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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National Telecom to develop cloud managed platform amid rising demand
The Digital Economy and Society Ministry has commissioned National Telecom (NT), the state telecom enterprise, to create a Cloud Managed Platform (CMP). This development comes in response to the substantial demand among state agencies for a central portal to access services from any cloud provider. Ministry’s Deputy Permanent Secretary Nattapon Nattasomboon announced that NT received an allocation of 600 million…
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Thailand’s Central Retail eyes potential investment in Selfridges
Central Retail Corp., a leading retailer in Thailand, indicated potential interest in investing in Selfridges, the renowned department store, given the right circumstances. The company outlined their investment criteria in a recent statement to the Thai stock exchange, stating that any new venture must align with its strategic business plan, be reasonably priced, and have optimal timing. The company made…
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Thailand’s headline CPI sees unanticipated drop in December
Thailand’s Commerce Ministry announced today that the country’s headline consumer price index (CPI) experienced a 0.83% decrease in December compared to the same period a year earlier. This figure is a steeper drop than the 0.44% year-on-year decrease seen in the preceding month. Contrasting with the anticipated 0.30% fall for December as per a Reuters poll, the actual result was…
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Gold prices in Thailand experience an increase of 50 baht
The Gold Traders Association (GTA) today announced a rise in gold prices. The retail gold price experienced an increase of 50 baht compared to the closing price on the previous day. The selling price of gold ornaments was 34,000 baht per baht, as reported by the news correspondent. The information, based on the data released on the GTA’s website at…
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National Telecom targets smart meter project amid anticipated revenue loss
National Telecom (NT) is seeking to broaden its business horizons as it anticipates a revenue loss of 4 billion baht next year due to the termination of some contracts with private mobile phone operators. The state-owned enterprise is positioning itself to join the smart meter project run by the Metropolitan Electricity Authority (MEA) and Provincial Electricity Authority (PEA), by offering…
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Commerce Ministry’s plan to catapult SMEs to 40% GDP by 2027
The Commerce Ministry unleashed an ambitious plan to elevate small and medium-sized enterprises (SMEs) to new heights, targeting a staggering 40% contribution to the GDP by 2027. A comprehensive strategy is set to turbocharge consumption, investment, government spending, and international trade, propelling SMEs into the forefront of economic prowess. Acknowledging the pivotal role SMEs play in Thailand’s economic fabric, Commerce…
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Bolt boosts safety in Thailand with new app features
European mobility company Bolt strengthened its safety protocols in Thailand by introducing new measures designed to support both drivers and riders. A new feature, driver selfie verification, has been added to the ride-hailing application to minimise instances of driver impersonation and bolster safety for all users. In addition, Bolt launched an innovative trip safety monitoring feature. This facility allows the company…
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Thailand’s tourism operators question 40 million visitors target
The government’s ambitious target of attracting 40 million foreign visitors is viewed as daunting by Thailand tourism operators, considering factors such as high travel costs, diminished demand in big markets such as China and Russia, and competition from surrounding nations. Thanet Supornsahasrungsi, who heads the Association of Chon Buri Tourism Federation, pinpointed the stagnant Chinese market as a significant issue,…
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Thai e-commerce faces shake-up due to new revenue department mandate
Thailand’s e-commerce industry is set for a shake-up following a recent decision by the Revenue Department to mandate digital platforms to report income earned from their online sellers. Analysts predict that this may result in a 10% reduction in the number of online shops on platforms, as some merchants may resist revealing their true earnings. The move is aimed at…
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Potential lithium reserves discovered in Phang Nga for EV industry
The Department of Primary Industries and Mines has identified potential lithium reserves in Phang Nga’s Takua Thung district, which could be instrumental in catering to the growing demands of the electric vehicle (EV) industry. Initial surveys indicate the presence of the element in the Ruangkiet area, where pegmatite, a rock from which lepidolite is derived, was discovered. Lepidolite is a…
