Business News
Stay abreast of the ever-changing Business News in Thailand through our comprehensive coverage of local and international business events, market trends, and economic updates. We provide reliable analysis, in-depth features, and expert insights on the most relevant business stories, including issues affecting Thailand’s stock market, foreign investment, and entrepreneurship. Track the business world’s pulse as we inform you of crucial developments shaping Thailand’s economic landscape.
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Sponsored 9 most common health issues covered by insurance for expats in Thailand
Thailand is a popular destination for expats due to its affordable lifestyle and excellent healthcare system. However, settling in a new country often brings health concerns. To ensure you’re covered for the most common medical needs, understanding what expat health...
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Thailand leads ASEAN in gold-driven financial growth, inclusion
Gold’s role in providing financial stability amid global uncertainties is gaining attention as the world moves into 2025. Traditionally linked to prosperity and wealth in Thai culture, gold remains a symbol of celebration during significant family events such as weddings and birthdays. Despite societal changes, gold’s cultural significance continues to drive strong consumer demand in Thailand, evidenced by the nation’s…
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Cupid stunt: Matchmaking service finds heart of Bangkok economy
Bangkok’s leading matchmaking service is tuning its heartstrings to the economic beat as whispers of a slowdown loom large on the horizon. With the tourism season in full swing, Bangkok Matching is rolling out a suite of strategies to woo foreign travellers hoping to find love while enjoying their Thai escapades. At the helm is the dynamic Kulchulee Subsinudom Nylander,…
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Lost world found: Centara’s splash-tacular revamp makes waves in Pattaya (video)
Centara Hotels & Resorts is pulling out all the stops with a sensational upgrade to its famed Lost World-themed haven, Centara Grand Mirage Beach Resort Pattaya. This month sees a dazzling debut of new attractions designed to captivate guests of all ages, promising a holiday like no other. Making a splash are four newly unveiled water park zones. Get ready…
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ADB revises Thailand GDP forecast, warns of slower Asia growth
The Asian Development Bank (ADB) revised its economic forecasts today, upgrading Thailand’s Gross Domestic Product (GDP) projection for this year while maintaining next year’s estimate. However, the bank warns that developing Asia is set to experience slower growth than anticipated, with potential challenges looming due to possible changes in US trade policies under President-elect Donald Trump. Developing Asia, encompassing 46…
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Airline industry poised to surpass US$1 trillion despite delays
The global airline industry anticipates surpassing US$1 trillion in revenue due to record passenger numbers, despite facing significant challenges in acquiring new aircraft, according to the International Air Transport Association (IATA). Issues with Boeing and Airbus have caused delivery delays, impeding airlines‘ ability to upgrade their fleets with more efficient planes that could reduce fuel expenses while accommodating increased passenger…
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Thailand targets luxury and niche tourism for growth boost
The Tourism Authority of Thailand (TAT) is setting its sights on four niche tourism markets for the upcoming year: wellness, luxury experiences, sports tourism, and honeymoons. This strategic focus aims to tap into the burgeoning trend of high-spending and luxury tourism, with the agency planning to introduce exclusive events across the country. According to Chiravadee Khunsub, the Deputy Governor for…
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Thailand throws ‘baht’ at impact study of 10,000-baht handouts
In a bid to decipher the ripple effects of Thailand’s 10,000-baht cash handout scheme, the Finance Ministry launched an exhaustive survey. This deep dive, spanning 40,000 participants, aims to unravel the true impact of this financial initiative on the economy and society as a whole. Finance Permanent Secretary Lavaron Sangsnit promises findings by the month’s end. “This survey uses a…
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Thailand’s business community urges govt for festive financial jolt
As the new year approaches, Thailand’s business community is pulling no punches in calling for urgent government intervention to jump-start the economy. With suggestions ranging from tax breaks to debt relief, industry leaders are clamouring for robust stimulus measures to invigorate growth. Nath Vongphanich, President of the Thai Retailers Association, is at the forefront of this push, advocating for a…
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Fed on the brink: Rate cut looms as US plays interest-ing game
Anticipation is reaching fever pitch as the US Federal Reserve gears up for a crucial meeting, with punters betting on a 25 basis point interest rate cut. Slated for December 18, this decision could have ripple effects all the way to Thailand, where the Bank of Thailand might follow suit in the coming months. The Federal Open Market Committee (FOMC)…
