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 Planning to extend your Thai visa? Why health insurance is more important than ever
If you plan to stay longer in Thailand, having health insurance is now more important than ever. Thai immigration often asks for proof of medical coverage when you apply to extend your visa. This applies to many types of visas,...
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How Cryptocurrency is changing consumer behaviour in Thailand
Cryptocurrencies like bitcoin or similar have played a significant role in the global economy in recent times, and Thailand is just one of the countries where these changes are taking place. Since the country has a young population, and this population is actually tech-savvy, it didn’t take long for cryptocurrencies to be adopted. While the popularisation of cryptocurrencies in Thailand…
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Thai shippers forecast modest growth amid wage increase concern
The Thai National Shippers’ Council (TNSC) projects a 1% to 2% growth in exports for the current year and urges a thoughtful approach to the proposed increase in the daily minimum wage, supplemented by government support via the wage committee mechanism. TNSC chairman Chaichan Chareonsuk anticipates a 1 to 2% increase in the nation’s exports by March this year. Chaichan…
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Mobile service market to grow 3 to 5% amid tourism surge
The annual growth rate for the mobile service market is forecasted to sit between 3 and 5% this year due to cost-cutting efforts by operators and an increase in mobile traffic and international roaming calls brought on by a surge in foreign tourists. Pisut Ngamvijitvong, a senior equity research analyst at Kasikorn Securities, asserts that these growth factors, along with…
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Bank of Thailand’s independence crucial for economic stability
Economists emphasise the importance of the Bank of Thailand’s independence in its mission to maintain economic stability. They note that while interest rates have a negligible effect on bolstering economic growth, they could influence the stability of the baht and trigger an increase in household debt. Despite persistent appeals from Prime Minister Srettha Thavisin for a collaborative effort between monetary…
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Thai government greenlights energy subsidies and price caps
Subsidies on electricity bills for vulnerable groups and caps on cooking gas and diesel prices have received the green light from the Thai government. The move aimed to alleviate the burden of burgeoning energy costs on the population. Deputy government spokesperson Rudklao Intawong Suwankiri disclosed that diesel prices will now be fixed at 33 baht per litre, from April 20…
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SC Asset introduces morning coin for real estate rewards
SC Asset Corporation Public Company Limited, under the stewardship of Natthaphong Kunakornwong, is embarking on a transformative journey as it enters its third decade, a period poised to redefine the company’s legacy. In a significant move, SC Asset unveiled an innovative utility token, Morning Coin, which promises to deliver extensive benefits to its clients. Homebuyers of SC Asset properties will…
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Thai Finance Minister set to discuss policies with BOT
The freshly appointed Finance Minister today expressed his readiness to engage in discussions with the governor of the Bank of Thailand (BoT) to align fiscal and monetary policies. Pichai Chunhavajira, who is also the Deputy Prime Minister of Thailand, stated to journalists that collaborating with the BoT on policy coordination is part of his job responsibilities. Pichai expressed confidence that he…
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Hong Kong tourism nears pre-pandemic levels
Hong Kong’s tourism sector continues its fight for revival as the number of visits during the Labour Day golden week holiday reached only 66.8% of the pre-pandemic levels. Despite the ongoing struggle, Financial Secretary Paul Chan Mo-po assured the government’s commitment to promoting the city’s mega-event economy and attracting more tourists. This comes after the city registered 893,764 inward trips…
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KBank restricts digital personal loans to refine business model
Kasikornbank (KBank), known for its leading mobile banking services, has strategically slowed down its digital personal loan operations. The move aims to refine its business model and enhance the quality of its loan products, according to its Chief Executive Kattiya Indaravijaya. Kattiya revealed that there is no specific timeline for the completion of the business model improvement. However, she assured that…
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Thailand’s steel industry threatened by surge in Chinese imports
The EAF Long Product Steel Producers Association raised concerns about the future of Thailand’s steel industry as local manufacturers face potential closure. This comes as a result of a surge in steel imports from China, which has resulted in a reduction of capacity utilisation to a mere 28% between January and February. The association’s president Chaichalerm Bunyanuwat urged for immediate…
