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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Thailand’s tourism sector set to generate 614 billion baht in Q2
Despite the second quarter often being perceived as the off-peak season, the Tourism Authority of Thailand (TAT) anticipates that the country’s tourism sector will generate a revenue of 614 billion baht (US$ 16.7 billion). This optimistic prediction is attributed to a surge in domestic trips during the Songkran festivities scheduled for this month, which are set to surpass the number…
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Thai construction firm ITD seeks additional financial backing
Financially beleaguered construction company Italian-Thai Development (ITD) hopes to receive more financial backing from lenders to complete over 100 ongoing construction tasks while also vying for additional projects from the now active 2024 fiscal budget. ITD, listed on the Stock Exchange of Thailand (SET), has plans in the pipeline to offload its non-performing assets, including Asia-Pacific Potash Corp. Meanwhile, a…
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Thai govt plans huge digital wallet handout to boost economy
The Pheu Thai Party government, led by Prime Minister Srettha Thavisin, is set to roll out a massive digital wallet handout scheme worth 500 billion baht (US$13.75 billion) in the fourth quarter of this year. The scheme, which is designed to stimulate economic activity, involves transferring a sum of 10,000 baht (US$275) to 50 million Thai citizens, intended to be…
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Thailand faces first consumer confidence dip in eight months
A recent survey has revealed a decline in Thailand’s consumer confidence for the first time in eight months. This dip in March is attributed to a sluggish economic recovery and escalating living expenses. The University of the Thai Chamber of Commerce (UTCC), which conducted the survey, reported a decrease in the consumer index to 63.0 in March, down from 63.8…
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Thai stocks shed by foreign investors amidst delayed US rate cuts
The Stock Exchange of Thailand (SET) reported that foreign investors offloaded Thai stocks to the tune of 68.9 billion baht (US$ 2 billion) in the first quarter, with 41.2 billion sold in March alone. This trend is linked to the delayed US interest rate cuts, weaker financial performance of Thai companies compared to those on other exchanges, and overall economic…
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Splashy Songkran: Thai restaurant sales set to surge despite economic lull
Looking ahead to the upcoming Songkran festival, a trade group predicts a boost in restaurant sales during the second quarter, which could potentially surpass pre-pandemic levels, despite the current stagnant economy. Thaniwan Kulmongkol, President of the Thai Restaurant Association, noted that although the second quarter is typically a slow season for the Thai restaurant industry, the Songkran festival is expected…
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Dusit International urges government to boost quality tourism in Thailand
Dusit International Vice Chairman Chanin Donavanik urged the government to focus on enhancing the quality of tourism and encouraging exploration of lesser-known destinations to boost the industry. Chanin believes the government’s existing tourism promotion policies, including visa-free schemes and luxury tax reductions, are effective. Chanin, who also serves as the executive committee’s chairman, highlighted several areas for the authorities to…
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Chevron abandons operations in Myanmar’s Yadana gas field
In an unprecedented move, Chevron, the US energy giant, has abandoned its operations in the Yadana natural gas field in Myanmar, as confirmed by a company representative. This decision comes over two years after the corporation expressed concern about the violence and human rights violations in the military-controlled nation and declared its intention to withdraw. The 41.1% stake in the…
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PTT assures adequate LNG reserves to beat heat in Thailand
With summer temperatures expected to soar, PTT Plc, Thailand’s national oil and gas conglomerate, has assured that its liquefied natural gas (LNG) reserves are up to the task of meeting the country’s increased electricity demand. In Thailand, 60% of the fuel used for electricity generation is gas. As a result, PTT is prepared, with gas reserves of 6 billion cubic…
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AI poised to propel global productivity, says Microsoft CEO
Microsoft Group Chief Executive Officer (CEO) Satya Nadella has identified a pressing global need for a new artificial intelligence (AI) growth engine to unlock potential. According to Nadella, AI has emerged as the most potent technology since the inception of the Internet era and is capable of propelling worldwide productivity growth. The 56 year old CEO stated that the previous…
