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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Banking on change: Thai banks raise policy rates to woo depositors with digital deals
Following the Bank of Thailand‘s decision to hike its policy rate by 0.25 percentage points, banks are now increasing both their loan and deposit rates. In a bid to attract depositors, special rates are being offered on digital savings products. Siam Commercial Bank (SCB), the country’s fourth-largest lender by total assets, has acted promptly to the central bank’s policy rate…
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Stock slide stalls: Thai stock market slump set to stabilise as analysts predict limited decreases
The Stock Exchange of Thailand (SET) index has been subjected to a downward revision this year, dipping to a three-month low of roughly 1,470 points. This has led market analysts to believe that further decreases are now limited. Kasikorn Securities (KSEC) consequently altered its SET index target to 1,544 points by the close of 2023, a significant drop from the…
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Price plunge extravaganza: Nationwide cuts on products and services to boost Thailand economy
A nationwide price reduction on over 150,000 products and services, ranging up to an 87% discount, has been declared with immediate effect in Thailand until the end of December. This is part of the government’s Quick Win policy initiative, aimed at reducing costs, boosting the economy, and expanding business opportunities, stated Commerce Minister Phumtham Wechayachai. The agreement, reached yesterday, involves…
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Thai high-flyer: PM Srettha aims to lift Thailand to upper-income status in four-year soar
Prime Minister Srettha Thavisin announced ambitious plans to elevate Thailand to an upper-income nation within the next four years. The 61 year old prime minister unveiled the government’s fiscal strategy for 2024, targeting an average economic growth of 5% per annum and a minimum daily wage of 600 baht by 2027. The initial proposal includes a raise of the minimum…
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Thailand hikes interest rate amid economic uncertainty, shifts focus to soft power
The Bank of Thailand unexpectedly hiked its interest rate to a decade-high of 2.5% in an effort to combat inflation and prepare for global economic fluctuations. This move has cast uncertainty over the nation’s economic outlook. The government has set an ambitious GDP target of 4.4% for the following year, a significant increase from this year’s projection of 2.5-3.0%. Despite…
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World Bank’s growth forecast dips in East Asia: A downward spiral
The World Bank‘s most recent semi-annual report reveals a downward revision in growth predictions for developing economies across East Asia and the Pacific for the years 2023 and 2024. This downward adjustment can be attributed to various factors, including the constraints imposed by tighter financial conditions and the ongoing challenges within the global economic environment. According to the report, the…
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Evergrande chairman in troubled waters: Offshore asset investigation makes waves
China Evergrande Group‘s Chairman is currently under investigation, suspected of moving assets offshore amidst the property developer’s ongoing struggle to complete unfinished projects, according to The Wall Street Journal’s report on Monday. Evergrande, burdened with liabilities exceeding US$300 billion (11 trillion baht), has been endeavouring to secure approval from creditors to restructure its offshore debt. However, the situation became more…
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Gold holds its ground: Steady prices shine in market update
Gold prices remained steady today according to the Gold Traders Association‘s opening market update, with the price of gold ornaments set at 32,650 baht per baht-weight. The price of gold bars in the country was also unchanged, with the buying and selling rates at 32,050 baht and 32,150 baht per baht-weight respectively. Meanwhile, 96.5% pure gold ornaments were bought for…
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Thailand’s soft power strategy eyes tech and regulatory overhaul
Thailand’s soft power is set to receive a significant boost, with creative content experts advocating for the removal of obsolete regulations and the incorporation of cutting-edge technology. This approach, they argue, will stimulate innovation and cultural assets. Asa Piwkhum, tasked with business and innovation development at the Creative Economy Agency, indicated that the imminent meeting of the national soft power…
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Thai-Chinese Chamber urges neutrality in US-China conflict, deeper China ties
The Thai-Chinese Chamber of Commerce urged the new Thai government to maintain neutrality in the US-China conflict while deepening trade links with China. In an interview, President Narongsak Puttapornmongkol suggested that Chinese firms exporting to the US or Europe could bolster their investments in Thailand, enabling them to base production in the country. “There is no need to be overly…
