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 5 social media marketing companies in Thailand
As a business owner, you probably already know that social media has become an essential tool to reach new customers. According to the 2023 Social Media Marketing Industry Report, the majority of marketers reported positive outcomes from their social media...
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NBTC crackdown on online scams: 106 million mobile numbers under scrutiny
Scammers in Thailand use SIM cards registered under other people’s names to call potential victims and lure them into sending money or take control of their phones remotely to steal money with banking apps. The NBTC is working with banks and mobile network operators AIS and True to ensure that connected phone SIM cards and mobile banking accounts are registered…
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Plane pain: Soaring airfares hit turbulence amid shortage struggles
Soaring airfares are expected to persist as airlines grapple with a shortage of planes, labour, and spare parts, making it challenging to meet the surging demand for travel. A recent report by ING Bank NV highlights the myriad issues plaguing the global aviation industry, noting ongoing supply-chain constraints. Air travel demand is anticipated to surpass pre-pandemic levels this year but…
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Trendy Thai festival takes Shanghai by storm
Shanghai’s Super Brand Mall buzzed with excitement as the much-anticipated Thai Festival 2024, themed Trendy Thai, kicked off last Friday, May 10. During the opening ceremony, Prinat Apirat, Thailand’s Consul General in Shanghai stated that the festival serves as a bridge connecting rich cultures and peoples, fostering mutual understanding, appreciation, and an enduring friendship. The three-day extravaganza, which ran from May…
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Mango mania: Thailand’s sweet export boom
Thailand’s mango exports soared by a staggering 130% in the first quarter of this year, reaching an impressive 1.6 billion baht, compared to the same period last year. Not to be outdone, exports of sticky rice saw a notable increase of 13%, totalling about 1 billion baht. Chotima Iemsawasdikul, the Director-General of the Trade Negotiations Department, attributed this surge to…
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Home loan difficulties lead to six-year low in housing transfers
Difficulties in securing home loans have led to a significant decline in housing transfers across the country in the first quarter, reaching the lowest level in six years and marking the fifth consecutive quarter of decline. The Acting Director-General of the Real Estate Information Center (REIC) Vichai Viratkapan reported that residential demand nationwide contracted in the first quarter, with housing…
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Thailand’s solar panel tax cut scheme to save households on bills
A new tax reduction scheme aimed at encouraging households to install rooftop solar panels is expected to be finalised by mid-year, announced the Department of Alternative Energy Development and Efficiency (DEDE). The initiative seeks to lower electricity bills and reduce carbon dioxide emissions. Households that purchase solar panels with a power generation capacity of less than 10 kilowatts, costing under…
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Taxing times: Local governments urged to ‘build’ a better law
Local governments must take a more active role in revising the land and building tax law, which has been in effect for five years, according to the Director-General of the Fiscal Policy Office, Pornchai Thiraveja. Pornchai stated that the Land and Building Tax Act of 2019 grants local administrative organisations the authority to collect taxes to fund local development initiatives.…
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Lamborghini to debut electric supercar in Thailand by 2028
Automobili Lamborghini, the renowned Italian luxury sports car manufacturer, plans to introduce its new electric supercar to Thailand, with a global debut slated for 2028. This initiative is part of the company’s broader strategy to reduce carbon dioxide emissions. For years, Lamborghini has been actively developing electric vehicle (EV) technology to support its goal of achieving carbon neutrality, according to…
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Finance Minister, Central Bank Chief to discuss interest rates
A crucial meeting is scheduled tomorrow between Finance Minister Pichai Chunhavajira and Bank of Thailand Governor Sethaput Suthiwartnarueput to address the prevailing contention over interest rates. The government, under Prime Minister Srettha Thavisin’s directive, has been advocating for a rate reduction to stimulate the economy. In contrast, the central bank has maintained its key rate at the highest in ten…
