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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Floods drive August inflation up 0.35% due to rising food prices
Rising prices of fresh vegetables and fruit, influenced by flood-damaged production areas, have driven up inflation by 0.35% in August. Director-General of the Trade Policy and Strategy Office (TPSO), Poonpong Naiyanapakorn, reported that headline inflation in August saw a 0.35% year-on-year increase. The surge in food prices, particularly fresh vegetables and fruit, was primarily due to flooding in agricultural regions,…
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Thailand mandates foreign e-commerce offices under new law
Thailand will soon require foreign e-commerce operators to establish registered offices within the country, as stipulated by the new digital platform service law. The Electronic Transactions Development Agency (ETDA) announced this move following consultations with the Department of Trade Negotiations to ensure compliance with international trade agreements, according to executive director Chaichana Mitrpant. The initiative is part of broader efforts…
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Thailand mandates VAT registration for online sales platforms
The Ministry of Finance is set to integrate online sales platforms into Thailand’s tax system, following a Cabinet decision mandating these platforms to register for value-added tax (VAT). An anonymous ministry source confirmed that the Revenue Department will amend the Revenue Code in line with the Cabinet’s resolution. Online sales platforms will now be required to register for VAT in…
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Thailand levels up: Set to be Southeast Asia’s e-sports epicentre
Thailand is poised to become a leading e-sports hub in Southeast Asia, according to Riot Games, a US-based game developer. Riot Games Thailand Manager Jon Lor emphasised the strong foundation already present in the Thai gaming community. “From my perspective, it’s about building on the strong foundation we already have. We’ve seen incredible enthusiasm from the Thai gaming community, and…
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Bank of Thailand to appoint new chairman amid government push
The Bank of Thailand (BoT) board is set to appoint a new chairperson by early October, as announced by the head of the selection committee. This move comes as the government aims to exert more influence over the central bank following a prolonged public dispute over interest rates. Although the BoT chairperson does not have the authority to set interest…
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SCB predicts Bank of Thailand to lower rates by 0.25%
Siam Commercial Bank (SCB) anticipates the Bank of Thailand (BoT) will initiate a series of policy rate cuts starting later this year, potentially continuing into early next year. This move is expected to trigger a reduction in interest rates across the banking sector. SCB’s Chief Executive Kris Chantanotoke predicts the central bank’s Monetary Policy Committee will reduce the policy rate…
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Villa thrill-a: Russian buyers drive Phuket’s 2024 villa surge
Phuket’s villa market has seen a remarkable surge in the first half of 2024, surpassing the total launches for the entirety of 2023. For the first time in 15 years, the value of new villas has exceeded that of condominiums, driven primarily by robust demand from Russian buyers. Phattarachai Taweewong, director of the research department at property consultancy Colliers Thailand,…
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Turbulence ahead: Thai pilots unhappy over foreign job wet lease plan
The Thai Pilots Association expressed significant concerns regarding the potential liberalisation of pilot jobs for foreigners through wet lease agreements for domestic routes. This move, they argue, could risk another red flag from the International Civil Aviation Organization (ICAO). Several stakeholders, including the Department of Employment, the association, the Civil Aviation Authority of Thailand, and an airline that requested the…
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Major Udon Thani pub to reopen after partners resolve dispute
A major pub in Udon Thani will reopen by the end of this month following a negotiation between its partners. Over 100 employees, left jobless by the sudden closure, can now look forward to returning to work. Employees from a prominent pub in Udon Thani municipality filed a complaint yesterday, September 2, with the Udon Thani Governor through the Damrongdhama…
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Phuket hotels see steady service charges and rising room rates
Phuket’s hotel industry will see stable service charge income and rising room rates during the upcoming peak season, according to the Phuket Hotels Association (PHA). PHA President Bjorn Courage noted that employment levels in Phuket’s 95-member hotels have fully rebounded post-pandemic. Typically, service charges account for 10% of paid room nights and are distributed monthly among all staff members. With…
