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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Tesla, Google, Microsoft eye US$5 billion investment in Thailand
Thailand anticipates a minimum of US$5 billion (160 billion baht) investment from tech giants Tesla, Google, and Microsoft, as shared by Prime Minister Srettha Thavisin. Tesla is considering establishing an electrical vehicle (EV) manufacturing facility, while Microsoft and Google are exploring data centres, PM Srettha today stated, without specifying whether this projected US$5 billion was an aggregate investment or an…
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Thailand’s visa-free initiative welcomes Chinese, Kazakhstani tourists
Chinese and Kazakhstani tourists will be welcomed by Prime Minister Srettha Thavisin at Suvarnabhumi Airport tomorrow, signalling the start of the government’s new visa-free initiative. Srettha will be accompanied by a delegation of ministers and officials at a reception organised by the Tourism Authority of Thailand (TAT) to greet Chinese travellers aboard Thai AirAsia X flight XJ761, scheduled to arrive…
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Thai stocks fall 1.3% amid fears of high interest rates impact
Share prices experienced a surge on Friday, reversing earlier downtrends and Wall Street’s sell-off, as traders weighed the implications of further interest rate hikes by central banks grappling with inflationary pressures. Thai stocks fluctuated between 1,503.23 and 1,539.40 points before ending yesterday at 1,522.59, marking a 1.3% fall from the previous week, with daily transactions averaging 52.06 billion baht. Retail…
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El Niño effect forecasted to lower Thai rice production in 2023-24
The Agricultural Economics Office of the Agriculture and Cooperatives Ministry in Thailand forecasted a decline in rice production for the 2023-24 harvest season. The expected drop is approximately 871,000 tonnes, a decrease of 3.27%, totalling 25.8 million tonnes. This significant decrease is primarily due to the effects of the El Niño weather phenomenon. Deputy Secretary-General of the Agricultural Economics Department,…
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Sky ICT aims for top three global aviation software spot by 2024
Having clinched a deal with Airports of Thailand (AoT) in 2020 to develop smart airports, the Stock Exchange of Thailand (SET)-listed aviation tech firm Sky ICT is now setting its sights on becoming a top three global player in aviation software by 2024, according to Sithidej Mayalarp, the company’s chief executive. Sky ICT is negotiating with a leading global aviation…
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Gulf Energy and China Datang collaborate on Thai-Laos hydroelectric project
Gulf Energy Development Plc has teamed up with China Datang Overseas Investment Co (CDTO), a subsidiary of a mainland energy firm, to ink a tariff memorandum of understanding (MoU) with the Electricity Generating Authority of Thailand (EEGAT) for the Pak Beng hydroelectric power project. The announcement was made in a statement to the Stock Exchange of Thailand. The Pak Beng…
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Thailand’s mega land bridge project: an economic boon or environmental bane?
The Industry Ministry of Thailand is currently assessing the environmental impact of a proposed land bridge megaproject in the southern part of the country, a venture that promises to significantly bolster the Thai economy in the future. This assessment is crucial to determining the project’s viability and addressing any potential negative effects on the environment. The proposed land bridge, which…
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Roojai revs up for success: Thai online insurer aims to drive into top 10 with profitable year ahead
Online insurance firm Roojai is poised to post its first profit from Thai operations in the fiscal year ending March 2024, according to founder and CEO Nicolas Faquet. This is largely attributable to the company’s growth in motor insurance sales, as it sets its sights on becoming a top 10 player in this segment by next year. Faquet revealed it…
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Bonding for the future: Thai govt sets sail with expanded issuance
The director-general of the Public Debt Management Office (PDMO) yesterday asserted that the planned issuance of government bonds in fiscal next year will be proportionate and appropriate. The limit for bond issuance for the said fiscal year has been expanded by approximately 160 billion baht. Patricia Mongkhonvanit revealed the increase is intended to counterbalance the budget deficit for fiscal next…
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Baht depreciation: Experts foresee currency’s decline amid global market turbulence
Financial experts are predicting a further depreciation of the baht throughout this month and next, due to the increased volatility in the global money and capital markets. This follows the US Federal Reserve’s recent suggestion of a potential increase in its benchmark interest rate. Poon Panitchpibun, a strategist at Krungthai Global Market, a research centre of Krungthai Bank, noted that…