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Thailand’s fruit exports projected to increase by 4% in 2024
Expectation for a 4% increase in the volume of fresh and processed fruit exports this year has been projected by the Commerce Ministry, driven by a strong demand. Commerce Minister Phumtham Wechayachai, after a meeting with ministry officials and fruit-related representatives, expressed optimism about fruit exports. The ministry predicts a 4% increase in both volume and value of fresh and…
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Thailand’s tourism authority faces challenge to boost foreign arrivals
With a significantly decreased budget from its 2019 benchmark, the Tourism Authority of Thailand (TAT) faces the daunting task of increasing foreign arrivals from 28 million in 2023 to 40 million in just a year. The drastic goal was deliberated on Tuesday when Chai Wacharonke, a government spokesperson, revealed potential plans to boost arrivals to this figure, spurred by new…
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Gunkul Engineering targets 25 billion baht to fund renewable energy projects
Gunkul Engineering Plc, a leading renewables developer and construction company, announced intentions to generate 20.8-25 billion baht (US$607 million-730 million) through fundraising. The raised funds are earmarked for the development of 17 renewable energy initiatives, as part of the government’s 5.2-gigawatt renewable scheme. The company’s chief financial officer, Thitipong Techaratanayuenyong, disclosed the plans. In the previous year, Gunkul Engineering participated…
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Thai-Chinese visa exemption policy may boost outbound travel by 10%
The Association of Thai Travel Agents (ATTA) predicted a 10% surge in outbound visitors from Thailand to China, due to the new mutual visa exemption policy between the two countries. However, the ATTA President, Sisdivachr Cheewarattanaporn, expressed doubts over the government’s projected figure of 8.2 million inbound visitors from China. The visa-free arrangement, aimed at enhancing bilateral relations and boosting tourism…
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Thai industries foresee slow growth, tourism still below 2019 levels
The Federation of Thai Industries (FTI) anticipates sluggish growth for the steel and internal combustion engine (ICE) industries this year, whilst the tourism sector remains unlikely to reach 2019 levels. FTI chairman Kriengkrai Thiennukul emphasised the need for economic measures to support certain industries due to these projected declines. The steel and iron industry faces a slowdown as state construction…
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EEC policy committee sanctions business centre and smart city
The Eastern Economic Corridor (EEC) Policy Committee yesterday sanctioned the creation of the EEC Business Centre and Livable Smart City. The new ventures are projected to yield over 200,000 employment opportunities. The establishment of the EEC Business Centre and Livable Smart City aligns with the broader vision of transforming the EEC into a major business and finance hub in the…
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UTCC lowers Thailand’s 2023 economic growth forecast to 2.5%
The University of the Thai Chamber of Commerce (UTCC) lowered its economic growth forecast for 2023 to 2.5%, a dip from the previous prediction of 3% made in October of the previous year. The UTCC also anticipates a growth rate of 3.2% for the current year. The UTCC’s president, Thanavath Phonvichai, linked this downgrade to the third quarter’s lower-than-expected 1.9%…
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SF Holding’s acquisition to boost Thailand’s delivery services sector
The delivery services sector in Thailand is set to experience a surge in competition following SF Holding’s acquisition of shares in Kerry Express (Thailand). The move is poised to equip Kerry Express with a wider range of services and the potential for greater application of artificial intelligence (AI) technology, thereby boosting its competitive position. Shippop, a logistics aggregator, anticipates a…
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Eight new Thai airlines set to launch amid anticipated travel recovery
This year, eight new Thai airlines are set for take off, anticipating a continued recovery in leisure travel and anticipating around 35 million foreign tourists. Among them is Cool Airlines, which intends to provide scheduled services on medium to long-haul international routes. This comes following approval from the Ministry of Transport for operating licenses, as stated by the Civil Aviation…
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BYD challenges Tesla’s supremacy with record EV sales in Q4
Leading Chinese car manufacturer BYD reported selling 526,409 fully electric vehicles (EVs) in the fourth quarter, challenging Tesla’s global market leadership. According to a stock exchange filing, BYD’s sales, boosted by end-of-year discounting, hit 340,178 EV and hybrid units in December, including 190,754 all-electric models. Overall, BYD reported a 62% year-on-year increase in 2023, selling 3.01 million units. The Shenzhen-based…