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Central Fraud Register curbs mule accounts in Thai banking sector
The banking industry has taken a significant step towards curbing financial fraud by introducing a Central Fraud Register (CFR) system, designed to facilitate data-sharing and clamp down on mule accounts. In a joint effort with the Thai Bankers’ Association (TBA), the Bank of Thailand (BoT) began implementing this system last month, targeting the prevention and eradication of financial fraud related…
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Thai chamber warns flood damages may exceed 10 billion baht
The Thai Chamber of Commerce (TCC) raised alarms over the economic repercussions of the ongoing floods in northern Thailand. Should the flooding persist for another month, financial damage could surpass 10 billion baht, officials warn. Estimates from the TCC and the University of the Thai Chamber of Commerce reveal that if conditions improve within the next two weeks, the current…
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Rising tourism in Thailand to boost sluggish motorcycle market
Increased tourism activity later this year is anticipated to boost Thailand’s domestic motorcycle market, which has experienced sluggish sales in the first seven months of 2024, according to the Federation of Thai Industries (FTI). Surapong Paisitpatanapong, Vice-Chairman of the FTI and spokesperson for its Automotive Industry Club, stated that the number of foreign tourist arrivals is on the rise and…
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Aircraft shortage delays launch of Thailand’s Really Cool Airlines
The worldwide aircraft shortage has led to a delay in the launch of Really Cool Airlines in Thailand. The airline, headed by chief executive Patee Sarasin, is finalising a lease agreement for two Airbus A330 aircraft, with delivery now expected by the end of this year rather than the initially planned first half. Commercial airlines are struggling to acquire aircraft…
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Thai steel firms request BoI incentives for eco-project
Thai steel manufacturers G Steel and GJ Steel are actively seeking investment incentives from the Board of Investment (BoI) to support a 4.5 billion baht development project. This initiative aims to tackle the challenges plaguing the local steel market while minimising carbon dioxide emissions. The founder and honorary chairman of both companies, Somsak Leeswadtrakul, revealed that despite employing over 1,000…
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Indonesian motorcycle taxi drivers strike for fair pay
Over 1,000 motorcycle taxi drivers initiated a strike in various Indonesian cities today, protesting against inadequate pay and demanding greater protection from what they deem unfair practices by ride-sharing firms. The drivers, clad in their distinctive green jackets, converged outside the Communications Ministry and near the Jakarta offices of Indonesia’s largest tech company GoTo and Southeast Asia’s leading ride-hailing and…
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Central Pattana reveals global expansion strategies at key event
Central Pattana (CPN) has showcased its strategies for business expansion on a global platform. The Head of Business Development Strategy at CPN, Kunayudh Dej-udon, presented at a session titled, A Playbook to Scale Up Beyond Borders. “Our core strength in developing physical space goes beyond merely developing new projects in prime locations. We consistently meet the needs of people and…
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Commerce Ministry cracks down on hidden foreign ownership
The Commerce Ministry intensifies its scrutiny of businesses allegedly using Thai nominees to hide foreign ownership, focusing on sectors like tourism, real estate, and logistics. Auramon Supthaweethum, director-general of the Department of Business Development, stated that under the Foreign Business Act of 1999, foreign firms must secure permission as outlined in specific lists before starting operations. A Thai limited company…
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Krungsri’s card charge: Loan surge despite economic strain
The unsecured loan arm of Bank of Ayudhya, Krungsri Consumer, is predicting a spike in credit card loans in the second half of the year, despite the economy limping along and new rules raising the minimum payments. Currently, Krungsri’s non-performing loan (NPL) rate is a lowly 1.4%, far better than the industry average of 2.9%. Atis Ruchirawat, head honcho at…
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Thaksin’s taxing plan to tackle poverty in Thailand
Thaksin Shinawatra is making more waves to shake up Thailand’s social, economic and political scene. His latest pitch? A negative income tax (NIT) to shake up Thailand’s tax system. This isn’t the first time NIT has been floated in Thailand. Over a decade ago, the Finance Ministry’s Fiscal Policy Office (FPO) proposed something similar, and it was included in the…
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SET unveils sustainable growth strategies amid global challenges
