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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Fuelling fears: Thai diesel price hike won’t ignite retail inflation
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) stated that a potential increase in domestic diesel prices, which could surpass 30 baht a litre following the termination of the Oil Fuel Fund subsidy scheme on March 31, is unlikely to prompt manufacturers to raise the prices of their goods. Prime Minister Srettha Thavisin revealed on Tuesday, April 2,…
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Thailand explores extending emergency coverage to foreign tourists
The possibility of extending the Universal Coverage for Emergency Patients (UCEP) programme to safeguard foreign tourists is being explored by the Tourism and Sports Ministry and the National Institute for Emergency Medicine. This move comes in the wake of a rising number of injuries among tourists, primarily due to road and water accidents. The proposal to include foreign tourists under…
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Thai economy forecasts growth between 2.8% and 3.3%
The Thai economy, driven primarily by exports, forecasts growth between 2.8% and 3.3% for this year, as reported by the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). The committee, representing diverse sectors, has retained its initial forecast, projecting a 2.0% to 3.0% increase in exports. Following a 1.9% expansion in the previous year, Thailand’s economic growth is projected…
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NBTC excludes World Cup from ‘must have’ broadcast rule
The National Broadcasting and Telecommunications Commission (NBTC) board yesterday unanimously decided to exclude the World Cup football tournament from its “must have” rule, effective immediately. This rule has been in place since 2012, obliging companies that own the broadcast rights to seven major sporting events to allow free TV channels to air the content. The seven events include the FIFA World…
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Thai government plans 7% VAT on imported goods from May
The Thai government, under the directive of Prime Minister Srettha Thavisin, is preparing to implement a 7% value-added tax (VAT) on imported goods valued at 1 baht and above, starting in May. Currently, goods sold for less than 1,500 baht (US$40) per parcel and imported into Thailand are exempt from VAT. Deputy Finance Minister Julapun Amornvivat announced these plans after…
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Bangkok motor show fuels surge in electric vehicle demand
Demand for electric vehicles (EVs) is anticipated to surge at the Bangkok International Motor Show, with the Federation of Thai Industries (FTI) attributing the boost to the release of new EV models and the launch of promotional sales campaigns. Automakers are enticing potential customers with competitive pricing and low interest rates, particularly aiming at those planning to purchase new vehicles…
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Thai government increases 2025 budget deficit for economic boost
The Government of Thailand has sanctioned a rise in the 2025 budget deficit by an extra 153 billion baht, to instigate an economic boost. As a result, the budget will increase to 3.752 trillion baht, a significant hike from the previously planned 3.6 trillion, according to Chalermphol Pensoot, the Budget Bureau director at the Ministry of Finance. The budget deficit…
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Thailand’s waste-fighting wave: InterceptorTM 019 makes a splash
The fight against marine waste has taken a monumental step in Thailand with the official launch of the InterceptorTM 019, a solar-powered and fully automated device dedicated to capturing waste. This milestone is the result of joint efforts by The Ocean Cleanup, a Dutch non-profit environmental engineering organisation, and its first global implementation partner, The Coca-Cola Company, along with a…
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Shocking surge: Thailand market sparks rise in EV loans
The Thai market is seeing a rise in loans for electric vehicles (EVs), as they are projected to lead the expansion in auto lending this year. Krungsri Auto, a prominent auto loan provider and a Bank of Ayudhya (Krungsri) unit, has projected new EV sales to climb to 100,000 units this year, a significant increase from 76,000 units the previous…
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Banyan Group and Urasaya Property launch Nakhon Si Thammarat’s first luxury residence
Nestled directly on Thailand’s Gulf Coast, Banyan Tree Residences Sichon represents a pioneering project by Banyan Group, the independent global hospitality company, in partnership with Urasaya Property Co., Ltd, a pioneering real estate developer. This venture not only promises a unique living experience but also marks a significant step in the expansion and diversification of luxury living options in Thailand.…
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True Corporation partners with TAT to boost Thailand tourism
