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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CRC projects 9-11% revenue growth driven by tourism boost
Central Retail Corporation (CRC) is expecting revenue growth of 9-11% in 2024, with the primary drivers being a resurgence in tourism and increased consumption. However, concerns have been raised about a potential influx of inexpensive imported goods. Yol Phokasub, CRC’s chief executive, articulated that despite the sluggish economic growth, the overall spending confidence in Thailand remains above average for the…
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Leading the way to the next era with ‘CRC OMNI-Intelligence’
Yol Phokasub, Chief Executive Officer of Central Retail Corporation Public Company Limited or CRC, said “Central Retail continues to have strong growth amid various disruptions from technology disruption and the change in consumer behaviour to the arrival of generative AI and climate change. This is a result of Central Retail’s resilient ecosystem, which allows us to be able to adapt…
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Oil Fuel Fund in Thailand faces 84.3 billion baht loss
A confidential source from the Energy Ministry revealed that a meeting is scheduled this week to address the considerable loss of 84.3 billion baht (US$2.35 billion) incurred by the state Oil Fuel Fund due to its oil and gas subsidy programmes. Despite the substantial deficit, the fund’s financial status is deemed manageable. The discussion will be spearheaded by a subcommittee…
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Thailand’s Q1 2024 government revenue exceeds target by 0.3%
The Fiscal Policy Office announced that government revenue collection for the initial quarter of fiscal 2024 surpassed its target by 0.3%, equating to 1.62 billion baht (US$45 million), according to the director-general, Pornchai Thiraveja. Pornchai, who also serves as a spokesperson for the Finance Ministry, disclosed that the government’s net revenue collection for the initial three-month period of fiscal 2024,…
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Thailand’s digital deficit weighs heavily on tech industry
The digital deficit in Thailand, estimated to be around 200 billion baht (US$5.56 billion) per year, is a major concern for tech industry leaders. The former president of the Thai e-Commerce Association, Pawoot Ponngvitayapanu, highlighted this issue to Parliament’s economic steering committee, urging them to address the deficit and informing the finance ministry. The deficit stems from Thailand consuming more…
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Thai economy needs more stimulus amidst global challenges
Kasikorn Research Centre (K-Research) warned that the Thai economy requires additional government stimulus to boost domestic consumption amidst challenges such as global politics, China’s economic deceleration, and fluctuating currency rates. The centre’s managing director, Burin Adulwattana, emphasised that the decrease in headline inflation for the fourth consecutive month in January does not suggest deflation risks, but rather highlights consumers’ dwindling…
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Thailand’s DES ministry to propose cell broadcast emergency system plan
A plan to introduce a cell broadcast emergency warning system will be submitted to the Cabinet next month by the Ministry of Digital Economy and Society (DES). Major mobile operators are expected to invest approximately 300 million baht (US$8.3 million) each to establish their cell broadcast centres, while the ministry may need around 400 million baht (US$11 million) to set…
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Indonesia reassures no rice shortage despite retail restrictions
The Indonesian government affirmed today that there is no shortage in the country’s rice stocks, despite increasing restrictions on sales in mini markets and supermarkets that have been in place since the close of 2023. Arief Prasetyo Adi, the Head of the National Food Agency (NFA), made this assurance following a coordination meeting with the president. He also highlighted the…
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Thai govt to set up asset management firm to tackle household debt
Thailand Prime Minister Srettha Thavisin today announced that an asset management firm is to be established by the Thai government in the first quarter of the year to address the persistent issue of high household debt. The initiative confronts numerous challenges, including the reluctance of some creditors to participate in the process. With 90.9% of its GDP equalling household debt…
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Raimon Land plans 3,588 million baht capital increase for sustainable growth
Raimon Land Public Company Limited (RML), a premier real estate developer in Thailand, plans to increase its capital by 3,588 million baht (US$99 million) from 4,172 million baht (US$116 million) to a total of 7,760 million baht (US$216 million). This move is part of RML’s strategy to support sustainable growth, targeting continuous profit enhancement and a turnaround. The proposal will…
