Economy News
Discover the latest updates on Thailand’s economy with our in-depth coverage of breaking news, developments, and events shaping its financial landscape. Stay informed and ahead of the curve with our thorough analysis and insights into the business sectors, financial markets, and government policies of Thailand.
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Thailand’s industrial ethanol: A game-changer in green economy?
Thailand is on the cusp of an industrial transformation as experts push for a major shift in ethanol production. Isares Rattanadilok na Phuket, Vice President of the Federation of Thai Industries (FTI) called to liberate the country’s ethanol potential, aiming to slash reliance on imports and catapult Thailand into a green economic powerhouse. The FTI has unearthed Thailand’s abundant capacity…
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Household debt surge impacts property and auto sectors
The accumulated domestic debt and non-performing loans (NPLs), coupled with stagnant buying power, have continued to suppress domestic consumption since the previous year, with the property and automotive sectors suffering the most significant blow. This is reflected in the high rate of home loan refusals and car repossessions. The numerous interest rate increases last year exacerbated the financing issues, with…
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Thai government approves tax benefits for investment tokens
The Thai government has authorised tax measures aimed at fostering capital raising through investment tokens, as confirmed by Kulaya Tantitemit, the director of the Revenue Department. The decree, which was approved during yesterday’s Cabinet gathering, states that individuals who have received income, profit shares, or other benefits from holding digital investment tokens and have had a 15% withholding tax deducted,…
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Government revenue falls short due to dip in oil taxes
There’s been a shortfall in the government’s revenue collection for the first four months of the 2024 fiscal year, largely due to a sharp drop in oil taxes. This data was disclosed by the Fiscal Policy Office (FPO) director-general, Pornchai Thiraveja, who highlighted that the government’s net revenue for the period of October 2023 to January 2024 was 824 billion…
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Thai SEC approves private funds to invest in Bitcoin ETFs
Asset management firms have been granted permission by the Securities and Exchange Commission (SEC) to initiate private funds that invest in Bitcoin Exchange-Traded Funds (ETFs). However, this investment opportunity is only accessible to institutional investors and ultra-high-net-worth investors. The SEC board gave its nod to asset management firms managing private funds that invest in Bitcoin ETFs listed on US exchanges…
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Retirement of baby boomers threatens leadership vacuum
The future of many businesses hangs in the balance as a significant number of top leaders retire, a trend accelerated by the fact that 10,000 Baby Boomers, who predominantly occupy managerial positions, are reaching the retirement age of 65 each day. That’s according to an eye-opening article published last year by Fortune magazine. The publication highlighted the mounting uncertainty for…
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Desperate Thai fruit seller offers eye for sale to clear debt
A poignant image of a 57 year old Thai fruit seller in Bangkok has stirred waves across the Internet after he pledged to donate one of his eyes to resolve his financial woes. The heartrending scene, initially shared by the Facebook Page Panda Lab Doctor, depicts the man selling fruits with a placard bearing the urgent message: “Eye for Sale.”…
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Vietnam’s rice exports projected to decline amid quality shift
A downward shift is projected for Vietnam’s rice exports in the current year, with estimates ranging between 6.5 and 7.0 million metric tonnes. This is a noticeable drop from the previous year’s record high of 8.1 million tonnes, as reported by the Vietnam Food Association. Vietnam, ranking third globally in rice exports after Thailand and India, indicated a strategic shift…
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Tourists increase spending in Thailand despite soaring airfares
Despite higher airfares, foreign tourists are indulging in opulent accommodation choices, sending spending figures soaring, according to a recent Tourism Authority of Thailand (TAT) survey. The TAT’s survey, which engaged 30,054 tourists last year, unveiled a significant uptick in expenditure per trip, hitting an average of 50,900 baht. A substantial portion of this sum, averaging 23,518 baht per trip, was allocated…
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Declining conditions of Bangkok’s Klong Ong Ang raise concerns
A United Thai Nation Party‘s (UTN) Parliament member voiced concerns yesterday about the neglected state of Klong Ong Ang, a once thriving tourist attraction in the heart of Bangkok’s Chinatown. Kriangyot Sudlapha, a UTN list-MP, raised the issue in the House of Representatives, urging the Bangkok Metropolitan Administration (BMA) to step in and rejuvenate the area. Located in the Phra…
