected long-established Japanese automakers, leading to a ripple effect across numerous Thai factories. A crucial development went relatively unnoticed as Suzuki Motor announced the closure of its Thai factory, with…
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Thailand energy, finance, tourism to boost revenue in fiscal 2024
Energy businesses, financial institutions, and tourism are expected to be the primary revenue contributors for the Revenue Department this year, according to its chief. These sectors have shown strong performance and are anticipated to generate significant tax revenues during the first nine months of fiscal 2024 (October 2023 to June 2024). Revenue Department Director-General Kulaya Tantitemit highlighted that while these…
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King Vajiralongkorn supports sustainable farming and welfare
King Maha Vajiralongkorn Phra Vajiraklaochaoyuhua has consistently demonstrated his commitment to the agricultural sector, recognising its vital role in the national economy since his days as Crown Prince. His Majesty has undertaken numerous initiatives aimed at improving the livelihoods of farmers throughout the country. These initiatives have not only strengthened the bond between farmers and the monarch but also frequently…
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South Australia governor seeks Thai partnership in food, agriculture
South Australia State Governor Frances Adamson has committed to fostering collaboration with Thailand in the food and agriculture sectors, highlighting shared economic objectives between the two regions. Adamson’s visit to Thailand spanned from July 8 to 11, where she engaged with government officials and leaders in various sectors including arts and culture, agriculture, energy, and the wine industry, aiming to…
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Nation Group: Salary cuts apply to management team only
Nation Group has clarified that its recent salary suspension affects a mere 10% of its staff, primarily targeting the management team. This revelation comes amid swirling rumours and public outcry, which the company attributes to distorted messages presenting partial truths, causing widespread public misunderstanding and online criticism, damaging the organisation’s reputation. Dismissing any notions of being in crisis, Nation Group…
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Chinese foreign minister calls for ASEAN regional cooperation
During a meeting between the Thai and Chinese foreign ministers to discuss the consultation mechanisms between the two nations, Chinese Foreign Minister Wang Yi emphasised the importance of upholding the ASEAN-centered East Asian regional cooperation framework and rejecting exclusive small circles. Wang and Thai Foreign Minister Maris Sangiampongsa co-chaired the second meeting between the foreign ministers. This two-day visit marked…
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Thailand’s EV 3.0 policy faces major oversupply challenges
The Thai Electric Vehicle Association (EVAT) issued a cautionary note to electric vehicle (EV) manufacturers in Thailand, alerting them to the potential for a significant oversupply of EVs in the coming years. This warning arises from the production requirements stipulated under the EV 3.0 policy. This policy, which has been previously lauded for encouraging domestic EV production, offers import tax…
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Nation Group announces partial salary suspension
Nation Group announced a partial salary suspension for some employees due to a significant decline in advertising revenue across the media industry, driven by current economic conditions. Chairperson Chai Bunnag also opted to forego his salary. Nation Group released an announcement, numbered 015/2567, detailing the decision to partially suspend salaries. This measure comes in response to a sharp decrease in…
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Japanese tourists to flock to Thailand despite economic woes
To revive tourism, the Tourism Authority of Thailand (TAT) unveiled dynamic strategies to draw Japanese tourists back to the Land of Smiles. Despite the yen’s depreciation, TAT Tokyo Office Director Kajorndet Apichartrakul remains optimistic about reversing the deficit in tourist numbers with Japan. Last year, 995,000 Thai tourists visited Japan, while only 804,000 Japanese tourists came to Thailand, resulting in…
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Thai-Philippine MoUs for rice exports worth 2.8 billion baht signed
The Commerce Ministry recently facilitated a significant trade development, leading a team of rice exporters to the Philippines and securing memorandums of understanding (MoUs) valued at 2.8 billion baht (US$77 million). Ronnarong Phoolpipat, Director-General of the Foreign Trade Department, headed the delegation, which included Charoen Laothamatas, president of the Thai Rice Exporters Association, during a visit from July 3 to…
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Thailand’s BOI opens first Saudi branch amid growing ties
Thailand’s Board of Investment (BOI) will inaugurate its first branch in Saudi Arabia this week, signalling a new chapter in economic relations between the two nations. The new office in Riyadh, opening this Sunday, July 14, marks a significant step in fostering investment and business growth. This strategic expansion has drawn high-profile attendees, including Foreign Minister Maris Sangiampongsa and over…
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Thailand’s oldest oilfield to get 300 million baht redevelopment
Thailand’s oldest oilfield is set for redevelopment with a budget of 300 million baht, as announced by the Defence Energy Department’s Northern Petroleum Development Centre (NPDC). The redevelopment plan of Fang Oilfield in Chiang Mai includes upgrading the oil refinery to Euro5 standards, enabling it to produce lower-sulphur diesel that is safe for car engines, according to Montri Jeennakorn, director…
