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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Sponsored 5 ways retirees in Thailand lose money (and how to stop it)
Retiring in Thailand can be affordable and enjoyable, but many retirees lose money due to common mistakes. High living costs, scams, and unexpected expenses can quickly drain savings. There are five ways that retirees in Thailand can lose money and...
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Thai Union posts 1.2 billion baht Q2 profit, up 14.2%
Thai Union Group Plc has recorded a net profit of 1.2 billion baht in the second quarter of this year, marking an increase of 14.2% compared to the same period last year. Sales for the group rose by 3.6% year-on-year, reaching 35.3 billion baht. The gross profit margin remained at 18.5%, the second-highest in the company’s history. The net interest-bearing…
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Thailand new generation drive sales surge despite economic woes
Luxury retail has skyrocketed, with sales in the first half of this year soaring to four times the levels seen in 2019, before the Covid-19 pandemic hit, according to a market survey by The 1 Insight. This staggering growth comes despite a sluggish economy, thanks largely to the spending habits of new-generation shoppers. The 1 Insight report highlights the resurgence…
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Truckers in northeast Thailand call for diesel price cuts
Truckers in northeast Thailand are urging the government to either lower diesel prices or increase cargo transport fees to offset rising energy costs, ensuring their trucks remain operational. Wichai Sawangkhachon, President of the Northern Transport Association (NTA), reported that nearly half of the over 10,000 trucks owned by approximately 700 cargo transport businesses under the NTA are currently out of…
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Phumtham inspects U-Tapao Airport project set for 2029 completion
Deputy Prime Minister and Minister of Commerce, Phumtham Wechayachai visited U-Tapao Airport to monitor the progress of its development project, aiming for completion by 2029. The deputy PM inspected the U-Tapao Airport and Eastern Aviation City development project in Ban Chang district, Rayong province. Accompanied by Tharit Issarayangyuen, Deputy Secretary-General of the Eastern Economic Corridor (EEC) Office, naval representatives, and private…
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Minister clarifies tax concerns for digital wallet programme
Deputy Minister of Finance Julapun Amornvivat insists that sales data from stores participating in the digital wallet programme will not be submitted to the Revenue Department, but stores must file taxes if their sales increase significantly. Julapun addressed concerns yesterday from merchants about joining the digital wallet programme due to tax issues. He assured that the Ministry of Finance would…
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Thailand construction contract mismanagement leads to big loss
Inefficient management of construction contracts in Thailand during the 2023 fiscal year led to financial losses exceeding 30 billion baht, according to a spokesperson from the State Audit Office (SAO). SAO spokesperson Sutthipong Boonnithi revealed that these figures emerged from the SAO’s annual audit, which examined over 14,148 projects and contracts across 9,426 public agencies nationwide. The audit identified budget…
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Homeowner in Chon Buri shocked by massive water bill
A homeowner in Chon Buri has been left baffled after receiving an astronomical water bill of over 163,000 baht for just one month. The staggering amount has sparked widespread attention on social media, particularly on the News Chon Buri-Rayong Online Facebook page, which shared the homeowner’s plight. The bill, dated for July, amounted to a total of 163,767.51 baht, an…
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Temu enters Thai market, intensifies e-commerce competition
Temu, China’s e-commerce giant, recently entered the Thai market, stirring up competition across both online and offline sectors in Thailand. The move, according to industry experts, is set to intensify cross-border competition, challenging existing players and local businesses alike. Thailand’s e-marketplace has long been dominated by foreign giants like Lazada (owned by Alibaba), Shopee (under Singapore’s SEA), and China’s TikTok…
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Pattaya seeks public input on Red Line Monorail Project
Pattaya City held a public consultation to gather feedback on the proposed Red Line Monorail Project. The meeting featured presentations on environmental impact mitigation measures and the planned route. Residents attended the session to review the details and provide suggestions to ensure the project meets community needs. Local officials revealed that the Red Line Monorail will stretch from Dolphin Roundabout…
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Thailand’s bike boom hits a brake with debt drag