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Grab Thailand empowers female drivers with campaign
To champion gender equality, Grab Thailand is rolling out its #WomenWelcome campaign on International Women’s Day 2024, promising equal earning opportunities and empowerment for women across the country. Amidst the celebrations of International Women’s Day 2024, Grab Thailand takes a bold step forward with the launch of its #WomenWelcome campaign. This initiative not only underscores the company’s commitment to fostering…
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Thai EV sales surge by 603% amid government incentives
Battery electric vehicles (BEVs) sales in Thailand surged by 603% year-on-year to 73,568 units last year, with the upward trend expected to continue throughout this year, as per the Federation of Thai Industries (FTI). This growth is expected to outstrip that of internal combustion engine (ICE) vehicles, which witnessed a 13.7% year-on-year sales decline to 238,570 units in 2023, capturing…
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Thai credit card holders hit with new 1% fee
In a recent development, holders of credit cards issued in Thailand are set to face a 1% fee for foreign currency conversion starting May 1, as revealed in a notice on the Bangkok Bank website. Local credit card issuers, including Visa and Mastercard, will enforce this fee, also known as dynamic currency conversion (DCC), for transactions made in baht with…
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Thailand’s revamped tax system promises economic boost
In a bid to shield the public from economic turmoil, Thailand’s Finance and Interior Ministries have unleashed a slew of reforms, spearheaded by Paopoom Rojanasakul, secretary to the finance minister. Addressing a high-profile property seminar, Paopoom asserted that the proposed alterations to the land and building tax are geared towards bolstering collection efficiency and ensuring a fair tax rate. “We…
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Thailand to build local pharmaceutical facilities to reduce import reliance
The National Committee on Drug System Development has greenlit the construction of local pharmaceutical production facilities, a notable stride towards decreasing the nation’s dependence on foreign-made medicines. This ambitious initiative comes with a budget exceeding 10 billion baht (US$280 million), as revealed by Deputy Prime Minister Somsak Thepsuthin, who presided over the recent committee meeting. Beyond the borders, another significant…
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Thai PM to visit Europe, aiming to bolster trade and investment
Prime Minister Srettha Thavisin of Thailand is set to travel to Germany and France in an official capacity. The visit, scheduled for March 7 to March 14, aims to bolster trade and investment between Thailand and these European nations. Accelerating the completion of a Free Trade Agreement (FTA) and advocating for visa exemptions for Thai passport holders are top priorities.…
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Lazada celebrates Women’s Day with MERGE jeans
In a bid to celebrate International Women’s Day, Lazada is turning the spotlight on the women sellers dominating the e-commerce platform. From Thailand to beyond, these female entrepreneurs are inspiring a new generation to chase their business dreams. In the heart of Thailand’s vibrant marketplace, Lazada shines a light on MERGE, a denim brand that caters to the diverse needs…
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OR’s SDG policy fuels Thailand’s sustainable economic growth
PTT Oil and Retail Business (OR) has adopted a Small-Diversified-Green (SDG) policy, aiming to stimulate Thailand’s economic growth through sustainable practices. This move aligns with the country’s broader strategy of reducing carbon footprints by 2030. The SDG policy focuses on empowering small communities as key drivers of economic recovery, particularly in the tourism sector tipped to fuel the national GDP…
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Thai PM invites Aussie firms to invest in clean energy
During the 2024 ASEAN-Australia Special Summit, Srettha Thavisin, the Prime Minister of Thailand, extended an invitation to prominent Australian companies to invest in Thailand’s electric vehicle (EV) battery, clean energy, and transport logistics sectors. The summit, which marks five decades of Australia’s partnership with ASEAN, is being held in Melbourne, Australia. PM Srettha used this opportunity to meet with his…
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Commerce Ministry sees business boom: Registrations set to soar
The Business Development Department of the Commerce Ministry foresees a positive trend in new business registrations for the year. The projection rides on the anticipated recovery of the tourism sector, thriving e-commerce, and the burgeoning electric vehicles (EV) market. In the first couple of months of 2024, new business registrations have seen a 1.57% increase, reaching a total of 17,270.…
