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 car production dips 0.13% in April as exports surge 43.53%
Thailand experienced a slight decline of 0.13% in car production in April compared to the previous year, with a total of 117,636 units produced, according to the Federation of Thai Industries (FTI). This decrease was primarily due to a drop in truck production. However, the country witnessed a significant surge in auto exports during the same month, owing to a…
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Netflix expands password crackdown to US and 100+ countries
In an effort to tackle password sharing and increase revenue, Netflix has expanded its crackdown on account sharing to the United States and over 100 other countries, including the United Kingdom, France, Germany, Australia, Singapore, Mexico, and Brazil. The streaming giant has been seeking new ways to generate income as it faces potential market saturation, with measures such as limiting…
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Thailand to ease yuan rules for trade amid rising US dollar volatility
Amid the increasing volatility of the US dollar in relation to other global currencies, regulators are considering loosening restrictions on the utilization of the yuan in yuan-baht trade transactions. The Bank of Thailand, in collaboration with Asian and ASEAN central banks, is actively working toward establishing frameworks for local currency settlements. This initiative aims to encourage the use of local…
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31% of Thais eye battery electric vehicles as next car choice
A recent survey by Deloitte Thailand revealed that 31% of Thai consumers are likely to opt for a battery electric vehicle (BEV) as their next car, the highest percentage in Southeast Asia. Despite this, internal combustion engine vehicles continue to be the preferred choice in the region. The survey, conducted between September and October last year, focused on consumer behaviour…
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Thai food exports target 10% growth amid rising demand, quality standards
The Thai Commerce Ministry aims to boost food exports by 10% in 2023, driven by growing demand and enhanced Thai standards for quality, safety, and sustainable production processes. Commerce Minister Jurin Laksanawisit announced the target during the opening of THAIFEX-ANUGA ASIA 2023, expecting food exports to reach 1.55 trillion baht this year, up from 1.36 trillion in 2022. The food…
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Thailand flight sales soar, searches for outbound trips up 200% in Q1
The first quarter of this year saw international flight sales to Thailand surpass 2019 figures, while searches for outbound Thai flights and overseas accommodation rose by 200%, according to online travel agency Traveloka. Iko Putera, the company’s chief executive of transport, anticipates a positive travel trend for Thailand and the rest of Southeast Asia this year. This is driven by…
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Thai government revenue exceeds target by 112 billion baht amid economic recovery
The Ministry of Finance announced that government revenue collection for the first seven months of fiscal 2023 (October to April) surpassed the target by 112 billion baht, primarily due to contributions from agencies other than the Revenue Department. This information was shared by Pornchai Thiraveja, director-general of the Fiscal Policy Office. The government collected a net revenue of 1.38 trillion baht…
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White House reports progress in talks to avert US debt default
The White House has reported some progress in the ongoing discussions with Republican negotiators to prevent a catastrophic US debt default before the June 1 deadline. White House Press Secretary Karine Jean-Pierre stated that both sides must understand that they won’t get everything they want. The talks between US President Joe Biden and Republicans in Congress are set to continue,…
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Asia-Pacific countries need US$362 billion annually for climate action, says UN
The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) highlighted the urgent need for significant funding to support climate change adaptation and mitigation efforts in the Asia-Pacific region. ESCAP’s Accelerating Climate Action in Asia and the Pacific report reveals that most countries in the area are inadequately prepared for extreme weather events and natural disasters, which…
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Sena Development to launch affordable condos amid rising housing prices
Sena Development Plc, a SET-listed developer, plans to develop more affordable condo projects in response to an anticipated decline in purchasing power due to increasing housing prices. Atika Boonrodchoo, Sena Assistant Managing Director, expects housing prices to rise by 5% this year as a result of rising construction costs, including materials and wages. She said… “Purchasing power may not be able…