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Predicted surge in global gold prices to US$2,500 per ounce
Global gold prices are set to touch US$2,500 per ounce in the latter half of this year, as per predictions by local gold traders, despite a recent slump below US$2,300. The market has scaled down its expectations for US interest rate cuts this year to a maximum of two times, a reduction from the previously anticipated three to four times.…
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Euro EV sales dip but Thai operators charge ahead with optimism
Despite a recent 11% drop in electric vehicle (EV) sales in Europe, Thai business operators remain optimistic about local EV market growth. They believe that the circumstances in Thailand significantly differ from those in Europe, making direct comparisons of the two markets inappropriate. The European EV market downturn, says Bloomberg, is attributed to factors such as high insurance and repair…
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Thailand implements blueprint for responsible tourism management
Concerns about overtourism are intensifying globally as popular destinations like Venice start imposing daily entry fees and Japan attempts to divert tourists to less-visited provinces. Thailand, expecting 40 million foreign arrivals this year, faces similar challenges. The Deputy Governor for Domestic Marketing at the Tourism Authority of Thailand (TAT), Somradee Chitchong, emphasised the lack of a tourism-carrying capacity blueprint in…
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Government’s financial burden increases with digital wallet project
The government’s financial burden, expressed as the ratio of interest to estimated government revenue, is expected to rise from the current 8% to 11% in the coming year. This projected increase is due to the implementation of the government’s flagship digital wallet handout. An anonymous source from the Finance Ministry revealed that the present 8% ratio aligns with an A…
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Thailand ramps up border telecom crackdown to curb crimes
A crackdown on crimes facilitated by local telecom signals at Thailand’s borders has been ramped up by the National Broadcasting and Telecommunications Commission (NBTC). This move followed an emergency meeting between the regulator and private telecom operators to address potential criminal activities in these areas. NBTC Deputy Secretary-General Trairat Viriyasirikul revealed that in many border regions, there have been instances…
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Thai stock market set for a drop due to US inflation
Kasikorn Asset Management (K-Asset) anticipates a downward trend in the Thai stock market over the forthcoming quarter, prompted by a slow decrease in US inflation and interest rates. The asset management firm advises investors to mitigate risk through portfolio diversification, targeting the US and Indian stock markets. K-Asset CEO Wajana Wongsupasawat forecasts an additional drop in the Thai market in…
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Maybank drops Thailand’s GDP growth forecast amid export and manufacturing slump
Maybank IBG Research has revised downwards its GDP growth forecast for Thailand, for both the current year and 2025. The downgraded estimates are due to a combination of factors, including a faltering export outlook, a deepening manufacturing slump, an uneven recovery in tourism, and limited chances of interest rate cuts by the Bank of Thailand this year. For this year,…
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Thailand’s dominance in durian exports to China under threat
Thailand‘s reign as the leading exporter of fresh durians to China is teetering, as reported by an industry insider to Xinhua News Agency. The news has emerged in the wake of a report that China’s major land border checkpoint, Youyiguan, has received 48,000 tonnes of durian shipments in this year’s first quarter. The shipment detailed 35,000 tonnes of durians from…
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Thailand’s central bank halts proposed 1% fee on credit cardholders
The Bank of Thailand has stalled the proposed introduction of an additional 1% fee on local credit cardholders, necessitating card issuers to consider other alternatives. This decision was taken after several credit card issuers declared that they would be waiving the 1% fee for payments made in baht to overseas registered merchants and online shopping platforms. Earlier in March, these…
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Gulf Energy signs agreement for 25 solar farms in Thailand
Gulf Energy Development Plc, a leading private power producer, has announced the completion of power purchase agreements for the construction of 25 solar farms with the Electricity Generating Authority of Thailand (Egat). This initiative is expected to aid the government in managing electricity prices, potentially reducing power bills for consumers. The 25-year agreements mark a strategic shift in Thailand’s power…
