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 How to reduce out-of-pocket medical expenses in Thailand?
Managing medical expenses in Thailand is important as healthcare costs continue to rise. The country’s healthcare system includes both public and private options, but even with the Universal Coverage Scheme (UCS) for citizens, many still face high out-of-pocket medical expenses....
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Thailand’s 2024 inflation target approved: 1% to 3% range maintained
The Bank of Thailand’s (BoT) headline inflation target range for the year 2024 has been given the green light by the cabinet. The approved target, set between 1% and 3%, remains unaltered from the current year, as reported by Deputy Finance Minister Julapun Amornvivat yesterday. This target, which serves as a guiding beacon for monetary policy, is subjected to an…
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Myanmar’s central bank extends deadline for exporters’ foreign earnings deposit
A mandate issued by the Central Bank of Myanmar demands exporters shipping goods beyond Asian territory to deposit their foreign earnings in domestic banks within 90 days, a significant increase from the previous 60-day requirement. The central bank, in a statement released on Monday, also directed companies exporting within Asia to deposit their earnings within 45 days, rather than the…
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Thailand braces for Houthi attacks impact: export activities remain unaffected
With the recent Houthi attacks on pivotal shipping routes in the Red Sea, the Commerce Ministry of Thailand is strategising both immediate and long-term measures to mitigate the potential fallout. Despite these attacks, the ministry has confirmed that the country’s export activities remain unaffected. The ministry’s permanent secretary Keerati Rushchano, following an urgent meeting with the Thailand National Shippers’ Council…
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Rice prices surge to 15-year high amid demand and El Niño concerns
Rice prices have surged to a 15-year high amid growing concerns about the impact of increased demand and the effects of El Niño on supplies. The grain, a dietary staple for billions of people in Asia and Africa, saw its cost rise 2.5% last week, reaching US$650 a tonne, the highest point since October 2008. This information, provided by the…
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Thailand’s commerce ministry targets 2 trillion baht in cross-border trade by 2027
Aiming to increase the value of cross-border and transit trade to 2 trillion baht by 2027, the Commerce Ministry is expediting the application of the cross-border trade strategy. The Ministry is establishing four dedicated task forces to tackle border trade-related issues. Commerce Minister Phumtham Wechayachai, following Wednesday’s committee meeting on trade, cross-border, and transit trade promotion, shared that the committee…
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Thai wage committee upholds 2.37% minimum wage increase
Yesterday, a senior government official announced that the tripartite wage committee has decided to uphold their previously agreed-upon plan to increase the average daily minimum wage by 2.37%. The committee, consisting of representatives from the government, employers, and employees, has agreed to uplift the pay threshold range to 330 to 370 baht, starting in January. This was confirmed by Pairoj…
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Grab Thailand reveals omni commerce and outdoor integration as top 2023 trends
In the Food and Grocery Trends Report 2023 recently revealed by Grab Thailand, it was highlighted that omni-commerce and the integration of digital platforms with outdoor activities are the preferred delivery methods. The report also listed som tum poo pla ra (papaya salad with crab and fermented fish) and coffee as the most sought-after menu items of the year, with…
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Thai industries shift from traditional car parts to electric vehicle components
A deal has been struck between the Federation of Thai Industries (FTI) and global car manufacturers to aid approximately 1,700 local auto parts manufacturers in transitioning from the production of traditional internal combustion engine (ICE) car parts to those for electric vehicles (EVs). Evolving global campaigns for zero-emission vehicles necessitate this shift. The FTI is facilitating collaborations between local manufacturers…
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Chongqing Sokon Motor plans entry into Thailand’s EV commercial market
Chongqing Sokon Motor, a prominent Chinese vehicle manufacturer, has revealed its plans to enter the electric vehicle (EV) commercial market in Thailand. The company will be collaborating with a local firm on this venture. David Luo, the sales director of Chongqing Sokon Motor, expressed confidence in the potential growth of the commercial EV sector in Thailand and ASEAN, predicting an…
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Thailand outlines cloud first policy to become Southeast Asia’s AI hub
As part of its vision to become Southeast Asia’s artificial intelligence (AI) hub by 2027, Thailand is strategising to attract more foreign technology investment in cloud data centres. The country’s Digital Economy and Society (DES) Minister, Prasert Jantanaruangthong, has outlined a plan to achieve this aim through a cloud-first policy. This policy emphasises public usage of a single digital ID…