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GAC AION charges ahead in Thailand with new EV hub in Rayong
China’s 4th-largest electric vehicle (EV) manufacturer, GAC AION New Energy Automobile, is gearing up to revolutionise Thailand’s automotive landscape with the inauguration of a state-of-the-art manufacturing facility in Rayong’s Eastern Economic Corridor (EEC) on July 17. Industry Minister Pimphattra Wichaikul announced that the cutting-edge plant, costing a staggering 2.3 billion baht, is poised to kick off operations by November. Boasting…
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Thai king’s sustainable model boosts Thai agriculture
King Maha Vajiralongkorn Phra Vajiraklaochaoyuhua’s Khok Nong Na Model is revitalising Thai agriculture with its sustainable approach designed for the people’s happiness. The model advises farmers to divide their land into equal parts for plant cultivation, pond construction, and housing. To commemorate the king’s 71st birthday last year, reporters interviewed Wiwat Salyakamthorn, former agriculture and cooperatives minister, who now chairs…
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Thailand delays legal advice on digital wallet funding
The Thailand government has not yet sought legal advice from the Council of State regarding the use of funds from the Bank for Agriculture and Agricultural Cooperatives (BAAC) to partially finance the digital wallet scheme, confirmed Pakorn Nilprapunt, Secretary-General of the Council. Pakorn clarified that the government does not need to consult the council if it plans to use money…
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Pol-ishing Thais: Thailand, Poland to boost medical technology ties
Thailand and Poland, despite their close trade ties, are urged to enhance their business cooperation, particularly in the medical technology sector, according to Polish Ambassador Artur Dmochowski. During a seminar in Bangkok yesterday, July 9, Dmochowski highlighted Poland‘s desire to strengthen economic, commercial, and technological exchanges with Thailand. The event aimed to showcase advancements in Polish medical technology. The Polish…
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Chiang Mai used car dealers rev up amid economic turmoil
Chiang Mai’s used car dealerships are on the brink of collapse as they battle economic woes and intense price wars. The once-thriving market is now a battleground, with many dealerships shutting their doors while the survivors cling on by the skin of their teeth. The surge in repossessed vehicles and stricter financing regulations have only added fuel to the fire.…
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Reforming Thailand’s creative sector to boost economy globally
Thailand’s creative industry requires a comprehensive reform to foster growth both domestically and internationally, as emphasised by the soft power development subcommittee. The government has identified the creative sector as a crucial driver for economic enhancement and international recognition, leveraging Thailand’s soft power. The 5F approach, encompassing Thai food, films and videos, fabric and fashion design, martial arts, and traditional…
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Thailand aims for 8 million Chinese tourists if airlines boost capacity
The Tourism Authority of Thailand (TAT) has stated that the goal of attracting 8 million Chinese tourists this year is attainable, provided airlines can increase seat capacity to over 80% of pre-pandemic levels. Chinese tourists had surpassed visitors from other countries by June 30, with 3.5 million arrivals out of a total of 17.5 million foreign visitors to Thailand. The…
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Thailand faces ‘invisible time bomb’ population crisis
Thailand’s population crisis, described as an “invisible time bomb,” requires urgent government intervention, according to Varawut Silpa-archa, the Minister of Social Development and Human Security (MSDHS). Varawut stated the following during a forum on national strategies hosted by the National Press Council of Thailand on Thursday, July 4. “Environmental issues are visible, but this [population crisis] is an invisible time…
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Fiorentine fusion: Ttalian-Thai forum sparks economic amore
The ninth annual Italian-Thai Business Forum (ITBF) was recently held in Florence, Italy, organised by the Thai Chamber of Commerce, the Thai Board of Trade, and the Italian Embassy in Bangkok, the event aims to bolster economic cooperation between the two nations, which have enjoyed 156 years of diplomatic relations. Business leaders from 16 Thai and 13 Italian companies attended…
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Durian vendors reduce sizes to segments amid price surge
Durian prices have surged in Nakhon Ratchasima, prompting vendors to adapt by selling the fruit in segments instead of whole, as local purchasing power dwindles and sales plummet more than 50%. At the fruit sale zone within a local market in Mueang Nakhon Ratchasima, durian sellers have shifted from selling the fruit by kilogrammes to selling it in segments, measured…
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Thailand and Malaysia aim for 1 trillion baht trade by 2027
Thailand and Malaysia have set an ambitious goal to boost bilateral trade to 1 trillion baht by 2027, with a focus on enhancing border economic connections through the Twin Cities initiative. Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai outlined the plans following the third Thailand-Malaysia Joint Trade Committee (JTC) meeting in Kuala Lumpur. Phumtham highlighted the strong relationship…
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