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Carabao Group earns spot in Sustainability Yearbook 2024
The Carabao Group gained recognition for its superior sustainable business practices, earning a place in The Sustainability Yearbook 2024. This accomplishment highlights the company’s vision of World Class Product, World Class Brand, demonstrating its exemplary sustainable management across environmental, social, and corporate governance (ESG) areas. Out of over 9,400 participants in the S&P Corporate Sustainability Assessment (CSA) for the year…
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Chin-a new look: CGS-CIMB now CGS International after takeover
Following the complete acquisition by China Galaxy Securities in December 2023, CGS-CIMB Securities (Thailand) has rebranded to CGS International Securities (Thailand) (CGSI). The move solidifies China Galaxy Securities’ regional presence. Backed by the Chinese government, China Galaxy Securities is the second-largest securities company in China, boasting over 500 branches nationwide. The rebranding is a direct result of China Galaxy Securities’…
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Thailand’s BAAC plans to acquire 510,000 tonnes of carbon credits
The Bank for Agriculture and Agricultural Cooperatives (BAAC) seeks to acquire 510,000 tonnes of carbon credits over the next five years, according to Chatchai Sirilai, the bank’s president. This move aligns with Thailand’s ambition to achieve carbon neutrality by 2050 and its net-zero target, which aims to equalize greenhouse gas (GHG) emissions and absorption by 2065. Chatchai revealed that the…
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Thailand capitalises on halal market amid renewed Saudi ties
Thailand and Saudi Arabia’s reestablishment of diplomatic ties in 2022, after a three-decade hiatus, has presented the Land of Smiles with fresh avenues to capitalise on its halal products’ demand in the Middle Eastern markets. The global Muslim population, approximately 2 billion, is projected to constitute 25% of the total populace by 2030. Thaweelap Rittapirom, the President of the Islamic…
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Thailand’s economic crisis feared amidst digital wallet dispute
The Bank of Thailand and the government have been at odds for months, with tensions escalating last week when the Monetary Policy Committee (MPC) kept interest rates at 2.5% despite political pressure for a reduction. This disagreement came to the fore during discussions about the digital wallet scheme, a 560 billion baht (US$15.58 billion) project which the central bank has…
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Commerce Ministry plans to expand GI product list to boost sales
Aiming to boost sales from geographical indication (GI) products to 60 billion baht (US$1.6 billion) by 2024, the Commerce Ministry is set to expand the GI product list by an additional 20 items this year. Deputy Commerce Minister Napintorn Srisunpang highlighted the plan as a strategy to enhance the competitiveness of the agricultural sector. By utilising GI as a tool,…
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Thai tourism index for Q4 2023 signals risk of deflation
The Tourism Council of Thailand’s (TCT) quarterly index has reported a lower-than-normal confidence level for the fourth quarter of 2023, signalling concerns among operators about the risk of deflation and delayed fiscal budget disbursement. The Thai tourism index for the last quarter of the year scored 77, with 100 being the average; this is an increase from the third quarter’s…
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Thai industrial authority partners with Japanese firms for green utility project
The Industrial Estate Authority of Thailand (IEAT) is collaborating with Japanese firms, IHI Corporation and IHI Asia Pacific (Thailand) Co, on a green utility project at the Smart Park Industrial Estate in Rayong. The initiative, aimed at encouraging eco-considerate manufacturing, will involve a feasibility study on the development of renewable energy and green infrastructure. The study marks the first phase…
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Thai AirAsia boosts flights to visa-free Japan and China
In response to robust demand, Thai AirAsia is set to increase flights to coveted travel destinations like Japan and China, which offer visa-free access to visitors. The airline also plans to introduce a fresh route to Okinawa. The initiative comes from Thai AirAsia’s chief executive, Santisuk Klongchaiya, who also helms SET-listed Asia Aviation (AAV). According to him, the surge in…
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Chamber of Thailand calls for cut in interest rates to boost recovery
The Thai Chamber of Commerce (TCC) expressed its expectations for the Bank of Thailand to consider a reduction in interest rates in its forthcoming meeting. The TCC argues that although the economy is on a recovery trajectory, it remains susceptible to various challenges. Sanan Angubolkul, the chairman of the chamber, acknowledged the decisions made by the Monetary Policy Committee (MPC)…