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Crypto hits new heights: Bitcoin Trumps US$100k amid election buzz
In a staggering leap that has set the crypto world ablaze, bitcoin shattered the US$100,000 mark for the first time, skyrocketing from around US$69,000 just a month ago. This meteoric rise comes hot on the heels of the US presidential elections, fuelling frenzied speculation among crypto investors about the impact of Donald Trump’s return to prominence. With crypto enthusiasts on…
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Thailand’s VAT hike: Restaurant and hotel sectors’ suggestions
A proposed increase in the value-added tax (VAT) rate from 7% to 15% has sparked significant concern among Thailand’s restaurant and hotel industries. Although the plans for the VAT hike are now reportedly scrapped, Sorathep Rojpotjanaruch, who leads the Thai Restaurant Business Association, expressed alarm over the potential consequences this tax hike could have on the already struggling restaurant sector.…
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Taxing times: Thai PM backtracks on VAT hike after public outcry
In a dramatic U-turn, Prime Minister Paetongtarn Shinawatra pulled the plug on a proposal to crank up the value-added tax (VAT) following a storm of public outrage. The PM took to X (formerly Twitter) today, December 6, decisively posting: “No VAT adjustment to 15%.” This swift decision emerged from a huddle at Government House with Finance Minister Pichai Chunhavajira and…
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Bank loan growth to shrink despite Q4 rise in retail lending
Bank loan growth is anticipated to shrink this year despite a slight rise in the fourth quarter, as banks maintain their cautious lending practices into 2025 to 2026 due to sluggish GDP growth, analysts report. Analyst Weerapat Wonk-Urai from CGS International Securities (Thailand) highlighted a rising ratio of underperforming loans in retail lending, prompting banks to enforce stricter credit standards…
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Thailand’s EV market hits a speed bump in incentive race (video)
Thailand’s electric vehicle (EV) market is experiencing a jolt as major manufacturers weigh the pros and cons of staying plugged into the nation’s incentive scheme amidst a slowdown. With the EV sector currently stuck in neutral, the Electric Vehicle Association of Thailand (EVAT) hints that automakers might be on the verge of bypassing subsidies and revisiting their production game plans.…
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Thailand’s 2024 inflation forecast set between 0.2% and 0.8%
The Commerce Ministry has forecasted that Thailand’s headline inflation for 2024 will range from 0.2% to 0.8%, settling at a midpoint of 0.5%. This projection is part of a broader economic outlook that anticipates a range of factors influencing price changes in the coming years. In 2025, headline inflation is expected to be slightly higher, between 0.3% and 1.3%, driven…
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Thai industry urges delay on 400 baht minimum wage increase
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is set to appeal to Prime Minister Paetongtarn Shinawatra tomorrow, urging a postponement of the upcoming increase in the daily minimum wage to 400 baht, scheduled for January 1 next year. This request arises from the current economic challenges businesses are facing. Sanan Angubolkul, chairman of the Thai Chamber of…
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Thailand proposes VAT hike, cuts income tax to boost economy
Finance Minister Pichai Chunhavajira has proposed a shift in Thailand’s tax strategy to bolster state revenue and enhance the nation’s economic standing. The plan includes raising the value-added tax (VAT) while reducing corporate and personal income tax rates. This approach aims to drive national development, increase competitiveness, and address domestic disparities. The Organisation for Economic Co-operation and Development recently set…
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PTT forecasts growth amid rising energy demand, Thai recovery
PTT Plc, Thailand’s state-owned oil and gas conglomerate, anticipates a stronger business outlook in 2024, buoyed by increased energy demand and an improving domestic economy, despite a forecasted dip in energy prices. The high tourism season is expected to drive up domestic oil consumption as both foreign and local travellers contribute to heightened energy usage. Factories are also projected to…
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Thai trade rises 6.18% to 1.51 trillion baht in 10 months
Thailand’s border and cross-border trade surged by 6.18% in the first 10 months of 2024, reaching a total value of 1.51 trillion baht (US$43.43 billion), according to Commerce Minister Pichai Naripthaphan. The government has set an ambitious goal of expanding this trade to 2 trillion baht (US$58 billion) annually by 2027. The export value during the period rose by 5.64%…
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Thai labour market hits brakes as factories cut jobs amid car sales slump