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NBTC scraps 3.8bn baht telehealth project over budget concerns
The National Broadcasting and Telecommunications Commission (NBTC) board members have voted against the development of a 3.8 billion baht telehealth project, citing misalignment with the objectives of the Universal Service Obligation (USO) project budget. The majority of board members argued that the USO project’s focus should be on supporting telecom network installation and expansion to bridge the digital divide, while…
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Thai foreign investment outlook positive amid political shift
The Industrial Estate Authority of Thailand (IEAT) and prominent business leaders expressed optimism about foreign investment in the country this year, despite delays due to the formation of a new government. IEAT Governor Veeris Ammarapala stated that foreign investors are expected to understand the evolving political landscape in Thailand, including the transition towards a Move Forward Party-led coalition government. At a…
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Thailand’s soaring household debt risks economic slowdown, warns NESDC
The National Economic and Social Development Council (NESDC) issued a warning concerning Thailand’s mounting household debt, stating that it could become a significant issue if the economy and employment rates decline. NESDC Secretary-General Danucha Pichayanan emphasised the need for debt restructuring alongside financial and fiscal discipline at both individual and corporate levels. During a press conference discussing the economic outlook…
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Thai Oil predicts equal oil demand and supply, boosted by Asian refineries
Thai Oil Plc (TOP), a subsidiary of the PTT Plc conglomerate, anticipates a more favourable outlook for oil trading in 2023, with global oil demand and supply projected to be nearly balanced. Crude oil demand is predicted to reach 101 million barrels per day (MBD), a 1.6 MBD increase from 2022, while supply is expected to be 101.3 MBD, a…
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Dyson aims to double product range, expand beyond home innovations by 2025
Dyson, renowned for its innovative household appliances, has been focusing on making everyday tasks more efficient and convenient for users. The development of such cutting-edge products often takes years and numerous prototypes, with Dyson’s bagless vacuum cleaner taking over five years and 5,127 prototypes to perfect. The company’s entrance into the beauty market with its hair dryer involved four years…
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EU regulators apply old laws to control AI as new rules take years to enforce
The rapid development of artificial intelligence (AI) services like ChatGPT has led regulators to rely on existing laws to control a technology that could transform societies and businesses. The European Union is working on new AI rules to address privacy and safety concerns associated with generative AI technology, such as OpenAI’s ChatGPT. However, it will take several years for the…
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Thailand unemployment rate drops to 1.05% as tourism industry rebounds
Thailand witnessed a decrease in its unemployment rate during the first quarter, reaching a three-year low of 1.05%, down from 1.15% in the final quarter of 2022, according to the state planning agency’s announcement on Monday. The improvement is attributed to the strengthening recovery of the vital tourism industry. The nation’s economy, which is the second-largest in Southeast Asia, experienced…
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China cybersecurity watchdog fails Micron, urges halt on chip purchases
China’s cybersecurity watchdog has announced that US semiconductor company Micron failed its national security review, urging operators of “critical information infrastructure” to cease purchasing its products. This marks a new development in the ongoing chip dispute between the US and China, with the US seeking to limit Beijing’s access to advanced semiconductors. In March, Chinese authorities initiated a review of…
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Singapore leads Southeast Asia with 97% cashless payment adoption rate
In Singapore, a growing majority of people are opting for cashless payment methods, with the country’s adoption rate of such payments being the highest in Southeast Asia at 97%. This trend has been accelerated by the Covid-19 pandemic and an ongoing national drive for a less-cash society. Digital wallets are expected to overtake credit cards as the most popular online…
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Thai pro-democracy coalition faces obstacles amid conservative backlash
Pro-democracy parties in Thailand are facing resistance in their efforts to form a government following their historic win in the recent general election. The Move Forward Party (MFP), led by prime ministerial candidate Pita Limjaroenrat, has expanded its coalition to eight parties with 313 members. However, to form a government without relying on the military-appointed Senate, the bloc needs 376…
