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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Northeast plans NEC to boost economy at mobile Cabinet meeting
Private sector representatives in the northeast are set to present a series of economic stimulation projects, including the establishment of the Northeastern Economic Corridor (NEC), during the mobile Cabinet meeting in Nakhon Ratchasima on July 2. Hatsadin Suwattanapongchet, Secretary of the Northeastern Industrial Federations, announced that the NEC, traversing Nakhon Ratchasima, Khon Kaen, Udon Thani, and Nong Khai, will emulate…
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Thailand aims for US$30 billion bilateral trade with Malaysia
The government is set to participate in the Joint Trade Committee (JTC) meeting with Malaysia on July 4, aiming to enhance bilateral trade to US$30 billion by 2025. Chotima Iemsawasdikul, Director-General of the Trade Negotiations Department, announced that Commerce Minister Phumtham Wechayachai will attend the third JTC meeting between Thailand and Malaysia in Kuala Lumpur. This will be Thailand’s inaugural…
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Latest trends in the Thailand real estate market
Thailand’s economy is affected by the real estate market in a big way. Tourist destinations like Bangkok and Phuket have seen times of expansion. Both local desire and attention from other countries drive growth. There are a lot of different types of buyers in the housing market. There are expensive homes in great places and cheaper homes in new areas. …
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Shifting gears: Thai interest charges towards hybrids, veers from EVs
Interest in battery electric vehicles (BEVs) among Thai consumers has declined over the past year, while hybrid electric vehicles (HEVs) have gained popularity, according to a survey conducted by Deloitte. The 2024 Global Automotive Consumer Study indicates that the percentage of Thai respondents interested in purchasing a BEV has dropped to 20% this year from 31% in 2023. Conversely, interest…
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SCB denies UN claims of aiding Myanmar military transactions
Siam Commercial Bank (SCB) firmly denied any involvement in irregular transactions with Myanmar, challenging claims made in a recent United Nations report concerning the bank’s alleged role in financing military procurement. Tom Andrews, the UN special rapporteur on human rights in Myanmar, released a report this week detailing how Myanmar’s military regime continues to acquire weapons used against civilians. The…
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Baht to hit 37.25 per US dollar amid global currency slump
The Thai baht is expected to plummet to 37.25 against the US dollar in the near future, as Asian currencies have weakened to their lowest levels since 2022. This decline is driven by ongoing global volatility and outflows from Thai stock and bond markets amid uncertainty surrounding US interest rate cuts, according to economists. The Thai currency yesterday dropped to…
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Thai cycle woes: Motorcycle sales hit brakes amid economic woes
Thailand’s motorcycle manufacturing and sales are experiencing a downturn this year, as the economy faces challenges from high household debt and weakened consumer purchasing power, according to the Federation of Thai Industries (FTI). FTI Vice-Chairman and spokesperson for the federation’s Automotive Industry Club, Surapong Paisitpatanapong revealed that economic uncertainty has led to cautious spending among consumers, compounded by recent layoffs…
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Thailand factory closures surge as cheap imports hit local industries
Factory closures in Thailand have surged this year, with local electronics, steel, and plastics manufacturers bearing the brunt as demand declines and cheap imports inundate the domestic market, according to the Industry Ministry. The closures were evaluated based on the investment value of the affected factories. Electronic parts and printed circuit board factories topped the list with an investment value…
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Thailand raises Indian target to 2.4 million with visa-free policy
The Tourism Authority of Thailand (TAT) has revised its target for Indian tourist arrivals from 2.3 to 2.4 million this year, driven by the recently introduced visa-free policy for Indian nationals. This visa waiver programme, which allows 60-day visa-free stays, extends to citizens of 93 countries and will last until November 2024. TAT Governor Thapanee Kiatphaibool announced that Indian arrivals…
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Bank of Thailand predicts slower third and fourth quarter growth
The Bank of Thailand anticipates slower economic growth in the upcoming third and fourth quarters, attributing this to a high base effect. According to Piti Disyatat, secretary of the central bank’s Monetary Policy Committee (MPC), second-quarter GDP is expected to grow by 1% from the previous quarter, a decline from the 1.5% growth observed in the first quarter. These projections…
