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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Thai Union posts 1.2 billion baht Q2 profit, up 14.2%
Thai Union Group Plc has recorded a net profit of 1.2 billion baht in the second quarter of this year, marking an increase of 14.2% compared to the same period last year. Sales for the group rose by 3.6% year-on-year, reaching 35.3 billion baht. The gross profit margin remained at 18.5%, the second-highest in the company’s history. The net interest-bearing…
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Bank of Thailand to hold rate at 2.5% amid rising inflation
The Bank of Thailand is expected to maintain the policy rate at 2.5% during its upcoming meeting, influenced by the gradual rise in inflation back to the target range. Economists are advocating for additional government stimulus measures, alongside the digital wallet scheme, to boost the sluggish economy. Headline inflation increased to 0.8% last month, surpassing the consensus forecast of 0.7%…
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AI and supply chain attacks top cyber threats, warns Kaspersky
Supply chain attacks, vulnerabilities in artificial intelligence (AI), and the infiltration of trusted communities are emerging as significant cyber threat trends, according to Russian security firm Kaspersky. Ransomware remains the most prevalent form of cybercrime globally, with perpetrators operating it as a business model known as ransomware as a service. Igor Kuznetsov, Director of Kaspersky’s Global Research & Analysis Team,…
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Thai gear shift: BOI revs up JV incentives for global auto partners
Thailand announced incentives to encourage joint ventures (JV) between Thai and foreign companies to produce automotive parts for various propulsion systems, the Board of Investment (BOI) revealed yesterday. Recognised as Southeast Asia’s leading automotive production hub, Thailand also serves as a significant export base for prominent global car manufacturers. The government is keenly promoting investments in electric vehicles (EVs), offering…
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Thailand boosts export defences amid global recession fears
The Government of Thailand ramped up efforts to counter potential impacts on exports amid concerns of a looming global recession driven by US economic uncertainties. Commerce Minister Phumtham Wechayachai highlighted the continuous monitoring of the US economic landscape, expressing worries about a possible recession that could ripple through global markets. “The government will not let Thai businesses and consumers be…
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Thai banks team up to boost halal exports with low-interest loans
The Export-Import Bank of Thailand (Exim Bank) has partnered with the Islamic Bank of Thailand (IBank) to provide loans at interest rates lower than the prime rate, aiming to establish Thailand as ASEAN’s halal hub by 2028. Representatives from Exim Bank, IBank, the Sheikhul Islam Office (Chularatchamontri), and various sectors involved in supporting halal products, yesterday, August 6, signed an…
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Thai exports to grow by 1 to 2% amid global uncertainties
The Thai National Shippers’ Council (TNSC) expects a modest expansion in export value this year, projecting a growth rate of 1 to 2%. TNSC Chairman Chaichan Chareonsuk confirmed the council’s forecast for 1 to 2% export growth this year, as of August 2024. Despite this optimistic outlook, the TNSC remains cautious due to several unpredictable factors expected in the second…
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Bitcoin climbs above US$56,000 amid market turmoil
Bitcoin experienced a brief resurgence today, climbing back above US$56,000 amid a wider downturn in global markets that had caused significant losses across major cryptocurrencies. The leading digital asset saw an increase of up to 3.48% today, August 6, attempting to recover from a sharp selloff that had driven its value below US$50,000. Ether, the second-ranked cryptocurrency, also faced substantial…
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Thai-ing up the wins: Olympic success set to spike sports sales
The Thailand Sporting Trade Association anticipates a surge in interest in sport among Thais following the successes of Team Thailand at the 2024 Paris Olympic Games, offering a prime opportunity to boost sales of sports equipment. Kitti Charoenpornpanichkul, president of the association, noted that medal-winning events featuring Thai athletes naturally attract significant public attention, fostering a desire among fans to…
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Thailand energy plan: ‘Current’ contracts for a brighter future
The Government of Thailand is poised to approve a plan involving the Metropolitan Electricity Authority (MEA) and Provincial Electricity Authority (PEA) to manage energy conservation projects in state agencies under long-term contracts. This initiative aims to accelerate energy-saving efforts within the state sector, according to the Department of Alternative Energy Development and Efficiency. The impending approval will bolster campaigns across…
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Thai publishing ‘chapter’ of decline amid spending woes
The Thai publishing market faces a predicted decline this year due to economic challenges affecting consumer spending, according to the Publishers and Booksellers Association of Thailand (PUBAT). However, booksellers remain optimistic, identifying potential growth in niche markets. Nattakorn Vuttichaipornkul, Vice-President of Internal Affairs at PUBAT, reported a modest decrease in book sales during the first half of the year. “The…