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BEV sales set to outstrip targets despite stricter loan criteria
The Federation of Thai Industries (FTI) predicts sales of battery electric vehicles (BEVs) to exceed the set target of 40,000 units, by reaching between 60,000 to 70,000 units this year. This surge is despite the stricter loan criteria by banks, which pose a potential threat to Thailand’s domestic car manufacturing. According to Surapong Paisitpatanapong, vice-chairman of the FTI and spokesperson…
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TrueMoney, true borders: Fintech giants unite for cross-border payments
Ant Group and TrueMoney, a dominant fintech company in Southeast Asia, have forged a collaboration to facilitate mobile payments across borders between China and Thailand, a move that will see Thai tourists making cross-border payments to millions of merchants in China via the TrueMoney e-wallet. The cross-border payments are facilitated by Alipay+, a cross-border mobile payment ecosystem under Ant Group,…
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Thai government courts BlackRock for BGC investment
The Thai government recently initiated discussions with New York-based BlackRock Inc., the globe’s most prominent asset management firm, aiming to draw investments for Thailand’s Bio-Circular-Green (BCG) business sector. In a significant move, this conversation placed a spotlight on Thailand’s commitment to sustainable economic growth, aligning with global green trends. Chai Watcharong, the government spokesperson, disclosed that the dialogue between Prime…
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Solar sparks fly: SPCG revs up to electrify Eastern Economic Corridor
After nearly two years of delay, SPCG, a leading solar farm developer in Thailand, is set to start construction of solar farms within the Eastern Economic Corridor (EEC). SPCG anticipates generating a combined power capacity of 500 megawatts. The delay was due to the need to identify suitable areas for the project and awaiting the license approval from the new…
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Weixin Pay rolls out red carpet for tourists in Thailand with new payment perks
Tencent’s Weixin Pay, commonly known as WeChat Pay, a Chinese payment service provider, has introduced innovative features aimed at simplifying payments for foreign tourists in China and cross-border transactions in Thailand. These features allow visitors to conveniently make payments by scanning QR codes, streamlining the payment process. Starting in July, Tencent has been collaborating closely with major global credit card…
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Thailand biz shields up: Low cyberattacks, high cybersecurity worries in ASEAN
In the past year, Thai corporations experienced the lowest number of disruptive cyberattacks among ASEAN nations, with only 22% reporting an increase in incidents by 50% or more, according to a recent survey by global cybersecurity firm Palo Alto Networks. However, cybersecurity remains a significant concern for Thai businesses as they grapple with increasingly complex threats. The survey, which examined…
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Thailand’s Student Loan Fund expands reach to address ageing society needs
The Student Loan Fund (SLF) in Thailand, managed by Chainarong Katchapanan, announced plans to extend its loan services to all working-age adults, aged between 18 and 65. The move, aimed at upskilling and reskilling, is in response to Thailand’s shift towards an ageing society. This initiative will be implemented by the end of this year, marking the first time since…
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Foreign income tax proposal raises eyebrows among retail investors
A call has been issued to the government to reconsider the proposed foreign income tax, which could significantly impact retail investors with overseas investments, according to Jitta Wealth Asset Management. Trawut Luangsomboon, Jitta’s chief executive, voiced his concerns about the Revenue Department’s plan to include assessed income from abroad in the personal income tax calculations. He pointed out that the…
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BlackRock eyes Thai clean energy and sustainability bonds for investment
Global asset management giant, BlackRock Inc, with a staggering total of US$9.43 trillion worth of assets under its belt, has set its sights on expanding its business horizons in Thailand. The company is particularly interested in investing in the Thai government’s Sustainability Linked Bonds and the country’s clean energy sector, according to a statement by government spokesperson Chai Wacharonke. The…
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Visa-free Chinese tourism raises concerns over illegal Thailand tour operations
The recent decision to exempt Chinese visitors from visa requirements sparked concerns within the Tourism Department about potential loopholes for illegal zero-dollar tours and unlicensed tour guides. The worry stems from the inability to verify the legitimacy of tour companies during the visa-free period. The department’s director-general, Jaturon Phakdeewanit, revealed that this issue was flagged to Tourism and Sports Minister…
