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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Cabinet caps power bills and diesel prices to aid businesses, public
The Cabinet implemented measures to cap power bills at 4.18 baht per unit until the end of the year and set a diesel price ceiling at 33 baht per litre until October 31. Energy Minister Pirapan Salirathavibhaga announced that the Cabinet approved the Energy Ministry’s proposal to maintain the electricity rate at 4.18 baht per kilowatt-hour for September through December…
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Gold prices expected to surpass US$2,500 by end of 2024
Local gold traders are optimistic about the future of bullion prices, forecasting that they could surpass US$2,500 per ounce by the end of 2024. This significant price increase is expected to follow a potential interest rate cut by the US Federal Reserve in September. Gold was trading at US$2,395 per ounce in Asian markets yesterday, spurred by the announcement that…
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AOI unifies schools to revolutionise Thailand’s education system
Arthit Ourairat Institution (AOI) is revolutionising Thailand’s education system by unifying its network of schools under a single governance model. This strategy aims to enhance holistic learning and optimise the use of resources, faculty, and infrastructure, thereby significantly enriching the student experience. By pooling and harmonising these essential assets, AOI ensures that its values of integrity, innovation, inclusivity, and passion…
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Farm to table: Thailand firms urged to unite for stable farm prices
The Commerce Ministry urged Thai conglomerates to collaborate in purchasing agricultural products to provide farmers with a more stable income. Commerce Minister Phumtham Wechayachai revealed plans to manage agricultural products and secondary crops for the latter half of the year. He instructed Vuttikrai Leewiraphan, commerce permanent secretary, and Wattanasak Sur-iam, Director-Deneral of the Internal Trade Department (ITD), to engage department…
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Shocking slump: Thailand’s premium EV sales plunge 35%
Thailand has experienced a significant decline in the sales of premium electric vehicles (EVs), dropping 35% year-on-year in the first half of the year. Despite this downturn, BMW remains optimistic about its EV sales, banking on the appeal of its newly launched models in the Mini family in Bangkok. Sales of premium EVs fell to 3,844 units between January and…
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MICE industry must prioritise people management to sustain growth
Game-changing People Management was the focus of a recent presentation at the TMX conference, one of the largest fairs dedicated to the meeting, incentive, convention and exhibition (MICE) industry. The discussion highlighted significant opportunities for growth and transformation within this expanding sector. The MICE industry is on a remarkable growth trajectory, with a projected compound annual growth rate (CAGR) of…
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Thai SME bank sees non-performing loans surge to 13%
Rising non-performing loans (NPLs) in the first seven months of this year have predominantly emerged from wholesale and retail sectors, as reported by the Small and Medium Enterprise Development Bank of Thailand (SME D Bank). The Managing Director of SME D Bank, Phichit Mitrawong, attributed the increase to sluggish economic conditions, which have led to a contraction in consumer purchasing…
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Stark Corporation scandal costs 14.7 billion baht
Shareholders and stock investors of Stark Corporation are reeling from an accounting and embezzlement scandal that has incurred damages estimated at a staggering 14.7 billion baht. This debacle has impacted 4,704 shareholders and led to the prosecution of the former chairman and several top executives in what is deemed one of Thailand’s largest corporate frauds in recent years. Adding to…
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Thailand faces investment challenge post-1997 financial crisis
Thailand faces investment challenges post-1997 financial crisis despite natural gas discovered in the Gulf of Thailand around 40 years ago sparked nationwide excitement, marking the beginning of a golden era. This period saw the launch of the Eastern Seaboard Development Project aimed at developing the eastern coastal region. Foreign investment surged, propelling the economy to expand at double-digit rates, and…
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Ana maintains pre-pandemic load on Thailand-Japan flights
Japanese carrier ANA has successfully maintained the load factor on Thailand-Japan routes at the same robust level as in 2019, despite the challenges posed by a weak yen. Notably, the majority of its passengers are now Thai tourists and long-haul travellers transiting through Japan. Thailand has emerged as one of ANA’s strongest routes in Asia-Pacific and Southeast Asia post-pandemic, alongside…