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Thailand’s labour woes: A ‘lawsuit’ of unexpected disputes
Labour disputes in Thailand have surged, contrary to the country’s generally non-litigious reputation. According to the Thai Office of the Judiciary’s Annual Statistical Report, more than 10,000 labour dispute cases have been recorded annually over the past five years. Employers in Thailand frequently face claims of unfair termination, a significant source of financial and operational issues for both local and…
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Thailand emerges as AI and health tech innovation hub
Venture capitalists are intensifying their focus on investment opportunities in startups centred around artificial intelligence (AI), transformative digital healthcare, and the burgeoning pink technology sector. According to industry experts, Thailand’s robust healthcare, agriculture, and tourism industries, coupled with local companies’ consistent investment in innovation, position the country as a formidable launchpad for startups. Major firms are propelling innovation by investing…
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Pattaya rebranding as family-friendly destination to boost tourism
Pattaya’s tourism operators have put forth a proposal to the tourism minister, aiming to transform the city’s image into a family-friendly destination, distancing it from associations with sex tourism and illegal gambling. The Association of Chon Buri Tourism Federation (ACTF) recently convened with Tourism Minister Sermsak Pongpanit to discuss the initiative. The meeting also included insights from a workshop that…
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PM Srettha orders Temu to comply with Thai tax laws
Prime Minister Srettha Thavisin directed the Revenue Department and the Ministry of Digital Economy and Society (DES) to ensure the new Chinese online retailer Temu adheres to Thai regulations and meets tax obligations. The directive aims to address concerns from local industries about the potential influx of inexpensive Chinese products affecting Thai manufacturers. The introduction of Temu, a Chinese e-commerce…
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Cotti Coffee gains ground in Thailand with affordable menu
Cotti Coffee, a popular Chinese coffee franchise, is making waves in Thailand with its affordable menu starting at just 55 baht. The franchise currently operates eight branches in Bangkok, contributing to the growing presence of Chinese brands in the country. Chinese products are becoming increasingly common in major Thai cities, with a variety of items such as clothing, food, and…
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Bank of Thailand increases outflow limit, eases forex
The Bank of Thailand (BoT) is set to ease foreign exchange regulations further to bolster business operations and enhance the country’s foreign exchange ecosystem. This strategic move aims to provide long-term benefits to Thailand’s economy. The central bank plans to introduce additional relaxations in the fourth quarter, marking the third phase of its foreign exchange ecosystem initiative. This phase will…
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Thai tourists favour China and Japan over South Korea
A marked decline in the number of Thai tourists travelling to South Korea has been observed over the past seven months, with many opting instead for trips to China and Japan. The Korea Tourism Organisation (KTO) reported that 20,150 Thais visited South Korea in June, a significant drop from the 25,023 recorded during the same period last year. This downward…
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Ford Thailand urges support for ICE car sector amid EV rise
Ford Thailand is urging the government to extend support to companies in the internal combustion engine (ICE) car segment, particularly motorcycle manufacturers, who are struggling to adapt to the rapid expansion of the electric vehicle (EV) market. Despite the implementation of measures such as tax cuts and subsidies to promote the EV industry, ICE sector operators have yet to see…
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AIS, Oracle Alloy unveil Thailand’s first hyperscale cloud service
Advanced Info Service (AIS) announced a partnership with Oracle Alloy to introduce Thailand’s first locally owned and operated hyperscale cloud infrastructure services. This significant collaboration aims to enhance the country’s cloud and artificial intelligence (AI) landscape, currently valued at around 100 billion baht. The newly formed partnership, confirmed to involve a joint investment of up to 8 billion baht by…
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Krungthai Bank loan growth: No contraction in confidence
Krungthai Bank (KTB) remains confident in meeting its loan growth target for this year, despite a lending contraction during the initial six months. The bank focuses on achieving a 3% total loan growth throughout 2024, according to its President, Payong Srivanich. The Thai economy’s uneven recovery in the first half of the year and persistent uncertainties in the latter half…
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Thailand invests 1 billion baht to boost AI skills and startups
Thailand is poised to harness the momentum of the global artificial intelligence (AI) trend, aiming to transition from an AI user to an AI application creator, as stated by the National Electronics and Computer Technology Center (NECTEC). The country’s strategy involves leveraging its robust ecosystem, which includes high-performance computing infrastructure, thriving data centres, and ongoing development of skilled employees, research…
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What is the current state of Thailand’s casino legislation, and how likely is it to change in the near future?
