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 Top 10 reasons for expats to get a comprehensive health insurance in Thailand
Moving to Thailand offers a prospect full of excitement and adventure, but in the same vein, if any injuries were to occur (and god forbid it does), the local healthcare system can be confusing at first glance for many expats...
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Thai sugar producer KSL faces 15% output drop, eyes low-GI product growth
Thailand’s third-largest sugar producer, Khon Kaen Sugar Industry (KSL), anticipates a decline of 10 to 15% in sugar cane output, down to 5 million tonnes, for its factories in the 2023 to 2024 crop year due to drought. In comparison, the 2022 to 2023 crop year yielded 6.4 million tonnes of sugar cane. Despite the reduction in sugar cane production,…
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Trading troubles: Thai stock market feels pinch of political uncertainties amid global rate rumbles
The Thai stock market remains under pressure from domestic political uncertainties, despite a halt in US interest rate hikes and a recent rate cut in China. The Stock Exchange of Thailand (SET) index continued its downward trend, closing at 1,557.71 points, a 0.22% decrease from the previous day. In contrast, several Asian stock markets experienced gains, with Hong Kong’s Hang…
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Electrifying expansion: Demco sparks digital tech and renewable energy growth
Demco yesterday announced expansion plans focusing on diversifying the company’s business into digital technology and enhancing its renewable energy portfolio. As a stock exchange of Thailand (SET)-listed contractor and engineering service provider, the company acknowledges not getting involved in the state renewable development scheme during its first phase. Pongsak Sirikupt, the company’s chief executive and managing director, revealed that Demco’s…
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Unlocking digital potential: Foreign software companies ‘Thai’ the knot with Thailand’s growing tech scene
Thailand is witnessing an increase in foreign software companies setting up offices in the nation, tapping into its digital growth and the demands of local enterprises. This development has attracted big data centres and cloud service providers from various countries, including the US, Japan, and China. Among the firms choosing Thailand is Adobe Inc., an American creator of design tools…
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Thailand tourism eyed by Agoda CEO as business hotspot rivaling Japan, Vietnam
Agoda, the online travel agency, foresees a bright future for Thailand tourism as the country emerges as a preferred destination for business travellers, potentially rivalling top hotspots like Japan and Vietnam. Ranked second in Agoda’s largest inbound markets between January and May, Thailand’s tourism trails behind Japan in terms of overall popularity. Agoda’s Chief Executive, Omri Morgenshtern, believes Thailand’s potential…
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Stock exchange warns investors: Tread carefully on OTO shares
Following irregular trading of One to One Contacts Plc (OTO) shares, the Stock Exchange of Thailand (SET) issued a warning for investors to be cautious and examine information thoroughly. OTO, which offers outsourced contact centre services to government agencies and corporations, faced a spike in trading volume, mainly concentrated among a few investors. Previously placed under the Level 1 trading regulations…
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Industry blues: Thailand’s TISI takes a double dip, blaming government formation woes
The Thailand Industry Sentiment Index (TISI) suffered another setback after experiencing a decline for the second month in a row, partly due to uncertainties surrounding the formation of a new coalition government. In May, the TISI dropped to 92.5 points from 95 in April. Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI), cited issues in setting up a…
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Bank of Thailand anticipates slower loan growth: Interest rates not main factor
The Bank of Thailand anticipates a slower pace of loan growth in the banking industry due to reduced demand, while asserting that rising interest rates are not the main factor impacting loan expansion. The central bank’s soft loan programme, which aimed to aid small and medium-sized enterprises, largely contributed to the increased borrowing during the post-pandemic recovery period. Sakkapop Panyanukul,…
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Siam Piwat Simon plans second Premium Outlets in tourist hotspot
Shopping mall operator Siam Piwat Simon Co is exploring options for the best location to open a second branch of Siam Premium Outlets Bangkok, focusing on provinces with a large local population and high foreign tourist numbers. Michael Tang, the company’s managing director, highlighted the importance of excellent transport infrastructure and convenient access for travellers when selecting the location for…
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Thailand tourism thrives with 1,200% surge in Klook bookings