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SMEs loans complications eased by Finance Ministry’s new AMC
The Thai Finance Ministry has scheduled the establishment of a new asset management company (AMC) for next month. This move aims to provide relief to beleaguered retail borrowers, especially small and medium-sized enterprises (SMEs), by assisting them in clearing non-performing loan (NPL) statuses and embarking on a fresh financial journey. The collaborative effort between Government Savings Bank (GSB) and Bangkok…
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Gunkul Engineering pulls the plug on cannabis investment
Gunkul Engineering, a Stock Exchange of Thailand (SET)-listed renewable energy firm, is halting its investment in the cannabis industry, awaiting clearer government regulations. The company, which ventured into cannabis and hemp through its subsidiary GK Hemp Group, has already spent nearly 500 million baht (US$14 million) on developing its cannabis project but is now pausing further expenditure. The firm’s decision…
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Central Retail reports 6% revenue boost to 67.3 billion baht
Central Retail Corporation‘s first quarter earnings report revealed a robust performance, with a 6% revenue increase to 67.3 billion baht (US$1.84 billion). Significantly, the company’s net profit jumped by 14% to 2.52 billion baht (US$ 70 million) compared to the same period last year. Under the leadership of Yol Phokasub, the company has seen a notable shift towards omni-channel retailing,…
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Thailand introduces 10-year EEC visa to attract global talent
Aiming to bolster the Eastern Economic Corridor‘s (EEC) potential as a regional industrial powerhouse, Thailand’s Cabinet has sanctioned a novel 10-year visa specifically designed for top-level professionals and experts. The EEC visa is part of a strategic move to attract talent to the country’s targeted industries, as announced by deputy government spokeswoman Rudklao Intawong Suwankiri following a recent cabinet meeting.…
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Thailand champions LGBTQ rights with World Pride 2030 bid
As Thailand gears up to potentially host the prestigious World Pride event in 2030, Siam Piwat Group is championing a progressive stance on LGBTQ rights. The property and retail giant has launched the “Celebration: Right to Love” campaign in anticipation of the same-sex marriage bill’s enactment by the end of the year. This legislative milestone would position Thailand as the…
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Thailand slashes satellite slot auction prices to attract bidders
The National Broadcasting and Telecommunications Commission (NBTC) is gearing up for a new auction of satellite orbital slots at 50.5° East, 51°E, and 142°E slated for August 23 to September 7, targeting slots that remained unsold in a previous bid. The amended draft for the auction conditions, approved on May 13 by the NBTC board, aims to attract bidders with…
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Chiang Mai’s rot daeng under threat from ride-hailing apps
Chiang Mai’s iconic rot daeng, or red cars, transport service is under threat as tourists are opting for alternative modes of transport, causing local operators to urge the government for assistance. The issue was highlighted in an online debate where a Facebook user expressed concerns over the survival of the rot daeng services, which are now facing stiff competition from…
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Johor, Singapore aim for Shenzhen-like economic zone
The Malaysian state of Johor suggested its economic and petrochemical centres as potential locations for a special zone with neighbouring Singapore. This proposal is part of Johor’s ambition to become the Shenzhen of Southeast Asia, according to the Star’s report. The proposed area will include Iskandar Malaysia and Pengerang, located on the state’s eastern coast, said Johor Menteri Besar Onn…
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Thai industry leader defends Bank of Thailand’s financial autonomy
Federation of Thai Industries (FTI) Vice Chairman Montri Mahaplerkpong voiced opposition to any proposals that would impede the Bank of Thailand‘s (BoT) authority over its financial stability management. Montri argued that the government should explore more palatable solutions to its disagreement with the BoT over policy rates, rather than attempting to curtail its power, which he sees as a contentious…
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Former executive brings fresh perspective on talent management
A former corporate executive and business consultant, with over 15 years of experience working across various industries, recently transitioned into writing business articles and offering expert commentary on business-related matters. With a newfound focus on continuously evolving business strategies and management principles, the 42 year old former executive now leverages in-depth knowledge of market trends to decipher the complexities of…
