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 New in July: Save 10% for life on family health plans in Thailand
Cigna has a special offer this July for families in Thailand. When you sign up three or more people on a family health plan, you will save 10% on your premiums for life. This deal helps you get affordable, high-quality...
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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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Thai banks brace for rising credit risk amid global uncertainties
Large local banks foresee their corporate clients grappling with significant challenges in the second half of the year due to global uncertainties and concerns over a potential US recession. Banks aim to manage asset quality to mitigate rising credit risk among certain customer segments. The Chief Executive of Siam Commercial Bank (SCB), Kris Chantanotoke, highlighted that some corporate customers will…
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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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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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VietJet to receive ten Airbus jets amid aircraft shortages
VietJet, the Vietnamese budget airline, will receive up to ten Airbus jets this year, as revealed today. The delivery comes as local airlines grapple with aircraft shortages driven by engine recalls and elevated leasing costs. VietJet announced the upcoming arrival of new jets, specifically the A321neo ACF model, starting this month. This move is part of a significant expansion, with…
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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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Thai Union posts 1.2 billion baht Q2 profit, up 14.2%
Thai Union Group Plc has recorded a net profit of 1.2 billion baht in the second quarter of this year, marking an increase of 14.2% compared to the same period last year. Sales for the group rose by 3.6% year-on-year, reaching 35.3 billion baht. The gross profit margin remained at 18.5%, the second-highest in the company’s history. The net interest-bearing…
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Bank of Thailand to hold rate at 2.5% amid rising inflation
The Bank of Thailand is expected to maintain the policy rate at 2.5% during its upcoming meeting, influenced by the gradual rise in inflation back to the target range. Economists are advocating for additional government stimulus measures, alongside the digital wallet scheme, to boost the sluggish economy. Headline inflation increased to 0.8% last month, surpassing the consensus forecast of 0.7%…
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AI and supply chain attacks top cyber threats, warns Kaspersky
Supply chain attacks, vulnerabilities in artificial intelligence (AI), and the infiltration of trusted communities are emerging as significant cyber threat trends, according to Russian security firm Kaspersky. Ransomware remains the most prevalent form of cybercrime globally, with perpetrators operating it as a business model known as ransomware as a service. Igor Kuznetsov, Director of Kaspersky’s Global Research & Analysis Team,…
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Thai gear shift: BOI revs up JV incentives for global auto partners
Thailand announced incentives to encourage joint ventures (JV) between Thai and foreign companies to produce automotive parts for various propulsion systems, the Board of Investment (BOI) revealed yesterday. Recognised as Southeast Asia’s leading automotive production hub, Thailand also serves as a significant export base for prominent global car manufacturers. The government is keenly promoting investments in electric vehicles (EVs), offering…
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Thailand boosts export defences amid global recession fears
The Government of Thailand ramped up efforts to counter potential impacts on exports amid concerns of a looming global recession driven by US economic uncertainties. Commerce Minister Phumtham Wechayachai highlighted the continuous monitoring of the US economic landscape, expressing worries about a possible recession that could ripple through global markets. “The government will not let Thai businesses and consumers be…
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Thai banks team up to boost halal exports with low-interest loans
The Export-Import Bank of Thailand (Exim Bank) has partnered with the Islamic Bank of Thailand (IBank) to provide loans at interest rates lower than the prime rate, aiming to establish Thailand as ASEAN’s halal hub by 2028. Representatives from Exim Bank, IBank, the Sheikhul Islam Office (Chularatchamontri), and various sectors involved in supporting halal products, yesterday, August 6, signed an…
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Thai exports to grow by 1 to 2% amid global uncertainties
The Thai National Shippers’ Council (TNSC) expects a modest expansion in export value this year, projecting a growth rate of 1 to 2%. TNSC Chairman Chaichan Chareonsuk confirmed the council’s forecast for 1 to 2% export growth this year, as of August 2024. Despite this optimistic outlook, the TNSC remains cautious due to several unpredictable factors expected in the second…
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Bitcoin climbs above US$56,000 amid market turmoil
Bitcoin experienced a brief resurgence today, climbing back above US$56,000 amid a wider downturn in global markets that had caused significant losses across major cryptocurrencies. The leading digital asset saw an increase of up to 3.48% today, August 6, attempting to recover from a sharp selloff that had driven its value below US$50,000. Ether, the second-ranked cryptocurrency, also faced substantial…
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Thai-ing up the wins: Olympic success set to spike sports sales
The Thailand Sporting Trade Association anticipates a surge in interest in sport among Thais following the successes of Team Thailand at the 2024 Paris Olympic Games, offering a prime opportunity to boost sales of sports equipment. Kitti Charoenpornpanichkul, president of the association, noted that medal-winning events featuring Thai athletes naturally attract significant public attention, fostering a desire among fans to…
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Thailand energy plan: ‘Current’ contracts for a brighter future
