Business News
Thailand business news, market trends, foreign investment, and economic updates—stay informed on stock market movements, entrepreneurship, and key developments shaping the economy. Get the latest from The Thaiger, your trusted source for business news in Thailand.
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Minor Hotels to reach 600 properties amid optimistic tourism outlook
Minor Hotels is set to expand its portfolio to 600 properties across 59 countries, with over 91,000 rooms this year, as the global tourism industry shows signs of recovery following the easing of Covid-19 infections. Dillip Rajakarier, Group Chief Executive of Minor International Plc and Chief Executive of Minor Hotels, believes that pent-up demand will drive the industry for years,…
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Thai digital industry sentiment hits three-year high amid economic recovery
A recent survey by the Digital Economy Promotion Agency (Depa) revealed that the Digital Industry Sentiment Index has risen above the 50-point threshold for the first time in a year, reaching a three-year high. The index reached 54.0 during the first quarter, up from 49.0 in the final quarter of 2022, indicating increased confidence among entrepreneurs as Thailand‘s economy recovers…
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Shocking surge: Chinese EV makers eyeing membership in FTI
Chinese electric vehicle (EV) makers are expressing interest in joining the Federation of Thai Industries (FTI) to support the growth of Thailand’s emerging EV sector. The FTI is currently in discussions with Chinese automobile manufacturers and aims to reach a decision shortly, according to Surapong Paisitpatanapong, vice-chairman of the FTI and spokesman for the FTI’s Automotive Industry Club. He said……
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Burger Thailand’s ‘kids meal’ campaign serves up a whopper of a strategy to win over youngsters
Burger Thailand, the local operator of Burger King, is intensifying efforts to appeal to children as part of its global strategy. According to the company’s general manager, Tanawat Damnernthong, children significantly influence their parents’ choices when selecting a restaurant, with families with children typically spending more per meal than working professionals. For the first time in its 23 year history…
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Thailand’s PC market set for 7.9% growth amid business transformation demand
The personal computer (PC) market in Thailand is predicted to expand by 7.9% this year, driven by the increasing demand from businesses seeking digital transformation, according to IDC Thailand’s market analyst. The first quarter of 2023 saw the market contract by 20.3% year-on-year, but it experienced a 12.9% growth quarter-on-quarter due to consumer spending through the government’s “Shop Dee Mee…
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Thailand targets 3 trillion baht tourism revenue in 2023 with sustainability focus
The Tourism Authority of Thailand (TAT) is optimistic that the country’s tourism industry will achieve a revenue of 3 trillion baht in 2023, equal to the revenue generated in 2019. Tanes Petsuwan, TAT’s deputy governor for Asia and the South Pacific, revealed that the agency is developing new promotional strategies for the next fiscal year and anticipates finalising its proposal…
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US-Taiwan trade deal signing set to escalate Beijing-Washington tensions
Taipei has announced that the United States and Taiwan are set to sign a trade agreement, a move that is expected to increase tensions between Beijing and Washington over the island. The Office of Trade Negotiations in Taipei stated that the first set of agreements under “The US-Taiwan Initiative on 21st Century Trade” would be signed in Washington, without providing…
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Asia’s factory demand eases amid China’s faltering recovery and global trade slump
Factories across Asia experienced a further decline in demand during May, as China‘s sluggish recovery impacted a region already grappling with a global trade downturn. Taiwan’s purchasing managers indexes (PMI) dropped to 44.3 from 47.1 in April, while Vietnam recorded its lowest reading since September 2021, according to S&P Global. South Korea’s factory gauge saw a slight increase in May,…
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Krungsri bank expects Thai government to boost Japanese investment
Krungsri, also known as the Bank of Ayudhya, believes that the new Thai government will continue to encourage Japanese investment in the country. Japan is currently Thailand’s largest foreign investor, contributing 28.6% of total investment, or 23.3 billion baht. As political parties form a coalition government, Japanese investors are closely monitoring the situation. Bunsei Okubo, the head of Japanese corporate and…
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Thai entrepreneurs urge government to prioritise reducing energy costs
A recent survey by the Federation of Thai Industries (FTI) has shown that the majority of entrepreneurs are urging the new government to fulfil its promise to lower electricity costs, as outlined in a memorandum of understanding (MoU) signed by the Move Forward Party and seven other political parties. Of the 252 executives across 45 industries surveyed, 75.8% voted for…
