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 9 most common health issues covered by insurance for expats in Thailand
Thailand is a popular destination for expats due to its affordable lifestyle and excellent healthcare system. However, settling in a new country often brings health concerns. To ensure you’re covered for the most common medical needs, understanding what expat health...
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Thai rice exports set to rise amid El Niño concerns
Thai rice exports have a favourable horizon in 2023, as they are projected to exceed 8 million tonnes. This boost in international demand is linked to global concerns about the possible consequences of the El Niño weather event, resulting in several countries aiming to expand their stockpiles, according to Commerce Minister Jurin Laksanawisit. The minister indicated that the Philippines plans…
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Thailand aims for early 2024 Efta trade negotiations wrap-up
Thailand plans to wrap trade negotiations with Efta nations by early next year appears to be the key objective for Thailand’s trade representatives. The chief negotiator, Auramon Supthaweethum, who is also the director-general of the Department of Trade Negotiations, shared that the recent two-level discussions are taking place in Oslo, Norway. The fifth round of the Thai-Efta FTA negotiations has…
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Raimon Land unveils 18 billion baht luxury projects amid bolstered high-end market confidence
Raimon Land Plc, a stock exchange of Thailand (SET)-listed property developer, is confident in the high-end residential market and revealed plans for three new luxury projects worth 18 billion baht in Phuket and Bangkok. Raimon Land plans to launch the projects in the fourth quarter. Korn Narongdej, the chief executive, made known that the luxury market proved to be resilient…
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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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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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Thai economy boost: Bank forecasts GDP growth, increased tourism
Anticipating a stronger Thai economy, the Bank of Thailand has expressed confidence that GDP growth will surpass their expectations. This is attributed to the economic strategies implemented by the new government, combined with progress in the tourism and consumption sectors. In a recent meeting, the Monetary Policy Committee (MPC) of the central bank stated that they foresee continuous growth in…
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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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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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Timber regulations tightened, Thailand targets Siamese rosewood exports
The Commerce Ministry of Thailand recently announced two new regulations targeting the timber trade. Beginning on July 17, traders will be required to hold a certificate of import to import timber, processed wood, and wooden artefacts. Additionally, starting August 16, the export of Siamese rosewood (phayung) will be prohibited, Bangkok Post reports. The director-general of the Foreign Trade Department, Ronnarong…
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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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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 government weighs extending diesel excise tax cut beyond July
The Thai government is considering extending the excise tax cut on diesel, which is set to expire on July 20. Prime Minister Prayut Chan-o-cha directed the Finance Ministry and other relevant agencies to evaluate the feasibility of prolonging the tax reduction. Energy Minister Supattanapong Punmeechaow revealed that the Finance Ministry has been tasked with determining the appropriateness of an extension.…
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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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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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AIS 3BB acquisition may face strict measures due to market share
The potential acquisition of fixed broadband provider 3BB by Advanced Info Service (AIS) may face stringent consumer measures from the telecom regulator due to the combined market share of the two companies. True Corporation, a rival company, reported having 3.84 million household subscribers in the first quarter of this year, accounting for 31.5% of the fixed broadband market share, according…
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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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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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Thantawan Industry Plc targets eco-friendly products for Thai BCG initiative
There’s a new eco-friendly initiative in Thailand. Thantawan Industry Plc, a leading plastic manufacturer and developer of innovative products, is focusing on producing eco-friendly products in support of the Thai government’s bio-, circular, and green (BCG) economic development initiatives. The company’s garbage bags, made from recycled plastic beads, and straws, which are made from biodegradable materials, are aimed at helping…
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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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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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Bolt invests 300 million baht in Thai expansion amid ride-hailing competition
Estonian tech firm Bolt is set to invest 300 million baht in Thailand to bolster its presence in the country as part of its Southeast Asian expansion strategy. This move follows Bolt’s recent funding round, which raised 628 million euros at a valuation of 7.4 billion euros, earmarked for geographical growth. The company’s expansion adds to the fierce competition in…
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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’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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