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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With World Kindness Day just two days away on November 13, it’s the perfect time to reflect on how empathy and care can make a real impact, not just in our relationships but in our health, too. This day is...
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SCG Décor forecasts 10% rise to 30 billion baht in ASEAN market
SCG Décor (SCGD), a key player in the decor surface and bathroom business, projects a 10% year-on-year revenue increase to 30 billion baht, largely fuelled by heightened sales in the ASEAN market, including a significant push for green products. The company anticipates its revenue will double by 2030. Numpol Malichai, Chief Executive and Managing Director of SCGD, revealed the company’s intention…
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Thailand’s SME D Bank offers interest-free loans to entrepreneurs
Thailand’s Small and Medium Enterprise Development Bank (SME D Bank) has partnered with the National Innovation Agency (NIA) to offer interest-free loans for up to three years to entrepreneurs developing innovative products and services. Phichit Mitrawong, Managing Director of SME D Bank, announced this initiative following the signing of a cooperation agreement with the NIA yesterday. The agreement aims to…
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Thailand car production hits brakes amid finance woes
Thailand’s car production has skidded to a 20.11% drop in June compared to last year, according to the Federation of Thai Industries (FTI). This decline accelerates from May’s 16.19% downturn, driven by stricter financing rules and soaring consumer debt levels. In the first half of this year, car production tumbled by 17.39%, totalling 761,240 units. The FTI attributes this slump…
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China supports Thailand in combating dubious businesses
Chinese Ambassador Han Zhiqiang reaffirmed Beijing’s commitment to supporting Thailand in cracking down on dubious Chinese businesses, while also aiming to enhance bilateral trade and relations. Han made these comments during a seminar held on Tuesday, July 23, to commemorate the 49th anniversary of diplomatic ties between China and Thailand. A recent incident involving a Chinese-language billboard in Bangkok’s Huai…
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Motorcycle sales fall 10% as Thai Honda faces sluggish market
Motorcycle sales dipped by 10% year-on-year during the first half of the year, affecting major players like Thai Honda Co, a leading motorcycle manufacturer and distributor, which is grappling with a sluggish market. The downturn is attributed to slow economic growth of 1.5% in the first quarter, more stringent bank criteria for auto loans, and a weakened export sector, according…
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CrowdStrike glitch disrupts 8.5 million Microsoft devices globally
A recent global IT outage brought to light the critical necessity for both public and private organisations to establish comprehensive business continuity management plans, IT disaster recovery strategies, and rigorous system testing between security software vendors and their clients. Experts advocate for organisations to diversify their technology portfolios and adopt a balanced approach to cloud-based technology to mitigate risks. Bloomberg…
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Cabinet caps power bills and diesel prices to aid businesses, public
The Cabinet implemented measures to cap power bills at 4.18 baht per unit until the end of the year and set a diesel price ceiling at 33 baht per litre until October 31. Energy Minister Pirapan Salirathavibhaga announced that the Cabinet approved the Energy Ministry’s proposal to maintain the electricity rate at 4.18 baht per kilowatt-hour for September through December…
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Gold prices expected to surpass US$2,500 by end of 2024
Local gold traders are optimistic about the future of bullion prices, forecasting that they could surpass US$2,500 per ounce by the end of 2024. This significant price increase is expected to follow a potential interest rate cut by the US Federal Reserve in September. Gold was trading at US$2,395 per ounce in Asian markets yesterday, spurred by the announcement that…
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Farm to table: Thailand firms urged to unite for stable farm prices
The Commerce Ministry urged Thai conglomerates to collaborate in purchasing agricultural products to provide farmers with a more stable income. Commerce Minister Phumtham Wechayachai revealed plans to manage agricultural products and secondary crops for the latter half of the year. He instructed Vuttikrai Leewiraphan, commerce permanent secretary, and Wattanasak Sur-iam, Director-Deneral of the Internal Trade Department (ITD), to engage department…
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Cabinet to approve Thai ESG fund boosting SET by 50 billion baht
The Thai Cabinet is set to approve the new Thai ESG Fund tomorrow, with analysts anticipating that the revamped conditions of this environmental, social, and governance (ESG) centric fund will enhance trading on the Stock Exchange of Thailand (SET) by 40-50 billion baht annually. The fund’s revised structure includes a reduced holding period of five years, down from the original…
