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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Starting a new life abroad is exciting—new culture, new lifestyle, and new chances to grow. But living far from home also means taking steps to protect your health in unfamiliar surroundings. Without the right coverage, even small health issues can...
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Temasek cuts staff pay after failed FTX crypto investment
Singapore-based investment company Temasek has announced that its investment team and senior management experienced a reduction in compensation following the firm’s failed investment in cryptocurrency company FTX. Temasek Chairman Lim Boon Heng stated that despite no misconduct by the investment team, they took collective accountability for the outcome. In November, Temasek Holdings revealed that it would write down its US$275…
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Thailand sees 1 million Chinese tourists from January to May 18
Between January and May 18, Thailand welcomed 1 million Chinese tourists, following China’s border reopening, a government official reported. The Thai government is optimistic about achieving its target of five million Chinese visitors this year, with an expected spending of 446 billion baht. Government spokesperson Anucha Burapachaisri announced in a statement that the number of Chinese tourists visiting Thailand has…
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Foreign buyers fuel 200% surge in Thai luxury property sales
A surge in foreign interest in luxury property in Thailand has been observed since international tourists began returning in the latter half of 2022, according to property consultancy CBRE. Sales transactions through CBRE have risen by over 200%, indicating a clear trend. In response, developers are preparing to launch new luxury and super-luxury residential projects in 2023, with a focus…
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Thapanee Kiatphaibool approved as new TAT governor
The Tourism Authority of Thailand (TAT) announced the appointment of Thapanee Kiatphaibool as its new governor, effective from September 1. The 48 year old, who currently serves as the deputy governor for domestic marketing, was chosen by the TAT board yesterday, following a recruitment process that began on February 20. Out of the two finalists, the nomination subcommittee, chaired by…
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Biden assures no US default as debt ceiling deadline looms
US President Joe Biden has reassured the nation that there will be no default on the country’s debt, even as lawmakers went on a 10-day break without reaching an agreement on raising the borrowing limit. The government estimates it could run out of money to service its debts by June 1, and failure to repay loans could potentially lead to…
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Thailand Post to launch digital mailbox service Prompt Post in Q3
Thailand Post is set to launch Prompt Post, a digital mailbox service, by the third quarter of this year. The move is aimed at capitalising on the growing trend of electronic document handling and supporting the company’s Post Digital mission. Thailand Post‘s chief executive, Dhanant Subhadrabandhu, explained that the company has been actively developing its business to offer comprehensive postal…
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THAIFEX-ANUGA ASIA 2023 shapes the future of sustainable food innovation
The THAIFEX – ANUGA ASIA 2023 exhibition was launched by the Department of International Trade Promotion (DITP), the Thai Chamber of Commerce (TCC) and Koelnmesse (KM) Germany, with a focus on promoting sustainable food innovation. The event is happening now at IMPACT, Muang Thong Thani, from 23-27 May 2023. The event allows attendees to discover a variety of future food…
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Excise Department supports Move Forward Party’s Progressive Liquor Act
The deputy director-general of the Excise Department stated that the department’s liquor policy is in line with the Move Forward Party‘s Progressive Liquor Act. The proposed Act aims to liberalise liquor production, allowing both small and large producers to enter the market. Kriengkrai Pattanaporn explained that the proposal is consistent with the department’s policy, and there would be no objections if…
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Baht volatility looms amid political risk and new government formation
Kasikornbank (KBank) has warned investors that the formation of a new government and political risk may result in increased baht volatility over the next month. The bank forecasts that the baht will fluctuate between 33.80-35.40 per US dollar during this period due to various internal and external factors. The primary determinant is the direction of the US Federal Reserve’s policy…
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Thailand on track for 10 million tourists despite low season
The Tourism Authority of Thailand (TAT) anticipates that by the end of this month, Thailand will have welcomed 10 million foreign tourists, with at least 2 million visitors per month expected during the low season. TAT Governor Yuthasak Supasorn stated that Thailand has consistently recorded over 50,000 arrivals daily, indicating that the monthly minimum rate of 2 million visitors during…
