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 Planning to extend your Thai visa? Why health insurance is more important than ever
If you plan to stay longer in Thailand, having health insurance is now more important than ever. Thai immigration often asks for proof of medical coverage when you apply to extend your visa. This applies to many types of visas,...
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Thai industries shift from traditional car parts to electric vehicle components
A deal has been struck between the Federation of Thai Industries (FTI) and global car manufacturers to aid approximately 1,700 local auto parts manufacturers in transitioning from the production of traditional internal combustion engine (ICE) car parts to those for electric vehicles (EVs). Evolving global campaigns for zero-emission vehicles necessitate this shift. The FTI is facilitating collaborations between local manufacturers…
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Exports grow for fourth consecutive month in Thailand misses projections
November marked the fourth consecutive month of growth for Thailand’s customs-based exports, which saw a 4.9% rise from the same period last year, according to data from the customs department. However, this fell short of the projected 6.3% year-on-year increase anticipated in a Reuters poll. Last month, October had witnessed an 8% year-on-year rise. In an unexpected turn, imports for…
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Chongqing Sokon Motor plans entry into Thailand’s EV commercial market
Chongqing Sokon Motor, a prominent Chinese vehicle manufacturer, has revealed its plans to enter the electric vehicle (EV) commercial market in Thailand. The company will be collaborating with a local firm on this venture. David Luo, the sales director of Chongqing Sokon Motor, expressed confidence in the potential growth of the commercial EV sector in Thailand and ASEAN, predicting an…
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Thailand outlines cloud first policy to become Southeast Asia’s AI hub
As part of its vision to become Southeast Asia’s artificial intelligence (AI) hub by 2027, Thailand is strategising to attract more foreign technology investment in cloud data centres. The country’s Digital Economy and Society (DES) Minister, Prasert Jantanaruangthong, has outlined a plan to achieve this aim through a cloud-first policy. This policy emphasises public usage of a single digital ID…
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SMK facing liquidity crisis as liabilities surpass assets
The Syn Mun Kong Insurance Plc (SMK), overseen by the Office of the Insurance Commission (OIC), is facing significant liquidity issues and has been given 60 days to solve these problems and raise capital. However, the OIC suggests that SMK is unlikely to comply within the given timeframe. SMK’s total liabilities have surpassed its assets, amounting to 30 billion baht, according…
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Thai firm energy absolute predicts 20% revenue growth by 2024 driven by EV demand
Energy Absolute (EA), a developer and operator of renewable energy and electric vehicles (EVs) listed on the Stock Exchange of Thailand, anticipates a minimum of 20% revenue growth by 2024. This increase, it suggests, will be primarily driven by the escalating demand for EVs in Thailand. The tourism sector’s recuperation and corporate demand for employee shuttle services are likely to…
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Thai government unveils ambitious 500 billion Baht plan for debt resolution
A plan to resolve Thailand’s mounting debt issues, developed by the Thai government, is projected to rejuvenate the country’s economy by an impressive 500 billion baht (US$14 billion) if successful, according to 45 year old government spokesperson Chai. The initiative, designed to address debt problems within the agricultural, business, and civil society sectors, aims to provide relief to approximately 5…
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B.Grimm Power advances in renewable energy with Laos hydroelectric investment
With sights set on the renewable energy sector, B.Grimm Power Plc is advancing with a steadfast growth plan. Its most recent stride in this direction involves a joint investment with Ratch Group Plc into a hydroelectric power plant project based in Laos. This step is in line with B.Grimm Power’s GreenLeap strategy, underlining the firm’s ambition to emerge as a…
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Thanapiriya Plc plans 120 million baht expansion
Thanapiriya Plc, a leading retail store operator with branches in Chiang Rai, Chiang Mai, and Phayao, has announced a 120 million baht investment plan to expand its presence with new outlets in the following year. Amorn Phutthiphiriya, the firm’s chief operating officer, indicated that the expansion strategy would involve establishing six fresh branches in Chiang Rai. Despite the existence of…
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Thailand aims to boost SME contribution to GDP by 300 billion baht in 2024
Aiming to raise small and medium-sized enterprises (SMEs) contribution to the nation’s GDP to 6.6 trillion baht in the next year. Thailand’s Commerce Ministry is set to collaborate with private firms. This expected increase of 300 billion baht from the current year is part of the ministry’s strategic roadmap for SME development. Deputy Commerce Minister Napintorn Srisanpang unveiled the plan,…