The Government of Thailand is poised to approve a plan involving the Metropolitan Electricity Authority (MEA) and Provincial Electricity Authority (PEA) to manage energy conservation projects in state agencies under long-term contracts. This initiative aims to accelerate energy-saving efforts within the state sector, according to the Department of Alternative Energy Development and Efficiency. The impending approval will bolster campaigns across…
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Thai publishing ‘chapter’ of decline amid spending woes
The Thai publishing market faces a predicted decline this year due to economic challenges affecting consumer spending, according to the Publishers and Booksellers Association of Thailand (PUBAT). However, booksellers remain optimistic, identifying potential growth in niche markets. Nattakorn Vuttichaipornkul, Vice-President of Internal Affairs at PUBAT, reported a modest decrease in book sales during the first half of the year. “The…
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Thailand’s labour woes: A ‘lawsuit’ of unexpected disputes
Labour disputes in Thailand have surged, contrary to the country’s generally non-litigious reputation. According to the Thai Office of the Judiciary’s Annual Statistical Report, more than 10,000 labour dispute cases have been recorded annually over the past five years. Employers in Thailand frequently face claims of unfair termination, a significant source of financial and operational issues for both local and…
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Thailand emerges as AI and health tech innovation hub
Venture capitalists are intensifying their focus on investment opportunities in startups centred around artificial intelligence (AI), transformative digital healthcare, and the burgeoning pink technology sector. According to industry experts, Thailand’s robust healthcare, agriculture, and tourism industries, coupled with local companies’ consistent investment in innovation, position the country as a formidable launchpad for startups. Major firms are propelling innovation by investing…
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Pattaya rebranding as family-friendly destination to boost tourism
Pattaya’s tourism operators have put forth a proposal to the tourism minister, aiming to transform the city’s image into a family-friendly destination, distancing it from associations with sex tourism and illegal gambling. The Association of Chon Buri Tourism Federation (ACTF) recently convened with Tourism Minister Sermsak Pongpanit to discuss the initiative. The meeting also included insights from a workshop that…
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PM Srettha orders Temu to comply with Thai tax laws
Prime Minister Srettha Thavisin directed the Revenue Department and the Ministry of Digital Economy and Society (DES) to ensure the new Chinese online retailer Temu adheres to Thai regulations and meets tax obligations. The directive aims to address concerns from local industries about the potential influx of inexpensive Chinese products affecting Thai manufacturers. The introduction of Temu, a Chinese e-commerce…
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Cotti Coffee gains ground in Thailand with affordable menu
Cotti Coffee, a popular Chinese coffee franchise, is making waves in Thailand with its affordable menu starting at just 55 baht. The franchise currently operates eight branches in Bangkok, contributing to the growing presence of Chinese brands in the country. Chinese products are becoming increasingly common in major Thai cities, with a variety of items such as clothing, food, and…
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Bank of Thailand increases outflow limit, eases forex
The Bank of Thailand (BoT) is set to ease foreign exchange regulations further to bolster business operations and enhance the country’s foreign exchange ecosystem. This strategic move aims to provide long-term benefits to Thailand’s economy. The central bank plans to introduce additional relaxations in the fourth quarter, marking the third phase of its foreign exchange ecosystem initiative. This phase will…
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Thai tourists favour China and Japan over South Korea
A marked decline in the number of Thai tourists travelling to South Korea has been observed over the past seven months, with many opting instead for trips to China and Japan. The Korea Tourism Organisation (KTO) reported that 20,150 Thais visited South Korea in June, a significant drop from the 25,023 recorded during the same period last year. This downward…
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Ford Thailand urges support for ICE car sector amid EV rise
Ford Thailand is urging the government to extend support to companies in the internal combustion engine (ICE) car segment, particularly motorcycle manufacturers, who are struggling to adapt to the rapid expansion of the electric vehicle (EV) market. Despite the implementation of measures such as tax cuts and subsidies to promote the EV industry, ICE sector operators have yet to see…
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AIS, Oracle Alloy unveil Thailand’s first hyperscale cloud service
Advanced Info Service (AIS) announced a partnership with Oracle Alloy to introduce Thailand’s first locally owned and operated hyperscale cloud infrastructure services. This significant collaboration aims to enhance the country’s cloud and artificial intelligence (AI) landscape, currently valued at around 100 billion baht. The newly formed partnership, confirmed to involve a joint investment of up to 8 billion baht by…
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Krungthai Bank loan growth: No contraction in confidence
Krungthai Bank (KTB) remains confident in meeting its loan growth target for this year, despite a lending contraction during the initial six months. The bank focuses on achieving a 3% total loan growth throughout 2024, according to its President, Payong Srivanich. The Thai economy’s uneven recovery in the first half of the year and persistent uncertainties in the latter half…
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Thailand invests 1 billion baht to boost AI skills and startups
Thailand is poised to harness the momentum of the global artificial intelligence (AI) trend, aiming to transition from an AI user to an AI application creator, as stated by the National Electronics and Computer Technology Center (NECTEC). The country’s strategy involves leveraging its robust ecosystem, which includes high-performance computing infrastructure, thriving data centres, and ongoing development of skilled employees, research…
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