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Krungsri Auto targets 1/3 EV lending market share amid 203% growth forecast
Krungsri Auto, a leading automotive finance company under the Bank of Ayudhya, is targeting a one-third market share in electric vehicle (EV) lending this year. The firm anticipates a 6% decline in new motorcycle sales, amounting to 1.7 million units, mainly due to a high base effect. Out of these, 30,000 units are expected to be electric motorcycles, an increase…
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Limited impact expected from new government’s stimulus amid political uncertainty
The impact of the new government‘s stimulus measures on the economy is expected to be minimal, as the stock market has already accounted for risks associated with political issues, according to the SCB Chief Investment Office (SCB CIO). Kampon Adireksombat, first senior vice-president and head of SCB CIO, stated that the formation of a new coalition government is still uncertain…
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Meta finalises layoffs, cutting 10,000 jobs, refocusing on AI
Meta Platforms, the parent company of Facebook, completed its final phase of a three-part round of job cuts, reducing its workforce by 10,000. Employees from various departments, including marketing, site security, enterprise engineering, program management, content strategy, and corporate communications, announced their layoffs on LinkedIn. Privacy and integrity units were also affected by the job cuts. The social media giant…
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MFP leader promises reasonable minimum wage increase without economic damage
Move Forward Party (MFP) leader Pita Limjaroenrat recently assured that a coalition government under his leadership would not immediately raise the minimum daily wage to 450 baht but would ensure a reasonable increase without causing damage to industry or the economy. Limjaroenrat, the party’s prime ministerial candidate, made this promise during a meeting with representatives of the Federation of Thai…
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China downplays Micron ban as individual case, not broader US firm targeting
China is attempting to mitigate the fallout from its recent decision to partially ban sales of US chipmaker Micron‘s products in the country on national security grounds. The ban has been challenged by Washington, which views it as a deliberate targeting of US businesses in response to export controls imposed on China. However, Chinese authorities, including the foreign ministry and…
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Thai car production dips 0.13% in April as exports surge 43.53%
Thailand experienced a slight decline of 0.13% in car production in April compared to the previous year, with a total of 117,636 units produced, according to the Federation of Thai Industries (FTI). This decrease was primarily due to a drop in truck production. However, the country witnessed a significant surge in auto exports during the same month, owing to a…
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Thailand to ease yuan rules for trade amid rising US dollar volatility
Amid the increasing volatility of the US dollar in relation to other global currencies, regulators are considering loosening restrictions on the utilization of the yuan in yuan-baht trade transactions. The Bank of Thailand, in collaboration with Asian and ASEAN central banks, is actively working toward establishing frameworks for local currency settlements. This initiative aims to encourage the use of local…
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31% of Thais eye battery electric vehicles as next car choice
A recent survey by Deloitte Thailand revealed that 31% of Thai consumers are likely to opt for a battery electric vehicle (BEV) as their next car, the highest percentage in Southeast Asia. Despite this, internal combustion engine vehicles continue to be the preferred choice in the region. The survey, conducted between September and October last year, focused on consumer behaviour…
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Thailand’s state grid to ink 5.2GW renewable deals in Q3
The Energy Regulatory Commission (ERC) anticipates that power purchase agreements (PPAs) will be signed with companies chosen to participate in the 5.2-gigawatt renewable energy scheme during this year’s third quarter. The Office of the Attorney General is currently reviewing the legal aspects of the scheme, which includes power plant construction projects proposed by 175 selected companies. Following the completion of…
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Thai food exports target 10% growth amid rising demand, quality standards
The Thai Commerce Ministry aims to boost food exports by 10% in 2023, driven by growing demand and enhanced Thai standards for quality, safety, and sustainable production processes. Commerce Minister Jurin Laksanawisit announced the target during the opening of THAIFEX-ANUGA ASIA 2023, expecting food exports to reach 1.55 trillion baht this year, up from 1.36 trillion in 2022. The food…
