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 5 ways retirees in Thailand lose money (and how to stop it)
Retiring in Thailand can be affordable and enjoyable, but many retirees lose money due to common mistakes. High living costs, scams, and unexpected expenses can quickly drain savings. There are five ways that retirees in Thailand can lose money and...
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Qantas apologises for app glitch revealing user travel details
An apology was issued by Qantas, the Australian airline, due to a technology issue with its mobile application, which resulted in the exposure of users’ travel details such as their names, flights, and points. The apology followed media reports hinting at a data breach in the app used by frequent flyers, which inadvertently gave users access to other passenger’s travel…
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Thai government preps digital wallet scheme for 50 million citizens
The Ministry of Digital Economy and Society (DES) is getting ready to support the government’s digital wallet scheme, aimed at benefiting 50 million Thai citizens. Under the direction of Minister Prasert Jantararuangtong, the National Cyber Security Agency (NCSA) will monitor the security of the 500-billion-baht (US$13.4 million) digital initiative. Simultaneously, the Digital Government Agency (DGA) will take charge of digital…
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Citi expands medium-sized business operations in Thailand, Asia
International bank Citi is set to aid the expansion of medium-sized businesses in Thailand and Asia. The move comes as economies in these regions experience high growth rates, presenting lucrative opportunities for companies to penetrate overseas markets. The managing director and head of Citi Commercial Bank (CCB) for Asia North, Australia, and Asia South, Gunjan Kalra, highlighted Asia’s rapid economic…
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Kasikornbank and SUN group fund Thai solar startup Ion Energy
Kasikornbank’s subsidiary Beacon Venture Capital has collaborated with Indonesia’s Solar United Network (SUN) Group to complete a Series A funding round for Ion Energy, a solar energy startup based in Thailand. The funding round closed at US$3 million. Ion Energy offers affordable, clean energy solutions to both residential and commercial sectors within Thailand. Beacon Venture Capital Managing Director Thanapong Na…
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Thai baht finds its groove: Depreciation rate takes a dip
The Thai baht experienced a lessening in its depreciation rate in April, buoyed by an uptick in the country’s economic performance. A leading figure from the country’s central bank anticipates that the local currency will make a recovery in the second half of the year. In the initial quarter of this year, the baht saw a 7.8% decline against the…
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Microsoft invests US$1.7 billion in Indonesia for AI, cloud services
Microsoft revealed its plan to invest US$1.7 billion in Indonesia, with the intent of enhancing the nation’s cloud services and artificial intelligence (AI) capabilities. This includes the construction of data centres, according to the company’s chief executive, Satya Nadella, who announced it today, April 30, during his visit to the country. Marking his first stop in a Southeast Asian tour,…
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Manufacturing production index drops by 5.13% in March
Continuing its downward trend for the 18th month in a row, the manufacturing production index experienced a 5.13% drop in March compared to the same period last year, according to an Industry Ministry report. This decline, which is more severe than analysts’ predictions, is attributed to a slowdown in automobile production, a decrease in exports, and increasing household debt. Analysts…
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Air China boosts Comac profile with massive C919 jet order
China’s national carrier, Air China, reportedly placed an order for 100 domestically-produced C919 jets, a move anticipated to garner international interest and further boost the profile of the relatively new aircraft. This comes as rival Boeing continues to grapple with ongoing safety concerns. The Beijing-based airline, which flies to 196 destinations, including over 60 international locations, confirmed the agreement with Comac,…
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Krungsri aims for 7% loan growth in multinationals.
