Business News
Stay abreast of the ever-changing Business News in Thailand through our comprehensive coverage of local and international business events, market trends, and economic updates. We provide reliable analysis, in-depth features, and expert insights on the most relevant business stories, including issues affecting Thailand’s stock market, foreign investment, and entrepreneurship. Track the business world’s pulse as we inform you of crucial developments shaping Thailand’s economic landscape.
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Thailand plans post-flood tourism campaigns for northern provinces
The Tourism Authority of Thailand (TAT) is preparing tourism campaigns and promotions to aid affected provinces flooded in Thailand once the situation improves. Severe floods have ravaged 27 provinces, including key northern and central regions like Chiang Rai. These floods led to the cancellation of domestic flights to Mae Fah Luang Chiang Rai Airport yesterday afternoon. TAT Governor Thapanee Kiatphaibool…
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Macro worries: Thai consumers feel the crunch, says PwC survey
Thai consumers are increasingly concerned about the impact of macroeconomic volatility on the country’s economic outlook, with 54% expressing significant worry, according to PricewaterhouseCoopers’ (PwC) latest survey. This prompted a shift towards spending more on essential goods. Social media has emerged as the preferred shopping channel, despite ongoing concerns about personal data leakage. The Voice of the Consumer Survey 2024:…
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Bullion on the rise: Gold takes centre stage amidst Fed rate cut
Gold prices surged over 1% to hit a record high today, driven by the anticipation of an impending interest rate cut by the Federal Reserve following signs of a slowing US economy. In early trading in New York, spot gold increased by 1.6%, reaching US$2,551.19 per ounce. Concurrently, US gold futures rose by 1.4%, settling at US$2,578.90. Thai gold selling…
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Thailand’s economy to see 2.5% growth in 2024, EIC forecasts
Thailand is projected to experience a soft economic landing next year, according to the Siam Commercial Bank’s Economic Intelligence Centre (SCB EIC). The research centre has maintained its 2024 economic growth forecast for Thailand at 2.5% but has downgraded its 2025 outlook to 2.6%, down from previous forecasts of 2.9 to 3%. EIC chief economist Somprawin Manprasert explained that the downward…
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New commerce minister vows to tackle high living costs, Chinese imports
New Commerce Minister Pichai Naripthaphan pledged immediate action to tackle high living costs, hasten free trade agreement (FTA) negotiations, and tighten control over the influx of Chinese imports. Pichai, after his first day in office, expressed readiness to collaborate with deputy commerce ministers Napintorn Srisanphang and Suchat Chomklin to address the pressing need to drive Thailand’s economy during a crisis.…
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Langham’s latest hotel to transform Bangkok’s Customs House
Langham Hospitality Group is set to turn heads in Bangkok with its latest luxury venture, The Langham, Customs House, Bangkok. Set in the vibrant Bang Rak district, this glamorous new hotel will breathe new life into the city’s iconic Customs House, perched along the Chao Phraya River. At the heart of this project is the magnificent 1888-built Customs House, a…
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Mid-priced hotels in Thailand struggle amid price-sensitive tourists
Hotels in the mid-priced and budget segments in Thailand faced significant challenges in maintaining room and occupancy rates in August, as tourists remained sensitive to prices. Thienprasit Chaiyapatranun, President of the Thai Hotels Association (THA), reported that while the average occupancy rate for hotels nationwide improved to 61.8% from 58.4% year-on-year, it still fell short of the pre-pandemic rate of…
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New law to regulate Thailand oil and gas prices nears approval
A draft law aimed at empowering energy officials to regulate domestic oil and cooking gas prices is advancing towards parliamentary approval. This legislation could become a significant energy policy under the emerging Paetongtarn Shinawatra government. Energy Minister Pirapan Salirathavibhaga highlighted yesterday, September 11, that the bill should be reviewed by legislators before the year’s end. Pirapan championed this policy since…
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Thailand launches 20 billion baht fund to support struggling SMEs
Industry Minister Akanat Prompan announced plans to establish an Industrial Reform Fund worth at least 20 billion baht (US$593 million). This initiative aims to support manufacturers, particularly small and medium-sized enterprises (SMEs), in addressing liquidity challenges and enhancing their competitiveness. SMEs are currently facing significant liquidity issues and difficulties in accessing financial resources amidst intensifying competition and rapid technological advancements,…
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Japan sees record tourist arrivals, Thai visitors surge
