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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Thai banks brace for rising credit risk amid global uncertainties
Large local banks foresee their corporate clients grappling with significant challenges in the second half of the year due to global uncertainties and concerns over a potential US recession. Banks aim to manage asset quality to mitigate rising credit risk among certain customer segments. The Chief Executive of Siam Commercial Bank (SCB), Kris Chantanotoke, highlighted that some corporate customers will…
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Thailand targets 1 trillion baht milestone for crop revenue
The Commerce Ministry has urged Thai conglomerates and government bodies to collaborate on purchasing economic and secondary crops, targeting a revenue milestone of 1 trillion baht this year. Commerce Minister Phumtham Wechayachai highlighted that the agriculture sector supports approximately 27 million people, accounting for around 40% of the labour force. This includes 7.4 million households and encompasses key economic crops…
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Bangkok residents urge SRT to allocate Makkasan land for housing
Residents near the railway in Bangkok’s Phaya Thai district are calling on the State Railway of Thailand (SRT) to allocate 10% of its 500-rai Makkasan land to them before commencing a high-speed rail project connecting three airports. The high-speed rail will link Don Mueang Airport in Bangkok, Suvarnabhumi Airport in Samut Prakan, and U-Tapao Airport in Rayong. Last March, the…
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Hyundai’s 1-billion-baht ‘charge’ lights up Thailand’s electric future
Hyundai Mobility Manufacturing (Thailand) is set to produce battery electric vehicles (BEVs) and batteries in Thailand by 2026, following the approval of its 1-billion-baht project by the Board of Investment (BoI). The announcement came after the project received approval under the second-phase electric vehicle (EV) incentive package, known as EV3.5, which was confirmed yesterday, August 8. The Thai government offers…
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VietJet to receive ten Airbus jets amid aircraft shortages
VietJet, the Vietnamese budget airline, will receive up to ten Airbus jets this year, as revealed today. The delivery comes as local airlines grapple with aircraft shortages driven by engine recalls and elevated leasing costs. VietJet announced the upcoming arrival of new jets, specifically the A321neo ACF model, starting this month. This move is part of a significant expansion, with…
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Mother’s Day tourism in Thailand to generate 9.39 billion baht
Tourism income from 2.6 million domestic trips during the Mother’s Day holiday this year is expected to reach 9.39 billion baht, according to the Tourism Authority of Thailand (TAT). This figure shows a slight decline from the 9.58 billion baht revenue recorded during the back-to-back long holidays in July. TAT Governor Thapanee Kiatphaibool attributed the weaker projection for the Mother’s…
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Thai ministry tackles substandard imports threatening SMEs
The Commerce Ministry has partnered with ten government agencies to implement measures aimed at reducing the influx of low-priced, substandard imported goods, which pose safety risks to consumers purchasing from both online and offline vendors. The Commerce Permanent Secretary, Vuttikrai Leewiraphan, highlighted that the rise of Chinese e-commerce platforms using a direct-to-customer model allows buyers direct access to inexpensive products…
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WHA Corporation invests 60 million baht in AI for green logistics
WHA Corporation, Thailand’s leading developer of built-to-suit logistics facilities, is intensifying its investment in artificial intelligence (AI) to enhance its green logistics operations and ultimately transition into a tech company. This year, WHA plans to allocate 60 million baht to AI technology, which is expected to significantly boost business efficiency, according to the Group Chief Executive and Chairman of the…
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Bank of Thailand to hold rate at 2.5% amid rising inflation
The Bank of Thailand is expected to maintain the policy rate at 2.5% during its upcoming meeting, influenced by the gradual rise in inflation back to the target range. Economists are advocating for additional government stimulus measures, alongside the digital wallet scheme, to boost the sluggish economy. Headline inflation increased to 0.8% last month, surpassing the consensus forecast of 0.7%…
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AI and supply chain attacks top cyber threats, warns Kaspersky
Supply chain attacks, vulnerabilities in artificial intelligence (AI), and the infiltration of trusted communities are emerging as significant cyber threat trends, according to Russian security firm Kaspersky. Ransomware remains the most prevalent form of cybercrime globally, with perpetrators operating it as a business model known as ransomware as a service. Igor Kuznetsov, Director of Kaspersky’s Global Research & Analysis Team,…