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Thailand tackles household debt crisis: doubts over effectiveness
To tackle the escalating household debt crisis in Thailand, the government has launched a series of measures aimed at combatting informal debt and loan sharks. However, researchers and industry leaders have voiced concerns about the effectiveness of these measures, urging the government to address the root cause of the problem by ensuring fair income distribution and creating high-income employment opportunities.…
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Thai PM seeks Japanese investment in country’s EV industry
Thailand Prime Minister Srettha Thavisin is set to persuade top Japanese car manufacturers to invest in Thailand’s burgeoning electronic vehicle (EV) industry, boarded a plane to Japan yesterday. The visit, marking his first to Japan since his tenure as prime minister began, coincides with the 50 Years of the Asean-Japan Friendship and Cooperation Commemorative Summit. Accompanying the 61 year old…
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Foreign e-commerce giants to dominate Thailand’s market in 2024
An e-commerce chief predicts that foreign operators will continue to control Thailand’s e-commerce landscape, with live commerce and affiliate marketing becoming increasingly prevalent in the next year. Overcoming the nation’s digital trade deficit continues to be a challenge as international companies lead in sales, delivery, and advertising. The value of Thailand’s e-commerce market is slated to surge to an impressive…
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Thailand’s tourism recovery under threat from safety concerns and sluggish Chinese economy
The future of Thailand tour packages hangs in the balance as safety concerns plague the minds of tourism operators in China. They forecast that tourism levels might only return to pre-pandemic figures by 2025. Tourism bookings take an immediate hit whenever safety incidents occur in Thailand, and Chinese social media plays a significant role in the rapid dissemination of such…
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Khao San Road unaffected by 4am closing time due to exclusion from approved zone
Tourism operators on Khao San Road expressed their indifference towards the forthcoming 4am closing time set to come into effect from today, stating it will have minimal impact due to the area’s exclusion from the approved zone for extended hours. Sanga Ruangwattanakul, who presides over the Khao San Road Business Association, pointed out that there is a prevailing confusion among…
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EGCO acquires 30% stake in Indonesia’s PT Chandra Daya Investasi
Electricity Generating (EGCO), the power generation subsidiary of the state-run Electricity Generating Authority of Thailand, announced the acquisition of a 30% stake in PT Chandra Daya Investasi, an Indonesia-based company. The deal, valued at US$194 million, was orchestrated via EGCO’s fully-owned subsidiary, Phoenix Power BV, and is expected to be finalised by year-end. PT Chandra Daya Investasi (CDI) is a…
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Yellen urges China to reconsider state-driven economy due to investment deterrence
US Treasury Secretary Janet Yellen urged China to deviate from its state-driven economic policy, citing the deterrence it creates for investors. Speaking at the US-China Business Council’s 50-anniversary dinner in Washington, Yellen highlighted the stifling effect of an overbearing role for state-owned enterprises. US businesses have repeatedly voiced their concerns about the perceived unfair Chinese business environment, including limited intellectual…
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PTTEP forecasts 9% rise in petroleum sales due to expanded gas production
PTT Exploration and Production Plc (PTTEP) anticipates a 9% surge in petroleum sales in the coming year, largely due to the expanded gas production from the Erawan field in the Gulf of Thailand. The company’s President and CEO, Montri Rawanchaikul, revealed that the average sales for this year are anticipated to be around 464,000 barrels each day. This increase in…
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Electric dreams charge ahead: Aiming for a ‘shocking’ 359,000 EVs in the next year
Aiming for a substantial boost in their electric vehicle (EV) production, Thai authorities have set a target of 359,000 units for the coming year. This ambitious plan is supported by a 39.5 billion baht investment, as confirmed by industry insiders. The Office of Industrial Economics (OIE) is optimistic that the state’s EV policy, coupled with incentives for investment, will lead…
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Minimum wage hikes unlikely to impact Thai goods pricing significantly
The Commerce Ministry’s planning unit has weighed in on the ongoing debate regarding the impact of minimum wage increases on domestic goods and services, suggesting that such hikes are unlikely to significantly influence the pricing landscape. Poonpong Naiyanapakorn, the director-general of the Trade Policy and Strategy Office (TPSO), has argued that a rise in the daily minimum wage by an…