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Thailand’s social security fund faces bankruptcy risk in 30-40 years
The Labour Ministry raised the alarm that the Social Security Fund (SSF) of Thailand is on the brink of bankruptcy, and could be insolvent in 30 to 40 years if there are no changes made to its current policies. This warning was issued during a meeting between the newly established Social Security Board (SSB) headed by Sustarum Thammaboosadee, an academic…
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Post-pandemic shift in tourist spending habits reveals TikTok’s role in Thai travel
The Tourism Authority of Thailand (TAT) divulged insightful data revealing a shift in foreign tourists’ spending habits post-pandemic and the surge in popularity of TikTok as a source of travel information and inspiration. A survey conducted by TAT’s digital R&D Deputy Governor Teerasil Tapen, encompassing 30,054 tourists in 2023, unveiled an increased average expenditure on individual trips, rising from 48,209…
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Thailand urged to diversify agricultural exports to boost value
A study by the Commerce Ministry urges agricultural businesses to widen their export markets to mitigate risk and boost the value of food products and processing. The advice follows findings that the majority of export-oriented agricultural goods are commodities or those with only rudimentary processing. Deputy Commerce Minister Napintorn Srisunpang disclosed that agricultural and agro-industrial products accounted for 17.3% of…
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Thailand’s internal trade dept to cut pig production for price stability
The Internal Trade Department is looking to partner with the Department of Livestock Development (DLD) and the Swine Raisers Association of Thailand, with a plan to cut pig production down to an average of 8,000 piglets each day. This action aims to stabilise the price for livestock producers across the country. According to the director-general of the Internal Trade Department,…
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Thai economy set for revival amid global uncertainties
The Federation of Thai Capital Market Organizations (FETCO) anticipates a revival of the Thai economy in the latter half of the year, supported by potential interest rate reductions. This optimistic outlook emerges amidst global economic uncertainties, with possible recessions in the UK and Japan, and China grappling with a prolonged property crisis. FETCO chairman Kobsak Pootrakool believes that the global…
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Foreign currency deposits surge in Thailand
The past year has seen a significant upturn in foreign currency deposits (FCDs), spurred by appealing interest rates due to global rate hikes. According to data from the Deposit Protection Agency (DPA), member financial institutions observed a surge in FCDs to a total value of 812 billion baht (US$22 billion) by November 2023, up from an earlier figure of 640…
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BAAC to launch e-commerce platform with Chinese tech firm
The Bank for Agriculture and Agricultural Cooperatives (BAAC) is in discussions with a prominent Chinese technology firm to establish a joint venture. The focus of this venture is to create an e-commerce platform to streamline the sale of agricultural commodities to China, as revealed by Chatchai Sirilai, the bank’s president. In this joint venture, the BAAC will not be considered…
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Thai gold prices surge, reach new high at 35,750 baht per baht
Gold prices in Thailand saw a continuous surge today, prompting those interested in trading the precious metal to act swiftly. The Gold Traders Association (GTA) reported a significant increase compared to yesterday’s closing rates, with the selling price of gold ornaments per baht weight reaching 35,750 baht today marking a 50 baht increase from the previous day. The domestic market…
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ThaiBev intensifies commitment to sustainable growth
Thai Beverage Plc (ThaiBev) is stepping up its commitment to sustainable development, implementing strategies that encompass all facets of its business operations. The company’s Executive Vice President and Chief of Sustainability and Strategy, Tongjai Thanachanan, outlined the firm’s commitment to achieving sustainability through a comprehensive approach, known as Enabling Sustainable Growth (ESG). This approach encompasses environmental, social, and governance goals.…
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PM Srettha’s billion-baht plan to transform Suvarnabhumi Airport
Prime Minister Srettha Thavisin announced plans to boost the annual capacity of Suvarnabhumi International Airport in Samut Prakan. “We’re gearing up to more than double our capacity to a staggering 150 million passengers annually.” Currently handling a substantial 60 million passengers, Suvarnabhumi Airport is set for a dramatic makeover, including the addition of a third runway. This makeover will catapult…
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