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Thai energy business reports 2.6% decline in Q1 fuel consumption
The Department of Energy Business (DOEB) reported a 2.6% decline in fuel consumption in the first quarter of the year, amounting to 156.7 million litres per day. This decrease is attributed to the expiration of the capped price policy. The Director General of DOEB, Sarawut Kaewtathip, noted a rise in the daily average volume of jet fuel and liquefied petroleum…
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GIF expedites Covid-19 payouts amid financial strain
The General Insurance Fund (GIF) proposed an expedited payment option for Covid-19 policyholders, where they can avail of an immediate reduced payout rather than wait for a decade for the full claim. This could mean receiving 60 baht now instead of 100 baht in the future, according to Finance Permanent Secretary Lavaron Sangsnit. Governmental body GIF was formed to safeguard…
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Finance ministry secures deals for 250 billion baht investments
Following the passing of the fiscal 2024 Budget Expenditure Act, the Finance Ministry has confirmed that new financial agreements for investment projects totalling 250 billion baht have been finalised. Deputy Finance Minister Krisada Chinavicharana revealed that during the delay in the act’s signing, governmental bodies with pending investment projects initiated their procurement processes. These processes included creating terms of reference…
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Thailand’s daily online fraud falls to 110 million baht in April
Online fraud damage in April was reported at 110 million baht daily, indicating a 26% decrease from the 149 million baht experienced daily in March. This significant reduction is a result of the intensified crackdown on online fraud by authorities. On the first of April, Prime Minister Srettha Thavisin delegated several organisations to yield tangible results from their efforts to…
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Thai dividend stocks outperform bank deposits
The quest for investments with steady returns in an era of global volatility and high interest rates has led many investors to gravitate towards dividend stocks. With the potential for yields exceeding 5% and a payout that can reach up to 20% yearly, these stocks offer a lucrative alternative to conventional bank deposits. A study conducted by the Stock Exchange of…
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AirAsia Cambodia launches anticipates aviation sector growth
A new low-cost airline, AirAsia Cambodia, was launched yesterday marking a significant milestone in Southeast Asian aviation. The chief executive of Capital A, AirAsia’s parent company, Tony Fernandes, anticipates a promising outlook for aviation in the region, driven by an increased influx of Chinese tourists, particularly in Thailand, despite soaring fuel costs and a robust US dollar. “Despite the economic…
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BGRIM to invest US$3.39m in Middle East’s energy market
A dominant player in the power industry, BGRIM disclosed its plans to infiltrate the Middle Eastern clean energy market, with an investment approaching US$3.39 million for a 40% stake in the independent power producer, ThreeEightSix Holdings Ltd. The company’s president, Harald Link, confirmed this strategic investment that focuses on commercial and industrial solar assets within the Gulf Cooperation Council region,…
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Automotive giants shift gears towards BEVs and HICEVs
The fight against climate change has urged automotive industry leaders to focus on battery electric vehicles (BEVs) and hydrogen internal combustion engine vehicles (HICEVs). This is a critical step in reducing the greenhouse gas emissions caused by traditional internal combustion engines and contributing to a more sustainable transport future. Original Equipment Manufacturers (OEMs) worldwide have made the bold commitment to…
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Bitcoin ETFs close with largest discounts due to crypto plunge
The largest spot-Bitcoin exchange-traded funds (ETFs) closed today with significant discounts to their underlying asset values, the biggest since their inception. This disparity emerged when the cryptocurrency plunged to its lowest in two months, consequently affecting the ETFs’ Bitcoin value tracking. The iShares Bitcoin Trust, a US$16 billion fund, closed approximately 1.7% below its net asset value. Other funds like…
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Illegal chemical warehouse in Ayutthaya razed by overnight inferno
An inferno swept through an unauthorised chemical warehouse in Phachi, Ayutthaya, leading to the combustion of over four tonnes of impounded chemical waste. Thai media outlets first broke the news of the fire at 6pm, yesterday, May 1, depicting a scene of roaring flames and a thick blanket of chemical smoke suffocating the area. The pungent smell that pervaded the…
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