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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Cryptos surge as BNB leads with 89.6% gain in 2024
Cryptocurrencies are experiencing a resurgence despite global economic challenges and geopolitical uncertainties, emerging as top-performing assets in the first seven months of 2024. Nvidia, one of the Magnificent 7 tech stocks on the US stock exchange, also ranks highly. Binance Coin (BNB) led the cryptocurrency returns this year with an impressive 89.6% gain as of July 22. Bitcoin followed with…
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Thailand’s economy grows 2.3% in Q2, surpassing forecasts
Thailand’s economy roared back to life in the second quarter, fuelled by a surge in consumption, tourism, and exports, according to today’s eye-popping official data. This economic boost has prompted the government to up its growth forecast for the year. The National Economic and Social Development Council (NESDC) revealed that Southeast Asia’s second-largest economy expanded by 2.3% from the same…
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Thai Vietjet takes off: Targets nearly 8 million passengers this year
Low-cost airline Thai Vietjet aims to attract nearly eight million passengers this year by enhancing aircraft utilisation and increasing flights on existing routes, with plans to introduce new Boeing 737 Max jets next year. Thai Vietjet Chief Executive Woranate Laprabang highlighted that the visa-free scheme has significantly boosted demand on international routes, particularly to China. The airline operates flights to over…
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Thai baht rally faces threats amid political drama and bank policy
Thailand’s recent baht rally faces a rocky road as the country dives into political chaos just before the central bank’s policy meeting this week. Since July, the baht has been a star performer, climbing up the ranks as tourism bounced back from a near two-year low against the US dollar in May. But this impressive upswing could be at risk…
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Thailand aims to become global financial hub
Thailand is making strides towards becoming a global financial hub by focusing on five key industries: banking, securities, derivatives, digital assets, and insurance. This move comes in the wake of the 1997 Asian financial crisis, as the nation aims to build a resilient financial infrastructure and elevate its status on the global stage. Caretaker Finance Minister Pichai Chunhavajira highlighted the…
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Thailand boosts cloud budget to 1 billion baht amid political shifts
Thailand’s cloud-first policy will remain intact, despite the recent political changes, according to the caretaker Digital Economy and Society (DES) Ministry. The appointment of new Prime Minister Paetongtarn Shinawatra has led to only minor adjustments in government policies. A significant increase in the fiscal 2025 budget for state agencies’ procurement of cloud services has been announced, rising to 1 billion baht…
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Thai Lion Air expands fleet, aims for 7 million passengers
Thai Lion Air is expanding its fleet and reinstating routes in response to rising tourism demand, aiming for 6-7 million passengers and achieving its first post-pandemic profit. Thai Lion Air chief Nuntaporn Komonsittivate made known that domestic and international routes have recovered by 60%, supported by an increase in operational jets to 20 from 11 in recent years. The average…
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Le Pan’s big rise: CPRAM factory to bake up 20% market share
A leading ready-to-eat food manufacturer CPRAM Co Ltd, and owner of the Le Pan Bakery brand under the Charoen Pokphand Group inaugurated a new factory in Chon Buri in a bid to capture a 20% market share in the Thai bakery sector this year. CPRAM President Wisade Wisidwinyoo announced that the new facility, valued at 2 billion baht, boasts a…
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Japan invited to supercharge Thailand’s Red Line railway network
In a strategic move to bolster Thailand’s railway infrastructure, the Ministry of Transport extended an invitation to Japanese companies to invest in the extension networks of the Red Line electric train system. Transport Minister Suriya Jungrungreangkit welcomed the newly appointed Japanese ambassador, Otaka Masato, during a media briefing yesterday, August 14, highlighting the potential for enhanced transport cooperation between the…
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FTI rattled by PM Srettha’s ousting: Investors on edge
The Federation of Thai Industries (FTI) voiced alarm following the Thai Constitutional Court‘s shock decision to remove Prime Minister Srettha Thavisin from office yesterday. Kriengkrai Thiennukul, Chairman of the FTI, warned that the ruling could put a brake on both local and foreign investment as investors rethink their strategies amid the political turmoil. Thailand is already wrestling with major economic hurdles,…
