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 How to reduce out-of-pocket medical expenses in Thailand?
Managing medical expenses in Thailand is important as healthcare costs continue to rise. The country’s healthcare system includes both public and private options, but even with the Universal Coverage Scheme (UCS) for citizens, many still face high out-of-pocket medical expenses....
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Thai Airways should file for bankruptcy: former finance minister
A former Finance Minister is proposing that Thai Airways formally file for bankruptcy, so the troubled national flag carrier can use the protection of the country’s bankruptcy law to begin rehabilitation. Kla party leader Korn Chatikavanich maintains that this is a “golden opportunity” for the financially battered airline to enter administration, under the bankruptcy process, and clear the way for real,…
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Shopping centres, department stores prepare to reopen tomorrow
Department stores, shopping centres and larger restaurants, as well as other businesses across the nation, will begin gradually reopening tomorrow after nearly 2 months of closures due to the Covid-19 pandemic and the national state of emergency declared to fight it. The decision to go ahead with Phase 2 of the easing of restrictions was announced yesterday, but has yet…
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100 billion baht fund in the works for small businesses
A pay cheque might be on the way for small businesses that kept paying their employees, despite loss of business from the pandemic. An up to 100 billion baht fund, or 3 billion USD, is planned to be set up to help Thailand’s small businesses, according to Reuters. Deputy PM Somkid Jatusripitak said assistance from the Finance Ministry will be for…
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Workers claim Chiang Mai’s Dhara Dhevi resort owes 10 million baht in unpaid wages
A group of 70 workers, representing over 200 employees at a luxury resort in northern Thailand, have filed an official complaint with Chiang Mai’s Department of Labour and Welfare, claiming they have not been paid for 4 months. Thai Residents reports that the workers are all from the 5 star Dhara Dhevi resort in Chiang Mai, which closed its doors…
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Movies in a Covid world – The case for the return of the Drive In
One of the industries hard hit by the impact of the Covid-19 outbreak has been the film industry. At both ends the industry has been shuttered – the making of the movies and then the watching of the movies in cinemas. At some stage the movie making machine will chug back to life and, sometime, we’ll be allowed to go…
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Bangkok’s largest international hospital hurts from halt in medical tourism
The coronavirus outbreak has hospitals across the world at their limits, but at one Thailand’s largest and most famous hospitals, the number of patients has been cut in half. Bumrungrad International Hospital in Bangkok heavily relies on medical tourism. Since the pandemic has ground much of international travel to a halt, Bumrungrad is getting hit hard. 50% of the patients at…
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The next batch of reopenings in Thailand, coming this Sunday
We should find out more today about the next raft of re-opening for Thailand’s businesses. The Centre for Covid-19 Situation Administration has been consulting with the private and public sector to make the next move as Thailand reboots its economy in a second phase of re-openings. The Thai cabinet will meet today to discuss the proposals. Dr. Taweesin Visanuyothin says…
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Businesses banned from shutting down during emergency decree
Employers have been left perplexed by an order from the Thai Labour Ministry forbidding them from shutting down their businesses during the emergency decree. The same order bans employees from taking part in any industrial action. A report in Nation Thailand says companies that have already closed are being instructed to re-open, and employees advised to return to work, with…
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7-Eleven, Family Mart cash in on the pandemic
While some people are losing their jobs as a result of the pandemic, Thailand’s billionaires are getting richer. The owners of 7-Eleven and Family Mart are just two of them. The convenience store franchises are classified as essential services and have stayed busy, while some of the smaller mom and pop shops were forced to close due to the coronavirus outbreak.…
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Grocery giant Makro to add over 700 jobs
At last a snippet of good economic news. Thai big-box grocery giant Makro has announced plans to hire more than 700 employees to boost its delivery service and create jobs after the Covid-19 outbreak passes. Siam Makro’s CEO says a new company priority is to help people who’ve lost their jobs due to the Emergency Decree and subsequent lockdown measures…
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Bangkok’s Chatuchak weekend market is reopening
Chatuchak, Jatujak, JJ, whatever you choose to call it, Bangkok’s legendary weekend market is reopening tomorrow. The massive indoor/outdoor market, popular with both Thai and foreign tourists, will reopen this weekend after weeks of being shuttered, but visitors will be required to observe physical distancing and wear face masks…. you know the drill. Walaya Wattanarat, deputy permanent secretary of the…
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Business recovery in the Covid-19 era
As some countries begin to tentatively look to reboot their economies in a Covid-19 world, what does the future hold for business? Nation Thailand reports today on an extensive Bank of Thailand survey that examined the impact of the pandemic on four business sectors and what might happen next. Things are looking a bit brighter for the manufacturing and retail…
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Will Pattaya bar customers want ID tracing and bar girls with masks and gloves?
