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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Thai industries foresee slow growth, tourism still below 2019 levels
The Federation of Thai Industries (FTI) anticipates sluggish growth for the steel and internal combustion engine (ICE) industries this year, whilst the tourism sector remains unlikely to reach 2019 levels. FTI chairman Kriengkrai Thiennukul emphasised the need for economic measures to support certain industries due to these projected declines. The steel and iron industry faces a slowdown as state construction…
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EEC policy committee sanctions business centre and smart city
The Eastern Economic Corridor (EEC) Policy Committee yesterday sanctioned the creation of the EEC Business Centre and Livable Smart City. The new ventures are projected to yield over 200,000 employment opportunities. The establishment of the EEC Business Centre and Livable Smart City aligns with the broader vision of transforming the EEC into a major business and finance hub in the…
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Thai government initiates measures to alleviate SMEs’ debt
As part of its ongoing commitment to address economic issues, the government has launched a programme to suspend and alleviate debt for small to medium-sized enterprises (SMEs). Government spokesperson, Chai Wacharonke, confirmed this. The board of the Thai Credit Guarantee Corporation (TCG), a state-owned specialised financial institution under the jurisdiction of the Finance Ministry, has recently given the go-ahead for…
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UTCC lowers Thailand’s 2023 economic growth forecast to 2.5%
The University of the Thai Chamber of Commerce (UTCC) lowered its economic growth forecast for 2023 to 2.5%, a dip from the previous prediction of 3% made in October of the previous year. The UTCC also anticipates a growth rate of 3.2% for the current year. The UTCC’s president, Thanavath Phonvichai, linked this downgrade to the third quarter’s lower-than-expected 1.9%…
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Eight new Thai airlines set to launch amid anticipated travel recovery
This year, eight new Thai airlines are set for take off, anticipating a continued recovery in leisure travel and anticipating around 35 million foreign tourists. Among them is Cool Airlines, which intends to provide scheduled services on medium to long-haul international routes. This comes following approval from the Ministry of Transport for operating licenses, as stated by the Civil Aviation…
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BYD challenges Tesla’s supremacy with record EV sales in Q4
Leading Chinese car manufacturer BYD reported selling 526,409 fully electric vehicles (EVs) in the fourth quarter, challenging Tesla’s global market leadership. According to a stock exchange filing, BYD’s sales, boosted by end-of-year discounting, hit 340,178 EV and hybrid units in December, including 190,754 all-electric models. Overall, BYD reported a 62% year-on-year increase in 2023, selling 3.01 million units. The Shenzhen-based…
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Bangchak to balance expansion and emission reduction
Bangchak Corporation Plc, the energy giant, has pledged to harmonise its business expansion with a reduction in greenhouse gas emissions over the next seven years. Chaiwat Kovavisarach, the CEO, emphasised the need to merge profitability with active initiatives to shrink the global warming-causing gases. The company and its subsidiaries are due to receive an allocation of 150 billion baht for…
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Thailand and China agree on permanent visa-free travel from March
Thailand Prime Minister Srettha Thavisin today announced a new permanent visa-free agreement between Thailand and China during a Cabinet meeting. This arrangement, set to start on March 1, will allow citizens from both nations to travel to each other’s countries without prior visa applications. This move marks an enhancement to Thailand’s existing visa-free policy for Chinese visitors, initially slated to run…
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Thai government cuts local alcohol tax to zero to boost tourism and economy
The Thai government has announced a tax reduction on local alcohol as part of a wider review of laws hindering domestic tourism and economic growth. Revealed on January 2 at the Government House, Prime Minister Settha Thavisin stated that the restructuring of excise and various national taxes, including reducing domestic alcohol tax to 0%, formed part of their strategy to…
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Thailand’s economy braces for slow growth
Thailand’s economy is set to experience slow growth in the coming years, with GDP forecasts for this year ranging between 3-3.4%. Several factors, including sluggish growth in exports, subdued Chinese demand for consumption and tourism, geopolitical risks, and a shortage of skilled workers, are expected to influence this. Despite these challenges, industry executives are optimistic and are devising strategies to…
