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 Do foreigners get free healthcare in Thailand?
Thailand’s healthcare system is well-regarded across Southeast Asia, with options ranging from public hospitals to world-class private facilities. But when it comes to foreign residents or tourists, healthcare access isn’t as straightforward. So, do foreigners get free healthcare in Thailand?...
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Thailand’s MPI growth faces stagnation amid export slowdown and high costs
The Manufacturing Production Index (MPI) in Thailand is predicted to experience subdued growth of 0-1% this year, owing to a combination of domestic and international business challenges. The April MPI reading was the lowest in 34 months, with an 8.14% year-on-year drop to 83.5 points, marking the seventh consecutive decline since October last year, according to the Office of Industrial…
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Saha Group urges Thai govt to prioritise agriculture over wage hikes
The Saha Group, a prominent consumer product conglomerate in Thailand, advised the new Thai government to prioritise the promotion of the agricultural sector instead of significantly raising the daily minimum wage. The group’s chairman, Boonsithi Chokwatana, believes this approach would contribute to sustainable economic growth. Boonsithi also suggested that the government should concentrate on enhancing the economy through educational initiatives…
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Singapore Airlines scraps paper food boxes after customer backlash
Singapore Airlines (SIA) CEO Goh Choon Phong acknowledged that the airline could have done better with its introduction of paper food boxes and the removal of appetisers. The paper boxes were launched in March for a trial run on some medium- and long-haul flights but received strong criticism from customers regarding food standards and presentation. As a result, SIA has…
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Singapore Airlines offers free unlimited WiFi to economy passengers
Singapore Airlines (SIA) revealed plans to offer free unlimited WiFi to economy and premium economy class passengers from July 1. To access this benefit, travellers must be members of SIA’s rewards programme, KrisFlyer. With this move, SIA is set to become the first airline to provide free unlimited WiFi across all cabin classes and nearly its entire aircraft fleet. Currently, about…
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Bank of Thailand raises key interest rate amid inflation risks
The Bank of Thailand announced a 25 basis point increase in its key interest rate, bringing it to 2%. This marks the sixth consecutive meeting where the central bank has raised the rate, with a total increase of 150 basis points since August last year. The decision was unanimous among the Monetary Policy Committee members and in line with the expectations…
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Central Pattana invests 1 billion baht in the Greatest Grand Sale 2023 campaign
Central Pattana Plc (CPN) joined forces with companies under the Central Group umbrella and leading business partners to invest over 1 billion baht in a mid-year sales campaign titled The Greatest Grand Sale 2023. The campaign will take place across shopping centres, department stores, and Central’s online platform, offering discounts of up to 80% at 9,500 stores, including over 16,500 brands,…
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Thai export growth target maintained despite 7-month shipment decline
Despite a decline in Thai exports for seven consecutive months, the Commerce Ministry maintains its export growth target of 1-2% for the year. Keerati Rushchano, the Permanent Commerce Secretary, predicts that the export outlook will remain negative due to the high inventory held by trading partners, causing delays in orders. However, he expects exports to improve in the second half of…
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Thai parties push for Progressive Liquor Bill to boost local alcohol production
The Progressive Liquor Bill, which aims to create fairer rules for small and community-based alcohol producers in Thailand, resurfaced in public discussions after being mentioned in a memorandum of understanding signed by eight parties looking to form a coalition government. The bill, proposed by the Move Forward Party (MFP), narrowly lost approval in the House of Representatives last year by…
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Thai e-marketplaces Shopee and Lazada shift to profitability
The e-commerce landscape in Thailand experienced a significant shift as major players Shopee and Lazada reported profits for the first time in almost a decade. This change has been attributed to careful spending, operational adjustments, and increased service fees. In 2022, Shopee recorded a profit of 2.4 billion baht, while Lazada posted a profit of 413 million baht. Shopee’s revenue reached…
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Thailand sees tourist tax refund surge since reopening in June