OPINION Why do people travel to Pattaya? If it’s for the legendary bar scene, they’re going to be in for a surprise if proposed Covid-era measures are adopted. Likely it’s not going to be the ‘Pattaya’ they were expecting, or had been accustomed to in the past. Social distancing (surely a phrase to be added to dictionaries from this year),…
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Airbnb slashes 1,900 staff to ride out the travel downturn
Accommodation-sharing online disruptor, Airbnb, says it’s slashing a quarter of its workforce, nearly 2,000 workers, as the Covid-19 pandemic continues to shred the international travel industry. The company said that it plans to soften the blow for former employees with benefits, including providing 12 months of health insurance. Airbnb CEO and co-founder Brian Chesky says the cuts are needed until…
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Prayut warns Thai Airways that the latest government bailout will be the last
The Thai PM has issued a stern warning to the executives of Thai Airways that the latest bailout is the last from the government. Last week the Finance Ministry agreed to guarantee a 54 billion baht bailout loan for the ailing airline and a further 80 billion baht recovery loan – both massive amounts of money being given to an…
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Business winners and losers, and the lumpy recovery
As we slowly start to emerge from enforced lockdowns, how have things changed? There have been early ‘winners and losers’ but the profound changes to our lives will now start to morph into lingering economic hardships and unpredictable business outcomes. Different countries are going to restart their economies at varying speeds and retain some restrictions and drop others, depending on…
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Thai Airways gets another lifeline from the government
Thai Airways is finally getting a reprieve, after years of financial woes and corporate drama. The struggling national carrier is getting a lifeline in the form of a bailout loan. Finance permanent secretary Prasong Poontaneat made the announcement yesterday, after a meeting chaired by PM Prayut Chan-o-cha. The State Enterprise Policy Committee meeting approved “in principle” the proposal to rehabilitate…
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“Thai Airways will survive”. Emergency meeting next Wednesday.