Online travel platforms continue to express optimism about Thailand’s tourism growth this year, propelled by a substantial increase in visitor arrivals. Wilfred Fan, Chief Commercial Officer at Klook, an online travel platform, stated that the company experienced a 1,200% increase in bookings for activities in Thailand year on year in the first five months of 2023. The top five markets…
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Tourism promotion: TCT urges government to market Thailand as prime retiree destination
Tourism promotion has driven the Tourism Council of Thailand (TCT) to urge the new government to market Thailand as a prime destination for retirees while advocating for regulatory changes that would encourage the development of the tourism industry. The TCT yesterday met with representatives from the Thai Sang Thai Party to discuss these proposed changes, following the party’s consultation with…
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China-Africa Expo to boost trade, explore emerging sectors
The upcoming third China-Africa Economic and Trade Expo, set to take place in Changsha from June 29 to July 2, is expected to further enhance economic and trade cooperation between China and Africa. The expo, which occurs every two years in Hunan Province, has gained significance as a platform under the Forum on China-Africa Cooperation framework. China currently holds the…
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Thai interest rates raised to 2% by BoT amid core inflation worries
The Monetary Policy Committee of the Bank of Thailand (BoT) anticipates ongoing economic growth with some potential risks, as evidenced by their decision to increase the key Thai interest rates for the sixth consecutive meeting, according to the minutes released recently. On May 31, the committee unanimously agreed to increase the one-day repurchase rate by a quarter point to 2%,…
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Thai outbound travel surges as Asian flight capacities increase
The Thai outbound travel market is experiencing fierce competition among Asian countries, as flight capacities have increased compared to last year. The Thai Travel Agents Association (TTAA) anticipates that the Thai outbound market could recover to half of the 11.2 million departures in 2019, prior to the pandemic, due to stronger flight frequencies in Asia. TTAA vice-president Chotechuang Soorangura stated…
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BAFS to build 1.2 billion baht oil pipeline linking Saraburi and Ang Thong
Bangkok Aviation Fuel Services Plc (BAFS) is set to construct a new 52-kilometre oil pipeline connecting Saraburi to Ang Thong, in a bid to enhance its trade in the northern region. The project, which is estimated to cost 1.2 billion baht, will facilitate oil transportation from the east to the north. BAFS is currently in discussions with Thai Petroleum Pipeline…
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Stark faces 23 billion baht arbitration dispute with German firms Leoni AG
Stark Corporation, a SET-listed company, is facing an arbitration dispute with German firms Leoni AG and Leoni Bordnetz-Systeme GmbH. The German firms are claiming 608 million euros (23 billion baht) from Stark, alleging a breach of their sales and purchase agreement, Bangkok Post reported. According to a filing to the Stock Exchange of Thailand yesterday, the case refers to Stark’s exercise of…
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Zen Corp and CPF launch ready-to-eat Tummour meal at 7-Eleven stores
If you visit 7-eleven a lot in Thailand, there’s good news for you. Zen Corporation Plc, known for operating restaurant chains such as Zen, AKA, and Tummour, has announced its expansion into the ready-to-eat meal market in a bid to strengthen its long-term business prospects. The company’s chief commercial officer for Thai brands, Siruwat Chatchawan, disclosed that Zen Corporation has…
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SCB-Julius Baer launches 45 Academia programme for Thai business heirs
In Thailand, there’s a new academic programme for business heirs. SCB-Julius Baer Securities, a joint venture between Siam Commercial Bank and Julius Baer, has introduced The 45 Academia programme as part of its New Wave of Wealth strategy. This initiative aims to nurture the future leaders of wealth management by offering comprehensive training for business heirs in Thailand. The 45…
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TCEB seeks global support for Phuket to host Specialised Expo 2028
As the Thailand Convention and Exhibition Bureau (TCEB) prepares for its final presentation to the Bureau International des Expositions (BIE) next week, it continues to seek support for Phuket’s bid to host the Specialised Expo 2028. Over the past three years, TCEB has been working with Thai stakeholders and BIE member states to garner votes for Phuket as the host…
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CPF targets 7-8% revenue growth, eyes Philippines animal feed sector
The leading food and agribusiness conglomerate Charoen Pokphand Foods (CPF) anticipates a 7 to 8% increase in total revenue to 610 to 620 billion baht this year, primarily due to contributions from its international business, with a focus on the growing animal feed sector in the Philippines. CPF’s chief executive, Prasit Boonduangprasert, stated that the company has been investing in pork,…