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Elon Musk’s Thai-landed ambitions: High-voltage investment opportunities on the horizon
Business magnate Elon Musk is set to discuss potential investment opportunities in Thailand with the Thai delegation via a teleconference. This news was shared by Prime Minister Srettha Thavisin, who is currently attending the 78th Session of the United Nations General Assembly (UNGA78) in New York. The prime minister revealed that the Thai government is seeking to attract foreign investors and…
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Chinese tourism to Thailand lags despite lifted travel restrictions
The number of Chinese tourists visiting Thailand continues to fall behind predictions, despite China lifting travel restrictions over eight months ago. By September 10, a total of 2.28 million Chinese arrivals had been recorded for the year, with estimates for the end of the year standing between 4 and 4.4 million. This falls short of the initial target of 5…
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Thailand’s ‘plastic’ ambition: Industry Ministry seeks foreign investment to mould bioplastics hub status by 2027
The Industry Ministry of Thailand is being urged to devise innovative strategies in order to attract foreign investment for the nation’s burgeoning bioplastics sector. The ultimate aim is to establish Thailand as a bio hub within the ASEAN region by 2027. Viboon Pungprasert, president of the Thai Bioplastics Industry Association (TBIA), has called upon the new government to implement measures…
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EGAT seeks Cabinet approval for 50.8 billion baht power generation boost in Bangkok
The Electricity Generating Authority of Thailand (EGAT) anticipates approval from the Cabinet for its proposal to increase power generation at its south Bangkok gas-fired facility in Samut Prakan. The initiative recently underwent a public hearing. The proposal for additional capacity comes in response to the decommissioning of several generators. To ensure sufficient electricity for the capital’s inhabitants, EGAT deemed this…
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Chiang Mai tourism recovery slower than expected despite visa-free policy
Despite the gradual revival of tourism, a significant number of rooms in Chiang Mai‘s hotels and the international airport remain unoccupied, with the return of travellers seemingly slower than anticipated post-pandemic. Adding to the concerns is the anticipated PM2.5 dust during the peak season. Over the weekend, Prime Minister Srettha Thavisin undertook an inspection of the airport in light of…
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Thailand reviews taxes and launches digital wallet to tackle income disparity
The Finance Ministry of Thailand is set to review the new land and building tax and the inheritance tax and launch the digital wallet following an order from Prime Minister Srettha Thavisin. The move aims to mitigate income disparity in the nation. PM Srettha, who also holds the Finance Minister post, gave the directive subsequent to the appointment of a new…
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Thai PM’s ‘spice of life’ plan: Srettha Thavisin to boost Thai-Indian tourism in Modi meet
Prime Minister Srettha Thavisin announced his impending visit to India, scheduled for later this year, with an agenda to discuss boosting Indian tourism in Thailand with Indian Prime Minister Narendra Modi. The two leaders aim to resolve ongoing issues with visa application procedures and achieve approval for a visa-free policy for Indian tourists. Srettha told the media yesterday that he…
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Thai business department investigates 439 firms for potential nomination violations
In a move to suppress the ‘grey’ market in the fiscal year 2023, the Business Development Department (BDD) investigated 439 companies, suspecting them of acting as nominees for foreign corporations. Interestingly, legal entities potentially involved in nominee activities were discovered in Chiang Mai and Chon Buri provinces. The BDD Deputy Director-General, Jitakorn Wongkhatekorn, revealed that the agency inspected three targeted…
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Debt moratorium to benefit 7 million farmers and SMEs
Deputy Finance Minister Julapun Amornvivat announced that no more than seven million farmers and small and medium-sized enterprises (SMEs) will qualify for the initial phase of the debt moratorium. The breakdown of this figure is expected to be around four million small-scale farmers and three million SMEs. The Deputy Finance Minister refrained from providing specifics on the scope and limit…
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Tablet talk: IT companies endorse education ministry’s digital vision, but call for a SMARTer plan
The plan of the Education Ministry to equip every student and teacher across the nation with a tablet has received support from several IT companies. They believe the tablet initiative is a step towards promoting equal educational opportunities. However, they recommend a well-thought-out strategy about device specifications, relevant courseware, and the necessary skills students should acquire. This tablet initiative is…
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