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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MAS to review Credit Suisse amid Singapore money laundering scandal
The Monetary Authority of Singapore (MAS) announced its intention to conduct an on-site review of Credit Suisse Group AG. The decision comes in the wake of a far-reaching financial scandal, in which at least one customer of the bank has been charged with money laundering. The review aims to assess the bank’s handling and monitoring of wealthy clients. The local…
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Sunny-side up: Thai exports set to crack 3.6% growth in 2023
Positive prospects are forecasted for Thai exports next year, with an anticipated growth rate of 3.6%. This rebound follows a projected 2% drop this year, according to a recent report by the University of the Thai Chamber of Commerce (UTCC). UTCC’s president, Thanavath Phonvichai, attributes this optimistic projection to several factors including lower interest rates and easing inflation globally, which…
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Gulf Energy eyes 50% revenue surge with power plant operations boost
Gulf Energy Development, a Stock Exchange of Thailand (SET)-listed firm, is looking forward to a 50% revenue surge, breaking past the 100 billion baht (US$3.03 billion) mark this year. This significant increase is due to the addition of electricity generation capacity and the full operation of its power plants. In the previous year, the company’s earnings stood at 95 billion…
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NIA Reform: Thailand supports startups and SMEs market entry
The National Innovation Agency (NIA) reformed its financial assistance measures, shifting focus towards aiding startups and small and medium-sized enterprises (SMEs) in getting their products to market, rather than simply supporting the development of prototypes. This year, the state agency has allocated 300 million baht to support these businesses, to generate a 3 billion baht economic and social impact, which…
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Real estate giant Siam Piwat secures global partnerships to boost retail reputation
The Siam Piwat Group, a leading real estate and retail developer in Thailand, secured partnerships with seven global retail giants, boosting its reputation as a popular global destination. The group, which owns and operates several prominent shopping centres, including Siam Paragon, Siam Center, Siam Discovery, ICONSIAM, and Siam Premium Outlets Bangkok, has also been in talks with Hyundai Department Store…
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Revved up worries: Middle East turmoil puts Thai car exports in the hot seat
The Federation of Thai Industries’ Automotive Industry Club warned that the ongoing Middle East conflict could potentially disrupt car exports to the region. Particularly, the popular pickup exports could see a downturn if the dispute remains unresolved. Given the current stagnation in domestic sales, the Thai auto industry relies significantly on its exports. Surapong Paisitpatanapong, the vice-chairman of the Federation…
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Chinese corporations eye investment in Thai green economy
Chinese corporations have expressed their intent to invest in Thailand’s green economy and development projects, renewable energy, electric vehicles (EVs), and transportation infrastructure, according to Prime Minister Srettha Thavisin. The Chinese investment announcement came after discussions between PM Srettha and Chinese business executives at the 3rd Belt and Road Forum for International Cooperation (BRF) in Beijing. The 61 year old…
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Bangchak finalises Esso Thailand acquisition
The energy conglomerate Bangchak Corporation, listed on the Stock Exchange of Thailand (SET), finalised its acquisition of Esso Thailand shares via a tender offer. The deal, valued at 3.54 billion baht, has resulted in Bangchak owning 76.3% of Esso Thailand. Previously, Bangchak secured a 65.99% stake in Esso Thailand, the entity managing Esso petrol stations, from Esso Asia Holdings Pte…
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Chinese investment in Thailand gains speed amidst economic slowdown
Chinese firms have significantly increased their investment in Thailand this year, despite China’s economic slowdown, providing a much-needed boost for the Thai Prime Minister, Srettha Thavisin. The increase in investment comes as a welcome relief amid concerns about the impacts of the world’s second-largest economy’s sluggish recovery on global growth. However, Thailand continues to appeal as a crucial investment hub…
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Thai court halts government’s wind power purchase scheme over selection irregularities
The Central Administrative Court‘s ruling to halt the government’s scheme to purchase 1,500 megawatts of wind power, on grounds of alleged irregularities in power plant selection, prompted the Energy Regulatory Commission (ERC) to gear up for an appeal. The judgement came in response to Khon Kaen Wind 2 Co, a subsidiary of the SET-listed Energy Absolute (EA), who had voiced…
