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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12Go introduces Japan Rail Passes to enhance travel accessibility for international travellers
For those who have travelled throughout Thailand, 12Go is a well-known provider of various trips, though the platform itself has a much wider reach. Ranging from buses to planes, 12Go is undoubtedly a leading booking platform for travel throughout the...
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LINE MAN Wongnai expands food delivery across Thailand
LINE MAN Wongnai is significantly expanding in Thailand’s food delivery market, with over 10 million users monthly and more than 100,000 riders servicing all 77 provinces. Yod Chinsupakul, CEO of LINE MAN Wongnai, highlighted the continuous growth of the food delivery market in Thailand. The platform now caters to over 10 million users each month and has a rider network…
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Finance minister prioritises funding access over rate cuts
Finance Minister Pichai Chunhavajira affirmed the significance of access to funding sources over lowering interest rates. Following discussions with Bank of Thailand Governor Sethaput Suthiwartnarueput, Pichai underscored that interest rate policy remains under the purview of the central bank’s Monetary Policy Committee (MPC), which is set to convene on October 16. Describing the talks as comprehensive, Pichai highlighted various factors…
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Thailand unveils 145 billion baht cash handout to boost economy
Deputy Finance Minister Paopoom Rojanasakul unveiled a whopping 145 billion baht ((US$4.4 billion) cash handout scheme that promises to rev up the economy before the year’s end. This mega injection is set to turbocharge the nation’s GDP by a tidy 0.3 percentage points. And it’s not just a flash in the pan, the economic boost is expected to keep rolling…
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Thai businesses gear up for AI-mazing future with tech adoption plans
A recent survey reveals that approximately 17% of Thai organisations are currently utilising artificial intelligence (AI), with 73% planning to adopt the technology in the future. This data comes from the Readiness for the Application of AI Technology for Digital Services in 2024 survey, conducted by the Electronic Transactions Development Agency (ETDA) and the National Science Technology Development Agency (NSTDA).…
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Thai business group demand rate cut to keep exports afloat
Thailand’s leading business group called for an urgent reduction in interest rates, reflecting growing concerns about the impact of a rapidly appreciated baht on exports. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) chairman, Sanan Angubolkul, highlighted the urgency for the Bank of Thailand (BoT) to adjust rates, aligning with the government’s repeated calls for monetary easing. Markets…
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Driving change: Thai tax breaks on cars for the elderly, disabled
The Excise Department is set to introduce a new ministerial regulation to waive taxes on cars designed specifically for the elderly or people with disabilities. This regulation would reduce the current excise tax rate of 25 to 40% on such vehicles. Ekniti Nitithanprapas, director-general of the department, explained that vehicles with over 10 seats, such as passenger vans, are currently…
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Thailand to go cashless by 2028, leads ASEAN in RTP usage
Thailand is set to transition to a cashless society more swiftly than its regional counterparts, driven by the nation’s rapid digital adoption and transformation, as per a Visa survey. Visa, a global leader in digital payment services, recently conducted the Consumer Payment Attitude Study, which indicated that Thailand could become a cashless society by 2028. This forecast places Thailand ahead…
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AIS launches 5G movie package for youths at 299 baht monthly
AIS ZEED 5G launched the AIS ZEED 5G Movie Lover package, catering to youngsters who love watching movies and entertainment content both in cinemas and online. This package offers one free cinema ticket per month and a second ticket for just 50 baht at Major Cineplex theatres nationwide. Additionally, subscribers receive 10 gigabytes of high-speed Internet for streaming premium content…
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Thai Airways to issue new shares worth 42 billion baht
Thai Airways International Plc (THAI) is set to issue new shares valued at a minimum of 42 billion baht by December, marking a significant move towards concluding its court-monitored debt restructuring and resuming trading on the Stock Exchange of Thailand (SET). The national airline plans to offer 6.81 billion new shares to creditors as part of a debt-to-equity swap, as…
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Thailand’s bold plan to regulate sex work sparks heated debate