The Thai labour market is in turmoil as major factories announce sweeping layoffs, with reports that Nissan plans to slash or relocate more than 1,000 workers. This news compounds an already grim employment landscape, as highlighted by the National Economic and Social Development Council (NESDC), which reported unemployment figures rising to 414,000 in the third quarter, up from 401,000 last…
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Thai motorcycle exports surge 157% in October to 6.5 billion baht
Motorcycle exports from Thailand are on the rise, driven by increasing demand for completely knocked-down (CKD) units, according to the Federation of Thai Industries (FTI). The surge in exports during October reflects a growing interest from overseas markets, particularly in Asia, where countries are placing more purchase orders for reassembly purposes. Surapong Paisitpatanapong, Vice Chairman of the FTI and spokesperson…
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Thailand to finalise free-trade deal with EFTA by January
Thailand is set to finalise a free-trade agreement with the European Free Trade Association (EFTA) by January next year, aiming to boost its export market and draw European investors. This announcement from the Ministry of Commerce emphasises a strategic step forward in Thailand’s economic expansion. Commerce Minister Pichai Naripthaphan confirmed the completion of negotiations for the Free Trade Agreement (FTA)…
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Thai Airways secures 44 billion baht in share rights offering
The Government of Thailand announced plans to increase its investment in Thai Airways International (THAI) without reinstating the airline as a state enterprise. This decision was confirmed during a Cabinet meeting in Chiang Mai, where Finance Minister Pichai Chunhavajira provided updates on the airline’s debt restructuring efforts. During the meeting, it was revealed that THAI anticipates raising approximately 44 billion…
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Why Thailand has become an important tech hub in Asia
Thailand, traditionally famous for its beautiful beaches, rich culture, and busy tourism industry, now shines in the tech world. In recent times, the country quickly changed into a major technology hub in Asia. This transformation attracts investors, startups, and large global tech companies. What has turned Thailand into a tech rising star? Let’s find out. Thailand’s Strategic Place in Asia…
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Phuket sands turn to gold as Sansiri digs deep for economic jewel
The sandy shores of Phuket are set for a glamorous makeover as real estate mogul Sansiri Plc zeroes in on the island’s potential to become Thailand’s crown jewel for economic growth. With its eyes firmly fixed on this tropical paradise, Sansiri is revving up its plans, leveraging Phuket’s strategic importance to drive a real estate renaissance. Thanks to Thailand’s revised…
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Arip turbocharging TechXPro marketing to ignite gadget craze
In an audacious move to spark excitement in the gadget-hungry crowds, Arip has turbocharged its marketing budget for the Commart TechXPro event, aiming to fire up demand for cutting-edge IT products as the year wraps up. This tech extravaganza, which kicked off yesterday, November 28, at Bitec and runs until December 1, has seen its marketing purse swell from a…
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KEX Express delivers change: Shifting gears to new markets (video)
KEX Express (Thailand) Plc, formerly known as Kerry Express, is embarking on a dramatic overhaul. The delivery giant is set to close several branches and trim down its workforce as it shifts gears towards the business-to-business (B2B) and customer-to-customer (C2C) sectors. This bold pivot comes straight from the top, confirmed by company insiders keen to reposition KEX away from traditional…
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Songkhla floods wash away bookings in Hat Fai wipeout (video)
Flood chaos in Songkhla and the wider Deep South has left the Malaysian market in tatters, forcing a total wipeout of hotel and tour bookings in Hat Yai for the next two weekends. The relentless downpours have thrown travel plans into disarray, causing a domino effect on local tourism, just as things were heating up. Songchai Mungprasithichai, the head chief…
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Thailand unveils plan to boost SMEs, tackle substandard imports
The Deputy Minister of Commerce, Napintorn Srisangpang, has reported on the outcomes of the second meeting of the subcommittee aimed at promoting and upgrading Thai SMEs, alongside tackling the issue of substandard foreign goods. The meeting, involving 20 related government agencies, categorised products into three groups: agricultural, consumer, and industrial products. To address these issues, a three-phase plan, short, medium,…
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Thai Airways gets a financial lift-off with ministry’s capital boost
The Ministry of Finance is set to propose a capital injection for Thai Airways International to the Cabinet next week. This move is designed to ensure the airline’s recovery while keeping the ministry’s shareholding below 50%, preventing a reversion to state enterprise status, as confirmed by Tibordee Wattanakul, Director-General of the State Enterprise Policy Office. This financial boost is part…
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