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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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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Thai PM assures Hong Kong investors of streamlined business process
Prime Minister Srettha Thavisin yesterday extended a warm welcome to potential investors in Hong Kong, assuring them of Thailand’s readiness to encourage and facilitate investment. While serving as the finance minister, PM Srettha travelled to Hong Kong to meet with significant private entities and explore investment opportunities in Thailand. This visit to Hong Kong marked the beginning of a five-day…
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Israel-Hamas conflict stirs concern in Thai business sector over trade disruption
The ongoing Israel-Hamas conflict has stirred unease within Thailand’s business sector, due to worries about its potential impact on Thai-Israeli trade, valued at around 40 billion baht. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, advised Thai businesses to closely monitor the situation and manage any potential risk. Those trading with the Middle East have been particularly urged to…
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Tourist turmoil: Thailand grapples with 10,000 unexpected Israeli guests amid conflict aftermath
Thailand is currently hosting approximately 10,000 Israeli tourists, a situation that arose due to the recent Israel-Gaza conflict. The country’s Tourism and Sports Ministry is monitoring the effects of this situation on its tourism sector. Sudawan Wangsuphakijkosol, Tourism and Sports Minister stated that while numerous airlines have suspended flights between Thailand and Israel, El Al Airlines, Israel’s national airline, has…
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Thai bonds surge 5.8% amid elevated corporate debenture issuance
Thai bond valuations experienced a notable increase of 5.8% within the first nine months of the year, skyrocketing to a colossal 16.7 trillion baht. This rise was predominantly propelled by government and corporate bonds, as revealed by the Thai Bond Market Association (ThaiBMA). Corporate debentures, a significant part of this upswing, saw an issuance of 825 billion baht from January…
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Inheritance tax law changes aim to reduce economic inequality
A revenue department insider has revealed plans for the adoption of the prime minister’s proposal to make changes to the inheritance tax law. The objective of the amendment is to reduce economic inequality, according to the anonymous source. The source disclosed three key points that form the guidelines for the amendment. The first is the application of the inheritance tax…
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Thailand’s commerce ministry aims for 20% cross-border trade boost
The Commerce Ministry of Thailand has an ambitious vision for the upcoming year – pushing cross-border trade value to 1.2 trillion baht, marking a 20% increase from this year’s estimated 1 trillion baht. Deputy Commerce Minister Napintorn Srisunpang, the overseer of the Business Development Department, Trade Negotiations Department and Foreign Trade Department, disclosed the ministry’s strategy to achieve this. They…
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Thai government’s 5% GDP growth aim deemed optimistic amidst challenges
The administration of Prime Minister Srettha Thavisin aims to boost annual GDP growth by 5%. This goal was unveiled during a policy statement delivered by the premier to the heads of government agencies last week during discussions about the fiscal 2024 budget. However, the World Bank recently cut its growth forecast for Thailand to 3.4% this year and trimmed its…
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Thai CEOs discuss sustainability’s key role in supply chain survival at SX2023
The Sustainability Expo 2023 (SX2023) has illuminated the essential role of sustainability in successful supply chain networks. The Thailand Supply Chain Network (TSCN) Business Partners Conference, also known as the TSCN CEO Panel, took place at the Queen Sirikit National Convention Center as part of the ongoing expo. The key topic of discussion was the self-application of sustainable practices for…
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SET anticipates foreign investor return amid economic policy progress
The Stock Exchange of Thailand (SET) anticipates a resurgence of foreign investors as progress in the nation’s economic policies, baht stability, and economic recovery gains momentum. Over the past eight months, foreign investors have sold more than they purchased, resulting in a net outflow of 22.4 billion baht (US$ 606,388,832). Despite this, the foreign investor trading ratio remained the highest…
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UHG announces 3.1 billion baht investment in new Thai hotel developments
UHG, a prominent developer of hotels and offices, has announced plans to invest 3.1 billion baht in the construction of two new hotels in Ramkhamhaeng and Phaya Thai. The investment supports UHG’s strategy to capitalise on the potential of these areas and cater to the high demand experienced by its nearby hotels. Wutthiphon Taworntawat, the managing director, highlighted the strategic…
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AstraZeneca and Thai agencies collaborate to boost AI in healthcare
The Digital Economy and Society (DES) Ministry and the Digital Economy Promotion Agency (Depa) have joined forces with AstraZeneca (Thailand), a biopharmaceutical company, to boost digital healthcare innovation within the Thai public health system. Their goal is to enhance the quality of life for Thai citizens through the use of cutting-edge technology. The most recent collaboration involves a memorandum of…
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Businesses ride the AI technology wave: Boosting creativity and productivity in Thailand
The world of business has seen a seismic shift as artificial intelligence (AI) takes centre stage. AI technology is being harnessed to enhance creativity and productivity, with millions already reaping the benefits. The rise in AI-powered products from startups and organisations is visibly transforming every industry sector. Canva, a widely used visual communication platform in Thailand, is a prime example.…
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Ford Thailand revs up for turbocharged pickup comeback as year-end season approaches
Ford Thailand, the driving force behind Ford Motor’s presence in the country, is gearing up for a turbocharged comeback in pickup sales as we cruise into the final quarter of the year – a season traditionally revved up for car enthusiasts. This resurgence is expected to shift into high gear thanks to the bumper crop of income flowing in from…
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Electrical appliance industry sparks up: El Niño predicted to surge sales by 4-5%
The El Niño weather phenomenon could potentially stimulate a 4 to 5% rise in sales within the electrical appliance and electronics industry this year, with sales projected to elevate from 230 billion baht last year. Major electrical appliance distributors and leading retail chains noted growth in the market within the first nine months of the year. Despite the purchasing power…
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Have it Your Way: Burger King Thailand flips the script with digital makeover for loyal fans