Thailand stands on the brink of a potentially transformative shift in its approach to gambling. For many years, casinos have been completely banned in the country, reflecting a conservative stance deeply rooted in cultural and legal traditions. However, recent developments suggest that Thailand might be on the path to legalising and regulating casino operations, marking a significant departure from its…
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Thai rice exports forecasted to drop below 8 million tonnes in 2025
Thai rice exports are projected to fall below 8 million tonnes next year, facing several challenges that threaten their competitiveness. Key issues include insufficient research and development (R&D) in rice varieties, a rising global supply of rice, and the potential lifting of India’s rice export restrictions by the end of the year. Charoen Laothamatas, president of the Thai Rice Exporters…
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Thailand targets 8 million Chinese tourists in 2024 amid diverse strategies
The Tourism Authority of Thailand (TAT) has set an ambitious target of 8 million Chinese tourist arrivals for 2024 and is diversifying its focus to niche markets with significant purchasing power, such as young travellers, small meeting groups, and caravan tours. “Demand among Chinese is not enough to entice Chinese airlines to increase flights to Thailand,” said Nonglux Yooyendee, director…
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Thailand, China boost trade alliance amid investment opportunities
Thailand and China have engaged in discussions to enhance trade cooperation, focusing on expanding the market for Thai livestock products and fruits in China, while also welcoming Chinese investment in emerging industries within Thailand’s Eastern Economic Corridor (EEC). Deputy Commerce Minister Suchart Chomklin, appointed by Commerce Minister Phumtham Wechayachai, participated in the third meeting of the Sub-Committee on Trade and…
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Thailand to export 8.2 million tonnes of rice amid strong demand
Thailand anticipates exporting 8.2 million tonnes of rice this year, an increase from the previously forecasted 7.5 million tonnes, driven by strong demand from major markets and a depreciating baht, according to the Commerce Ministry. Ronnarong Phoolpipat, Director-General of the Foreign Trade Department, reported that rice exports in the first half of the year reached 5.08 million tonnes, valued at…
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Toyota’s drive for success: Automaker zooms past Volkswagen
Toyota Motor Corp announced today that it sold 5.16 million vehicles globally in the first half of this year, surpassing Volkswagen AG to maintain its position as the world’s top automaker for the fifth consecutive year. Despite retaining the top spot, Toyota’s global sales from January to June, including those from its subsidiaries Daihatsu Motor Co and Hino Motors Ltd,…
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Experts seek public backing for 2024 SMR nuclear plan
Energy experts urge a shift in public perception of nuclear technology to support the Energy Ministry’s push for small modular reactor (SMR) projects in the 2024 power development plan. SMRs, defined by the International Atomic Energy Agency (IAEA) as nuclear power technology with capacities up to 300 megawatts per unit, offer about one-third of the generating capacity of traditional nuclear…
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Pickup truck loan defaults surge 39% in May, NCB reports
The National Credit Bureau (NCB) reported a significant 39% increase in bad debt for pickup truck loans in May, highlighting an alarming trend in the auto finance sector. Banks have also seen a contraction in car loans during the first half of this year, corresponding with a nationwide decline in car sales. By May 2024, non-performing loans (NPLs) for pickup…
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