Tourist arrivals to Japan have surged to record levels, with over three million visitors per month from March to July this year. Despite the sweltering heat in July, Japan attracted 3.29 million tourists, marking a 41.9% year-on-year increase, as reported by the Japan National Tourism Organisation. Among these visitors, Thai tourists ranked fifth, with 671,810 arrivals. Japan has been a…
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Pattaya gears up for 61st OSEAL Lions Forum this November
The Pattaya Area Sponsorship Procurement Committee convened an important meeting yesterday at the Chanyut and Friends Law Office, situated at the Pattaya Central Red Light Intersection. The gathering was presided over by Chanyut Hengtrakul, the former Secretary to the Minister of Education, who now leads the committee. Discussions centred around the upcoming 61st Orient and Southeast Asian Lions Forum (OSEAL)…
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Thai supermarket Big C to launch four new branches
Big C Supercenter Plc, one of Thailand’s biggest supermarket and convenience store chains, is set to expand with the launch of four additional branches by the end of 2025. Company Chief Executive and President Aswin Techajareonvikul announced plans to renovate 18 existing stores and open one new store this year, with a total investment of 5 billion baht. “Moreover, the…
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Thai stock market leads Asia with 6% dollar gain in September
The Thai stock market has surged to become the top performer in Asia this month, recording a 6% increase in dollar terms. Foreign investors have returned as net buyers, injecting over 20 billion baht (US$595 million) into the market, driven by a combination of domestic and international factors, according to the Stock Exchange of Thailand (SET). South Korean and Chinese…
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Software sector grows 12.8%, hits 215 billion baht
The software sector experienced a robust growth of 12.8% last year, reaching a valuation of 215 billion baht (US$6.4 billion), outperforming three other digital sectors. Investment in advanced technologies such as artificial intelligence (AI), data analytics, cloud computing, and cybersecurity bolstered this growth, according to a joint survey by the Digital Economy Promotion Agency (Depa) and IMC Institute. The software…
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Red Lobster Thailand’s endless shrimp deal led to bankruptcy woes
Red Lobster’s Ultimate Endless Shrimp promotion, offering unlimited shrimp for US$20 (around 670 baht), became a permanent menu item last year, leading to a surge in customer traffic at the chain’s nearly 700 restaurants. Diners flocked to Red Lobster, indulging in various shrimp dishes like Parrot Isle Jumbo Coconut Shrimp, Walt’s Favorite, Garlic Shrimp Scampi, Shrimp Linguini Alfredo, and Grilled…
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Thailand’s 400-baht wage hike alarms small hotel owners
Hoteliers in Thailand express concern that raising the daily minimum wage to 400 baht exclusively for large employers could disrupt the job market in the hotel sector. This pay disparity may attract workers to larger hotels, leaving smaller establishments struggling to retain staff. With Thailand’s tourism industry yet to fully rebound, industry leaders urge the government to focus on reducing…
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Thailand urged to reform high tax rates to match global standards
Thailand’s tax system requires comprehensive integration, as its current personal and corporate income tax rates exceed international standards, stated Finance Minister Pichai Chunhavajira. During his keynote speech at the ACMA Business Forum 2024 on Shaping Tomorrow, Pichai highlighted that Thailand’s personal and corporate income tax rates are relatively high compared to competing nations. He noted that there is a global…
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Baht volatility surpasses regional currencies amid US rate cut speculation
The baht has shown notable volatility against the US dollar, surpassing its regional counterparts primarily due to market expectations of a US policy rate cut and Thailand’s substantial gold imports. Year-to-date, the baht’s volatility rate is 7.3%, just below the Korean won’s 7.4%. However, it exceeds other regional currencies, with the Malaysian ringgit and Indonesian rupiah at 5.5%, the Philippine…
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Thailand champions game-changing tax scheme for low earners
Finance Permanent Secretary Lavaron Sangsnit has thrown his weight behind the daring negative income tax (NIT) scheme, championing welfare payments for workers when their income dips below a certain threshold. Dubbed “workfare,” this initiative is geared to incentivise employment while offering crucial financial support. Lavaron made his case clear: the NIT system encourages people to stay employed by guaranteeing state…
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Cathay soars again: A350 fleet back in action after fiery setback