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Thailand’s MPI growth faces stagnation amid export slowdown and high costs
The Manufacturing Production Index (MPI) in Thailand is predicted to experience subdued growth of 0-1% this year, owing to a combination of domestic and international business challenges. The April MPI reading was the lowest in 34 months, with an 8.14% year-on-year drop to 83.5 points, marking the seventh consecutive decline since October last year, according to the Office of Industrial…
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Saha Group urges Thai govt to prioritise agriculture over wage hikes
The Saha Group, a prominent consumer product conglomerate in Thailand, advised the new Thai government to prioritise the promotion of the agricultural sector instead of significantly raising the daily minimum wage. The group’s chairman, Boonsithi Chokwatana, believes this approach would contribute to sustainable economic growth. Boonsithi also suggested that the government should concentrate on enhancing the economy through educational initiatives…
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Singapore Airlines offers free unlimited WiFi to economy passengers
Singapore Airlines (SIA) revealed plans to offer free unlimited WiFi to economy and premium economy class passengers from July 1. To access this benefit, travellers must be members of SIA’s rewards programme, KrisFlyer. With this move, SIA is set to become the first airline to provide free unlimited WiFi across all cabin classes and nearly its entire aircraft fleet. Currently, about…
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Sappe Plc invests 1 billion baht in warehouse automation amidst wage hike
Sappe Plc, a leading beverage manufacturer, unveiled plans to construct an automated warehouse, establish a new production line, and implement a cost reduction scheme in response to the government’s commitment to increase the daily minimum wage. Piyajit Ruckariyapong, the company’s CEO, disclosed that the project is expected to cost around 1 billion baht between 2023 and 2024. Out of the…
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Bank of Thailand raises key interest rate amid inflation risks
The Bank of Thailand announced a 25 basis point increase in its key interest rate, bringing it to 2%. This marks the sixth consecutive meeting where the central bank has raised the rate, with a total increase of 150 basis points since August last year. The decision was unanimous among the Monetary Policy Committee members and in line with the expectations…
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Central Pattana invests 1 billion baht in the Greatest Grand Sale 2023 campaign
Central Pattana Plc (CPN) joined forces with companies under the Central Group umbrella and leading business partners to invest over 1 billion baht in a mid-year sales campaign titled The Greatest Grand Sale 2023. The campaign will take place across shopping centres, department stores, and Central’s online platform, offering discounts of up to 80% at 9,500 stores, including over 16,500 brands,…
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Thai parties push for Progressive Liquor Bill to boost local alcohol production
The Progressive Liquor Bill, which aims to create fairer rules for small and community-based alcohol producers in Thailand, resurfaced in public discussions after being mentioned in a memorandum of understanding signed by eight parties looking to form a coalition government. The bill, proposed by the Move Forward Party (MFP), narrowly lost approval in the House of Representatives last year by…
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Virtual twin tech tackles traffic congestion and pollution in smart cities
Virtual twin technology is emerging as a transformative tool for future mobility and smart cities, helping to address issues such as traffic congestion and air pollution, according to Dassault Systèmes, a France-based 3D design software company. This technology is an extension of digital twins, which are digital replicas of physical objects, systems, or processes that integrate advanced technologies and data…
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Thai e-marketplaces Shopee and Lazada shift to profitability
The e-commerce landscape in Thailand experienced a significant shift as major players Shopee and Lazada reported profits for the first time in almost a decade. This change has been attributed to careful spending, operational adjustments, and increased service fees. In 2022, Shopee recorded a profit of 2.4 billion baht, while Lazada posted a profit of 413 million baht. Shopee’s revenue reached…
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Thailand sees tourist tax refund surge since reopening in June
Following Thailand‘s full reopening in June last year, the number of tourist tax refunds has surged, as reported by Revenue Department director-general Lavaron Sangsnit. The increase in foreign visitors is evident in the substantial rise in value-added tax (VAT) refund totals. In 2022, over 423,000 tourists received VAT refunds, totalling 1.2 billion baht. Between January and May 2022, there were…
