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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Sponsored 5 ways retirees in Thailand lose money (and how to stop it)
Retiring in Thailand can be affordable and enjoyable, but many retirees lose money due to common mistakes. High living costs, scams, and unexpected expenses can quickly drain savings. There are five ways that retirees in Thailand can lose money and...
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Gold prices hit record high in Thailand, predicted to climb further
Gold prices in Thailand have reached a historic peak, with projections indicating a possible increase to 38,000 baht per baht weight within the year. This surge is largely attributed to the continued global increase in gold prices, which are nearing a two-month high of over US$2,080 per ounce, according to the Gold Traders Association (GTA). The price of gold bars…
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Kia considers setting up electric vehicle factory in Thailand
Premium Korean car manufacturer, Kia, is exploring the possibility of setting up an electric vehicle (EV) factory in Thailand, as per an announcement made by Kia Sales (Thailand). The move comes in response to the rapidly expanding EV market in the country. If approved by Kia Corporation, the parent company which falls under the Hyundai Motor Group, Thailand would become…
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Thailand’s internal trade dept to cut pig production for price stability
The Internal Trade Department is looking to partner with the Department of Livestock Development (DLD) and the Swine Raisers Association of Thailand, with a plan to cut pig production down to an average of 8,000 piglets each day. This action aims to stabilise the price for livestock producers across the country. According to the director-general of the Internal Trade Department,…
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Thai economy set for revival amid global uncertainties
The Federation of Thai Capital Market Organizations (FETCO) anticipates a revival of the Thai economy in the latter half of the year, supported by potential interest rate reductions. This optimistic outlook emerges amidst global economic uncertainties, with possible recessions in the UK and Japan, and China grappling with a prolonged property crisis. FETCO chairman Kobsak Pootrakool believes that the global…
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Foreign currency deposits surge in Thailand
The past year has seen a significant upturn in foreign currency deposits (FCDs), spurred by appealing interest rates due to global rate hikes. According to data from the Deposit Protection Agency (DPA), member financial institutions observed a surge in FCDs to a total value of 812 billion baht (US$22 billion) by November 2023, up from an earlier figure of 640…
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Thailand intensifies crackdown on illegal short selling
The Chairman of the Stock Exchange of Thailand (SET), Pichai Chunhavajira, announced plans to intensify the country’s crackdown on illegal short selling as shares continue to underperform. Currently, the law permits penalisation of only the securities companies that initiate the short-selling order. However, the market authorities are contemplating amending the law to allow the prosecution of both individuals and companies…
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Bitcoin nears all-time high, marking a 50% rise this year
Bitcoin’s value witnessed a steep rise today, reaching a two-year high of US$64,285, a mere 2% shy of its all-time record of US$68,999.99 set in November 2021. This surge marks a 50% increase in the cryptocurrency’s value since the beginning of this year, with the majority of this growth observed in recent weeks. The rise in Bitcoin’s value corresponds with…
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LH Bank reveals strategy for mid-sized status by 2030
Land and Houses Bank (LH Bank), the financial subsidiary of property giant Land and Houses Plc (LH), unveils its ambitious plan to become a mid-sized bank by 2030. The bank’s strategy is founded on robust loan growth and an increasing income stream. LH Bank’s five-year business strategy involves a comprehensive restructuring of its loan portfolio, aimed at driving loan expansion…
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Thailand’s TQM Insurance introduces cover for PM2.5 pollution-related diseases
Health concerns over PM2.5 air pollution in Thailand are escalating, prompting insurance companies to develop policies that cover respiratory diseases attributed to the hazardous particulate matter. TQM Insurance Brokers, in collaboration with Bangkok Insurance (BKI), has introduced a novel health insurance policy specifically designed for ailments related to PM2.5 dust exposure. The policy stipulates that if an insured individual is…
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Thai gold prices surge, reach new high at 35,750 baht per baht
Gold prices in Thailand saw a continuous surge today, prompting those interested in trading the precious metal to act swiftly. The Gold Traders Association (GTA) reported a significant increase compared to yesterday’s closing rates, with the selling price of gold ornaments per baht weight reaching 35,750 baht today marking a 50 baht increase from the previous day. The domestic market…