Following Thailand‘s full reopening in June last year, the number of tourist tax refunds has surged, as reported by Revenue Department director-general Lavaron Sangsnit. The increase in foreign visitors is evident in the substantial rise in value-added tax (VAT) refund totals. In 2022, over 423,000 tourists received VAT refunds, totalling 1.2 billion baht. Between January and May 2022, there were…
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Thailand urged to prioritise accessible tourism for disabled and elderly
Tourism operators in Thailand are calling for the development of a long-term action plan to make the country more accessible for elderly and disabled travellers. Jittasak Putjorn, an assistant professor at Silpakorn University researching the development of Thailand as a “Tourism For All” destination, said that the government and private operators should work together to close the gap in development…
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Nvidia valuation drops despite rally as earnings estimates outpace share price
Nvidia Corp’s impressive stock rally in recent days has seen the chip developer’s valuation decrease, as measured by the forward price/earnings (P/E) ratio. Over the last three sessions, the company’s stock has risen more than 31%, with a 3% gain reaching $401.11. Despite this, Nvidia’s P/E multiple has fallen due to Wall Street’s earnings expectations for the company rising even…
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Thai exports decline for seventh month as global demand slows
The Thai Ministry of Commerce has reported a decline in the nation’s export value for the seventh consecutive month. In April, the value dropped by 7.6% compared to the previous year, a significantly larger decrease than the 2% fall anticipated by economists. April’s exports were valued at US$21.72 billion, a notable decrease from March’s 12-month high of US$27.65 billion. Despite…
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Bank of Japan to maintain ultra-loose policy, downplays change expectations
The Bank of Japan’s Governor, Kazuo Ueda, has stated that the central bank will continue to maintain its ultra-loose monetary policy, as there remains a significant gap to achieve the 2% inflation target sustainably. Ueda’s comments downplay the expectations of a policy change in the near future. He told parliament, “We expect inflation to quite clearly slow below 2% toward…
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Thailand’s NRCT and Chulalongkorn University launch anti-corruption knowledge hub
The Knowledge Hub for Regional Anti-Corruption and Good Governance Collaboration (KRAC) has been established in Thailand through a partnership between the National Research Council of Thailand (NRCT) and Chulalongkorn University‘s Faculty of Economics. KRAC’s main objective is to develop an anti-corruption ecosystem in the country by applying academic knowledge and fostering international cooperation networks. Asst. Prof. Dr. Torplus Yomnak, director…
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Asia-Pacific consumers to boost health and wellness spending post-pandemic
A recent survey reveals that approximately 70% of consumers in the Asia-Pacific region are prepared to increase their expenditure on health and wellness products, as the pandemic has heightened health consciousness. The study called the Asia-Pacific Health Priority Survey, was carried out by US supplement distributor Herbalife and highlighted a particularly strong interest in health improvement in Southeast Asia, specifically…
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Thai election uncertainty raises concerns for small business owners
A record 39 million Thai citizens participated in the recent general election, with the Move Forward Party (MFP) emerging victorious. However, the recently amended constitution poses challenges for non-military political parties, and the MFP-led coalition still requires additional upper-house votes to secure the 376 seats needed for leadership. This has raised concerns about Thailand‘s political future and its economic prospects.…
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Thailand advances in clean energy and carbon credit trading
Thailand is making significant strides in clean energy development as the government and businesses collaborate on various projects aimed at reducing carbon dioxide emissions. Initiatives such as increasing the use of renewable energy sources for electricity generation and promoting electric vehicles (EVs) are helping create new environmentally friendly businesses. Companies that do not adhere to eco-friendly practices may face penalties,…
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Toyota motor Thailand bracing for car sales slump amidst political uncertainty
Toyota Motor Thailand predicts a further decline in car sales this month due to the ongoing political uncertainty surrounding the formation of a new government and its policies. Thailand held a General Election on May 14, with the Move Forward Party (MFP) securing the most seats in the House of Representatives. However, it is still uncertain whether the party can…
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Thai election fallout hits SET, investors dump big-cap stocks
Despite initial optimism that the General Election could reverse the “sell in May” phenomenon, the recent poll sent the Stock Exchange of Thailand (SET) index into a tailspin, dipping 3% the first week after the election. Political uncertainties have triggered an outflow of funds, worsening the situation for Asia’s worst-performing bourse this year. The market capitalisation of the SET has…