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Shocking slump: Thailand’s premium EV sales plunge 35%
Thailand has experienced a significant decline in the sales of premium electric vehicles (EVs), dropping 35% year-on-year in the first half of the year. Despite this downturn, BMW remains optimistic about its EV sales, banking on the appeal of its newly launched models in the Mini family in Bangkok. Sales of premium EVs fell to 3,844 units between January and…
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MICE industry must prioritise people management to sustain growth
Game-changing People Management was the focus of a recent presentation at the TMX conference, one of the largest fairs dedicated to the meeting, incentive, convention and exhibition (MICE) industry. The discussion highlighted significant opportunities for growth and transformation within this expanding sector. The MICE industry is on a remarkable growth trajectory, with a projected compound annual growth rate (CAGR) of…
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Stark Corporation scandal costs 14.7 billion baht
Shareholders and stock investors of Stark Corporation are reeling from an accounting and embezzlement scandal that has incurred damages estimated at a staggering 14.7 billion baht. This debacle has impacted 4,704 shareholders and led to the prosecution of the former chairman and several top executives in what is deemed one of Thailand’s largest corporate frauds in recent years. Adding to…
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Charged up: GAC Aion plugs into Thailand’s booming EV market
GAC Aion New Energy Automobile, an electric vehicle (EV) manufacturer under Guangzhou Automobile Corporation (GAC), anticipates substantial benefits from the ongoing expansion of Thailand’s EV market. This comes after the recent inauguration of a 2.3-billion-baht EV assembly plant in Rayong. The company aims to produce up to 70,000 EVs annually for both domestic sales and export, according to Ma Haiyang,…
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Thailand faces investment challenge post-1997 financial crisis
Thailand faces investment challenges post-1997 financial crisis despite natural gas discovered in the Gulf of Thailand around 40 years ago sparked nationwide excitement, marking the beginning of a golden era. This period saw the launch of the Eastern Seaboard Development Project aimed at developing the eastern coastal region. Foreign investment surged, propelling the economy to expand at double-digit rates, and…
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Ana maintains pre-pandemic load on Thailand-Japan flights
Japanese carrier ANA has successfully maintained the load factor on Thailand-Japan routes at the same robust level as in 2019, despite the challenges posed by a weak yen. Notably, the majority of its passengers are now Thai tourists and long-haul travellers transiting through Japan. Thailand has emerged as one of ANA’s strongest routes in Asia-Pacific and Southeast Asia post-pandemic, alongside…
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Tenzing Pacific Services predicts market’s ‘positive momentum’ to continue
Tenzing Pacific Services is anticipating positive stock market momentum to carry through to the end of 2024 despite volatility and share performance dispersion. Tenzing Pacific Services, a health, life, and business insurance and investment company, saw June as a mixed bag when it came to growth. This is in large part due to the market’s performance not necessarily correlating with…
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Virgin Active celebrates 10 years of operation in Thailand
Virgin Active Thailand is celebrating 10 years of operations and is looking to continue boosting the health and wellness of the country. Part of the Virgin Group global portfolio, Virgin Active currently has 8 clubs in Thailand, which deliver nearly 60,000 exercise classes yearly. Country Director for Virgin Active in Southeast Asia, Julien Bera, sees the 10th anniversary as a…
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Bangchak cuts high-premium fuel prices by 5 baht per litre
Bangchak Corporation announced a significant price reduction on its high-premium fuel types, offering a discount of 5 baht per litre nationwide from today to tomorrow, July 20. This promotion includes both Bangchak Hi Premium 97 and Bangchak Hi Premium Diesel S, with no minimum purchase required. Bangchak Corporation, a leading company in the fuel industry, is running its major annual…
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Thailand restaurant market to hit 400 billion baht in 2024
Central Restaurants Group (CRG) anticipates a 5% sales growth in 2024, driven by the digital wallet handout scheme, while Thailand’s restaurant market value is projected to reach 400 billion baht this year. Nath Vongphanich, CRG President, addressed the ruling Pheu Thai Party’s upcoming 10,000-baht digital wallet handout scheme, expected to launch in the fourth quarter. He mentioned that the company…