Thailand Prime Minister Paetongtarn Shinawatra’s government is stirring up controversy with a proposal to develop an entertainment complex aimed at formalising underground businesses—sex work included. The plan is designed to bring these industries into the formal economy, making them taxable, and, in the long term, funding welfare programmes in education, public health, and infrastructure. But the proposal has ignited a…
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New Thai bank licences grapple with early profitability challenges
The winners of the Bank of Thailand’s virtual bank licences are expected to face significant challenges in achieving profitability in the initial years, as the industry typically experiences high cash burn during the first five years, according to KGI Securities. Siam Commercial Bank (SCB) is projected to benefit the least from a virtual bank licence compared to other Thai banks…
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New action plan to tackle global trade shifts and aid Thai industries
The International Institute for Trade and Development is set to unveil an action plan designed to address shifts in global trade regulations and industry supply chains. The institute aims to present this strategic plan to the Commerce Ministry, the Thai Chamber of Commerce, and the Federation of Thai Industries by November. Suphakit Chareonkul, the executive director, highlighted that recent global…
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Boost Songkhla tourism with better rail links to Malaysia, says guide
Promoting Songkhla province’s cultural attractions and enhancing rail connections with Malaysia could significantly boost tourism, according to the founder of the Songkhla Tour Guide Association. Wittaya Saelim addressed these suggestions in a proposal recently submitted to Senator Chaiyong Maneerungsakul in the Hat Yai district. The proposal focused on addressing the province’s trade and tourism concerns and identifying ways to increase…
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Strong baht, flooding impact Thailand’s tourism market deficit with Japan
The appreciation of the baht and severe flooding have emerged as pivotal factors for Thailand’s tourism industry, particularly with the High Season fast approaching. The final quarter is crucial in determining if Thailand can rebalance its tourism market deficit with Japan, which outperformed Thailand last year. By August, 706,500 Thais had visited Japan, while 668,221 Japanese tourists had travelled to…
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Thai baht surge hits exporters and tourism revenues
Thailand’s exporters and tourism sector are feeling the squeeze as a rapid appreciation of the Thai baht continues to impact revenue. The central bank attributed this surge to a weak US dollar and stronger regional currencies, such as the Chinese Yuan and Japanese Yen. Yesterday, September 30, the baht reached a 31-month peak at 32.235 against the US dollar, marking…
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Thailand’s household debt dips to 89.6% of GDP in Q2
Thailand’s household debt saw a slight decline in the second quarter as banks tightened lending practices to mitigate bad loans, and borrowers hastened debt repayments amidst the highest interest rates in a decade. Data released by the Bank of Thailand (BoT) yesterday, September 30, revealed that nationwide household debt, as a percentage of gross domestic product (GDP), stood at 89.6%…
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Thai Airways partners with Gulf Air, adding six new destinations
Thai Airways International (THAI) anticipates a boost in revenue following the enhancement of its code-sharing agreement with Gulf Air. THAI announced the expansion of its partnership with Gulf Air yesterday, September 29, to include new destinations: Cairo, Kuwait City, Amman, Casablanca, Athens, and Manchester. This agreement took effect immediately. Previously, the collaboration between the two airlines was limited to routes…
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EEC housing market crashes: It’s a real estate shake-up
Sales of residential units in the Eastern Economic Corridor (EEC) have taken a nosedive, particularly near industrial estates, following a wave of factory closures. Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), pointed the finger at the shuttering of large factories since last year, which has severely impacted housing demand in Chon Buri and Rayong. “New sales…
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Thailand’s local businesses get a global boost: It’s time to trade up
Strengthening Thailand’s local businesses to compete on the global stage could be a game-changing strategy for revitalising the national economy, according to Bank of Thailand Governor Sethaput Suthiwartnarueput. Sethaput is advocating for the implementation of “globally competitive localism,” a concept that leverages the strengths of local entrepreneurs, such as cultural assets, to create value-added products and services. This, he believes,…
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Used car market in a jam as electric vehicles spark trouble
The used car market is in dire straits, with a shocking downturn blamed on the economic slump, soaring non-performing loans (NPLs), and the growing allure of electric vehicles (EVs), warns Tris Rating. In a jaw-dropping revelation, used car hire-purchase firms have reported a staggering 93% plunge in profits year-on-year for the first half of 2024. Motorcycle hire-purchase companies haven’t fared…