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Thai government revenue exceeds target by 112 billion baht amid economic recovery
The Ministry of Finance announced that government revenue collection for the first seven months of fiscal 2023 (October to April) surpassed the target by 112 billion baht, primarily due to contributions from agencies other than the Revenue Department. This information was shared by Pornchai Thiraveja, director-general of the Fiscal Policy Office. The government collected a net revenue of 1.38 trillion baht…
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White House reports progress in talks to avert US debt default
The White House has reported some progress in the ongoing discussions with Republican negotiators to prevent a catastrophic US debt default before the June 1 deadline. White House Press Secretary Karine Jean-Pierre stated that both sides must understand that they won’t get everything they want. The talks between US President Joe Biden and Republicans in Congress are set to continue,…
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Rising interest rates boost mortgage NPLs, Bank of Thailand urges debt restructuring
In the first quarter of this year, non-performing mortgage loans (NPLs) experienced an increase due to rising interest rates, prompting the Bank of Thailand (BoT) to encourage banks to assist borrowers through debt restructuring. The central bank recently revealed a housing loan NPL ratio of 3.16% in the commercial banking system, up from 3.01% in the previous quarter. The primary…
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Asia-Pacific countries need US$362 billion annually for climate action, says UN
The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) highlighted the urgent need for significant funding to support climate change adaptation and mitigation efforts in the Asia-Pacific region. ESCAP’s Accelerating Climate Action in Asia and the Pacific report reveals that most countries in the area are inadequately prepared for extreme weather events and natural disasters, which…
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NBTC scraps 3.8bn baht telehealth project over budget concerns
The National Broadcasting and Telecommunications Commission (NBTC) board members have voted against the development of a 3.8 billion baht telehealth project, citing misalignment with the objectives of the Universal Service Obligation (USO) project budget. The majority of board members argued that the USO project’s focus should be on supporting telecom network installation and expansion to bridge the digital divide, while…
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Thai foreign investment outlook positive amid political shift
The Industrial Estate Authority of Thailand (IEAT) and prominent business leaders expressed optimism about foreign investment in the country this year, despite delays due to the formation of a new government. IEAT Governor Veeris Ammarapala stated that foreign investors are expected to understand the evolving political landscape in Thailand, including the transition towards a Move Forward Party-led coalition government. At a…
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Thailand investment value surges 77% with South Korea as top foreign investor
Investment in Thailand experienced a significant surge in the first quarter of the year, with a 77% year-on-year increase to 185.7 billion baht, primarily driven by 397 project proposals. The Board of Investment (BoI) revealed that South Korea emerged as the leading foreign investor during this period. Foreign investment constituted 155.2 billion baht of the total investment, marking a 115%…
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Thailand’s soaring household debt risks economic slowdown, warns NESDC
The National Economic and Social Development Council (NESDC) issued a warning concerning Thailand’s mounting household debt, stating that it could become a significant issue if the economy and employment rates decline. NESDC Secretary-General Danucha Pichayanan emphasised the need for debt restructuring alongside financial and fiscal discipline at both individual and corporate levels. During a press conference discussing the economic outlook…
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Dyson aims to double product range, expand beyond home innovations by 2025
Dyson, renowned for its innovative household appliances, has been focusing on making everyday tasks more efficient and convenient for users. The development of such cutting-edge products often takes years and numerous prototypes, with Dyson’s bagless vacuum cleaner taking over five years and 5,127 prototypes to perfect. The company’s entrance into the beauty market with its hair dryer involved four years…
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EU regulators apply old laws to control AI as new rules take years to enforce
The rapid development of artificial intelligence (AI) services like ChatGPT has led regulators to rely on existing laws to control a technology that could transform societies and businesses. The European Union is working on new AI rules to address privacy and safety concerns associated with generative AI technology, such as OpenAI’s ChatGPT. However, it will take several years for the…
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