“Thai Airways will not collapse. The fact that Deputy PM Somkid stepped in to handle the issue means the government will rescue it.” It’s no secret that Thailand’s national carrier has been a financial basket case for over a decade, bleeding money and marketshare as the years pass. The top-heavy Thai company is bailed out by the Thai government each…
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Airbus pulls the plug on the joint Thai Airways’ maintenance facility at U-Tapao
Airbus, the European multinational aircraft manufacturer, has pulled the plug on an 11 billion baht joint venture with Thai Airways. The project was to develop a maintenance, repair and overhaul facility at the U-Tapao Airport in Rayong province. The airport also serves the seaside resort of Pattaya. The pull out is a huge blow to the Thai Government’s much hyped…
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Shock rise in Thai exports
Defying expectations, Thai exports in March unexpectedly rose by 4.2%, with a total value of around 690 billion baht (22.4 billion US dollars) year-on-year, the biggest expansion in 8 months. The Commerce Ministry reported today that even excluding items like gold, oil, and weaponry, exports expanded 2.12%, For the first quarter of 2020, exports grew 0.9%. Excluding gold, oil and…
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Covid-19 crisis delays Thailand’s biofuel future
Thailand’s Energy Ministry has postponed a nationwide plan to switch to biofuels until the Covid 19 crisis subsides. The ministry initially told oil refineries to stop producing gasohol 91 at the end of May and planned to increase consumption and manufacture of biofuels like gasohol E20, which will generate income for local farmers who grow biofuel energy crops like sugarcane…
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A golden moment for Thailand’s gold sellers
The streets of Bangkok’s Chinatown today have been paved with gold… sellers. Today, dozens of Bangkok citizens lined up outside Yaowarat Road gold shops, creating chaos as they tried to sell off their gold ornaments and gold bars after the price gold rose by 550 baht per baht of gold (15.244 grams.) It is reported that this is the highest…
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Up to 10 million Thais out of work in next three months – CCSA
As many as 10 million Thais could be out of work in the next few months if the current Covid-19 epidemic drags on. Supant Mongkolsuthee, the president of the Federation of Thai IndustriesGovernment, says the Thai government needs to provide timely support for businesses. As head of the Centre for Covid-19 Situation Administration’s working committee, tasked with overseeing small and…
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The post-Covid-19 era: Radical changes in Bangkok’s property market
Property consultants CBRE have come up with their own evaluation of the current Bangkok office market, already getting pounded by regional trends and a high baht, now suffering another challenge – the Covid-19 coronavirus outbreak. They report that this situation will “create another split in our historical timeline – pre and post Covid-19” in Thailand. “At present, people are talking…
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Cabinet will look at proposal to help with home internet
Cabinet today will look at a proposal to help people working from home with 10 Gb free internet for their smartphones, along with other subsidies. The Thai National Broadcasting and Telecommunications Commission will ask for cabinet approval providing mobile users with 10 free gigabytes of data usage per subscriber, per month up to June 30. The NBTS say they recognise…
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Airports of Thailand approves Don Mueang expansion
Yesterday, the Airports of Thailand (AoT) board gave tacit approval of a master plan for the third-phase development of Don Mueang International airport costing an estimated of 39 billion baht. The expansion arrangements includes, increase of the airport’s capacity to 40 million passengers a year (currently 30 million a year), a 3.4 kilometre automated people mover system (APM), new car…
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Home alone. Phuket hotels hit a speed bump.
by Bill Barnett of c9hotelworks.com In the latest news, Singapore’s move to impose a stay-home policy or self-isolation for travellers within ASEAN, has hit the industry hard. Here in Phuket, hotels are winding down their traditional snowbird European business which for the most part was booked well in advance. Rates have somewhat held during this time. One key barometer of…
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Stormy skies for Boeing as Coronavirus compounds dire situation
As the world’s Covid-19 cases continue to rise, aircraft manufacture Boeing is watching its stocks slide. From around US$384 a share back in September last year to as low as US$154.84 last week. It’s since bounced back to US$170.20, but a long, long way from its peak. Most of the losses kicked in from mid-February when the extent of the…
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Thai stock exchange pulls 30 minute circuit breaker
The Stock Exchange of Thailand (SET) had pulled a 30 minute “circuit breaker” to suspend trade between 9:59 and 10:29am leading to a fall at 11am, when the SET fell by 78.95 points, or 7.08%, to 1,035.96. Foreign investors made net sales of 1.929 billion baht in the stock market and 13.646 billion in the bond market. Most global stock…
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Thai Airways president and Suvarnabhumi chief resign
Two of Thailand’s most prominent aviation bosses have thrown in the towel, citing the Thai government’s bungling of the Covid-19 coronavirus situation. Both resignations happened yesterday. The president of Thai Airways, Sumeth Damrongchaitham, resigned yesterday afternoon. That corporate bombshell was closely followed by the resignation of the director of Suvarnabhumi International Airport, Sutheerawat Suwannawat. At this stage the Thai government…
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