Burger King Thailand is focusing on digital transformation to accommodate shifts in consumer behaviour and bolster brand loyalty. According to General Manager Tanawat Damnernthong, the company has significantly escalated its budget for digital assets this year and intends to continue this trend into the next. Tanawat says the primary objective of this substantial investment is to strengthen the company’s infrastructure, making…
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Commerce Ministry revises inflation forecast, amid falling prices
Revising its earlier forecast, the Commerce Ministry now anticipates headline inflation to be within 1-1.7% for the current year, with an average of 1.35%. This comes as a result of expected lowered inflation in the last quarter. In July, the forecasted range was 1-2% with an average of 1.5%. Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, revealed…
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Thailand’s first locally made portable EV charger launched by Anitech
Smart ID Group, renowned for manufacturing electronic devices under the Anitech brand, has unveiled Thailand’s first locally produced portable electric vehicle (EV) charger. The product, dubbed Anitech EV-One, is a high-quality offering that has achieved Thai Industrial Standards certification. The launch capitalises on the firm’s 18 years of track record in the consumer electronics sector, according to Thomas Hongpakdee, the…
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ERC approves new tariff, reducing Thailand’s electricity costs
The Energy Regulatory Commission (ERC) approved a new electricity tariff of 3.99 baht per kilowatt-hour, a reduction aimed at decreasing power bills for households and businesses for the remaining four months of this year. This change is a response to the government’s energy price policies. In its initial meeting on September 13, the Cabinet agreed to lower the electricity tariff…
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Outbound travel market resilient despite weakening baht and fluctuating forex
Despite the weakening baht and fluctuating foreign currency exchange rates, the outbound travel market is predicted to remain stable. This is largely due to the fact that potential tourists, possessing the necessary purchasing power, are prepared for travel in the cooler season, coupled with the fact that airlines are increasing flights. Chotechuang Soorangura, the vice president of the Thai Travel…
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Global stocks take a rollercoaster ride as investors chase ‘oil-usive’ recovery
Global stocks experienced a mixed performance yesterday, as investors sought recovery from the significant drop in the previous session, induced by a sharp dip in oil prices. The 10-year US Treasury note, which reached a 16-year high on Tuesday, experienced a retreat after a disappointing US recruitment report surfaced. Adam Sarhan of 50 Park Investments stated that investors are entering…
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JSCCIB for water: Thai committee floats idea to dip into digital wallet funds for H2O solutions
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) proposed that the Thai government allocate a portion of its 560 billion baht digital wallet scheme budget towards supporting water management plans. The committee argues that Thailand needs immediate and long-term solutions to deal with flooding and drought, which is forecasted to affect the agricultural sector due to El Niño-induced…
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Thai baht hits new low against US dollar amid gold price drop
The 2023 financial year has seen the Thai baht rank as one of the region’s poorest performing currencies, depreciating to a low of 37.14 to the US dollar on Tuesday – a level not seen since November of the previous year. The recent plummet in gold prices, with a decline of around 5% or US$7.45 (274.65 baht) per ounce, has…
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China SCE Group defaults on dollar bonds, triggers financial turmoil
China SCE Group, a Xiamen-based property developer, announced today that it defaulted on its dollar bonds following a non-payment on a syndicated loan, triggering an event of default. The company joins numerous other Chinese property developers who are undergoing a similar financial crisis, defaulting on their offshore debt and kicking off a restructuring process. In its official filing, SCE stated…
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Thai stock market plunges amid public debt concerns and reduced GDP forecast
Following a decline of over 1.5% yesterday, the Stock Exchange of Thailand (SET) dropped below the 1,450 points mark. This follows mounting apprehensions concerning escalating public debt and economic growth after the World Bank scaled down its forecast for the Thai GDP. Daol Securities (Thailand) noted selling pressure from the majority of investor groups due to persisting worries about the…
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Thailand banks break the ice: Freezing loan rates to thaw financial stress
Thailand’s state-run banks have taken a bold step to counteract high interest rates by freezing their loan rates. This move has been initiated to assist low-income earners and small to medium-sized enterprises (SMEs), as disclosed by Vitai Ratanakorn, who holds dual roles as president and chief executive of the Government Savings Bank (GSB). The GSB, which currently services six million loan…
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Fuel fund forecast: Thai govt keeps diesel prices low, faces a billion-baht burnout
The Oil Fuel Fund Office (OFFO) projected a loss of nearly 100 billion baht due to the government’s decision to maintain domestic diesel prices below 30 baht a litre until December. This forecast assumes an increase in global diesel prices during the winter, a period typically marked by heightened energy demand. In 2022, the average global diesel prices for August…
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Thailand’s digital wallet project: Green light to make cash splash
The government of Thailand has given the green light for the formation of a committee for its ambitious digital money handout scheme, otherwise known as the digital wallet project. Slated for launch in February, the initiative aims to stimulate the economy by providing each Thai citizen above the age of 16 with 10,000 baht (US$269) in digital money. The project, requiring…
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Tourism confidence in Thailand plummets amid economic jitters
The tourism confidence index in Thailand has taken a hit, with figures sliding from 91 in the same period of 2019 to 69 in the third quarter of this year, according to the Tourism Council of Thailand (TCT). The third quarter’s number also represents a decline from 74 and 72 recorded in the first and second quarters of 2021 respectively.…
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World Bank revises Thailand’s economic growth forecast due to export contraction
The World Bank revised Thailand’s economic growth forecast downwards for 2023 and 2024, attributing the adjustment to a predicted contraction in the country’s exports due to reduced global demand. The primary engines of economic growth will be tourism and private consumption. A decrease from 3.6% to 3.4% is predicted for Thailand’s economic growth this year, as reported by the World…
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