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NBTC commissioners call for resolution on True Corporation-DTAC merger complaints
Recently, an urgent letter was sent to the National Broadcasting and Telecommunications Commission (NBTC) board chairman by four of its commissioners. The letter, authored by Thanapant Raicharoen, Suphat Supachalasai, Pirongrong Ramasoota, and Somphob Purivikraipong, called for a resolution to public complaints concerning the merger between True Corporation and Total Access Communication (DTAC). These complaints have been accumulating over several months…
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SMK facing liquidity crisis as liabilities surpass assets
The Syn Mun Kong Insurance Plc (SMK), overseen by the Office of the Insurance Commission (OIC), is facing significant liquidity issues and has been given 60 days to solve these problems and raise capital. However, the OIC suggests that SMK is unlikely to comply within the given timeframe. SMK’s total liabilities have surpassed its assets, amounting to 30 billion baht, according…
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Thai government unveils ambitious 500 billion Baht plan for debt resolution
A plan to resolve Thailand’s mounting debt issues, developed by the Thai government, is projected to rejuvenate the country’s economy by an impressive 500 billion baht (US$14 billion) if successful, according to 45 year old government spokesperson Chai. The initiative, designed to address debt problems within the agricultural, business, and civil society sectors, aims to provide relief to approximately 5…
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B.Grimm Power advances in renewable energy with Laos hydroelectric investment
With sights set on the renewable energy sector, B.Grimm Power Plc is advancing with a steadfast growth plan. Its most recent stride in this direction involves a joint investment with Ratch Group Plc into a hydroelectric power plant project based in Laos. This step is in line with B.Grimm Power’s GreenLeap strategy, underlining the firm’s ambition to emerge as a…
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Thai feed millers gain sustainable soybean insight at US led conference
A pivotal conference held last Friday by the Thailand Feed Mill Association (TFMA) saw US experts educating local businesses on the principles of sustainable soybean production. This collaborative event with the US Soybean Export Council (USSEC) was aptly named Strategic Insights into Sustainable Practices: A Conclave for Agricultural Stakeholders and Feed Millers. The primary objective was to facilitate knowledge transfer…
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Thanapiriya Plc plans 120 million baht expansion
Thanapiriya Plc, a leading retail store operator with branches in Chiang Rai, Chiang Mai, and Phayao, has announced a 120 million baht investment plan to expand its presence with new outlets in the following year. Amorn Phutthiphiriya, the firm’s chief operating officer, indicated that the expansion strategy would involve establishing six fresh branches in Chiang Rai. Despite the existence of…
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Thailand tackles household debt crisis: doubts over effectiveness
To tackle the escalating household debt crisis in Thailand, the government has launched a series of measures aimed at combatting informal debt and loan sharks. However, researchers and industry leaders have voiced concerns about the effectiveness of these measures, urging the government to address the root cause of the problem by ensuring fair income distribution and creating high-income employment opportunities.…
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Thai PM seeks Japanese investment in country’s EV industry
Thailand Prime Minister Srettha Thavisin is set to persuade top Japanese car manufacturers to invest in Thailand’s burgeoning electronic vehicle (EV) industry, boarded a plane to Japan yesterday. The visit, marking his first to Japan since his tenure as prime minister began, coincides with the 50 Years of the Asean-Japan Friendship and Cooperation Commemorative Summit. Accompanying the 61 year old…
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Thailand’s inflation hits 33-month low sparking economic slowdown concerns
Inflation in Thailand experienced a downward trend for the second month in a row, marking a 33-month low in November. This decrease sparked concerns regarding the increased risk of economic deceleration and potential deflation. The Commerce Ministry of Thailand has also predicted a further decline in the inflation rate in December. Deflation is defined as a period where the prices…
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Foreign e-commerce giants to dominate Thailand’s market in 2024
An e-commerce chief predicts that foreign operators will continue to control Thailand’s e-commerce landscape, with live commerce and affiliate marketing becoming increasingly prevalent in the next year. Overcoming the nation’s digital trade deficit continues to be a challenge as international companies lead in sales, delivery, and advertising. The value of Thailand’s e-commerce market is slated to surge to an impressive…