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Thai gear shift: BOI revs up JV incentives for global auto partners
Thailand announced incentives to encourage joint ventures (JV) between Thai and foreign companies to produce automotive parts for various propulsion systems, the Board of Investment (BOI) revealed yesterday. Recognised as Southeast Asia’s leading automotive production hub, Thailand also serves as a significant export base for prominent global car manufacturers. The government is keenly promoting investments in electric vehicles (EVs), offering…
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Thai-ing up: China’s industrial trade reshapes Southeast Asia
Chinese industrial products are increasingly penetrating the Southeast Asian market, significantly impacting Thailand’s trade dynamics. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) reports that this influx has diminished Thailand’s market share and contributed to a trade deficit with China amounting to nearly US$20 billion. Chinese online retailer Temu’s recent entry into Thailand is poised to exacerbate this…
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Thai banks team up to boost halal exports with low-interest loans
The Export-Import Bank of Thailand (Exim Bank) has partnered with the Islamic Bank of Thailand (IBank) to provide loans at interest rates lower than the prime rate, aiming to establish Thailand as ASEAN’s halal hub by 2028. Representatives from Exim Bank, IBank, the Sheikhul Islam Office (Chularatchamontri), and various sectors involved in supporting halal products, yesterday, August 6, signed an…
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Thai exports to grow by 1 to 2% amid global uncertainties
The Thai National Shippers’ Council (TNSC) expects a modest expansion in export value this year, projecting a growth rate of 1 to 2%. TNSC Chairman Chaichan Chareonsuk confirmed the council’s forecast for 1 to 2% export growth this year, as of August 2024. Despite this optimistic outlook, the TNSC remains cautious due to several unpredictable factors expected in the second…
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Bitcoin climbs above US$56,000 amid market turmoil
Bitcoin experienced a brief resurgence today, climbing back above US$56,000 amid a wider downturn in global markets that had caused significant losses across major cryptocurrencies. The leading digital asset saw an increase of up to 3.48% today, August 6, attempting to recover from a sharp selloff that had driven its value below US$50,000. Ether, the second-ranked cryptocurrency, also faced substantial…
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Thai hotels face 111 million baht loss after FTI Group collapse
The collapse of German tour company FTI Group has resulted in significant financial losses for Thai hotels, totalling over 111 million baht. Hotel operators in Thailand are now seeking assistance from the German Embassy through coordination with the Tourism and Sports Ministry. FTI Group, the third-largest tour operator in Europe, filed for insolvency in June, impacting tourists and operators across…
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Thailand energy plan: ‘Current’ contracts for a brighter future
The Government of Thailand is poised to approve a plan involving the Metropolitan Electricity Authority (MEA) and Provincial Electricity Authority (PEA) to manage energy conservation projects in state agencies under long-term contracts. This initiative aims to accelerate energy-saving efforts within the state sector, according to the Department of Alternative Energy Development and Efficiency. The impending approval will bolster campaigns across…
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Thai publishing ‘chapter’ of decline amid spending woes
The Thai publishing market faces a predicted decline this year due to economic challenges affecting consumer spending, according to the Publishers and Booksellers Association of Thailand (PUBAT). However, booksellers remain optimistic, identifying potential growth in niche markets. Nattakorn Vuttichaipornkul, Vice-President of Internal Affairs at PUBAT, reported a modest decrease in book sales during the first half of the year. “The…
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Thailand’s labour woes: A ‘lawsuit’ of unexpected disputes
Labour disputes in Thailand have surged, contrary to the country’s generally non-litigious reputation. According to the Thai Office of the Judiciary’s Annual Statistical Report, more than 10,000 labour dispute cases have been recorded annually over the past five years. Employers in Thailand frequently face claims of unfair termination, a significant source of financial and operational issues for both local and…
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Temu enters Thai market, intensifies e-commerce competition
Temu, China’s e-commerce giant, recently entered the Thai market, stirring up competition across both online and offline sectors in Thailand. The move, according to industry experts, is set to intensify cross-border competition, challenging existing players and local businesses alike. Thailand’s e-marketplace has long been dominated by foreign giants like Lazada (owned by Alibaba), Shopee (under Singapore’s SEA), and China’s TikTok…