True Corporation, in partnership with the Tourism Authority of Thailand (TAT), has rolled out the True Nationwide, For Everyone initiative, aiming to offer benefits and privileges to both Thai and international tourists throughout their travel journey. This initiative aligns with the government’s strategy to establish Thailand as a major tourism hub by 2024, aiming to generate over 3 trillion baht…
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Isuzu revs up green initiative with PTT union for clean fuel trials
Tri Petch Isuzu, Thailand’s Isuzu vehicle distributor, is joining forces with PTT Plc to test vehicles powered by a novel clean fuel. This initiative is aimed at supporting efforts to reduce the high carbon dioxide emissions from Thailand’s transport sector. The transport and power generation sectors are the main contributors to over 60% of Thailand’s greenhouse gas emissions, as per…
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World Bank predicts 2.8% economic growth for Thailand
The World Bank predicted a modest economic growth of 2.8% for Thailand in 2024, with an acceleration of 3.0% in 2025. This forecast announced today, April 1, is underpinned by the nation’s struggling exports and a postponed budget. This projection for 2024 and 2025 marks a decrease from the previously estimated figures of 3.2% and 3.1%, respectively, set in December.…
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Thai government stakes its future on casino complex amid pressure
The Government of Thailand is under pressure to review the specifics of the proposed casino and entertainment complex, aimed at boosting economic growth. According to Senator Sangsit Piriyarangsan, who has been investigating casino legalisation, the current plan requires adjustments. Sangsit argues that the bidding process for the casino complex project should not be exclusive to Thai companies. By enabling foreign…
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Bangkok Airways anticipates 20% revenue growth
A projected 20% growth in passenger revenue is on the horizon for Bangkok Airways this year as the company shifts its pricing strategy in response to a resurgence in demand. The airline’s forward bookings for the Songkran festival and the second quarter are looking strong. Puttipong Prasarttong-Osoth, the airline’s president, voiced optimism about the Thai aviation industry’s recovery from last…
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Thailand’s manufacturing production index falls for 17th time
The Office of Industrial Economics (OIE) disclosed that Thailand’s Manufacturing Production Index (MPI) has fallen for the 17th consecutive month. February saw a year-on-year decrease of 2.8%, bringing the index to 99.2 points. This slump is largely attributed to a drop in manufacturing within key sectors, including the automotive industry. The OIE has also highlighted ongoing issues with high household…
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Thai hotel industry resists proposed minimum wage hike
The tourism industry has voiced its concerns over the recent approval by the tripartite wage committee to increase the minimum wage to 400 baht for four-star hotels in 10 key tourism cities, beginning with the Songkran holiday. Hoteliers argue that the implementation of the wage hike is unjust as the recovery from the pandemic has been uneven across the targeted…
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Thailand’s BoI plans more foreign semiconductor investment
The Board of Investment (BoI) of Thailand has expressed an interest in attracting further foreign investment for the production of advanced semiconductors this year. This move comes as numerous businesses from China and Taiwan are looking to expand their investments in Thailand, particularly for printed circuit boards, to circumvent geopolitical risk, said Wirat Tatsaringkansakul, the BoI Deputy Secretary-General. “Companies will…
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PTT plc eyes green methanol production
PTT Plc, a major national oil and gas conglomerate, is contemplating the construction of a green methanol production facility. The project, costing an estimated 3.1 billion baht, aligns with PTT’s initiative to curtail carbon dioxide emissions and manufacture methanol-derived fuels. Traditionally, methanol production relies heavily on fossil fuels. However, PTT’s proposed method utilises biomass or carbon capture techniques, paving the…
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LiVE Fin Corp launches new S curve to capital market initiative
LiVE Fin Corp, under the aegis of the Stock Exchange of Thailand (SET), has set in motion a new initiative that seeks to bolster the potential of 60 entrepreneurial entities, startups, and small to medium-sized enterprises (SMEs) in high-growth sectors. The initiative, christened “New S Curve to Capital Market,” has been crafted in partnership with KPMG Thailand, the National Innovation…
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Thai govt accelerates Thai-European FTA negotiations