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King’s College student researchers discuss brain health
King’s College International School students have collaborated with Bangkok Hospital to deliver a Health Awareness Talk about neurology and brain health. BioMedINN, a student-directed research group at King’s College, organised the session in an effort to inform the public about the importance of neurological health and wellbeing. This event followed on from their recent creation of a stroke testing kit,…
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Thailand considers petroleum reserve amid oil price volatility
Thailand is considering various strategies to mitigate the impact of global crude oil price fluctuations, beyond merely subsidising domestic oil prices through the dwindling Oil Fuel Fund. One proposed solution is the development of a strategic petroleum reserve (SPR) to enhance national oil security and safeguard against potential supply disruptions caused by geopolitical conflicts. Energy Minister Pirapan Salirathavibhaga suggested the…
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Transport Ministry execs visit Phuket to boost economic development
Senior executives from the Ministry of Transport gathered at Phuket Provincial Hall yesterday, engaging in a two-day study tour aimed at boosting economic development in the region through transportation initiatives. This initiative, part of a broader training programme organised by the Ministry of Transport, targets government officials and employees from state enterprises. Running from May 27 to August 16, the…
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Thailand to boost 2024 budget by 122 billion baht for economic lift
Prime Minister Srettha Thavisin emphasised the necessity of increasing the 2024 fiscal budget by 122 billion baht to stimulate Thailand’s economy. He proposed a supplementary budget bill to the House, aiming to finance the digital wallet scheme, a core policy of the Pheu Thai Party. Opposition parties opposed the bill, citing legal concerns and potential violations of the State Fiscal…
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Thai Finance Ministry pledges market confidence amid scandal
Thailand’s Finance Ministry vows to restore confidence in the Thai capital market following allegations of fraud involving former executives of Energy Absolute (EA), a company listed on the Stock Exchange of Thailand (SET). Finance Permanent Secretary Lavaron Sangsnit expressed optimism that actions by the Securities and Exchange Commission (SEC), in collaboration with the Department of Special Investigation (DSI) and the…
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Thai tourism must shift to supply-driven strategy for 2025, says TAT
The Thai tourism industry must adopt a supply-driven strategy to enhance its competitiveness, according to the former governor of the Tourism Authority of Thailand (TAT). The TAT outlined its marketing direction for 2025, aiming to increase revenue by 7.5% from 2024, targeting 39 million foreign arrivals and 205 million domestic trips. This figure is a revision from the 220 million…
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Thailand expects 42 billion boost from French tourists post-Olympics
The Paris Olympic Games are projected to draw fewer visitors than initially expected, prompting the Tourism Authority of Thailand (TAT) to anticipate a resurgence in the French market post-event. The TAT forecasts 42 billion baht in revenue from French tourists in 2024. Soraya Homchuen, TAT Director in Paris, indicated that the French market is experiencing a lull due to two…
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Thailand launches retirement lottery to boost savings for low-income earners
The Cabinet has introduced a new savings initiative for low-income individuals titled the retirement lottery, which offers enticing prizes to encourage saving. Deputy Finance Minister Paopoom Rojanasakul announced the Cabinet’s approval of this measure, aimed at bolstering savings under the National Savings Fund (NSF) through the Retirement Savings Lottery project. The NSF will amend relevant sections of its Act to…
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Phyathai Hospital celebrates app success with healthcare promotions and benefits
Phyathai Hospital has announced healthcare promotions to celebrate 500,000 people downloading their Health Up mobile application. Until September 30, patients at Phyathai-Paolo Group hospitals can access a 2-for-1 deal on specialised medical assessments and evaluations. Individually, these services cost 5,500 THB, but users who provide proof of registering with the app can book one additional Health Up Celebration package for…
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Thailand tackles household debt crisis, slow economic recovery
The Economic Cabinet directed the Finance Ministry and the Bank of Thailand (BoT) to quickly address household debt issues, focusing on bad debts in housing, cars, motorcycles, credit cards, and student loans, amid an economy still showing sluggish recovery signs. Finance Minister Pichai Chunhavajira, after the economic ministers’ meeting chaired by Prime Minister Srettha Thavisin, stated that the premier instructed…
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