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Pattaya rebranding as family-friendly destination to boost tourism
Pattaya’s tourism operators have put forth a proposal to the tourism minister, aiming to transform the city’s image into a family-friendly destination, distancing it from associations with sex tourism and illegal gambling. The Association of Chon Buri Tourism Federation (ACTF) recently convened with Tourism Minister Sermsak Pongpanit to discuss the initiative. The meeting also included insights from a workshop that…
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PM Srettha orders Temu to comply with Thai tax laws
Prime Minister Srettha Thavisin directed the Revenue Department and the Ministry of Digital Economy and Society (DES) to ensure the new Chinese online retailer Temu adheres to Thai regulations and meets tax obligations. The directive aims to address concerns from local industries about the potential influx of inexpensive Chinese products affecting Thai manufacturers. The introduction of Temu, a Chinese e-commerce…
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Cotti Coffee gains ground in Thailand with affordable menu
Cotti Coffee, a popular Chinese coffee franchise, is making waves in Thailand with its affordable menu starting at just 55 baht. The franchise currently operates eight branches in Bangkok, contributing to the growing presence of Chinese brands in the country. Chinese products are becoming increasingly common in major Thai cities, with a variety of items such as clothing, food, and…
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Startups to receive up to 50 million baht from BoI initiative
Startups with significant growth potential in targeted industries will receive financial backing, up to 50 million baht each, through a new initiative launched by the Board of Investment (BoI). This initiative, known as the Matching Fund, operates under a larger fund managed by the Competitiveness Enhancement Board, chaired by Finance Minister Pichai Chunhavajira. The Matching Fund aims to collaborate with…
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Thai tourists favour China and Japan over South Korea
A marked decline in the number of Thai tourists travelling to South Korea has been observed over the past seven months, with many opting instead for trips to China and Japan. The Korea Tourism Organisation (KTO) reported that 20,150 Thais visited South Korea in June, a significant drop from the 25,023 recorded during the same period last year. This downward…
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Ford Thailand urges support for ICE car sector amid EV rise
Ford Thailand is urging the government to extend support to companies in the internal combustion engine (ICE) car segment, particularly motorcycle manufacturers, who are struggling to adapt to the rapid expansion of the electric vehicle (EV) market. Despite the implementation of measures such as tax cuts and subsidies to promote the EV industry, ICE sector operators have yet to see…
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AIS, Oracle Alloy unveil Thailand’s first hyperscale cloud service
Advanced Info Service (AIS) announced a partnership with Oracle Alloy to introduce Thailand’s first locally owned and operated hyperscale cloud infrastructure services. This significant collaboration aims to enhance the country’s cloud and artificial intelligence (AI) landscape, currently valued at around 100 billion baht. The newly formed partnership, confirmed to involve a joint investment of up to 8 billion baht by…
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Thailand’s bike boom hits a brake with debt drag
Thailand’s motorcycle manufacturing output is expected to continue its decline in the second half of the year due to high household debt and a weak economy, according to the Federation of Thai Industries (FTI). The FTI Vice-Chairman and spokesperson for the federation’s Automotive Industry Club, Surapong Paisitpatanapong, commented on the challenging economic conditions. He noted that while the motorcycle industry…
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Thailand invests 1 billion baht to boost AI skills and startups
Thailand is poised to harness the momentum of the global artificial intelligence (AI) trend, aiming to transition from an AI user to an AI application creator, as stated by the National Electronics and Computer Technology Center (NECTEC). The country’s strategy involves leveraging its robust ecosystem, which includes high-performance computing infrastructure, thriving data centres, and ongoing development of skilled employees, research…
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What is the current state of Thailand’s casino legislation, and how likely is it to change in the near future?
Thailand stands on the brink of a potentially transformative shift in its approach to gambling. For many years, casinos have been completely banned in the country, reflecting a conservative stance deeply rooted in cultural and legal traditions. However, recent developments suggest that Thailand might be on the path to legalising and regulating casino operations, marking a significant departure from its…
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