Thailand’s motorcycle manufacturing output is expected to continue its decline in the second half of the year due to high household debt and a weak economy, according to the Federation of Thai Industries (FTI). The FTI Vice-Chairman and spokesperson for the federation’s Automotive Industry Club, Surapong Paisitpatanapong, commented on the challenging economic conditions. He noted that while the motorcycle industry…
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Phatthalung named agricultural product development hub
Phatthalung has been designated as the southern hub for an agricultural product development initiative by the Thailand Chamber of Commerce, the Board of Trade of Thailand, and the Provincial Chamber of Commerce. This decision aims to bolster the agricultural sector by showcasing and distributing quality local products nationwide. At least eight agricultural products from Phatthalung have received the government’s Product…
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Thailand outbound travel takes a dive amid economic woes
Thailand’s outbound travel market is facing a sharp decline, with consumer spending power plummeting and overseas holiday plans on hold. Charoen Wangananont, President of the Thai Travel Agents Association (TTAA), revealed in an exclusive interview with Krungthep Turakij that economic uncertainties have led many Thais to postpone international trips to avoid extra costs during these tough times. “We had initially…
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Thai electricity tariff to remain at 4.18 baht per unit
The Thai Energy Regulatory Commission (ERC) decided to maintain the electricity tariff at 4.18 baht per unit for the billing period from September to December this year. For consumers using no more than 300 units per month, the tariff remains at 3.99 baht per unit. Poonpat Leesombatpaiboon, Secretary-General of the ERC, revealed on July 1 that the commission resolved to…
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Tang Rat app crashes amid rush for 10,000 baht digital wallet
The Tang Rat application crashed as numerous people rushed to download and verify their identities ahead of the registration for the 10,000 baht digital wallet set to begin tomorrow, August 1. It was reported today that the government, through the Ministry of Digital Economy and Society (MDES) and the Ministry of Finance, will open the registration for the 10,000 baht…
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BTSC demands 40 billion baht Green Line overdue debt payment
The Bangkok Mass Transit System (BTSC) declared itself ready to negotiate with the Bangkok Metropolitan Administration (BMA) and Krungthep Thanakom (KT) over the staggering debt tied to the BTS Green Line extensions. This comes hot on the heels of a Supreme Administrative Court ruling on July 26, giving both parties a 180-day deadline to cough up nearly 12 billion baht…
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Duty-free shutdown drama: Thai airports set to lose big bucks
Airports of Thailand (AOT) is bracing for a colossal monthly loss of 143 million baht after announcing the closure of all duty-free shops in the arrivals areas of five major airports. This shocking move, aimed at boosting domestic spending, was approved by the Cabinet on July 2 and will come into effect on August 1. The closure affects duty-free shops…
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Severe flooding devastates Kanchanaburi fish farmers
Severe flooding and flash floods have devastated over 100 fish farmers in Kanchanaburi, causing damages worth more than 235 million baht. The disaster struck several districts between July 25 and 30, leading to substantial agricultural losses. Deputy Governor of Kanchanaburi Athisan Intra reported that flash floods and overflowing rivers have inundated homes and agricultural properties in Thong Pha Phum, Sangkhla…
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Thailand businesses urged to adopt same-day delivery strategies
Commerce Minister Phumtham Wechayachai urged Thai business operators to enhance their operating strategies to maintain a competitive edge. He emphasised the necessity for continuous upgrades, pointing to the success of Chinese e-commerce giants like JD.com, TikTok (Douyin), TaoBao, and Meituan, which have thrived by offering same-day delivery services in certain regions. Phumtham’s remarks came following a report from Oranuch Wannapinyo,…
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Pickup truck loan defaults surge 39% in May, NCB reports
The National Credit Bureau (NCB) reported a significant 39% increase in bad debt for pickup truck loans in May, highlighting an alarming trend in the auto finance sector. Banks have also seen a contraction in car loans during the first half of this year, corresponding with a nationwide decline in car sales. By May 2024, non-performing loans (NPLs) for pickup…
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Japan urges ASEAN to prioritise hybrids over EVs for sustainability
Japan advocates for hybrid vehicles as an effective path for the Association of Southeast Asian Nations (ASEAN) to reach sustainable development goals. During the Economic Security and Supply Chains seminar, Yasuyuki Todo from the Faculty of Political Science and Economics at Waseda University cautioned ASEAN about over-relying on the electric vehicle (EV) industry. He pointed out that since Asean mainly…