Despite a contraction in loans last year, Krungsri, Bank of Ayudhya, is ambitiously targeting a 7% loan growth for its Japanese and multinational corporation (JPC/MNC) banking clients this year. This was announced by Bunsei Okubo, head of JPC/MNC banking at Krungsri, who attributed last year’s 10% loan contraction to the sluggish growth of the Thai economy and the automobile industry.…
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Thailand’s tourism seeks boost after Cabinet reshuffle cooperation
Following the recent Cabinet reshuffle, Thailand’s tourism operators are urging for enhanced cooperation among ministries and related authorities to sustain the country’s transformation into a tourism and aviation hub. Khao San Road Business Association President Sanga Ruangwattanakul asserted that the Cabinet reshuffle would not destabilise the government, provided its key policies, particularly the 2030 Ignite Thailand vision, are sustained. This…
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Pichai Chunhavajira announced as new Thai Finance Minister
The former Stock Exchange of Thailand (SET) chairman has been appointed as the new finance minister, a move that has garnered a positive reception from stock market analysts. They believe Pichai Chunhavajira will play an active role in managing the capital market and advancing economic stimulus, now that the 2024 fiscal budget is prepared for allocation. Expressing his view on…
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Thailand’s eastern corridor factories prepared for drought season
Factories within Thailand’s Eastern Economic Corridor (EEC) are poised to weather an impending drought season, thanks to preventative measures undertaken by the Industrial Estate Authority of Thailand (IEAT). The EEC, which encompasses sections of Chon Buri, Rayong and Chachoengsao, is home to 41 industrial estates and 6,000 factories, and the daily demand for water across these establishments amounts to 1.5…
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Crypto market dips as investors await Federal Reserve meeting
A slump in the crypto market was witnessed today with Bitcoin and other smaller tokens such as Ether, BNB and XRP experiencing a drop in value. Speculators tread cautiously in anticipation of the Federal Reserve meeting this week, which could potentially suggest extended periods of increased interest rates. Bitcoin, the most significant digital asset, fell to its lowest value in…
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Heatwave havoc: DIT keeps close thermometer on Thai farming
The sweltering weather conditions currently sweeping across Thailand have prompted the Department of Internal Trade (DIT) to closely monitor their impact on the country’s agricultural and livestock production. Despite the challenging weather and drought, DIT Director-General, Wattanasak Sur-iam, assured that the price of agricultural goods remains stable. To alleviate the cost of living for consumers and restaurant owners, the DIT…
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Export woes: March sees customs dip by 10.9%
March witnessed a significant 10.9% drop in customs-based exports from the previous year, according to an announcement by the Commerce Ministry today. The decline was notably more severe than the 4.5% year-on-year fall predicted by a Reuters poll, marking a stark contrast to the 3.6% rise observed in February. Government data revealed a 9.7% and 19.3% decrease in exports to…
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Thailand and India to launch QR cross-border payments
The Bank of Thailand (BoT) is set to introduce QR code cross-border payments between Thailand and India by the third quarter of this year, with a broader vision to expand this system into a pan-Asian multinational payment network. The Assistant Governor for Payment Systems Policy and Financial Consumer Protection Group at the central bank, Daranee Saeju, revealed that the payment…
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SEC warns digital asset exchanges on special privileges
The Deputy Secretary-General of the Securities and Exchange Commission (SEC) issued a stern warning to digital asset exchange operators. The caution comes in light of recent findings by the SEC, which reveal that these exchanges often entice the public to invest by offering special privileges, thereby encouraging trades on their platforms. Anek Yooyuen emphasised that the operations of digital asset…
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Thai customs to impose VAT on all postal imports
The Customs Department of Thailand next month is set to begin levying value-added tax (VAT) on all imported goods sent through postal services, regardless of the items’ value. This move comes in response to low-priced imports from China that have been flooding the market, providing an unfair edge as domestic producers are taxed. Currently, imported goods sent via postal services…
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Israel-Iran conflict threatens Thai economy in Q2
The ongoing conflict between Israel and Iran poses a potential threat to the Thai economy in the second quarter. Anticipated challenges include currency depreciation, an increase in oil prices, and a decrease in purchasing power. This comes after the International Monetary Fund reduced its Thai GDP forecast significantly from 4.4% to 2.7% growth, due to a slump in domestic consumption.…
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AirAsia ventures into aviation consulting and planning