The Thai government is speeding up negotiations for the Thai-European Free Trade Association (EFTA) to conclude within the current year. This information followed a discussion between Commerce Minister Phuntham Wechayachai and Swiss Ambassador Pedro Zwahlen. The minister revealed that the talks are being hastened following the policy of Prime Minister Srettha Thavisin’s administration, which desires to expand opportunities and bolster…
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Bitcoin forecast to break US$80,000 barrier by year-end
Cryptocurrency prices, particularly Bitcoin, have experienced an unexpected surge this year. The world’s largest cryptocurrency exchange, Binance’s chief executive, Richard Teng, previously predicted Bitcoin would conclude 2024 at approximately US$80,000. However, current market trends indicate that Bitcoin could surpass that figure before the year ends. Bitcoin’s popularity has been on the rise, reaching an all-time high of US$73,750 in mid-March.…
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Thai tourism federation calls for urgent supply development
The Federation of Thai Tourism Associations (FETTA) has revealed its intention to present an urgent demand for supply development to the government. The appeal is due to a rising demand that is overburdening the existing infrastructure. This was disclosed by FETTA Secretary-General Adith Chairattananon. Adith explained that while the government has been keen on stimulating demand by granting visa exemptions…
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Thai economy struggles post-election, foreign investment declines
Thailand’s economy continues to struggle despite the first General Election since 2019, which was anticipated to stimulate growth and attract foreign investors. Instead, the nation has seen its benchmark stock index decline for the fifth quarter consecutively, foreign investment is waning, and the baht is showing the second-worst performance amongst Asian currencies. According to Narongsak Plodmechai, CEO of SCB Asset…
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Thai domestic car sales slump hits 26% as pickup sector suffers
The Federation of Thai Industries (FTI) reported a 26% year-on-year drop in domestic car sales for February, primarily affecting the pickup sector. This downturn is expected to hit a two-year low. The total number of cars sold in the country came to 52,843 units, a significant drop from the previous year’s 71,551 units. Despite the worrying sales slump, Surapong Paisitpatanapong,…
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Growth in Thai exports expected in Q1 due to stable freight costs
Thailand is set to experience a 1 to 2% growth in export value during the initial quarter of the year, fuelled by stable freight costs and rising shipments of key commodities such as rubber, rice, pet food, electronics, and automobiles. This positive forecast is shared by Keerati Rushchano, the permanent secretary of commerce, who anticipates a steady growth trajectory as…
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Thailand forecasts 558 billion baht foreign investment in key sectors
Following a series of global roadshows led by Prime Minister Srettha Thavisin, the Board of Investment (BoI) anticipates a surge of at least 558 billion baht (US$15 billion) in foreign investment inflows into Thailand. The funds are expected to be channelled primarily into four critical sectors – digital, electric vehicles (EVs) and components, electronics and semiconductors, and logistics. BoI’s Secretary-General,…
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Hong Kong’s national security law: Foreign corporations
Corporate lawyers and consultants have revealed that foreign corporations operating in Hong Kong have been revisiting their strategies since the previous year in anticipation of the recently passed domestic national security law. Despite assurances from the city and central authorities that the legislation, dictated by Article 23 of the Basic Law, would neither disrupt operations nor negatively impact the city’s…
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Thai stock market hits snooze button despite extended hours
Despite the extension of the Stock Exchange of Thailand‘s (SET) trading hours and looming interest rate cuts by the Bank of Thailand, the Thai market failed to rally yesterday. Concerns over a premature rate cut and the aftermath of a recent terrorist attack near Moscow fuelled investor anxiety. The SET yesterday, March 25, increased its trading period from 270 to…
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Thai EV market shifts into gear with Chinese investment
Major automobile companies are forecasting a rapid escalation in the Thai electric vehicle (EV) market, propelled by increased investment from Chinese EV manufacturers. This is anticipated to ignite a price war as manufacturers strive to lure consumers with competitive pricing. This viewpoint was shared by Narong Sritalayon, the managing director of Chinese automaker Great Wall Motor (GWM), in a statement…
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