Business News

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  • Thai PM orders swift action on Chinese goods influx

    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…

  • Thailand govt addresses TEMU’s impact on local SMEs

    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…

  • Thailand’s tourism boom: Revenue set to soar to 2.8 trillion baht

    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…

  • Thai rice faces sticky situation as Vietnamese rice steals the show

    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…

  • MG to produce hybrid electric vehicles in Chon Buri next year

    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…

  • Thai central bank to cut rates as US economy slows

    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…

  • Mc Group forecasts 4 billion baht revenue, targets Gen Y and Z

    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…

  • OIC plans committee to oversee actuaries’ licences in Thailand

    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.…

  • Thailand targets 1 trillion baht milestone for crop revenue

    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…

  • Bangkok residents urge SRT to allocate Makkasan land for housing

    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…

  • Hyundai’s 1-billion-baht ‘charge’ lights up Thailand’s electric future

    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…

  • Mortgage rejection rates to rise for homes under 3 million baht

    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…

  • Mother’s Day tourism in Thailand to generate 9.39 billion baht

    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…

  • Thai ministry tackles substandard imports threatening SMEs

    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…

  • WHA Corporation invests 60 million baht in AI for green logistics

    WHA Corporation invests 60 million baht in AI for green logistics

    WHA Corporation, Thailand’s leading developer of built-to-suit logistics facilities, is intensifying its investment in artificial intelligence (AI) to enhance its green logistics operations and ultimately transition into a tech company. This year, WHA plans to allocate 60 million baht to AI technology, which is expected to significantly boost business efficiency, according to the Group Chief Executive and Chairman of the…

  • Thai Union posts 1.2 billion baht Q2 profit, up 14.2%

    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…

  • AI and supply chain attacks top cyber threats, warns Kaspersky

    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,…

  • Thai gear shift: BOI revs up JV incentives for global auto partners

    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…

  • Thai-ing up: China’s industrial trade reshapes Southeast Asia

    Thai-ing up: China’s industrial trade reshapes Southeast Asia

    Chinese industrial products are increasingly penetrating the Southeast Asian market, significantly impacting Thailand’s trade dynamics. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) reports that this influx has diminished Thailand’s market share and contributed to a trade deficit with China amounting to nearly US$20 billion. Chinese online retailer Temu’s recent entry into Thailand is poised to exacerbate this…

  • Thailand boosts export defences amid global recession fears

    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…

  • Thai exports to grow by 1 to 2% amid global uncertainties

    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…

  • Bitcoin climbs above US,000 amid market turmoil

    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…

  • Thai hotels face 111 million baht loss after FTI Group collapse

    Thai hotels face 111 million baht loss after FTI Group collapse

    The collapse of German tour company FTI Group has resulted in significant financial losses for Thai hotels, totalling over 111 million baht. Hotel operators in Thailand are now seeking assistance from the German Embassy through coordination with the Tourism and Sports Ministry. FTI Group, the third-largest tour operator in Europe, filed for insolvency in June, impacting tourists and operators across…

  • Thai-ing up the wins: Olympic success set to spike sports sales

    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…

  • Thai publishing ‘chapter’ of decline amid spending woes

    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…

  • Thailand’s labour woes: A ‘lawsuit’ of unexpected disputes

    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…

  • Temu enters Thai market, intensifies e-commerce competition

    Temu enters Thai market, intensifies e-commerce competition

    Temu, China’s e-commerce giant, recently entered the Thai market, stirring up competition across both online and offline sectors in Thailand. The move, according to industry experts, is set to intensify cross-border competition, challenging existing players and local businesses alike. Thailand’s e-marketplace has long been dominated by foreign giants like Lazada (owned by Alibaba), Shopee (under Singapore’s SEA), and China’s TikTok…

  • Thailand emerges as AI and health tech innovation hub

    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…

  • PM Srettha orders Temu to comply with Thai tax laws

    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…

  • Cotti Coffee gains ground in Thailand with affordable menu

    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…