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Business ties: Thailand extends visa-free stay for Hongkongers
Thailand’s extension of visa-free visits for Hong Kong residents is expected to bolster business relations and entice more visitors from the financial hub, despite a recent murder-suicide incident in Bangkok, according to industry leaders. The tragic event, involving six people, has not deterred travel plans, they emphasised. Anthony Lam Sai-ho, Executive Deputy Chairman of the Federation of Hong Kong Industries, praised…
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Tenzing Pacific Services predicts market’s ‘positive momentum’ to continue
Tenzing Pacific Services is anticipating positive stock market momentum to carry through to the end of 2024 despite volatility and share performance dispersion. Tenzing Pacific Services, a health, life, and business insurance and investment company, saw June as a mixed bag when it came to growth. This is in large part due to the market’s performance not necessarily correlating with…
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Bangchak cuts high-premium fuel prices by 5 baht per litre
Bangchak Corporation announced a significant price reduction on its high-premium fuel types, offering a discount of 5 baht per litre nationwide from today to tomorrow, July 20. This promotion includes both Bangchak Hi Premium 97 and Bangchak Hi Premium Diesel S, with no minimum purchase required. Bangchak Corporation, a leading company in the fuel industry, is running its major annual…
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Thailand restaurant market to hit 400 billion baht in 2024
Central Restaurants Group (CRG) anticipates a 5% sales growth in 2024, driven by the digital wallet handout scheme, while Thailand’s restaurant market value is projected to reach 400 billion baht this year. Nath Vongphanich, CRG President, addressed the ruling Pheu Thai Party’s upcoming 10,000-baht digital wallet handout scheme, expected to launch in the fourth quarter. He mentioned that the company…
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Shocking hike: Thai industries spark concern over electricity rates
Thailand’s plan to hike electricity rates later this year could deter foreign direct investment, warned the Federation of Thai Industries (FTI). The alert followed the Energy Regulatory Commission’s (ERC) announcement on Friday, indicating an imminent rise in power bills for both businesses and households. The ERC has proposed three new power tariff options, featuring increases from 11% to 44% above…
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King’s College student researchers discuss brain health
King’s College International School students have collaborated with Bangkok Hospital to deliver a Health Awareness Talk about neurology and brain health. BioMedINN, a student-directed research group at King’s College, organised the session in an effort to inform the public about the importance of neurological health and wellbeing. This event followed on from their recent creation of a stroke testing kit,…
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Transport Ministry execs visit Phuket to boost economic development
Senior executives from the Ministry of Transport gathered at Phuket Provincial Hall yesterday, engaging in a two-day study tour aimed at boosting economic development in the region through transportation initiatives. This initiative, part of a broader training programme organised by the Ministry of Transport, targets government officials and employees from state enterprises. Running from May 27 to August 16, the…
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Thailand to boost 2024 budget by 122 billion baht for economic lift
Prime Minister Srettha Thavisin emphasised the necessity of increasing the 2024 fiscal budget by 122 billion baht to stimulate Thailand’s economy. He proposed a supplementary budget bill to the House, aiming to finance the digital wallet scheme, a core policy of the Pheu Thai Party. Opposition parties opposed the bill, citing legal concerns and potential violations of the State Fiscal…
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Thailand’s industrial sentiment hits two-year low amid political strife
Thailand’s industrial sentiment index experienced a decline for the third consecutive month in June, reaching its lowest point in two years, according to the Federation of Thai Industries (FTI). The drop is attributed to a sluggish economy, weak demand, and increasing bad debt problems. The FTI reported that the industrial sentiment index fell to 87.2 in June, down from 88.5…
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Thai Finance Ministry pledges market confidence amid scandal
Thailand’s Finance Ministry vows to restore confidence in the Thai capital market following allegations of fraud involving former executives of Energy Absolute (EA), a company listed on the Stock Exchange of Thailand (SET). Finance Permanent Secretary Lavaron Sangsnit expressed optimism that actions by the Securities and Exchange Commission (SEC), in collaboration with the Department of Special Investigation (DSI) and the…