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Siam Piwat’s ambitious goal: 100% renewable energy by 2030
Siam Piwat Group, a pioneer in Thailand’s real estate and retail sector, is making strides towards sustainability by seeking diverse collaborations. The group has set an ambitious target to shift all its properties to 100% renewable energy by 2030. According to the group’s chief operating officer, Naratipe Ruttapradid, Siam Piwat is reinforcing its leadership in sustainable world-class destination development through…
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China’s rise as global superpower lauded by Thai-Chinese Cultural Council president
Pinit Jarusombat, the president of the Thai-Chinese Cultural and Relationship Council (TCCRC), has acknowledged China’s ascension to the ranks of global superpower in terms of technology and economic might. The statement was made in light of the upcoming National Day of China, marking the 74th anniversary of the People’s Republic of China’s establishment. Pinit appraised China’s development, pointing out the significant…
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Thailand pledges support for ICE vehicle production amidst EV transition
Prime Minister Srettha Thavisin has pledged continued support to internal combustion engine (ICE) vehicle production in Thailand for another 10 to 15 years, helping to facilitate a smooth transition towards electric vehicles (EVs). He also stated that incentives will be provided to ICE vehicle manufacturers who relocate their production bases to Thailand for export purposes. Delivering his keynote speech at…
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Thai government readies against El Niño impact with daily monitoring centre
The government is preparing to set up a daily monitoring centre and formulate contingency plans to counter the effects of the El Niño weather phenomenon, according to Deputy Prime Minister Phumtham Wechayachai. In a meeting held yesterday, the committee responsible for weather phenomena monitoring, chaired by Phumtham, also deliberated on the reallocation of funds from major investment projects which haven’t…
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Thailand’s finance ministry drops plan for financial transaction tax
Paopoom Rojanasakul, secretary to the finance minister, announced a reversal from the Finance Ministry’s initial plan to impose a financial transaction tax. This comes after Sirikanya Tansakul of the Move Forward Party (MFP) claimed the ministry’s mid-term fiscal blueprint for 2024 projected revenue of 14 billion baht from the proposed tax. Paopoom explained that the ministry aims for Thailand’s capital…
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Stark Corp uncovers 15.6 billion baht irregular transactions amid accounting scandal
Stark Corp, a Thai-based company specialising in industrial cables, discovered a staggering 15.6 billion baht (US$426 million) worth of irregular transactions across its divisions, following a mandated special investigation. The transactions were identified after the firm was rocked by an accounting scandal and subsequent debt defaults. Stark’s cable-manufacturing subsidiary, Phelps Dodge International (Thailand) Ltd, incurred damages amounting to 12 billion…
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Great Wall Motor to launch eight EV models in Thailand next year
Great Wall Motor (GWM), the Chinese auto manufacturer, announced its intentions to begin the production of eight electric vehicle (EV) models at its Rayong factory in the early part of next year. This move is in response to the surging demand for EVs, a trend that is predicted to boost Thailand’s total EV sales to 100,000 cars by 2024. The…
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Thailand central bank raises policy rate, reduces 2023 GDP forecast
Following the Bank of Thailand‘s decision to increase its policy rate and reduce the GDP forecast for 2023, the bank’s governor, Sethaput Suthiwartnarueput, will meet Prime Minister Srettha Thavisin. Sethaput did not disclose the specifics of the meeting’s agenda, scheduled for Monday, but assured readiness to address any queries. Contrary to circulating rumours, the 61 year old prime minister, who…
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Thai economy loses steam: UTCC’s growth forecast trims to 3%
With an anticipated dip in exports and a delay in state budget preparation, the University of the Thai Chamber of Commerce (UTCC) revised its economic growth forecast for the current year to 3%, a decline from the previously estimated 3.6% in December last year. The revised growth forecast is reflective of new government measures aimed at lowering the cost of…
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Sakol Energy revises 2023 revenue forecast due to RDF delays
Sakol Energy (SKE), a firm involved in the trade of compressed natural gas and the operation of biomass power plants, adjusted its revenue expectations for 2023 owing to a delay in commencing operations at a new refuse-derived fuel (RDF) production facility. The publicly traded company had earlier predicted a revenue leap to nearly 1 billion baht in 2023, a significant…