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China’s economic recovery revs up with Ching Ming Festival
China’s economic recovery is gaining momentum, driven by a boost in domestic travel and spending during the recent Ching Ming Festival. The three-day holiday saw a surge of over 10% in domestic travel and spending from pre-pandemic levels. The Chinese Ministry of Culture and Tourism confirmed that over 119 million domestic trips were recorded, exhibiting an increase of 11.5% compared…
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Maybank’s bet: Thailand casinos could hit jackpot, boosting GDP
Maybank Securities, a unit of Malaysia-based Maybank, forecasts that the potential introduction of casinos in Thailand with gambling facilities could yield an annual revenue of 187 billion baht, equivalent to about 1% of Thailand’s gross domestic product (GDP). The forecast, based on an assessment carried out by Maybank’s gaming analyst and tourist arrivals in Thailand in 2019, anticipates the first complex to…
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Healthy alliance: Thai-US partnership to inject vitality into EEC healthcare
A joint venture is underway between Thailand and the United States, aimed at boosting investments within the healthcare and medical sectors in the Eastern Economic Corridor (EEC). This initiative is designed to support healthcare services for both ageing and young populations while promoting targeted industries. Forecasts from the Thai Health Promotion Foundation indicate a rapid growth trajectory for the medical…
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Potential Australian trade barrier could impact Thai auto exports
The Thai Automotive Industry Association (TAIA) has issued a warning that a prospective trade barrier, set to be imposed on new cars shipped to Australia next year, may impact auto exports. The trade barrier, known as the new vehicle efficiency standard, is a regulation being developed to limit carbon dioxide emissions per kilometre from new cars sold in Australia, according…
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Thailand’s CPI sees sixth consecutive monthly decrease
The consumer price index (CPI) in Thailand has seen a decrease for the sixth consecutive month as of March, as reported by the country’s Commerce Ministry. This marks the 11th month in a row that the CPI has fallen outside the target range set by the central bank, which is between 1% and 3%. March’s CPI dropped by 0.47% compared…
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Thai government’s 500 billion baht digital wallet under scrutiny
The funding sources for the government’s flagship 500 billion baht handout scheme, better known as the digital wallet, will undergo careful consideration, ensuring that public debt remains manageable, a senior government official stated today. This scheme is a crucial campaign pledge of the ruling Pheu Thai Party, intending to distribute 10,000 baht to 50 million Thai citizens to stimulate local…
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Government’s debt hike prompts caution from agencies
Ratings agencies issued cautionary statements following the surprise decision this week by the government to increase its debt in a bid to stimulate the economy. The move, which may compromise the government’s fiscal consolidation efforts, is likely to stimulate short-term growth. The medium-term budget plan was revised by the Cabinet on Tuesday, causing a rise in the deficit next fiscal…
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Gold rush: Bullion prices hit record high, further increase forecast
Bullion prices have hit a new record high of over US$2,300 an ounce with sustained demand from central banks and rising geopolitical conflict. This led local traders to raise their forecasts for both global and domestic prices of gold to US$2,350 and 40,500 baht respectively. The Gold Traders Association (GTA) updated the domestic price by 400 baht per baht-weight before…
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Krungsri Bank targets 2-3% growth in SME loans in 2024
Krungsri, Thailand’s fifth-largest lender, is optimistic about achieving a 2-3% growth in small and medium-sized enterprise (SME) loans in 2024, following a surge in the first quarter of the year. The bank’s SME loans increased by over 2% by the end of March, in line with the gradual economic recovery of the country. This follows a robust 11% growth in…
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Thai bond defaults to stay below 1% in Q2, predicts ThaiBMA
The Thai Bond Market Association (ThaiBMA) forecasted a low probability of bond defaults in the forthcoming second quarter, with the total default value expected to fall below 1% of the entire outstanding market value. Ariya Tiranaprakit, Executive Vice President of ThaiBMA, revealed that the trend of deferring bond payments gained traction in the aftermath of the pandemic, largely induced by…