AirAsia is looking to expand its horizons beyond Southeast Asia by stepping into the realm of aviation consulting and planning. This strategic move comes as a part of a larger plan to separate its non-aviation ventures from its core aviation business. Tony Fernandes, the chief executive of Capital A, disclosed that a conditional sales and purchase agreement has been finalised…
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Thai commerce minister to boost fruit exports to China via Laos
An evaluation of the Boten and Mohan checkpoints’ capacity to facilitate Thai fruit exports to China is on the agenda for Commerce Minister Phumtham Wechayachai. This is part of a strategy to ease the exportation process of Thai fruit during the 2024 harvest season, with shipments expected to commence at the end of April. The ministry’s spokesperson, Wittayakorn Maneenetr, reported that…
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Asian millennials and Gen Z prefer regional travel, says Marriott
Rising travel expenses have led to an increase in intra-regional tourism among Asia-Pacific’s Gen Z and millennial tourists, according to Marriott International. The younger adults, keen on saving for their travels, are opting for trips within their region. In 2023, intra-regional travellers accounted for over 60% of bookings in the Asia-Pacific region, a significant increase from the 40-50% before the…
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Thailand sees surge in foreign investment in Q1
Thailand has seen a recent surge in foreign investment, according to recent statistics from the Thai Ministry of Commerce. Government spokesperson Chai Watcharong yesterday, April 25, unveiled these numbers, highlighting a significant upsurge in foreign investment within the first quarter of 2024. A staggering total of more than 35 billion baht has been funnelled into the Thai economy by foreign investors,…
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Thai car production takes a hit with 23.08% decline in March
Thailand’s car production experienced a significant downturn of 23.08% in March compared to the same period last year, producing only 138,331 units, according to data from the Federation of Thai Industries (FTI). This follows a year-on-year decline of 19.28% in February. Over the first quarter of the year, car production has decreased by 18.45% year-on-year, amounting to 414,123 units. According…
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Thai government changes funding approach for digital wallet project
Prime Minister Srettha Thavisin’s coalition government has made a crucial change to its flagship scheme, a digital wallet project aiming to distribute 10,000 baht (US$270) to 50 million Thais. The government has switched from borrowing funds, which faced severe criticism and raised concerns about possible violations of financial and fiscal discipline regulations, to using money from the annual expenditure budget.…
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Thailand’s central bank defends policy rates amidst govt pressure
Amidst persistent governmental pressure to decrease borrowing costs and stimulate slow-paced growth, Thailand’s central bank (BoT) defended its current policy interest rate settings today, stating they are resilient and capable of tackling future economic risks. The bank warned that although rate reductions could alleviate debt in the short term, they could also invite long-term hazards. By maintaining a steady rate…
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Thailand expects nearly a million Chinese and Japanese visitors
Tourism in Thailand is set to experience a significant boost as an estimated 996,000 Chinese and Japanese tourists are predicted to visit during the Labour Day holiday and Japan’s Golden Week. This figure indicates a 29% increase from the corresponding period last year, according to the Tourism Authority of Thailand (TAT). From April 26 to May 5, Thailand is expected…
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Finance Ministry suggests using oil fuel fund for diesel subsidy
The Ministry of Finance has suggested utilising the Oil Fuel Fund to maintain the subsidy on retail diesel costs, asserting that the fund has adequate resources to back the government’s diesel subsidy scheme. This advice comes from Deputy Finance Minister Krisada Chinavicharana, who iterated that the ministry is observing worldwide oil costs and the government’s revenue intake from May to…
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Thai firms jointly build waste-to-energy power facilities
A strategic alliance has been formed between local power and waste management firms to jointly finance and construct 12 waste-to-energy power facilities and three refuse-derived fuel production plants. This initiative is aimed at bolstering the country’s bio, circular, and green economic strategies. Supawat Khunvoravinij, who is currently serving as the acting managing director of Earth Tech Environment, a waste recycling…
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BoT may adjust policy due to economic changes and challenges
The Bank of Thailand (BoT) may revise its monetary policy if economic changes in the landscape and structural challenges significantly lower its long-term potential growth, disclosed BoT Deputy Governor Alisara Mahasandana. This follows governmental pressure on the central bank to decrease interest rates. Alisara, speaking from the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, highlighted that…
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