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Thong Fah outlets to join online food delivery platforms for cheaper fare
Future talks are in the works between the Internal Trade Department and multiple food delivery platform operators such as Thong Fah food outlets. The goal is to integrate Thong Fah (Blue Flag) outlets into their online systems. These outlets sell food at low prices, potentially helping customers save on daily food costs. Wattanasak Sur-iam, the Internal Trade Department’s director-general, revealed…
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Middle East crisis and US inflation trigger 2% fall in Thai stocks
Escalating the Middle East conflicts and persisting high inflation in the US are contributing to a more than 2% fall in Thai stocks. The Stock Exchange of Thailand (SET) is encountering renewed selling pressure, with the index nearing a crucial resistance level of 1,400 points. Concurrently, gold prices have seen a sharp increase, reaching nearly US$1,950 (70,870 baht) per ounce…
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Thai gold prices dip: Gold Traders Association confirms morning fall
The Gold Traders Association (GTA) announced a decline in gold prices on this morning, with standard gold selling for 33,400 baht per baht weight, reflecting a decrease of 100 baht compared to the closing price last Friday. The latest value of gold bars in Thailand today, October 16, is 32,800 baht per baht weight for buying and 32,900 baht for…
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Entertainment venues: Bangkok governor paints the town ‘green’ with 4am nightlife nod
Bangkok Governor Chadchart Sittupunt has given green light approval to entertainment venues to extend their closing time to 4am, provided they implement appropriate safety measures and take into consideration the welfare of nearby residents and young people. He also insisted that clear and transparent operations are better than secretly operating past the legal hours. During a recent executive meeting at…
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FTI urges new regulatory body to curb cheap Chinese imports
The Federation of Thai Industries (FTI) urged the Industry Ministry to establish a novel regulatory body to supervise product standards. The move is intended to curb the influx of inexpensive Chinese imports, which the FTI claims are flooding the Thai market. The FTI did not clarify whether the proposed regulatory body would be governed by the state or the business…
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Thailand land tax act assessment: Fiscal policy office’s evaluation
The Thailand 2019 Land and Building Tax Act (LBTA) is receiving a thorough evaluation for its effectiveness and potential issues in enforcement, according to the Fiscal Policy Office director-general, Pornchai Thiraveja. The investigation is a collaboration between the Finance and Interior ministries and is aimed at understanding the effectiveness of the new land tax collection system, identifying any issues and…
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Traveloka reports surge in Thailand travel bookings amid slow aviation recovery
Travel bookings to Thailand have seen a significant surge, according to online travel agent Traveloka. The company’s president, Caesar Indra, highlighted that despite the slow recovery of the aviation sector, Thais have predominantly utilised their platform for air ticket bookings, veering towards less frequented destinations. This trend has been mirrored across numerous Asian markets. Indra reported a fivefold increase in…
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Israeli-Hamas conflict sparks fears of disruptions in global oil prices
Price fluctuations in global crude oil have surged by 4% following the Israeli-Hamas conflict. This escalation in oil prices has sparked fears, especially among oil companies, as Montri Rawanchaikul, the Chief Executive of PTT Exploration and Production Plc (PTTEP), voiced worries that the conflict may lead to disruptions in petroleum production in the Middle East. Auttapol Rerkpiboon, CEO of PTT…
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Significant rise in Thai gold prices: ornaments now at 33,500 baht per baht weight
The Gold Traders Association (GTA) announced this morning a significant increase in gold prices compared to the previous day. The increase was reported to be 550 baht (US$15), with the price of gold ornaments set at 33,500 baht per baht weight. This is a marked jump from yesterday’s closing price of 32,305.96 baht per baht weight. The report released today…
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Bank of Thailand maintains 4.4% GDP growth forecast amid stimulus measures
A 4.4% GDP growth forecast for the coming year has been maintained by the Bank of Thailand, factoring in the government’s proposed economic stimulus measures. Assistant Governor Piti Disyatat confirmed this projection following the Monetary Policy Committee’s vote on September 27 to hike the benchmark interest rate by a quarter-point, making it a decade-high 2.5%. The committee, however, reduced its…
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World Bank identifies growth potential in Thailand’s secondary cities