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Huawei cybersecurity: Largest centre opens to boost 5G trust
Huawei’s cybersecurity and privacy protection transparency centres are designed to address growing concerns and complexity in the sector, especially the uncertainties surrounding the company’s 5G network technology amid the US-China tech conflict. The Chinese tech company inaugurated its largest centre in Dongguan, China, in June 2021. The company states that the centre serves as a platform for stakeholders in the…
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Thai-UAE free trade agreement 80% finalised, may boost Thai GDP
Progress is being made in the bilateral free trade agreement (FTA) negotiations between Thailand and the United Arab Emirates (UAE), with discussions now reportedly 80% finalised. This update comes from Thailand’s Commerce Minister, Phumtham Wechayachai, who recently held talks with the UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi. Phumtham revealed agreements have been made in…
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Bank of Thailand raises policy rate to 2.5%, highest since 2013
The Monetary Policy Committee (MPC) of the Bank of Thailand unanimously approved a quarter-percentage point increase in the policy rate, raising it from 2.25% to 2.50%. This change, which took effect yesterday, marks the highest rate since October 2013. According to Piti Disyatat, the MPC secretary, the Thai economy is on a slow recovery path this year, primarily due to…
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Thailand’s DES ministry launches Anti Online Scam Centre amid rising fraud
Amidst growing concerns over online fraud, the Ministry of Digital Economy and Society (DES), in unison with the Cyber Crime Investigation Bureau (CCIB) police and other associated agencies, is launching an Anti Online Scam Operation Centre (AOC). The AOC, which begins its operations on November 1, is set to function as a war room, implementing technology to provide intelligent assistance,…
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Thai AirAsia CEO urges government to curb rising travel costs
Thai AirAsia‘s chief executive Santisuk Klongchaiya advocates for government intervention to mitigate escalating travel expenses for tourists, alongside the visa-free scheme for Chinese visitors. He justifies this by citing the disproportionate resumption of travel demand compared to the supply side, particularly in the airline industry, in the past year. Thai AirAsia’s capacity to serve China routes has notably reduced. Previously,…
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Thai farmers offered debt suspension to regain good debtor status
Farmers with outstanding debts at the Bank for Agriculture and Agricultural Cooperatives (BAAC) in Thailand can now enter a debt suspension scheme without the need for prior debt restructuring, according to Paopoom Rojanasakul, the secretary to the finance minister. The move aims to help these farmers regain their good debtor status and is applicable to all BAAC debtors whose total…
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Year-end bonus frenzy: Thai companies make it rain with envy-inducing rewards
Over ten renowned Thai companies are set to distribute generous year-end bonuses for 2023, leading to a wave of envy. The highest bonus reported is 7.3 months’ salary plus an additional 37,000 baht. Some of the companies declaring such bonuses include IHI Turbo Thailand, Jtekt (Thailand), Siam Toyota, Siam ATT I-Shin, Trimotive, SIAM DENSO KYOSAN, IJT Thailand, TTK, TBKK, and…
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WHA anticipates US tech giants’ investment surge due to Thailand’s renewable potential
Thailand’s biggest built-to-suit logistics facilities developer, WHA Corporation, anticipates an increase in investment from US tech giants in the coming year, as they eye business expansion in the ASEAN region. Major players such as Google, Microsoft, and Tesla have shown interest in the country’s potential during an investment talk. The event was a part of Prime Minister Srettha Thavisin’s participation…
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Thai govt’s shocking move: Sparks fly as power tariff gets a jolt down
The Thai government, under the leadership of Srettha Thavisin, has swiftly approved a plan to lower the power tariff, with the goal of reducing electricity bills for the public. The tariff rate has been revised from 4.45 baht to 3.99 baht per kilowatt-hour, applicable from September to December this year. However, for a long-term solution to high electricity costs, a…
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Muang Thai Life partners with Line BK for low-income targeted insurance
Muang Thai Life Assurance (MTL) is partnering with Line BK, a provider of social banking services, to introduce an insurance brokerage service that primarily caters to those with lower incomes and freelancers. Sara Lamsam, the CEO and president of MTL, stated that partnering with Line BK will provide the public with easier access to health and life insurance policies that…
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