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Thai PM launches Phenix to make Thailand global food hub
Prime Minister Srettha Thavisin led the Phenix project yesterday, aiming to transform Thailand into a global food wholesale hub. The event saw participation from several key political figures, highlighting the project’s significance in positioning Thailand at the forefront of the global food industry. PM Srettha outlined that the Phenix project is designed to unite food industry professionals from around the…
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Tips on how to change your visa into business visa in Thailand
Thailand is now a popular place for businesspeople and traders from all over the world. To work in Thailand, you must first get a Non-Immigrant B visa, which is meant for people who are doing business there. For people with other types of visas, like vacation or retirement visas, wanting to get a job may mean switching to a business…
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Finance Ministry to launch 500 billion baht fund to boost shares
Stock analysts are backing the Finance Ministry’s initiative to establish a new fund aimed at boosting investment in Thai shares, predicting a surge in trading activity in the fourth quarter. To revitalise the sluggish stock market, Finance Minister Pichai Chunhavajira announced that the ministry is exploring the creation of a new fund similar to the Vayupak Fund, a former state-managed…
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Robinhood app to cease operations on July 31, SCB announces
Thailand’s beloved Robinhood application will cease operations on July 31, as announced by Siam Commercial Bank (SCB) yesterday. Offering commission-free food delivery, hotel booking and various other services, Robinhood announced that they have fulfilled their mission of supporting riders and small businesses during difficult times. SCB X Plc, the holding company for SCB and its affiliates, stated that Robinhood had…
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International visitors boost Thailand’s MICE sector by 5%
International visitors are set to drive Thailand’s MICE (meetings, incentives, conferences, and exhibitions) sector beyond its annual target by 5%, helping to offset a sluggish domestic market. Chiruit Isarangkun Na Ayuthaya, President of the Thailand Convention and Exhibition Bureau (TCEB), reported a robust recovery in the international market during the first three quarters of the 2024 fiscal year, spanning from…
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PM dismisses concerns over foreign condo ownership plan
Prime Minister Srettha Thavisin dismissed allegations that a government proposal to increase the foreign ownership quota in condominiums and extend land leases is akin to “selling off the nation.” “It is about long-term leases, not selling land. It has nothing to do with selling the nation.” Last week, the Cabinet ordered a study into raising the proportion of foreign ownership…
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Weak economy and loan restrictions further plummets pickup sales
Domestic car sales are facing significant challenges as pure pickup sales dropped by 40.8% in the first five months of 2024, primarily due to a weak economy and difficulties in accessing loans, according to the Federation of Thai Industries (FTI). From January to May, sales of pickup trucks fell by 40.8% year-on-year to 75,510 units. While sales of pickup passenger…
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Thailand’s plant-based foods market to hit 45 million baht
Thailand’s plant-based food market is on track for significant growth, with projections from a recent workshop indicating a 10% increase in value, reaching 45 billion baht this year. This promising forecast was highlighted during a recently held workshop titled The Future of Essential Agricultural Products of Thailand: A Case Study of Plant-Based Food. The event was co-organised by the Trade…
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Thai hotels oppose plan for 75% foreign condo ownership
The Thai Hotels Association (THA) expressed strong opposition to the government’s plan to allow foreigners to own up to 75% of condominium units, warning that it could lead to intense price competition and market disruption. Concerns were raised during a meeting where members discussed significant issues impacting the hospitality industry. During the meeting, Tourism and Sports Minister, Sermsak Pongpanich delivered…
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Thailand to impose VAT on all imported goods from July onwards
Thailand’s Ministry of Finance announced the collection of value-added tax (VAT) on imported goods, which aims to address disparities between foreign and domestic sellers in terms of tax obligations, effective from July 5 to December 31, 2024. The Royal Thai Government Gazette published the Ministry of Finance’s declaration today, June 24. The declaration focuses on customs duty exemptions for items…