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Temasek cuts staff pay after failed FTX crypto investment
Singapore-based investment company Temasek has announced that its investment team and senior management experienced a reduction in compensation following the firm’s failed investment in cryptocurrency company FTX. Temasek Chairman Lim Boon Heng stated that despite no misconduct by the investment team, they took collective accountability for the outcome. In November, Temasek Holdings revealed that it would write down its US$275…
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Thailand sees 1 million Chinese tourists from January to May 18
Between January and May 18, Thailand welcomed 1 million Chinese tourists, following China’s border reopening, a government official reported. The Thai government is optimistic about achieving its target of five million Chinese visitors this year, with an expected spending of 446 billion baht. Government spokesperson Anucha Burapachaisri announced in a statement that the number of Chinese tourists visiting Thailand has…
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Foreign buyers fuel 200% surge in Thai luxury property sales
A surge in foreign interest in luxury property in Thailand has been observed since international tourists began returning in the latter half of 2022, according to property consultancy CBRE. Sales transactions through CBRE have risen by over 200%, indicating a clear trend. In response, developers are preparing to launch new luxury and super-luxury residential projects in 2023, with a focus…
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Thapanee Kiatphaibool approved as new TAT governor
The Tourism Authority of Thailand (TAT) announced the appointment of Thapanee Kiatphaibool as its new governor, effective from September 1. The 48 year old, who currently serves as the deputy governor for domestic marketing, was chosen by the TAT board yesterday, following a recruitment process that began on February 20. Out of the two finalists, the nomination subcommittee, chaired by…
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Biden assures no US default as debt ceiling deadline looms
US President Joe Biden has reassured the nation that there will be no default on the country’s debt, even as lawmakers went on a 10-day break without reaching an agreement on raising the borrowing limit. The government estimates it could run out of money to service its debts by June 1, and failure to repay loans could potentially lead to…
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Thailand Post to launch digital mailbox service Prompt Post in Q3
Thailand Post is set to launch Prompt Post, a digital mailbox service, by the third quarter of this year. The move is aimed at capitalising on the growing trend of electronic document handling and supporting the company’s Post Digital mission. Thailand Post‘s chief executive, Dhanant Subhadrabandhu, explained that the company has been actively developing its business to offer comprehensive postal…
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THAIFEX-ANUGA ASIA 2023 shapes the future of sustainable food innovation
The THAIFEX – ANUGA ASIA 2023 exhibition was launched by the Department of International Trade Promotion (DITP), the Thai Chamber of Commerce (TCC) and Koelnmesse (KM) Germany, with a focus on promoting sustainable food innovation. The event is happening now at IMPACT, Muang Thong Thani, from 23-27 May 2023. The event allows attendees to discover a variety of future food…
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Excise Department supports Move Forward Party’s Progressive Liquor Act
The deputy director-general of the Excise Department stated that the department’s liquor policy is in line with the Move Forward Party‘s Progressive Liquor Act. The proposed Act aims to liberalise liquor production, allowing both small and large producers to enter the market. Kriengkrai Pattanaporn explained that the proposal is consistent with the department’s policy, and there would be no objections if…
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Baht volatility looms amid political risk and new government formation
Kasikornbank (KBank) has warned investors that the formation of a new government and political risk may result in increased baht volatility over the next month. The bank forecasts that the baht will fluctuate between 33.80-35.40 per US dollar during this period due to various internal and external factors. The primary determinant is the direction of the US Federal Reserve’s policy…
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Thailand on track for 10 million tourists despite low season
The Tourism Authority of Thailand (TAT) anticipates that by the end of this month, Thailand will have welcomed 10 million foreign tourists, with at least 2 million visitors per month expected during the low season. TAT Governor Yuthasak Supasorn stated that Thailand has consistently recorded over 50,000 arrivals daily, indicating that the monthly minimum rate of 2 million visitors during…
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