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Thai stock market could sink below 1,300 amid foreign investor exodus
In a worrying development, analysts signalled that the Stock Exchange of Thailand (SET) index, which plummeted to a three-year trough yesterday, could continue its descent to below 1,300 points in the short term as foreign funds persist in their exodus. The Thai stock market appears unaffected by the recent resurgence of other equity markets, despite encouraging indicators emerging since last…
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Japanese car makers risk lagging behind in EV production, warns Thai PM
Srettha Thavisin, the Prime Minister and Finance Minister, issued a cautionary note to Japanese car manufacturers, warning that they risk falling behind in the industry unless they accelerate the production of electric vehicles (EVs). This comes as Chinese competitors continue to gain a substantial market share in Southeast Asia. The business mogul turned political figure voiced his concerns during an…
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Thailand’s central bank forecasts export revival and low inflation
The Bank of Thailand (BoT) anticipates an export revival in the coming year, as revealed in a recent statement. The Bank also projects low inflation rates for the same period, attributing it to government subsidies, albeit with a gradual increase within an acceptable range. Meeting minutes from the BoT’s November 29 monetary policy gathering, released on Wednesday, indicated that while…
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Thai business bounces back: Surprising catalysts revealed by FTI
The Federation of Thai Industries (FTI) explained the significant rise in Thailand’s Industry Sentiment Index (TISI) after a five-month slump including a tourism boom and strategic government measures. Breaking through the economic gloom, the TISI soared to 90.9 points in November, marking a triumphant comeback after five consecutive months of decline, according to the FTI. In stark contrast to October’s…
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Thai businesses navigate bankruptcy via national rehabilitation process
The Thai economy has weathered numerous challenges recently, including the Covid-19 pandemic, a worldwide economic downturn, repercussions from international conflicts, declining exports, and persistent domestic political upheaval. This has led to a surge in bankruptcies, and many other Thai businesses have sought to navigate the business rehabilitation process under Thailand’s Bankruptcy Act. The Bankruptcy Act allows a creditor, debtor, or…
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Sarath Ratanavadi remains wealthiest shareholder in Thai market for fifth year
For the fifth year running, Gulf Energy Development Plc‘s Chief Executive, Sarath Ratanavadi, tops the list as the wealthiest shareholder in the Thai capital market. Despite a 12.9% dip from the previous year, his shares were valued at a whopping 190 billion baht, according to a recent survey. The annual assessment, a joint effort between Money & Banking magazine and…
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Thai department of intellectual property seeks to safeguard Muay Thai
The Department of Intellectual Property, under the Thai Ministry of Commerce, is making swift strides to protect and promote the nation’s soft power elements, beginning with intellectual property (IP) rights related to Muay Thai and its associated products. This move is a direct response to calls made by Commerce Minister, Phumtham Wechayachai, to curb violation of the nation’s IP rights.…
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PTT’s OR diversifies with budget hotels and community malls at petrol stations
PTT Oil and Retail Business Plc (OR) is renewing its focus on diversifying its non-oil business ventures, with plans to construct budget hotels within its petrol stations and incorporate community malls catering to tourists. The company’s President and Chief Executive, Disathat Panyarachun, shared these developments. The next quarter will see OR onboarding a business consultant to oversee the hotel project.…
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Slowing Chinese economy may impact Thailand’s exports, tourism and investment
Economic experts are voicing apprehension over the slowing Chinese economy, citing that the mainland’s deceleration and escalating tensions with the US could potentially affect Thailand in terms of exports, tourism, direct investment, and property. Despite China’s economy surpassing estimates by growing 4.5% in the first quarter, it has since experienced a slowdown. The disappointing figures in terms of investment, consumption,…
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Electronics firms poised for a shocking surge in the new year
Electronics companies listed on the stock market are set to witness a performance upturn in the new year, owing to a forecasted global recovery across all industry sub-sectors, according to KGI Securities. The firm predicts a higher growth rate in the second half of the year on the back of continuing inventory restocking. The outlook is based on the steady…
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