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Thailand gov urges bank to cut interest rate amid economic crisis
The ongoing feud between Prime Minister Srettha Thavisin and Bank of Thailand Governor Sethaput Suthiwartnarueput regarding interest rates remains the focus of media attention. Meetings of the Monetary Policy Committee (MPC) have been closely watched as elements of the government and business sector believe the central bank needs to reduce the policy rate. The MPC is set to meet six…
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ThaiBev intensifies commitment to sustainable growth
Thai Beverage Plc (ThaiBev) is stepping up its commitment to sustainable development, implementing strategies that encompass all facets of its business operations. The company’s Executive Vice President and Chief of Sustainability and Strategy, Tongjai Thanachanan, outlined the firm’s commitment to achieving sustainability through a comprehensive approach, known as Enabling Sustainable Growth (ESG). This approach encompasses environmental, social, and governance goals.…
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Gold prices experience significant rise, says GTA
Today saw a marked increase in gold prices, according to the Gold Traders Association (GTA). The buying prices for gold ornaments reached 34,473.84 baht (US$966) per baht weight, and gold bars were valued at 35,100 baht (US$984) per baht weight. On the other hand, the selling prices were determined at 35,700 baht (US$1,001) per baht weight for gold ornaments, while…
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Thailand’s aviation hub plans receive airline approval
The Thai government’s initiative to transform the country into an aviation and logistics hub has been met with approval from airlines. However, concerns regarding congestion at major airports and the significant investment required to accommodate increasing demand persist. Prime Minister Srettha Thavisin recently unveiled plans to capitalise on Thailand’s strategic location in Southeast Asia to attract more international airlines to…
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Thailand and Cambodia reignite talks on joint petroleum production
The Petroleum Exploration and Production Industry Club has shown its full support to the renewed efforts of the government to kickstart the oft-stalled talks on joint petroleum production between Thailand and Cambodia. The talks revolve around the Overlapping Claims Area (OCA), located in the Gulf of Thailand. Nipatsin Yimyam, the club’s chairman under the Federation of Thai Industries, stated their…
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Thailand’s tourism ministry plans to become global hub by 2030
The Ministry of Tourism and Sports in Thailand is gearing up to host a workshop aimed at transforming the country into a global tourism hub by 2030. Both public and private sectors are invited to participate in the workshop, scheduled for mid-March, with Prime Minister Srettha Thavisin expected to present comprehensive strategic plans. Thailand’s vision to ignite its global standing…
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AWC plans 36 billion baht investment in high-end tourism
Asset World Corp (AWC), a Stock Exchange of Thailand (SET)-listed company, maintains a positive outlook on high-spending tourists and outlined plans to invest in projects estimated at 36 billion baht (US$1 billion) this year. Wallapa Traisorat, AWC’s chief executive and president, highlighted Thailand’s potential to attract high-spending tourists from regional competitors through quality property development, specifically hotels in partnership with…
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Bank of Thailand to accept virtual banking licences applications
This month, the Bank of Thailand is set to welcome applications for virtual banking licences, a move that has piqued the interest of numerous business operators. The finance ministry is currently in possession of a draft outlining the regulations for virtual banking, which is due to be made public in the Royal Gazette. Suwannee Jatsadasak, a 42 year old assistant…
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Weakening Thai baht forecast due to economic cost factors
Analysts predict a decline in the value of the Thai baht, the nation’s currency, attributed to various factors such as sluggish economic growth, elevated freight expenses, and discord regarding reductions in interest rates. It is anticipated that the baht will fluctuate within the range of 36 to 36.50 against the US dollar throughout this month. On Wednesday, the baht recorded…
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Energy Absolute CEO runs for top spot in FTI
The race for the top position at the Federation of Thai Industries (FTI) has heated up, as vice-chairman Somphote Ahunai, also the CEO of Energy Absolute, a company specialising in renewable energy and electric vehicles, has thrown his hat into the ring. The FTI, a significant body in Thailand, boasts a membership of over 15,000 nationwide. The current chairman, Kriengkrai…