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Flooding devastates Chiang Mai tourism, occupancy drops to 50%
Flooding in northern Thailand has severely impacted tourism in Chiang Mai, with many visitors cancelling their plans, according to the Tourism Council of Chiang Mai. The Ping River recently reached its highest levels since 2011, causing significant flooding in Mueang Chiang Mai, including its key business and tourism districts. Outer districts, such as Mae Rim, known for its natural parks…
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Thailand to introduce carbon tax to curb emissions this year
Thailand is set to implement a carbon tax this year, Deputy Finance Minister Paopoom Rojanasakul announced at the Road to Net Zero 2024: The Extraordinary Green event. The Finance Ministry plans to propose the carbon tax measure to the Cabinet for approval soon, with the goal of rolling it out in the coming months. Paopoom explained that this measure aims to…
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Thailand’s manufacturing index set to drop 1% due to floods
Thailand’s Manufacturing Production Index (MPI) is projected to decline by 1% this year, according to the Office of Industrial Economics (OIE). The contraction is attributed to various economic issues and the severe flooding experienced in recent months. OIE Director-General Warawan Chitaroon indicated that the best possible outcome for MPI growth is to remain flat. The office had previously adjusted its…
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Mortgage growth in Thailand hits 23-year low at 1.2%
Kasikorn Research Center (K-Research) projects a mere 1.2% growth in mortgages within the commercial banking sector this year, marking the lowest expansion rate in 23 years. This subdued growth is largely due to the weakened purchasing power of potential homebuyers. According to Kanjana Chockpisansin, head of banking and financial sector research at K-Research, the second quarter of 2024 saw commercial…
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Thai gold prices poised to break past record amid global surge
Gold prices in Thailand are poised to break past the previous high of 42,150 baht per baht-weight (15.2 grams) as international gold prices hover near record levels, nearing US$2,700 per ounce, according to local traders. Yesterday, September 25, domestic gold prices rose by 200 baht, reaching 41,100 baht for gold bars, as the price of bullion increased by 0.3% to…
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Golden weak: Chinese tourists to Thailand dip as baht bites
Chinese tourist numbers during the upcoming Golden Week holiday are anticipated to be lower than expected, influenced by a strong baht and China’s sluggish economy, which are limiting tourist spending. This trend is also prompting other international visitors to negotiate lower service prices. Thanet Supornsahasrungsi, the Association of Chon Buri Tourism Federation President, highlighted concerns about the appreciating baht’s adverse…
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Flying foreign: Thai aviation industry in a tailspin over pilot proposal
The Thai aviation industry has been stirred by the proposal to allow foreign pilots to operate domestic routes, a move considered unusual as such roles are traditionally reserved for Thai nationals. Thai Vietjet’s request, though temporary, aimed to address an aircraft shortage during peak travel seasons, has met with significant resistance from the Thai Pilots Association. A global shortage of…
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Thai exports up 7% in August, hitting US$26.2 billion
Thai exports saw a significant rise in August, expanding by 7% to reach US$26.2 billion (940 billion baht), fuelled by a surge in demand for agricultural and food products. This growth was attributed to the increased purchasing power of trading partners, alongside support from global climate fluctuations and the recovery of the service sector in key markets, said Poonpong Naiyanapakorn,…
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Charged up: Thailand greenlights 7.12 billion baht EV subsidy
The Thai Cabinet has sanctioned the allocation of 7.12 billion baht (US$218 million) from the central reserve budget to support the electric vehicle (EV) subsidy program. This decision was announced following the weekly Cabinet meeting yesterday, September 24. Jirayu Huangsab, an advisor to the prime minister, confirmed that the allocated budget will subsidise buyers of EVs and motorcycles who have already…
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Thailand’s car industry slams the brakes: August downturn hits hard
Thailand’s automotive industry is hitting the skids, with car manufacturing, domestic sales, and exports all taking a nosedive in August, according to the Federation of Thai Industries (FTI). Surapong Paisitpatanapong, Vice-Chairman and spokesperson for the federation’s Automotive Industry Club, sounded the alarm, pointing to tough times in securing auto loans as a major roadblock for domestic sales. In August, total…
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