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Thai Tourists undeterred by Taiwan earthquakes for Songkran
Despite Taiwan experiencing its most significant earthquake in a quarter of a century and a series of tremors in Japan, Thai tourists are undeterred and continue with their planned holidays during the Songkran period. Charoen Wangananont, President of the Thai Travel Agents Association (TTAA), revealed that the majority of Thai tourists had already secured their tour packages, flight tickets, and…
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Thai condo market dominated by Chinese and Russian investors
Foreign buyers from China and Russia dominated the Thai condominium market in 2023, as per data from the Real Estate Information Center (REIC). The report disclosed a total of 14,449 units, valued at 73.2 billion baht, were purchased by international buyers, marking a 25% increase from 2022. Chinese investors led the way, acquiring 6,614 units, approximately 46% of the total…
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Vinfast challenges Chinese targeting Southeast Asia’s EV market
Vinfast, a Vietnamese electric vehicle (EV) producer, is contending with Chinese automobile manufacturers to market its EVs within Southeast Asia, leveraging the ASEAN Free Trade Agreement (AFTA). The firm eyes Thailand as the initial export venue, based on the country’s fast-growing EV market which promises lucrative business opportunities, according to Vu Dang Yen Hang, chief executive of Vinfast Auto (Thailand).…
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Analysts predict BoT to maintain policy rate despite weak baht
There’s a growing consensus among financial analysts that the Bank of Thailand (BoT) won’t lower its policy rate during its April 10 meeting, despite a weakening baht and economic outlook. This perspective is strongly held by Kasikorn Research Centre (K-Research), according to Kanjana Chockpisansin, the head of research. Kanjana stated that they believe the BoT’s Monetary Policy Committee (MPC) will…
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Fuelling fears: Thai diesel price hike won’t ignite retail inflation
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) stated that a potential increase in domestic diesel prices, which could surpass 30 baht a litre following the termination of the Oil Fuel Fund subsidy scheme on March 31, is unlikely to prompt manufacturers to raise the prices of their goods. Prime Minister Srettha Thavisin revealed on Tuesday, April 2,…
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Thailand explores extending emergency coverage to foreign tourists
The possibility of extending the Universal Coverage for Emergency Patients (UCEP) programme to safeguard foreign tourists is being explored by the Tourism and Sports Ministry and the National Institute for Emergency Medicine. This move comes in the wake of a rising number of injuries among tourists, primarily due to road and water accidents. The proposal to include foreign tourists under…
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Thai economy forecasts growth between 2.8% and 3.3%
The Thai economy, driven primarily by exports, forecasts growth between 2.8% and 3.3% for this year, as reported by the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). The committee, representing diverse sectors, has retained its initial forecast, projecting a 2.0% to 3.0% increase in exports. Following a 1.9% expansion in the previous year, Thailand’s economic growth is projected…
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NBTC excludes World Cup from ‘must have’ broadcast rule
The National Broadcasting and Telecommunications Commission (NBTC) board yesterday unanimously decided to exclude the World Cup football tournament from its “must have” rule, effective immediately. This rule has been in place since 2012, obliging companies that own the broadcast rights to seven major sporting events to allow free TV channels to air the content. The seven events include the FIFA World…
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Thai government plans 7% VAT on imported goods from May
The Thai government, under the directive of Prime Minister Srettha Thavisin, is preparing to implement a 7% value-added tax (VAT) on imported goods valued at 1 baht and above, starting in May. Currently, goods sold for less than 1,500 baht (US$40) per parcel and imported into Thailand are exempt from VAT. Deputy Finance Minister Julapun Amornvivat announced these plans after…
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Bangkok motor show fuels surge in electric vehicle demand
Demand for electric vehicles (EVs) is anticipated to surge at the Bangkok International Motor Show, with the Federation of Thai Industries (FTI) attributing the boost to the release of new EV models and the launch of promotional sales campaigns. Automakers are enticing potential customers with competitive pricing and low interest rates, particularly aiming at those planning to purchase new vehicles…
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