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Thai Honda forecast mild ‘declinecycle’ in domestic sales this year
Thai Honda Co, a leading motorcycle manufacturer and distributor, predicts a mild decline in domestic sales to around 1.7-1.75 million units this year. This anticipated dip is attributed to the newly implemented regulations aimed at managing high levels of household debt. In the previous year, Thailand recorded total motorcycle sales of 1.88 million units. For the coming year, sales of…
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North Korea abolishes economic cooperation laws with South Korea
North Korea’s state-run media announced today that the country’s Parliament unanimously agreed to abolish laws about inter-Korean economic cooperation. This decision is consistent with the policy declared by leader Kim Jong Un last month, where he expressed no intent for peaceful reunification with South Korea. At a session held yesterday, February, 7, the Supreme People’s Assembly agreed to scrap the…
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Bangkok Gems and Jewellery Fair set to boost Thailand’s economy
The 69th Bangkok Gems and Jewellery Fair is set to take place from February 21 to 25 at the Queen Sirikit National Convention Center. The Department of International Trade Promotion and the Gem and Jewellery Institute of Thailand (GIT) are organising the event, in partnership with a joint committee that includes 13 government and private sector organisations. As one of…
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Thai rice exporters stir in choppy waters as challenges loom ahead
Rice exporters in Thailand are bracing for a challenging year ahead due to a host of risk factors, including fluctuating exchange rates, waning competitiveness of Thai rice, fierce price competition, the potential impact of the El Niño weather phenomenon, and India’s restrictive export policies, as reported by the Thai Rice Exporters Association. The association’s honorary president, Chookiat Ophaswongse, referred to…
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Enhancing transparency and trust: SEC’s cautionary measures
In a bid to enhance transparency and trust in the capital market, the Securities and Exchange Commission (SEC) is set to introduce cautionary measures for securities that fail to conform to the listing regulations. This initiative will start on April 1. The SEC is also considering a revamp of its listing rules to elevate the quality of listed companies by…
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Tesla’s South Korea sales slump amidst safety concerns, subsidy cuts
Tesla Inc’s sales in South Korea took a hit in January, with the company selling only one electric vehicle (EV) in the entire month. The Austin-based automaker faced a range of challenges, including safety concerns, pricing issues, and inadequate charging infrastructure. Data from the Korean trade ministry and Seoul-based researcher Carisyou revealed that the single sale of a Model Y…
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Promising future for Thai SET in healthcare, tourism, food sectors
Despite the slow recovery of the Stock Exchange of Thailand (SET) from last year’s significant slump, executives see a promising future in healthcare, tourism, and food stocks. They believe these sectors can offer attractive opportunities for investors and encourage more companies to enlist on the bourse. Manpong Senanarong, SET Senior Executive Vice-President and head of the Issuer and Listing Division,…
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Thailand taps Chinese influencers to boost exports
The Thai government launched an initiative to boost the country’s exports to China, the world’s second-largest economy. The plan involves inviting 30 to 50 of China’s leading social media influencers to visit Thailand in May. During their stay, these influencers will livestream their Thai experiences, promoting local products from traditional elephant pants to native sweet treats to their followers back…
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New VC funds to boost startup growth in 2024
This year, the growth of startups is anticipated to see a significant boost as several new venture capital (VC) funds emerge, following a period of slowed activity during the pandemic and recent crypto winter. Among these is the Finno Efra Fund, valued at 1.3 billion baht, co-established by EfraStructure and Krungsri Finnovate, with operations set to commence in March. Pawoot…
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Thailand’s investment applications surge to five-year high in 2023
Thailand’s investment promotion applications in 2023 skyrocketed to a five-year high of 848 billion baht, marking a 43% increase from the adjusted figure of the previous year. The surge was powered by significant foreign investments in the five priority sectors identified in the Board of Investment’s (BoI) fresh Investment Promotion Strategy. Contributing to this colossal growth in Thailand’s foreign direct…
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