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Khao San Road unaffected by 4am closing time due to exclusion from approved zone
Tourism operators on Khao San Road expressed their indifference towards the forthcoming 4am closing time set to come into effect from today, stating it will have minimal impact due to the area’s exclusion from the approved zone for extended hours. Sanga Ruangwattanakul, who presides over the Khao San Road Business Association, pointed out that there is a prevailing confusion among…
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EGCO acquires 30% stake in Indonesia’s PT Chandra Daya Investasi
Electricity Generating (EGCO), the power generation subsidiary of the state-run Electricity Generating Authority of Thailand, announced the acquisition of a 30% stake in PT Chandra Daya Investasi, an Indonesia-based company. The deal, valued at US$194 million, was orchestrated via EGCO’s fully-owned subsidiary, Phoenix Power BV, and is expected to be finalised by year-end. PT Chandra Daya Investasi (CDI) is a…
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Thailand’s economic growth potentially in decline, SCB EIC warns
The Siam Commercial Bank’s research wing, SCB Economic Intelligence Center (EIC), expressed concern over the potential decline in Thailand’s long-term economic growth. It has attributed this to enduring structural problems, such as low investment, diminished total factor productivity, and the economic impact of the pandemic. Chief Economist at SCB EIC, Somprawin Manprasert, revealed that Thailand’s economic recovery has been more…
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Yellen urges China to reconsider state-driven economy due to investment deterrence
US Treasury Secretary Janet Yellen urged China to deviate from its state-driven economic policy, citing the deterrence it creates for investors. Speaking at the US-China Business Council’s 50-anniversary dinner in Washington, Yellen highlighted the stifling effect of an overbearing role for state-owned enterprises. US businesses have repeatedly voiced their concerns about the perceived unfair Chinese business environment, including limited intellectual…
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Electric dreams charge ahead: Aiming for a ‘shocking’ 359,000 EVs in the next year
Aiming for a substantial boost in their electric vehicle (EV) production, Thai authorities have set a target of 359,000 units for the coming year. This ambitious plan is supported by a 39.5 billion baht investment, as confirmed by industry insiders. The Office of Industrial Economics (OIE) is optimistic that the state’s EV policy, coupled with incentives for investment, will lead…
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Minimum wage hikes unlikely to impact Thai goods pricing significantly
The Commerce Ministry’s planning unit has weighed in on the ongoing debate regarding the impact of minimum wage increases on domestic goods and services, suggesting that such hikes are unlikely to significantly influence the pricing landscape. Poonpong Naiyanapakorn, the director-general of the Trade Policy and Strategy Office (TPSO), has argued that a rise in the daily minimum wage by an…
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Thailand’s tourism authority plans strategy revamp to boost visitor spending
The Tourism Authority of Thailand (TAT) is setting its sights on revamping its strategies to rejuvenate tourist spending, which has experienced a notable decline since the onset of the pandemic. Foreign tourists’ expenditure has dipped from an average of 50,000 baht to 42,000 baht. Prime Minister Srettha Thavisin yesterday urged TAT executives and domestic offices to reignite tourism expenditure. He…
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Thai stock market could sink below 1,300 amid foreign investor exodus
In a worrying development, analysts signalled that the Stock Exchange of Thailand (SET) index, which plummeted to a three-year trough yesterday, could continue its descent to below 1,300 points in the short term as foreign funds persist in their exodus. The Thai stock market appears unaffected by the recent resurgence of other equity markets, despite encouraging indicators emerging since last…
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Thailand’s central bank forecasts export revival and low inflation
The Bank of Thailand (BoT) anticipates an export revival in the coming year, as revealed in a recent statement. The Bank also projects low inflation rates for the same period, attributing it to government subsidies, albeit with a gradual increase within an acceptable range. Meeting minutes from the BoT’s November 29 monetary policy gathering, released on Wednesday, indicated that while…
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Thai business bounces back: Surprising catalysts revealed by FTI
The Federation of Thai Industries (FTI) explained the significant rise in Thailand’s Industry Sentiment Index (TISI) after a five-month slump including a tourism boom and strategic government measures. Breaking through the economic gloom, the TISI soared to 90.9 points in November, marking a triumphant comeback after five consecutive months of decline, according to the FTI. In stark contrast to October’s…
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