Cathay Pacific Airways triumphantly re-launched its Airbus A350 aircraft, after a dramatic engine fire grounded the fleet and caused the cancellation of 90 flights over the past week. The fiery incident uncovered a rare issue with fuel hoses, triggering an urgent, large-scale inspection and repair operation across the airline’s A350 lineup. With 48 of these widebody jets under Cathay’s wing,…
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Thailand rice is on the rise with global GI glamour
The Thailand Rice Department is on a mission to put Thai rice in the global spotlight by promoting its distinctive strains with certified Geographical Indication (GI) labels to a wider audience. Farming communities in Phatthalung and Trang in the south, along with Phayao in the north, have crafted premium rice products that command top prices. These farmers are betting on…
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Thailand’s gold prices drop like a rock, baht’s the culprit
Gold prices in Thailand have taken a nosedive, plummeting by 2,000 baht per baht weight in just over a month. This dramatic drop is attributed to the Thai baht’s impressive 7% rise during the same period. The Gold Traders Association (GTA) warns that prices could fall further if the baht continues to strengthen. Jitti Tangsithpakdi, President of the GTA, explained…
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Thailand’s economy feels the squeeze as Q3 wraps up
Thailand’s economy is under severe strain, grappling with both internal and external pressures as the end of the third quarter looms. The kingdom is fighting to stabilise its financial footing while China, a vital trading partner, wrestles with its economic troubles. The Thai baht took a hit earlier this month, mirroring the ongoing turmoil in the world’s second-largest economy. The…
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Digital TV operators sink or swim with licence deadline drama
Digital TV operators are in hot water as they face a raft of industry troubles and the looming expiry of their licences in 2029. The sector is grappling with rapidly changing viewer habits, a surge in streaming services, and nagging worries about dwindling viewership figures. Back in 2013, the National Broadcasting and Telecommunications Commission (NBTC) auctioned off 24 digital TV…
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Thailand’s new transport centre boosts regional logistics hub status
Airports of Thailand Ground Aviation Services (AOTGA) anticipates that its newly inaugurated Multimodal Transportation Centre at Suvarnabhumi Airport will bolster Thailand’s position as a regional logistics hub, enhancing goods transportation among Cambodia, Laos, Myanmar, and Vietnam (CLMV). The new centre is designed to integrate various transportation modes, including land, rail, sea, and air, with the added benefit of consolidating customs…
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Floods drive August inflation up 0.35% due to rising food prices
Rising prices of fresh vegetables and fruit, influenced by flood-damaged production areas, have driven up inflation by 0.35% in August. Director-General of the Trade Policy and Strategy Office (TPSO), Poonpong Naiyanapakorn, reported that headline inflation in August saw a 0.35% year-on-year increase. The surge in food prices, particularly fresh vegetables and fruit, was primarily due to flooding in agricultural regions,…
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Thailand mandates foreign e-commerce offices under new law
Thailand will soon require foreign e-commerce operators to establish registered offices within the country, as stipulated by the new digital platform service law. The Electronic Transactions Development Agency (ETDA) announced this move following consultations with the Department of Trade Negotiations to ensure compliance with international trade agreements, according to executive director Chaichana Mitrpant. The initiative is part of broader efforts…
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Thailand mandates VAT registration for online sales platforms
The Ministry of Finance is set to integrate online sales platforms into Thailand’s tax system, following a Cabinet decision mandating these platforms to register for value-added tax (VAT). An anonymous ministry source confirmed that the Revenue Department will amend the Revenue Code in line with the Cabinet’s resolution. Online sales platforms will now be required to register for VAT in…
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Thai content creator market valued at 45 billion baht in 2024
Tellscore Co Ltd, a Thai influencer marketing platform, has valued the local content creator market at 45 billion baht (US$1.3 billion) for this year, marking a 25 to 30% increase compared to last year. This growth is driven by surges in news, science, education, and family content. Suvita Charanwong, Chief Executive and co-founder of Tellscore, highlighted that despite Thailand’s sluggish…
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Bank of Thailand to appoint new chairman amid government push
The Bank of Thailand (BoT) board is set to appoint a new chairperson by early October, as announced by the head of the selection committee. This move comes as the government aims to exert more influence over the central bank following a prolonged public dispute over interest rates. Although the BoT chairperson does not have the authority to set interest…
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