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Mercedes-Benz shifts into high gear with ByteDance partnership
Mercedes-Benz is revving up its tech game by teaming up with ByteDance’s cloud division, Volcano Engine, to explore cutting-edge large language models (LLMs), generative artificial intelligence (AI), and big data. This turbocharged collaboration aims to supercharge Mercedes-Benz’s in-car systems in China with ByteDance‘s advanced LLM technology, giving their virtual assistants a full-throttle upgrade. According to both companies, ByteDance’s LLMs will…
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GMM Music partners with Warner Music Asia in massive deal
GMM Music announced a strategic investment partnership with Warner Music Asia (WMA), one of the world’s leading music industry giants. WMA will invest 370 million baht in cash and provide a minimum guarantee payment of 315 million baht to accelerate GMM Music’s growth and expand the Thai music industry, the largest in Southeast Asia, to a global market. Chief Executive Officer…
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Thailand bank loan growth forecast cut to 1.5% for 2024
Kasikorn Research Centre (K-Research) reduced its overall loan growth projection for the banking industry in 2024 to 1.5%, down from the earlier forecast of 2.5-3.5%. This adjustment reflects borrowers’ diminished ability to access credit amid slower economic growth. K-Research’s updated assessment, released yesterday, August 13, indicates that banks’ lending expansion this year will be primarily driven by business loans, with…
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DEPA proposes single window to boost digital tourism in Thailand
The Digital Economy Promotion Agency (DEPA) called for the establishment of a single-window paradigm to streamline business operations for foreigners and bolster the digital-driven tourism industry in Thailand. This initiative aims to unify data exchanges among various state agencies, enhancing the ease of doing business. The proposed single window would function as a platform-as-a-service, operated via a centralised data portal…
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Wallet watch: Thai restaurants hungry for details on digital handout
Restaurant owners are on tenterhooks, waiting for vital details on the government’s digital wallet handout scheme. The Thai Restaurant Association reveals that operators are eagerly anticipating specifics on how they can use and convert digital cash. President Thaniwan Kulmongkol says restaurateurs are frustrated by the delay, as the Commerce Ministry has scrapped the August 5 press conference meant to explain…
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Thailand poised to profit amid US-China trade war
Thailand might be about to cash in on the US-China trade war. According to the Office of Industrial Economics (OIE), the ongoing clash between Washington and Beijing could see a major boost in Thai exports as American buyers look to replace Chinese shipments that are in jeopardy. OIE Director-General Warawan Chitaroon stated that Thailand is a key manufacturing nation in…
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Thai PM orders swift action on Chinese goods influx
Prime Minister Srettha Thavisin tasked Commerce Minister Phumtham Wechayachai with fast-tracking measures this month to tackle the surge of Chinese goods into Thailand. Following the weekly Cabinet meeting held yesterday, August 13, PM Srettha announced that the Commerce Ministry would spearhead efforts to prevent substandard goods from entering the country. This initiative will be a collaborative effort with the Finance…
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Thailand govt addresses TEMU’s impact on local SMEs
Thailand’s Deputy Prime Minister and Minister of Commerce raised concerns over the impact of the global e-commerce platform TEMU on Thai SMEs. Immediate protective measures are being discussed with eight agencies to curb the influx of online goods into the country. Phumtham Wechayachai shared his views on Facebook, stating that while international e-commerce platforms bring opportunities, they also present significant…
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Thailand’s tourism boom: Revenue set to soar to 2.8 trillion baht
Hold onto your sun hats! Thailand’s tourism sector is on the brink of a massive surge in the latter half of the year, with an eye-popping revenue forecast of 1.46 trillion baht. That’s set to push the annual total to a whopping 2.8 trillion baht—up a staggering 25% from last year, according to the Tourism Authority of Thailand (TAT). The…
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Thai rice faces sticky situation as Vietnamese rice steals the show
Rice exporters are sounding the alarm over the possible disappearance of local Thai rice varieties, as farmers increasingly switch to a Vietnamese strain celebrated for its soft texture. Charoen Laothamatas, President of the Thai Rice Exporters Association, raised concerns about the dire state of the industry. Production of beloved Thai varieties like Pathum Thani fragrant rice and KB 79 has…