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Thailand expects 42 billion boost from French tourists post-Olympics
The Paris Olympic Games are projected to draw fewer visitors than initially expected, prompting the Tourism Authority of Thailand (TAT) to anticipate a resurgence in the French market post-event. The TAT forecasts 42 billion baht in revenue from French tourists in 2024. Soraya Homchuen, TAT Director in Paris, indicated that the French market is experiencing a lull due to two…
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Thailand launches retirement lottery to boost savings for low-income earners
The Cabinet has introduced a new savings initiative for low-income individuals titled the retirement lottery, which offers enticing prizes to encourage saving. Deputy Finance Minister Paopoom Rojanasakul announced the Cabinet’s approval of this measure, aimed at bolstering savings under the National Savings Fund (NSF) through the Retirement Savings Lottery project. The NSF will amend relevant sections of its Act to…
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CIMB promotion offers increased interest rates for saving accounts
CIMB Thai is offering a new range of savings accounts with increased interest rates until the end of July. Beginning on June 1, CIMB Thai customers who open a ‘Speed Savings Account’ will receive an increased bonus interest rate to help grow their savings. Each savings account will receive a base interest rate adjusted based on the total amount of…
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Phyathai Hospital celebrates app success with healthcare promotions and benefits
Phyathai Hospital has announced healthcare promotions to celebrate 500,000 people downloading their Health Up mobile application. Until September 30, patients at Phyathai-Paolo Group hospitals can access a 2-for-1 deal on specialised medical assessments and evaluations. Individually, these services cost 5,500 THB, but users who provide proof of registering with the app can book one additional Health Up Celebration package for…
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Thai AirAsia seeks govt aid amid demand slump and tax cuts
Thai AirAsia, experiencing a downturn in demand during the second and third quarters of 2023, now seeks government intervention to boost the stagnant local purchasing power. Chief Executive Santisuk Klongchaiya noted that the seasonal nature of tourism has resumed, with the average load factor for the domestic market in the second quarter decreasing to 90% from 94% year-on-year. Despite the…
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US offers lower interest rates on F-16s jets to sway Thailand
The United States proposed lowering the interest rates for the Royal Thai Air Force (RTAF) to purchase F-16 fighter jets in a bid to persuade the Thai government to choose American-made aircraft over Sweden’s Gripen jets. According to a Defence Ministry source, this offer follows the RTAF’s recent announcement that it is considering the Gripen jets, following a procurement committee…
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Energy Absolute’s chairman steps up as CEO amid allegations
Energy Absolute’s board promoted chairman Somchainuk Engtrakul to the roles of director and acting chief executive following allegations of fraud against the former CEO by the stock exchange regulator. The decision by the EA board took effect immediately on Sunday. This move came after former CEO Somphote Ahunai and his deputy Amorn Sapthaweekul resigned on Friday. The resignations followed accusations…
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Thai factory closures, a victim of Chinese imports surge
Chinese electric vehicle (EV) manufacturer BYD recently opened its inaugural Southeast Asian factory in Thailand, garnering considerable attention and praise for the country’s industrial foresight. However, this development also adversely affected long-established Japanese automakers, leading to a ripple effect across numerous Thai factories. A crucial development went relatively unnoticed as Suzuki Motor announced the closure of its Thai factory, with…
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Thailand energy, finance, tourism to boost revenue in fiscal 2024
Energy businesses, financial institutions, and tourism are expected to be the primary revenue contributors for the Revenue Department this year, according to its chief. These sectors have shown strong performance and are anticipated to generate significant tax revenues during the first nine months of fiscal 2024 (October 2023 to June 2024). Revenue Department Director-General Kulaya Tantitemit highlighted that while these…
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Thai woman’s 307,000 baht debt sparks social media advice
A woman’s struggle with debt totalling 307,000 baht recently gained significant attention on social media. Earning 22,000 baht per month, she allocates 6,000 baht for rent and 3,000 baht for motorcycle loan payments. The debt, arising from six unsecured loans including credit cards and personal loans, spans multiple financial institutions. Details on monthly instalments, interest rates, or the status of…
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