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Thai hospitality groups eye global expansion amid tourism recovery
The global tourism recovery has spurred Thai hospitality groups to broaden their horizons beyond domestic borders, tapping into the robust demand in numerous destinations. In the previous year, many hotel management companies reported substantial profits, with some even witnessing their average daily room rates surpass 2019 levels, particularly in prime locations. Minor International (MINT), the largest hotel chain in Thailand,…
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Thai authorities craft national oil proposal to boost sustainable aviation fuel
In a bid to bolster the aviation industry’s effort to curtail carbon dioxide emissions, Thai energy authorities are in the process of crafting a novel national oil proposal. The blueprint will cater to the evolution of Sustainable Aviation Fuel (SAF), a biofuel variant for aircraft. The appeal of SAF lies in its strong resemblance to jet fuel in terms of…
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Thailand’s economy projected for strong recovery and growth in 2024
Thailand’s economy is in a promising state of recovery, as projections indicate a boost in both domestic demand and tourist arrivals. With the resurgence of most industries and the emergence of tech-driven sectors like electric vehicles, there is a wave of optimism that the country’s economic growth will significantly strengthen in 2024. Six industries are predicted to experience rapid growth…
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Thailand targets 3.5 trillion baht tourism boost for economy
Thailand’s government is setting its sights on a 3.5 trillion baht (US$101 billion) boost to the economy via the tourism sector this year, aiming to establish the nation as an all-season tourist hotspot. A spokesperson for the government, Chai Wacharonke, revealed that over 27 million international travellers graced the country in 2023, with the majority stemming from Malaysia, closely followed…
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AI set to revolutionise HR processes in 2024
The transformative power of artificial intelligence (AI) in the field of human resources (HR) was the primary topic of conversation at a recent meeting among strategic people and HR leaders. Industry reports are beginning to showcase how these conversations align with the evolving reality. HR is no longer a purely administrative function; it must lead transformative initiatives, with many professionals…
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Thailand’s struggle with informal debt likened to modern-day slavery
The struggle with informal debt, described as a form of modern-day slavery, has been prioritised on a national level by Srettha Thavisin, the Prime Minister. A vast number of individuals are trapped in both formal and informal debt cycles, with interest rates for the latter often surpassing the 15% legal limit. The government’s estimated informal debt stands conservatively at 50…
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Bitcoin value dips as traders speculate on potential US ETF impact
Bitcoin’s value fell by 2.4% in the last 24 hours, trading at US$42,400 (1.4 million baht) on yesterday in Singapore. This comes as traders speculate on how the potential approval of the first US exchange-traded funds (ETFs) investing directly in the digital asset could impact crypto markets. Despite the recent dip, Bitcoin has seen a significant rise of 156% this…
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Chinese tourists boost Thailand’s hotel sector with rapid recovery
The number of Chinese tourists visiting Thailand is on a rapid recovery trajectory this month, a trend analysts predict will continue into the Chinese New Year on February 10. This resurgence is expected to provide a much-needed boost to local hotels during this peak season. Statistics from December have shown a revival in visitors from key markets such as China,…
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PTT helps Thai government lower power tariffs using contract breach fine
PTT Plc, Thailand’s national oil and gas conglomerate, is slated to assist the government in lowering the power tariff in the early part of next year. This is to be achieved through the utilisation of 4.3 billion baht (US$124) from a fine imposed on its gas supplier for a breach of contract, according to an energy official. An inside source…
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Thailand’s cabinet approves one-year import permits for animal feed raw materials
The cabinet has greenlit policies for next year’s import of raw materials required in animal feed production, such as animal feed corn, soybean meal, and fish meal. The intention behind this move is to back local production. A significant change in this year’s policy is the annual approval of import permits, a reduction from the previous term of three years.…
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Thailand’s 2024 inflation target approved: 1% to 3% range maintained