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MG to produce hybrid electric vehicles in Chon Buri next year
Thailand’s hybrid electric vehicle (HEV) market is set to witness heightened competition as automakers roll out investment plans. The Chinese-Thai joint venture SAIC Motor-CP and MG Sales (Thailand) announced their intention to produce HEVs under the MG brand in Chon Buri by next year. MG is capitalising on a burgeoning domestic market for HEVs, spurred by the Board of Investment’s…
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Thai central bank to cut rates as US economy slows
The US economy is anticipated to face a cyclical slowdown from late next year into 2025, prompting the Bank of Thailand to reduce its policy rate by up to 1.5 percentage points, according to KGI Securities (Thailand). KGI analysts, Rakpong Chaisuparakul and Pragrom Pathomboorn highlight in their report that this slowdown will normalise the labour market and make US consumers…
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Mc Group forecasts 4 billion baht revenue, targets Gen Y and Z
The well-known creator and distributor of Mc Jeans, Mc Group Plc, anticipates its revenue to hit 4 billion baht this year, with a strategic focus on engaging Generation Y and Z to fuel its growth. The Chief Executive James Richard Amatawiwat acknowledged the competitive nature of the market this year but expressed confidence in the company’s ability to stay ahead…
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OIC plans committee to oversee actuaries’ licences in Thailand
The Office of the Insurance Commission (OIC) is contemplating the establishment of a screening committee empowered to suspend or revoke the licences of actuarial mathematicians in a bid to mitigate risks to insurance firms and policyholders. Assistant Secretary-General of the OIC, Ayusri Kambamlue, stated that the office aims to enhance the protection of insured individuals’ benefits and elevate actuarial standards.…
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Thailand targets 1 trillion baht milestone for crop revenue
The Commerce Ministry has urged Thai conglomerates and government bodies to collaborate on purchasing economic and secondary crops, targeting a revenue milestone of 1 trillion baht this year. Commerce Minister Phumtham Wechayachai highlighted that the agriculture sector supports approximately 27 million people, accounting for around 40% of the labour force. This includes 7.4 million households and encompasses key economic crops…
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Bangkok residents urge SRT to allocate Makkasan land for housing
Residents near the railway in Bangkok’s Phaya Thai district are calling on the State Railway of Thailand (SRT) to allocate 10% of its 500-rai Makkasan land to them before commencing a high-speed rail project connecting three airports. The high-speed rail will link Don Mueang Airport in Bangkok, Suvarnabhumi Airport in Samut Prakan, and U-Tapao Airport in Rayong. Last March, the…
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Hyundai’s 1-billion-baht ‘charge’ lights up Thailand’s electric future
Hyundai Mobility Manufacturing (Thailand) is set to produce battery electric vehicles (BEVs) and batteries in Thailand by 2026, following the approval of its 1-billion-baht project by the Board of Investment (BoI). The announcement came after the project received approval under the second-phase electric vehicle (EV) incentive package, known as EV3.5, which was confirmed yesterday, August 8. The Thai government offers…
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Mortgage rejection rates to rise for homes under 3 million baht
Mortgage applications for homes priced below 3 million baht are expected to continue facing high rejection rates for the next two years due to a slowdown in the residential segment. A research centre under the Siam Commercial Bank Economic Intelligence Centre (SCBEIC), reports that house sales priced under 3 million baht in the Bangkok Metropolitan Region (BMR) are likely to…
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Mother’s Day tourism in Thailand to generate 9.39 billion baht
Tourism income from 2.6 million domestic trips during the Mother’s Day holiday this year is expected to reach 9.39 billion baht, according to the Tourism Authority of Thailand (TAT). This figure shows a slight decline from the 9.58 billion baht revenue recorded during the back-to-back long holidays in July. TAT Governor Thapanee Kiatphaibool attributed the weaker projection for the Mother’s…
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Thai ministry tackles substandard imports threatening SMEs
The Commerce Ministry has partnered with ten government agencies to implement measures aimed at reducing the influx of low-priced, substandard imported goods, which pose safety risks to consumers purchasing from both online and offline vendors. The Commerce Permanent Secretary, Vuttikrai Leewiraphan, highlighted that the rise of Chinese e-commerce platforms using a direct-to-customer model allows buyers direct access to inexpensive products…
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