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Thai bourse rebounds as Move Forward Party forms coalition government
The Stock Exchange of Thailand (SET) made a positive comeback yesterday, following three days of decline in the aftermath of Sunday’s election. The victorious Move Forward Party (MFP) revealed their plan to form a coalition government with 313 members of parliament. Encouraged by the easing of political concerns and the MFP’s prospects of forming a government, local investors responded positively.…
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Mall Group resumes Gourmet Market expansion as consumer spending rebounds
The Mall Group Co, a leading retail operator in Thailand, is set to resume the expansion of its Gourmet Market branches this year, as consumer spending shows signs of recovery in the wake of the pandemic. The company has invested 100 million baht in opening a stand-alone Gourmet Market branch at Design Village Bangna on May 7, after a three-year…
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China commerce minister to meet US officials amid tense relations
China‘s Commerce Minister Wang Wentao is set to visit the United States next week to meet with US Commerce Secretary Gina Raimondo and US Trade Representative Katherine Tai, according to Liu Pengyu, a spokesperson for China’s embassy in Washington. The visit comes as the US aims to engage with Beijing to repair strained relations. Liu announced the plans during an…
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True Axion, TV Tokyo join forces to boost Thai gaming industry globally
A strategic partnership between True Axion Interactive and TV Tokyo Corporation aims to propel the Thai gaming industry onto the international stage. True Axion Interactive, a joint venture between True Corporation and Canada’s Axion Ventures, will collaborate with the Japanese TV station renowned for its anime content to develop anime-style games, a genre gaining global popularity. The first project under…
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Honor aims for top three spot in Thai smartphone market within three years
Chinese smartphone manufacturer Honor aims to secure a position among the top three brands in the Thai market within the next three years. To achieve this, the company plans to focus on heavy marketing investments and related activities. Sutida Mongkolsuthree, CEO of Synnex (Thailand), the sole distributor of Honor mobile phones in Thailand, believes that the overall market share of…
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Thailand aims for 80% global trade coverage with new FTAs by 2027
Thailand is aiming to expand its free trade agreements (FTAs) to cover 80% of its global trade with over 50 countries by 2027, according to Auramon Supthaweethum, director-general of the Trade Negotiations Department. The department is exploring the feasibility of establishing new FTAs with various countries and trade blocs, including Israel, Bhutan, South Korea, the Pacific Alliance, the Southern African…
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Move Forward Party policies to boost retail, banking, and tourism stocks
The new coalition government led by the Move Forward Party is expected to have a positive impact on retail, banking, and tourism stocks, as per analysts. The party’s policies aim to enhance the economy’s efficiency by reducing monopolies and increasing welfare for all, says Asia Plus Securities (ASPS). The sectors likely to benefit from these policies include retail, tourism, transport,…
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Tourism boom shields Thailand’s economy amid political uncertainty
As political uncertainty continues to loom over Thailand, the country’s economy is receiving a much-needed boost from the significant increase in foreign tourists. In the first quarter of 2023, Thailand welcomed 6.5 million visitors, a stark contrast to the 498,000 recorded in the same period a year earlier. This surge in tourism is expected to help bolster the nation’s economy,…
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Nitori flagship store to open at CentralWorld in August
Central Pattana Plc, a leading real estate developer, has announced plans to open a flagship store for Nitori, a popular Japanese furniture and home furnishings brand, at CentralWorld in August. The new Nitori store will occupy over 2,600 square metres of space in Zone I on the mall’s fifth floor. The Japanese brand also has plans to open a second…
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Micron to invest £3.7bn in Japan’s EUV tech for advanced chip production
Micron Technology revealed planned yesterday to invest up to 500 billion yen (US$3.7 billion) in extreme ultraviolet (EUV) technology in the coming years, supported by the Japanese government. The advanced EUV lithography chip-making machines will be utilised to manufacture 1-gamma chips, which are essential for the mass production of materials used in complex applications such as image processing networks. The…
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