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Thailand and China agree on permanent visa-free travel from March
Thailand Prime Minister Srettha Thavisin today announced a new permanent visa-free agreement between Thailand and China during a Cabinet meeting. This arrangement, set to start on March 1, will allow citizens from both nations to travel to each other’s countries without prior visa applications. This move marks an enhancement to Thailand’s existing visa-free policy for Chinese visitors, initially slated to run…
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Bitcoin surges above 1.537 million baht marking a significant peak
With a noteworthy rise of 3%, Bitcoin surged above US$45,000 (1.537 million baht) today, marking its first significant peak since April of the previous year. This considerable leap has signalled an auspicious start to 2024 for the world’s leading and most recognisable cryptocurrency. Earlier in the day, Bitcoin had reached an impressive 21-month high of US$45,386 (1.550 million baht). It…
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Thai government cuts local alcohol tax to zero to boost tourism and economy
The Thai government has announced a tax reduction on local alcohol as part of a wider review of laws hindering domestic tourism and economic growth. Revealed on January 2 at the Government House, Prime Minister Settha Thavisin stated that the restructuring of excise and various national taxes, including reducing domestic alcohol tax to 0%, formed part of their strategy to…
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Thailand’s economy braces for slow growth
Thailand’s economy is set to experience slow growth in the coming years, with GDP forecasts for this year ranging between 3-3.4%. Several factors, including sluggish growth in exports, subdued Chinese demand for consumption and tourism, geopolitical risks, and a shortage of skilled workers, are expected to influence this. Despite these challenges, industry executives are optimistic and are devising strategies to…
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Thai authorities craft national oil proposal to boost sustainable aviation fuel
In a bid to bolster the aviation industry’s effort to curtail carbon dioxide emissions, Thai energy authorities are in the process of crafting a novel national oil proposal. The blueprint will cater to the evolution of Sustainable Aviation Fuel (SAF), a biofuel variant for aircraft. The appeal of SAF lies in its strong resemblance to jet fuel in terms of…
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Thai investors anticipate surge in depositary receipts popularity in 2024
Executives anticipate a surge in the popularity of depositary receipts (DRs) among Thai investors this year, with the investment tool offering a gateway to high-profile foreign stocks, risk diversification, and potential high returns. As they have become more prevalent on the Thai bourse, investors held DRs worth around 16 billion baht (US$466 million) on the Stock Exchange of Thailand (SET)…
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Thailand’s economy projected for strong recovery and growth in 2024
Thailand’s economy is in a promising state of recovery, as projections indicate a boost in both domestic demand and tourist arrivals. With the resurgence of most industries and the emergence of tech-driven sectors like electric vehicles, there is a wave of optimism that the country’s economic growth will significantly strengthen in 2024. Six industries are predicted to experience rapid growth…
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Thailand targets 3.5 trillion baht tourism boost for economy
Thailand’s government is setting its sights on a 3.5 trillion baht (US$101 billion) boost to the economy via the tourism sector this year, aiming to establish the nation as an all-season tourist hotspot. A spokesperson for the government, Chai Wacharonke, revealed that over 27 million international travellers graced the country in 2023, with the majority stemming from Malaysia, closely followed…
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Thailand’s struggle with informal debt likened to modern-day slavery
The struggle with informal debt, described as a form of modern-day slavery, has been prioritised on a national level by Srettha Thavisin, the Prime Minister. A vast number of individuals are trapped in both formal and informal debt cycles, with interest rates for the latter often surpassing the 15% legal limit. The government’s estimated informal debt stands conservatively at 50…
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Centara Hotels marks 2023 as year of significant growth
Noteworthy strides have been made by Thailand’s premier hotel operator, Centara Hotels & Resorts, in the past year. The chief executive, Thirayuth Chirathivat, marks this year as a year of significant accomplishment for the company, capitalising on the revived travel and hospitality industry to fortify Centara’s status and ensure a robust and sustainable future, reports Bangkok Post. With a rich…
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