The World Bank has highlighted the potential for growth in Thailand’s secondary cities such as Chiang Mai, Khon Kaen and Rayong in a recent study. The report, Thailand Urban Infrastructure Finance Assessment, suggests that these cities could boost Thailand’s economy if they invest in urban infrastructure improvements, such as mass transit systems and renewable energy sources. However, the study points…
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Middle East tensions cause gold rush, prices poised to strike US$1,875
The escalating conflict in the Middle East could drive global gold prices to US$1,875 (67,950 baht) per ounce, as predicted by the Gold Traders Association (GTA). The association’s president, Jitti Tangsithpakdi, pointed out that prices have risen by US$20-30 per ounce since the onset of hostilities between Israel and Hamas militants. Gold prices reached a one-week high of US$1,860 yesterday…
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El Niño could trigger three-year rice shortage, warns Thailand’s Commerce Minister
Commerce Minister Phumtham Wechayachai expressed worries over a potential three-year-long impact of the El Niño-induced drought. This prolonged effect could potentially harm rice production and create a shortage in domestic consumption. Phumtham commissioned the Internal Trade Department and Foreign Trade Department to jointly monitor and alleviate the potential impacts of the El Niño phenomenon and the ensuing drought. He voiced…
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SEC considers compensation fund for victims of investment fraud
The newly appointed secretary-general of the Securities and Exchange Commission (SEC) disclosed that the regulatory body is examining the possibility of setting up a compensation fund for victims of investment fraud. This announcement was made during her inaugural press briefing since assuming office the previous month. Pornanong Budsaratragoon emphasised the regulator’s commitment to restoring public trust in the capital market.…
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Thailand and Brunei forge deeper ties to boost bilateral trade
Thailand and Brunei have embraced greater bilateral cooperation, expanding into new sectors of trade and investment. The move comes as part of their collective commitment towards achieving economic integration within the ASEAN region. While on an official visit to Brunei, Thailand Prime Minister Srettha Thavisin met with His Majesty the Sultan of Brunei Darussalam, ASEAN’s most senior leader. The two…
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Mall’s well in the northeast: Central Pattana pours 3 billion baht into booming secondary cities
Central Pattana Plc (CPN), the retail and property developer and operator of Central shopping centres across Thailand, declared plans to invest 3 billion baht in the development of secondary cities within the northeastern provinces of Nakhon Phanom and Nong Khai. The aim is to enhance these cities’ potential to rival megacities. Tos Chirathivat, Central Group’s executive chairman and chief executive,…
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Tourism turmoil: Troubles in Israel & Bangkok’s bullet blues spell trouble for Thai tourism
The ongoing conflict in Israel and the recent shooting incident at Siam Paragon in Bangkok last week are anticipated to result in a decline in foreign arrivals for the upcoming week, which will have a substantial impact on the Thai tourism industry. Nevertheless, the private sector remains optimistic that the visa exemption scheme will play a crucial role in rejuvenating…
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High-flying headache: Aviation industry faces pilot pinch, needs 650,000 in 20 years
The aviation industry is currently grappling with a global pilot shortage, with an estimated 650,000 pilots required over the next two decades, as per data from the Emirates Flight Training Academy (EFTA). The dearth of pilots is attributed to a scarcity of flight instructors worldwide, said Abdulla Al Hammadi, EFTA’S vice president. The industry is highly competitive, with airlines recruiting…
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Thailand consumer confidence sails higher, defying global economic waves
Following a more stable political climate, consumer confidence in Thailand increased for the second consecutive month in September, notwithstanding global economic uncertainties. The consumer confidence index, as reported by the University of the Thai Chamber of Commerce (UTCC), rose to 58.7 in September from 56.9 in August, and 55.6 in July. UTCC President, Thanavath Phonvichai, attributed this boost in confidence…
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Kaisa Group warns of under 5% recovery rate in potential liquidation
Facing severe financial difficulties, Kaisa Group, a prominent Chinese property developer, has forewarned creditors of a less than 5% recovery rate, should the company be driven into liquidation. This was the chilling forecast laid out by a legal representative for one such creditor who is currently pursuing a lawsuit against the beleaguered company. The revelation was made in a Hong…
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