Economy News
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With World Kindness Day just two days away on November 13, it’s the perfect time to reflect on how empathy and care can make a real impact, not just in our relationships but in our health, too. This day is...
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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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Thai consumer confidence hits 11-month low
Thai consumers’ confidence in July continued to decline, marking the fifth consecutive month and reaching the lowest point in 11 months. The consumer confidence index fell from 58.9 to 57.7, driven by concerns over political stability in Thailand. Thanavath Phonvichai, President of the University of the Thai Chamber of Commerce and Chairman of the Advisory Centre for Economic and Business…
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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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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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10.5 million sign up for Thailand’s digital wallet scheme in six hours
More than 10.5 million people signed up for the eagerly anticipated digital wallet scheme within the first six hours of its registration opening yesterday. This number surpassed initial expectations, according to Deputy Finance Minister Julapun Amornvivat. However, he also clarified that not all who registered will qualify for the benefits, as eligibility will be determined after a review period, with…
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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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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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Temu’s takeover: Thai e-commerce expert warns of price war
The Thai e-commerce landscape is about to face a major upheaval, warns Pawoot Pongvitayapanu, CEO of Creden.co and PaySolutions. Speaking on Krungthep Turakij’s Deep Talk programme, Pawoot cautioned that the arrival of the Chinese online retail giant Temu on Monday could spell trouble for local retailers already battling fierce competition. Pawoot highlighted that while Thai consumers are already familiar with…
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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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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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Thailand, China boost trade alliance amid investment opportunities
Thailand and China have engaged in discussions to enhance trade cooperation, focusing on expanding the market for Thai livestock products and fruits in China, while also welcoming Chinese investment in emerging industries within Thailand’s Eastern Economic Corridor (EEC). Deputy Commerce Minister Suchart Chomklin, appointed by Commerce Minister Phumtham Wechayachai, participated in the third meeting of the Sub-Committee on Trade and…
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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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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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Pheu Thai confident digital wallet bill will pass final House readings
Pheu Thai Party expresses confidence that its supplementary bill, designed to fund the flagship digital wallet handout scheme, will pass the House’s second and third readings tomorrow. A Pheu Thai MP-list and chief government whip, Wisut Chainaroon, asserted that the bill will pass due to the digital wallet scheme igniting new hope among the public. The final deliberation of the…
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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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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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Invasive fish in Thailand causes 100 million baht annual damage
Thammasat University research reveals that the blackchin tilapia has caused economic damage to the Praek Nam Daeng community, amounting to at least 100 million baht per year. The SROI TU Centre for Social Return on Investment Research and Development recently posted a study detailing these impacts. The research, conducted between 2018 and 2019 by SROI TU, part of the Puey…
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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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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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Thailand’s national holidays set to generate 18.3 billion baht
National holidays in Thailand this month are expected to boost tourism revenue significantly, with projections indicating 18.3 billion baht from five million domestic trips, as reported by the Tourism Authority of Thailand (TAT). The momentum in domestic tourism showed strong performance during the recent Buddhist holidays, Asarnha Bucha Day and Khao Phansa (Buddhist Lent), and is anticipated to continue through…
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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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Shocking slump: Thailand’s premium EV sales plunge 35%
Thailand has experienced a significant decline in the sales of premium electric vehicles (EVs), dropping 35% year-on-year in the first half of the year. Despite this downturn, BMW remains optimistic about its EV sales, banking on the appeal of its newly launched models in the Mini family in Bangkok. Sales of premium EVs fell to 3,844 units between January and…
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MICE industry must prioritise people management to sustain growth
Game-changing People Management was the focus of a recent presentation at the TMX conference, one of the largest fairs dedicated to the meeting, incentive, convention and exhibition (MICE) industry. The discussion highlighted significant opportunities for growth and transformation within this expanding sector. The MICE industry is on a remarkable growth trajectory, with a projected compound annual growth rate (CAGR) of…
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