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Thailand’s TV market scores big with global sports events
Thailand’s TV market is poised for significant growth this year, driven by major global sports events, according to LG Electronics (Thailand). The head of marketing at LG Electronics (Thailand), Amnaj Singhachan, highlighted that the UEFA Euro 2024 football tournament, which runs from June 14 to July 14, and the Summer Olympics in Paris from July 26 until August 11, followed…
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Harman hits the gas with Thailand factory for electronic auto boost
Harman, a subsidiary of Samsung Electronics based in the United States, has announced the establishment of its first factory in Southeast Asia, selecting Thailand as the location for its production hub aimed at exporting electronic automotive products. Harman’s head of operations, Sami Krimi, stated his excitement at the project. “Thailand’s extensive experience in the automotive and related industries has encouraged…
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Commerce Ministry monitors 18 categories as transport costs surge
The Commerce Ministry launched a comprehensive monitoring initiative for prices across 18 categories as transport costs for the logistics sector surged by up to 9%. The Director-General of the Internal Trade Department, Wattanasak Sur-Liam, stated that the categories under scrutiny include instant noodles, fresh food, canned food, bagged rice, seasoning sauce, vegetable oil, carbonated drinks, milk and dairy products, electrical…
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PDMO issues 20 billion baht in ESG bonds
The Public Debt Management Office (PDMO) is set to issue 20 billion baht in sustainable bonds to institutional investors this year. The public debt advisor for PDMO, Jindarat Viriyataveekul, stated that these bonds are designed for businesses adhering to environmental, social, and governance (ESG) principles. Sustainable bonds are a subset of ESG bonds, and PDMO currently has 467 billion baht…
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AI to impact less than 4% of Thailand’s service sector jobs
Artificial intelligence (AI) is projected to have a limited impact on employment in Thailand, with fewer than 4% of service sector workers at high risk of being replaced by the technology, according to Kasikorn Research Center (K-Research). A study conducted by Microsoft and LinkedIn revealed that 74% of Thai business leaders, compared to 66% globally, stated they would not hire…
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Thailand’s exports surge in May with agricultural products
Thailand’s exports reached their highest level in 14 months, achieving a 7.2% year-on-year growth in May, largely due to a surge in agricultural products. Director-General of the Trade Policy and Strategy Office Poonpong Naiyanapakorn announced that the value of exports in May expanded to US$26.2 billion (approximately 960 billion baht), marking a significant gain of 7.2%. Thai shipments, excluding gold,…
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Government may raise foreign condo ownership limit to 75%
The government considers increasing the foreign ownership limit in condominiums from 49% to 75% of a building’s usable space, as disclosed by Deputy Prime Minister Phumtham Wechayachai. The Interior Ministry is evaluating the feasibility of extending the maximum leasehold period for foreigners from 50 years to 99 years. Phumtham stated that this proposal was first discussed at a Cabinet meeting…
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Food delivery market grows as economy threatens restaurants
The online food delivery market in Thailand is experiencing growth but the challenging economy might force closures of between 50,000 and 100,000 small restaurants. Thailand has approximately 700,000 restaurants, including mobile street vendors, with the total business valued at 800 billion baht. Online food delivery services contribute 15% to this total. Chief Executive of Line Man Wongnai, Yod Chinsupakul, reports…
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Lamps out: Lampang horse-drawn carriage rides face unbridled end
The famed horse-drawn carriage rides in Lampang may soon become a relic of the past, as dwindling tourism revenue fails to attract new generations to sustain the business, according to the Tourism Council of Lampang. Lampang registered 559,892 visitors in the first four months of this year, a 0.52% decline year-on-year, with only 35,131 foreign travellers. Despite the drop in…
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Thai industries sentiment index drops to 88.5 as layoffs rise
Thai Industries Sentiment Index (TISI) experienced another decline in May, dropping to 88.5 from April’s 90.3 points, as 15,000 workers have been laid off since the beginning of the year, according to the Federation of Thai Industries (FTI). Layoffs in the first five months of 2024 emerged as the TISI, which measures the manufacturing sector’s health, fell for the second…
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