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Japanese investors seek Thai tech startups for regional expansion
Thai tech startups have caught the attention of Japanese investors, who are keen to support their expansion into regional markets, according to an executive at Bank of Ayudhya (Krungsri). Southeast Asia, and Thailand in particular, are considered prime investment locations for Japanese investors, who see potential in the country’s high-growth tech startups. Bunsei Okubo, head of Japanese corporate and multinational…
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Bitkub’s bumpy ride: Thailand’s leading crypto exchange parent company sees sharp revenue decline amid market downturn
Bitkub Online (BO), the parent company of Thailand’s top cryptocurrency exchange Bitkub, experienced a 48% year-on-year drop in revenue last year, attributed to the downturn in the crypto market. Client investments also saw a significant 65% decline compared to the previous year. The financial statement published on BO’s website revealed a net profit of 341 million baht in 2022, marking…
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Thailand banks team up for digital revolution: Collaboration to launch retail CBDC
The Bank of Thailand is collaborating with three payment service providers, Bank of Ayudhya (Krungsri), Siam Commercial Bank (SCB), and 2C2P (Thailand) Co, to develop and launch its retail central bank digital currency (CBDC). The new financial infrastructure aims to enhance the convenience and efficiency of financial transactions while reducing costs. The testing of the retail CBDC is scheduled to…
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Chevron Thailand’s gas game-changer: Boosting domestic supply and breaking free from costly imports
Chevron Thailand Exploration and Production aims to boost domestic gas supply to reduce the Thai government’s reliance on costly liquefied natural gas (LNG) imports, with plans to increase petroleum production in the Gulf of Thailand. The US-based company was granted a licence to explore and produce petroleum at Block G2/65, an area of 15,030 square kilometres in the gulf, under…
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Impact of higher interest rates on Thai businesses and homebuyers
Concerns are rising among industry leaders that higher interest rates could negatively impact businesses, particularly small ones, and weaken the purchasing power of homebuyers. The Bank of Thailand’s Monetary Policy Committee recently voted to raise the policy rate to 2.00% from 1.75%, prompting state and private banks to follow suit. The Federation of Thai Industries (FTI) warns that higher interest…
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Thailand urged to boost beauty and wellness market for long-term growth
Thailand’s new coalition government is being encouraged to adopt a consistent policy to support the nation’s beauty and wellness market over an extended period. Ketmanee Lertkitcha, the chairwoman of the health, wellness and beauty industry cluster of the Federation of Thai Industries, highlighted the need for a national strategy to promote this sector, which, along with tourism, plays a crucial…
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Thailand’s NBTC mulls supervision of OTT platforms for fair telecoms
The National Broadcasting and Telecommunications Commission (NBTC) is weighing the potential regulation of over-the-top (OTT) platforms in Thailand to create a level playing field and ensure equal treatment in the telecom sector. Despite major foreign OTT platform providers having established operations offices in Thailand and adhering to value-added tax (VAT) payment rules, the regulator is contemplating whether these operators should…
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Binance.US drops dollar trading amid banking partners’ withdrawal
Binance.US, the American subsidiary of the world’s largest cryptocurrency exchange, announced that it will cease offering trading services in United States dollars. This decision comes after the company’s banking partners withdrew support due to pressure from federal regulators. The inability to trade in US dollars is a significant setback for Binance.US, as one of the primary functions of a cryptocurrency…
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Thai firms eye investment deals in Saudi Arabia
Thailand and Saudi Arabia are forging strong economic ties, with several collaboration deals in progress. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, recently visited Saudi Arabia with a Thai delegation led by Foreign Minister Don Pramudwinai. During the visit, it was announced that PTT Oil and Retail Business Plc (OR) plans to establish petrol stations in Saudi Arabia,…
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Thai air-con component exports to US soar amid heat wave surge
Rising heat waves in the United States have driven a surge in Thailand’s exports of air-conditioner components during the first quarter. The increase in demand has led to air-conditioner parts becoming the top product category benefiting from the generalised system of preferences (GSP) privileges awarded by the US. The Foreign Trade Department reported that Thai exporters utilised GSP privileges worth…
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