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Energy Ministry’s new bill targets stable oil and LPG prices
The Energy Ministry’s new bill aiming to control domestic oil and cooking gas prices requires a public hearing to assess its impact on oil traders and government revenue, according to an energy expert. Currently under review by the Council of State, the bill proposes the establishment of a new commission, akin to the Energy Regulatory Commission, to regulate retail prices…
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Thailand to ASEAN: Let’s get digital for ‘byte-sized’ unity
Thailand urged the Association of Southeast Asian Nations (ASEAN) to enhance integration by adopting a unified digital economy system, supporting sustainable development, and ensuring regional security through existing mechanisms. Speaking at the 57th ASEAN Ministerial Meeting in Vientiane yesterday, July 28, Foreign Affairs Minister Maris Sangiampongsa emphasised the growing interest of many countries and international organisations in engaging with ASEAN.…
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Thai Oil workers protest unpaid wages, ministry demands resolution
Hundreds of workers have been protesting outside Thai Oil’s refinery in Chon Buri since Wednesday, July 24 due to unpaid wages. The Labour Ministry has stepped in, urging relevant parties to resolve the issue promptly. Employees of Sinopec Engineering Group (Thailand) Co Ltd, a subcontractor for Thai Oil, initiated the protest after not receiving their salaries since May. The protest…
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Thailand’s economy to grow 2.7% this year
Thailand’s economy is projected to grow 2.7% this year, an increase from the previous forecast of 2.4%, driven by higher foreign tourist arrivals and stronger exports, according to the Ministry of Finance. Deputy Finance Minister Paopoom Rojanasakul highlighted the positive outlook, attributing it to improving economic conditions among trading partners. He noted that growth could potentially reach 3% this year,…
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Thailand launches 10,000 baht digital wallet registration tomorrow
The Thai government will launch a new digital wallet initiative, allowing citizens to receive 10,000 baht through a simple registration process starting tomorrow, July 25. This initiative, managed by the Ministry of Finance, aims to stimulate the economy in the fourth quarter of the year. Between tomorrow and mid-September, citizens can register for the digital wallet via the Tang Rat…
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Cabinet caps power bills and diesel prices to aid businesses, public
The Cabinet implemented measures to cap power bills at 4.18 baht per unit until the end of the year and set a diesel price ceiling at 33 baht per litre until October 31. Energy Minister Pirapan Salirathavibhaga announced that the Cabinet approved the Energy Ministry’s proposal to maintain the electricity rate at 4.18 baht per kilowatt-hour for September through December…
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Over 1 million vendors join Thailand’s digital wallet scheme
Prime Minister Srettha Thavisin will provide further details on the government’s flagship digital wallet scheme today, with over 1 million shops and vendors registering to participate, according to a government statement issued yesterday. Deputy Prime Minister Phumtham Wechayachai revealed that the announcement will primarily cover the requirements for eligible recipients to obtain and use the digital money. Additional details will…
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Thailand Cabinet caps electricity at 4.18 baht, diesel at 33 baht
The Thai Cabinet approved measures to cap electricity prices at 4.18 baht per unit until the end of the year and diesel prices at 33 baht per litre until October 31. A new energy structure law is set to be introduced today, July 23. Following a Cabinet meeting, Deputy Prime Minister and Energy Minister Pirapan Salirathavibhaga announced that the government…
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Farm to table: Thailand firms urged to unite for stable farm prices
The Commerce Ministry urged Thai conglomerates to collaborate in purchasing agricultural products to provide farmers with a more stable income. Commerce Minister Phumtham Wechayachai revealed plans to manage agricultural products and secondary crops for the latter half of the year. He instructed Vuttikrai Leewiraphan, commerce permanent secretary, and Wattanasak Sur-iam, Director-Deneral of the Internal Trade Department (ITD), to engage department…
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Cabinet to approve Thai ESG fund boosting SET by 50 billion baht
The Thai Cabinet is set to approve the new Thai ESG Fund tomorrow, with analysts anticipating that the revamped conditions of this environmental, social, and governance (ESG) centric fund will enhance trading on the Stock Exchange of Thailand (SET) by 40-50 billion baht annually. The fund’s revised structure includes a reduced holding period of five years, down from the original…
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