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Thailand’s manufacturing sector sees slump for 16th month
Thailand’s manufacturing sector witnessed a prolonged slump for the 16th month in January, as the country’s key economic pillar grapples with dwindling domestic and overseas motor vehicle sales, according to information released by the Industry Ministry. The year-on-year decline of 2.94% in the sector fell short of the anticipated 5.1% fall predicted in a Reuters survey and followed a revised…
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Bangkok gems and jewellery fair exceeds expectations
The 69th Bangkok Gems and Jewellery Fair, held at the Queen Sirikit National Convention Centre, concluded on a high note, exceeding its initial expectations. The event, organised by the Department of International Trade Promotion (DITP) and the Gem and Jewelry Institute of Thailand (GIT), recorded an estimated value of orders surpassing 3.7 billion baht, a 12% increase over the target.…
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Thai Department of Commerce collaborates to stabilise fruit market
The Department of Commerce, in collaboration with global fruit importers, is examining the futures market and preparing to roll out an additional 35 initiatives. These initiatives are aimed at promoting Thai agricultural products, to maintain price stability throughout the year. Commerce Minister Phumtham Wechayachai yesterday presided over a business-matching project’s launch. This project, centred on fresh and processed fruit and…
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Consumer confidence hits 47-month high amid economic recovery
January saw a significant rise in consumer confidence, reaching the highest level in 47 months due to the ongoing economic recovery, according to a statement by Fiscal Policy Office (FPO) Director-General Pornchai Thiraveja. The consumer confidence index marked its sixth consecutive month of growth, reaching 62.9, a slight increase from 62.0 in December. This growth is indicative of improved domestic…
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Thai govt considers issuing US$1 billion foreign currency bonds
The Thai government recently announced its consideration to issue foreign currency-denominated bonds valued at US$1 billion, approximately 36 billion baht, an announcement which has sparked debates over the worth and risks associated with such an undertaking. As part of this move, the Public Debt Management Office (PDMO) under the Finance Ministry is examining the feasibility of offering these bonds in…
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Thailand’s tourism industry calls for eased travel restrictions
Faced with intense competition from fellow Southeast Asian countries, Thailand’s tourism industry called on the government to ease travel restrictions and promote cross-border travel. The appeal comes as Malaysia is seen to be catching up with Thailand’s tourism numbers. Earlier this week, Prime Minister Srettha Thavisin embarked on a tour of three southern provinces to boost both trade and tourism.…
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Thai Oil predicts surge in jet fuel demand despite slow economy
Despite forecasted sluggish economic growth, Thai Oil Plc, Thailand’s leading oil refinery in terms of capacity, envisages an upturn in demand for refined oil, particularly jet fuel, in the current year. Jet fuel consumption is predicted to surge by 24.2%, equating to an average of 16.8 million litres per day (MLD). This represents a considerable increase from the previous year’s…
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BDMS’s sustainable business practices shine on global stage
Bangkok Dusit Medical Services (BDMS) has been recognised as a global leader in sustainable business practices by the 2023 Dow Jones Sustainability Index (DJSI). The healthcare giant’s commitment to Environmental, Social, and Governance (ESG) principles underscored its dedication to responsible business conduct. Adherence to these principles aims to uphold BDMS’s reputation as a healthcare innovator while making a positive impact on…
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Dusit Thani Bangkok set for grand revival in 2024
Dusit Hotels and Resorts unveiled its intention to resurrect Dusit Thani Bangkok hotel, with a projected reopening in September 2024. This new establishment will occupy the same prestigious location as its predecessor, a landmark in the Bangkok skyline from 1970 to 2019. Suphajee Suthumpun, the group chief executive of Dusit International, expressed that this new venture is a symbol of…
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BMW to establish first SE Asian EV battery factory in Thailand
BMW Group Thailand revealed plans to establish an electric vehicle (EV) battery factory in the country this year. This move is in response to China’s escalating EV investment and supply chains in Thailand. The factory, to be positioned in Rayong, will bolster the firm’s sales of battery EVs and plug-in hybrid EVs. The company’s president and CEO, Alexander Baraka, revealed…
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