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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Sponsored Top 10 reasons for expats to get a comprehensive health insurance in Thailand
Moving to Thailand offers plenty of excitement and adventure, but the local healthcare system can be complex to navigate as an expat. From unique health risks to high costs at private hospitals, having a comprehensive health insurance plan is essential....
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Thai baht may appreciate to 35.30 per dollar amid BoJ rate hike
The Thai baht could experience further appreciation to 35.30 per US dollar in the short term, following a four-month high of 35.72 reached early yesterday. Political instability and deteriorating fiscal conditions due to the government’s populist policies, however, may hinder a significant rebound of the Thai currency. Asian currencies, including the baht, surged after the Bank of Japan (BoJ) raised…
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Thailand targets 8 million Chinese tourists in 2024 amid diverse strategies
The Tourism Authority of Thailand (TAT) has set an ambitious target of 8 million Chinese tourist arrivals for 2024 and is diversifying its focus to niche markets with significant purchasing power, such as young travellers, small meeting groups, and caravan tours. “Demand among Chinese is not enough to entice Chinese airlines to increase flights to Thailand,” said Nonglux Yooyendee, director…
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Thailand, China boost trade alliance amid investment opportunities
Thailand and China have engaged in discussions to enhance trade cooperation, focusing on expanding the market for Thai livestock products and fruits in China, while also welcoming Chinese investment in emerging industries within Thailand’s Eastern Economic Corridor (EEC). Deputy Commerce Minister Suchart Chomklin, appointed by Commerce Minister Phumtham Wechayachai, participated in the third meeting of the Sub-Committee on Trade and…
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Thailand to export 8.2 million tonnes of rice amid strong demand
Thailand anticipates exporting 8.2 million tonnes of rice this year, an increase from the previously forecasted 7.5 million tonnes, driven by strong demand from major markets and a depreciating baht, according to the Commerce Ministry. Ronnarong Phoolpipat, Director-General of the Foreign Trade Department, reported that rice exports in the first half of the year reached 5.08 million tonnes, valued at…
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SCB X delays end of Robinhood food delivery service
Siam Commercial Bank (SCB) X PCL has made a significant decision to delay the termination of its Robinhood food delivery service, initially planned for the end of this month. The company yesterday, July 29, submitted a formal request to the Stock Exchange of Thailand (SET) to extend the service’s operation. Manop Sangiambut, Chief Financial Officer of SCB X, revealed the…
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Experts seek public backing for 2024 SMR nuclear plan
Energy experts urge a shift in public perception of nuclear technology to support the Energy Ministry’s push for small modular reactor (SMR) projects in the 2024 power development plan. SMRs, defined by the International Atomic Energy Agency (IAEA) as nuclear power technology with capacities up to 300 megawatts per unit, offer about one-third of the generating capacity of traditional nuclear…
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Pickup truck loan defaults surge 39% in May, NCB reports
The National Credit Bureau (NCB) reported a significant 39% increase in bad debt for pickup truck loans in May, highlighting an alarming trend in the auto finance sector. Banks have also seen a contraction in car loans during the first half of this year, corresponding with a nationwide decline in car sales. By May 2024, non-performing loans (NPLs) for pickup…
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Effective mentorship fuels Gen Z’s career growth and innovation
Generation Z’s growing presence in the workforce necessitates innovative strategies to support their development. Mentorship programmes have emerged as a powerful tool, creating dynamic and mutually beneficial relationships across generations. These programmes address Gen Z’s unique professional aspirations, fostering continuous learning and growth. Effective mentorship programmes for Gen Z extend beyond traditional models where senior employees impart wisdom to junior…
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Thailand’s walking tourism boosts local culture, sustainability
Walking tourism is increasingly popular as travellers seek to immerse themselves in local cultures and explore neighbourhoods more intimately. The United Nations Tourism Organisation (UNWTO) notes that walking tourism fosters a deeper connection with local communities, nature, and culture. This growing trend aligns with the global push for sustainable tourism and satisfies the rising demand for outdoor activities. However, the…
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Thailand’s steel sales drop 8.7% amid cheap Chinese imports
Thailand’s steel industry faced sluggish sales in the first five months of this year due to reduced spending on construction projects and the influx of cheap imports from China, according to Tata Steel (Thailand) Plc (TSTH), a subsidiary of India’s largest steelmaker. Long steel product consumption fell by 8.7% year-on-year to 2.47 million tonnes as stated by Tarun Kuma Daga,…
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Energy Ministry’s new bill targets stable oil and LPG prices
The Energy Ministry’s new bill aiming to control domestic oil and cooking gas prices requires a public hearing to assess its impact on oil traders and government revenue, according to an energy expert. Currently under review by the Council of State, the bill proposes the establishment of a new commission, akin to the Energy Regulatory Commission, to regulate retail prices…