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Nvidia valuation drops despite rally as earnings estimates outpace share price
Nvidia Corp’s impressive stock rally in recent days has seen the chip developer’s valuation decrease, as measured by the forward price/earnings (P/E) ratio. Over the last three sessions, the company’s stock has risen more than 31%, with a 3% gain reaching $401.11. Despite this, Nvidia’s P/E multiple has fallen due to Wall Street’s earnings expectations for the company rising even…
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Economist warns of panic as new Thai government risks fiscal sustainability
Concerns about fiscal sustainability have been raised by Kiatnakin Phatra Securities (KKP), as the new government‘s potential “addiction to budget deficits” may cause panic in the stock market. KKP’s chief economist, Pipat Luengnaruemitchai, expressed his apprehensions regarding the country’s fiscal outlook if excessive expenditure is allocated by politicians and the government without a clear financing plan. As Thailand prepares for…
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Thai exports decline for seventh month as global demand slows
The Thai Ministry of Commerce has reported a decline in the nation’s export value for the seventh consecutive month. In April, the value dropped by 7.6% compared to the previous year, a significantly larger decrease than the 2% fall anticipated by economists. April’s exports were valued at US$21.72 billion, a notable decrease from March’s 12-month high of US$27.65 billion. Despite…
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Bank of Japan to maintain ultra-loose policy, downplays change expectations
The Bank of Japan’s Governor, Kazuo Ueda, has stated that the central bank will continue to maintain its ultra-loose monetary policy, as there remains a significant gap to achieve the 2% inflation target sustainably. Ueda’s comments downplay the expectations of a policy change in the near future. He told parliament, “We expect inflation to quite clearly slow below 2% toward…
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Asia-Pacific consumers to boost health and wellness spending post-pandemic
A recent survey reveals that approximately 70% of consumers in the Asia-Pacific region are prepared to increase their expenditure on health and wellness products, as the pandemic has heightened health consciousness. The study called the Asia-Pacific Health Priority Survey, was carried out by US supplement distributor Herbalife and highlighted a particularly strong interest in health improvement in Southeast Asia, specifically…
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Thai parties pledge to tackle economic inequality, business groups sceptical
Business organisations have expressed support for the Move Forward Party’s campaign pledges to address economic inequality in Thailand, but they question the party’s ability to overcome long-standing issues. On May 22, eight political parties signed a memorandum of understanding, outlining 23 focal points for governing Thailand. These included a joint commitment to reducing inequality and promoting equitable economic growth. The…
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Thai election uncertainty raises concerns for small business owners
A record 39 million Thai citizens participated in the recent general election, with the Move Forward Party (MFP) emerging victorious. However, the recently amended constitution poses challenges for non-military political parties, and the MFP-led coalition still requires additional upper-house votes to secure the 376 seats needed for leadership. This has raised concerns about Thailand‘s political future and its economic prospects.…
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Thailand advances in clean energy and carbon credit trading
Thailand is making significant strides in clean energy development as the government and businesses collaborate on various projects aimed at reducing carbon dioxide emissions. Initiatives such as increasing the use of renewable energy sources for electricity generation and promoting electric vehicles (EVs) are helping create new environmentally friendly businesses. Companies that do not adhere to eco-friendly practices may face penalties,…
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Thai election fallout hits SET, investors dump big-cap stocks
Despite initial optimism that the General Election could reverse the “sell in May” phenomenon, the recent poll sent the Stock Exchange of Thailand (SET) index into a tailspin, dipping 3% the first week after the election. Political uncertainties have triggered an outflow of funds, worsening the situation for Asia’s worst-performing bourse this year. The market capitalisation of the SET has…
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Bangkok governor urges land tax review as city revenues plummet
Bangkok Governor Chadchart Sittipunt has urged the incoming government to reevaluate the recently implemented land and building tax rules, as the city’s revenues have seen a significant decline since the new rates were introduced earlier this year. Previously, the Bangkok Metropolitan Administration (BMA) set the land and building tax rate at 12.5% of the income generated by a plot of…
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