The Bank of Thailand’s (BoT) headline inflation target range for the year 2024 has been given the green light by the cabinet. The approved target, set between 1% and 3%, remains unaltered from the current year, as reported by Deputy Finance Minister Julapun Amornvivat yesterday. This target, which serves as a guiding beacon for monetary policy, is subjected to an…
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Myanmar’s central bank extends deadline for exporters’ foreign earnings deposit
A mandate issued by the Central Bank of Myanmar demands exporters shipping goods beyond Asian territory to deposit their foreign earnings in domestic banks within 90 days, a significant increase from the previous 60-day requirement. The central bank, in a statement released on Monday, also directed companies exporting within Asia to deposit their earnings within 45 days, rather than the…
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Thailand braces for Houthi attacks impact: export activities remain unaffected
With the recent Houthi attacks on pivotal shipping routes in the Red Sea, the Commerce Ministry of Thailand is strategising both immediate and long-term measures to mitigate the potential fallout. Despite these attacks, the ministry has confirmed that the country’s export activities remain unaffected. The ministry’s permanent secretary Keerati Rushchano, following an urgent meeting with the Thailand National Shippers’ Council…
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Rice prices surge to 15-year high amid demand and El Niño concerns
Rice prices have surged to a 15-year high amid growing concerns about the impact of increased demand and the effects of El Niño on supplies. The grain, a dietary staple for billions of people in Asia and Africa, saw its cost rise 2.5% last week, reaching US$650 a tonne, the highest point since October 2008. This information, provided by the…
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Thailand’s commerce ministry targets 2 trillion baht in cross-border trade by 2027
Aiming to increase the value of cross-border and transit trade to 2 trillion baht by 2027, the Commerce Ministry is expediting the application of the cross-border trade strategy. The Ministry is establishing four dedicated task forces to tackle border trade-related issues. Commerce Minister Phumtham Wechayachai, following Wednesday’s committee meeting on trade, cross-border, and transit trade promotion, shared that the committee…
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Thai wage committee upholds 2.37% minimum wage increase
Yesterday, a senior government official announced that the tripartite wage committee has decided to uphold their previously agreed-upon plan to increase the average daily minimum wage by 2.37%. The committee, consisting of representatives from the government, employers, and employees, has agreed to uplift the pay threshold range to 330 to 370 baht, starting in January. This was confirmed by Pairoj…
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Grab Thailand reveals omni commerce and outdoor integration as top 2023 trends
In the Food and Grocery Trends Report 2023 recently revealed by Grab Thailand, it was highlighted that omni-commerce and the integration of digital platforms with outdoor activities are the preferred delivery methods. The report also listed som tum poo pla ra (papaya salad with crab and fermented fish) and coffee as the most sought-after menu items of the year, with…
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Thai industries shift from traditional car parts to electric vehicle components
A deal has been struck between the Federation of Thai Industries (FTI) and global car manufacturers to aid approximately 1,700 local auto parts manufacturers in transitioning from the production of traditional internal combustion engine (ICE) car parts to those for electric vehicles (EVs). Evolving global campaigns for zero-emission vehicles necessitate this shift. The FTI is facilitating collaborations between local manufacturers…
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Chongqing Sokon Motor plans entry into Thailand’s EV commercial market
Chongqing Sokon Motor, a prominent Chinese vehicle manufacturer, has revealed its plans to enter the electric vehicle (EV) commercial market in Thailand. The company will be collaborating with a local firm on this venture. David Luo, the sales director of Chongqing Sokon Motor, expressed confidence in the potential growth of the commercial EV sector in Thailand and ASEAN, predicting an…
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Thailand outlines cloud first policy to become Southeast Asia’s AI hub
As part of its vision to become Southeast Asia’s artificial intelligence (AI) hub by 2027, Thailand is strategising to attract more foreign technology investment in cloud data centres. The country’s Digital Economy and Society (DES) Minister, Prasert Jantanaruangthong, has outlined a plan to achieve this aim through a cloud-first policy. This policy emphasises public usage of a single digital ID…
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