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New fund to boost Thai stock market by 90 points this year
A significant new fund is set to begin investing in the Stock Exchange of Thailand (SET) in the latter half this year, potentially boosting the index by approximately 90 points, according to Bualuang Securities (BS). The Vayupak Fund, which promises a minimum return of 3%, is anticipated to start with a minimum value of 100 billion baht. Around 90 billion…
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Thailand’s economy to grow 2.7% this year
Thailand’s economy is projected to grow 2.7% this year, an increase from the previous forecast of 2.4%, driven by higher foreign tourist arrivals and stronger exports, according to the Ministry of Finance. Deputy Finance Minister Paopoom Rojanasakul highlighted the positive outlook, attributing it to improving economic conditions among trading partners. He noted that growth could potentially reach 3% this year,…
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June exports fall 0.3%, first decline in three months in Thailand
Thai exports experienced a decline for the first time in three months in June, primarily due to reduced sales in the agriculture and food sectors, as reported by the Commerce Ministry on Friday. Despite this dip, the ministry remains optimistic about overall export growth in 2024. June exports decreased by 0.3% compared to the same month last year, falling short…
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Facebook aims to engage young adults, increase creator income
Meta’s Facebook has intensified its focus on engaging young adults, aiming to connect with the next generation of social consumers and boost creators’ earnings. The company’s ambition is to lead in recommendation technology globally by 2026. Industry experts view this strategy as a method to maintain Facebook’s dominance in the social media realm, especially by capturing the attention of younger…
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Commerce Ministry to finalise digital wallet registration
The Commerce Ministry will finalise the registration of two million vendors for the digital wallet handout scheme by September, marking a significant step in the initiative aimed at boosting the economy. Commerce Minister Phumtham Wechayachai announced that up to two million vendors are expected to participate in the scheme. The ministry plans to disclose more details next week regarding the…
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LH Bank targets doubling Taiwanese loan portfolio within five years
A subsidiary of the Land and House Financial Group (LHFG), LH Bank revealed its ambitious plan to double its Taiwanese loan portfolio over the next three to five years. This strategy is backed by the increasing influx of foreign businesses into the Thai market. LHFG President Shih Jing Fuh highlighted that despite moderate overall loan growth in the first half…
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Central Group, Thai banks initiate tourist QR payments
The Central Group of companies, which includes Central Retail Corporation, Central Pattana, and Centara Hotels and Resorts, has joined forces with the Bank of Thailand and six leading commercial banks to launch a cross-border QR payment service for tourists. The banks involved in this collaboration are Bangkok Bank, Kasikornbank, Krungthai Bank, Siam Commercial Bank, Bank of Ayudhya, and CIMB Thai…
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High demand for GSB soft loan scheme reaching 80 billion baht
A government-administered soft loan scheme through the Government Savings Bank (GSB) has seen significant initial interest, with demand reaching 70-80 billion baht out of a total of 100 billion baht, according to Finance Minister Pichai Chunhavajira. During the signing ceremony for the memorandum of understanding for the GSB Boost Up scheme aimed at supporting small and medium-sized enterprises (SMEs), Pichai…
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SAT-1: Suvarnabhumi Airport lounge launch hits a delay
The newly opened satellite terminal at Suvarnabhumi International Airport, known as SAT-1, has seen limited activity in its lounges and day rooms due to a lack of international flights, according to Miracle Group, an operator of airport lounges and hotels. The chairman of Miracle Group, Aswin Ingkakul, noted that large international airlines have not utilised the SAT-1 terminal as expected.…
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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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Thai AirAsia expands routes to India amid slow China recovery
Thai AirAsia is set to expand its network by launching new routes to India and Southeast Asia in the second half of the year, aiming to compensate for the slow recovery of flights to China. The sluggish Chinese economy and increased competition from domestic travel have significantly impacted this recovery. Tansita Akrarittipirom, head of commercial at Thai AirAsia, revealed that…
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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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AOI unifies schools to revolutionise Thailand’s education system
Arthit Ourairat Institution (AOI) is revolutionising Thailand’s education system by unifying its network of schools under a single governance model. This strategy aims to enhance holistic learning and optimise the use of resources, faculty, and infrastructure, thereby significantly enriching the student experience. By pooling and harmonising these essential assets, AOI ensures that its values of integrity, innovation, inclusivity, and passion…
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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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