The Stock Exchange of Thailand (SET) has unveiled three core strategies to foster sustainable growth within the Thai capital market amid challenging global financial conditions and political uncertainties. This initiative aims to enhance inclusivity within the market. SET chairman Kitipong Urapeepatanapong, addressing the Thailand Focus 2024: Adapting to a Changing World seminar, highlighted the strategic pillars: bolstering reliability and trust,…
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Thailand anticipates 2 million Korean tourists amid Chuseok holiday
Thailand is gearing up for a significant influx of South Korean tourists during the upcoming six-day Chuseok holiday, aiming to maintain a strong momentum as the country anticipates a record high of 2 million Korean visitors by the end of the year. Tourism operators in Thailand remain confident despite fierce competition from Vietnam and Japan in attracting Korean tourists. Chuwit…
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Kenyan envoy urges stronger Thai-African trade and academic ties
Thailand and African nations should enhance bilateral trade, investment, and academic exchanges to foster stronger ties and expand business prospects, according to Kenyan ambassador to Thailand, Kiptiness Lindsay Kimwole. Speaking at a press conference yesterday, August 28, Kimwole, who also serves as the dean of the African Ambassadors’ Group, advocated for increased Thai investment in Africa. His comments were made…
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Calls to extend digital TV licences beyond 2029 to support industry
The Association of Digital Television Broadcasting (ADTEB) called on the National Broadcasting and Telecommunications Commission (NBTC) to extend existing digital TV licenses beyond their 2029 expiry to navigate the evolving challenges in the local digital TV market. The association further urged the NBTC to reconsider its plan to auction the 3500-3800 megahertz spectrum for telecom services, highlighting that this frequency…
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Export-tional growth: July’s 15.2% surge is highest in 28 months
Exports in July surged by 15.2%, marking the highest growth rate in 28 months, attributed to easing inflation and increased purchasing power among trading partners. Poonpong Naiyanapakorn, the Director-General of the Trade Policy and Strategy Office (TPSO), reported that July’s exports rose by 15.2% to US$25.7 billion (938 billion baht), primarily driven by the cooling global inflation, which considerably enhanced…
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Thailand’s female CEOs soar but the gender equality gap remains
Thailand’s female business leaders are smashing glass ceilings at an impressive rate, but the country’s gender equality struggle is far from over. With 32% of senior leadership positions in Thai businesses held by women, compared to a global average of 27%, Thailand boasts one of the highest ratios of women CEOs in the world. Nearly 90% of businesses in Thailand…
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Most Thai listed companies report Q2 this year profits
Thailand’s stock exchange disclosed that 819 out of 856 listed companies have submitted their second-quarter financial results for this year, with 631 reporting net profits. This represents a significant 77.05% of the companies that submitted financial statements. The Stock Exchange of Thailand (SET) has seen continuous growth in the second quarter of this year. Sales for listed companies in the…
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Thailand boosts HDD production with 23.5 billion baht investment
Thailand’s Board of Investment (BOI) approved a significant investment project by Western Digital Storage Technologies (Thailand) Co., Ltd., to expand its hard disk drive (HDD) and related equipment production. The project, valued at 23.516 billion baht, will take place in Bang Pa-in Industrial Estate, Phra Nakhon Si Ayutthaya province and 304 Industrial Park, Prachin Buri province. The Secretary-General of the…
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Thailand’s new anti-smoking rule burns Thai vendors’ profits
Thailand is stepping up its fight against smoking with a hard-hitting new regulation that could hit vendors where it hurts—right in the wallet. Starting last Wednesday, August 21, retail sellers of cigarettes and tobacco are now required to display posters warning of the severe dangers of smoking, or they could be slapped with a fine of up to 5,000 baht.…
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Mae Moh gets a farm makeover: Modern methods in full bloom
The Mae Moh Agricultural Community in Lampang Province is witnessing a significant transformation in its farming practices, focusing on modern and sustainable methods. Red oak, green oak, kale, cos, frisée iceberg, and other fresh vegetables are thriving in the community’s plots, ready for harvest. This shift towards a modern farming model is a step towards Smart Farming for the region.…
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