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Golden stability: Prices hold firm above US$2,300 despite brief dip
With a steady hold above US$2,300 during the early days of May, gold prices remained relatively unchanged, following a brief dip to the lowest level since the start of April. The first half of this year is anticipated to experience intense volatility in prices owing to factors such as the US economic health, global interest rate fluctuations, and the Middle…
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Back-to-school: Rise in education costs leaves parents reeling
As the cost of schooling skyrockets, parents brace themselves for a financial storm, with tuition fees soaring to unprecedented levels. The latest revelation from the University of the Thai Chamber of Commerce (UTCC) uncovered the staggering truth behind education expenses in 2024. According to Thanawan Polwichai, advisory chairman of the UTCC’s Centre for Economic and Business Forecast, the latest survey…
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Rayong tourism suffers after industrial area explosion
Tourism in Rayong has suffered a setback after a pyrolysis gasoline tank in the Map Ta Phut industrial area exploded on Thursday, resulting in one death and four injuries. The incident led to a flurry of tour cancellations at several fruit farms in the area, despite being located 40 to 50 kilometres away from the site of the explosion. The…
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Thailand’s longest onshore gas pipeline launched by PTT
PTT President Auttapol Rerkpiboon announced the opening of Thailand’s longest onshore gas pipeline. The 417-kilometre pipeline, previously delayed due to Covid-19, will secure the gas supply across seven provinces, supporting power generation, industrial operations, and transportation. As part of PTT‘s fifth-phase development, the pipeline extends from the company’s gas separation plants in Rayong to Nontha Buri, facilitating a gas transport…
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Red Bull’s global charge: TCP Group aims high
TCP Group, the firm behind the manufacture and distribution of Krating Daeng, also known as Red Bull, has set its sights on international markets due to their high growth potential. The management is also keeping an eye on escalating costs. Spearheaded by TCP Group’s CEO Saravoot Yoovidhya, the company observed a growth of merely 4-5% in the energy drink market…
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Energising event: Thailand hosts future energy Asia summit
Thailand will host the Future Energy Asia Exhibition and Summit from May 15 to 17 at the Queen Sirikit National Convention Center in Bangkok. The event highlights Thailand’s crucial role in fostering a sustainable regional energy transition and underlines its commitment to this cause. Currently, Thailand’s energy sector is undergoing a significant transformation. The government has laid down ambitious targets…
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Bitcoin declines amid speculations of crypto market peak
Bitcoin’s value is slowly declining, marking a significant shift in the digital asset market worth over US$500 billion (18.5 trillion baht). This has led to speculation about the possible peak of the cryptocurrency rebound. The token is on the brink of a five-day losing streak, which hasn’t been seen since October of the previous year. The overall crypto market has…
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Commerce Minister aims to boost Thai-Japan trade
The Deputy Prime Minister and Minister of Commerce, Phumtham Wechayachai, embarked on an international mission to amplify Thailand’s soft power and enhance Thai-Japan trade. This trip, scheduled for May 11-12, will take the Minister to Tokyo, Japan, where he will participate in the 24th Thai Festival Tokyo event. Wittaya Maneenet, the Ministry of Commerce spokesperson, clarified that the purpose of the…
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Car industry faces crunch as EV demand slumps and costs rise
The automobile industry, stretching from Europe to Asia, is bracing for a tough year ahead as rising costs and a slump in electric vehicle (EV) demand begin to take their toll on profits. Mercedes-Benz Group AG, yesterday, revealed plans to extend the lifespan of their combustion-engine cars due to underwhelming EV sales. Toyota Motor Corp, anticipating a 20% drop in…
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Deepfake dilemma: AI scam rise, posing as kin for data snatch
Artificial intelligence (AI) deepfakes, used for identity theft and impersonating identities of the victim’s relatives are now being used for personal data collection, in a rising trend of scams in Thailand. Titinun Suttinaraphan, the Regional Marketing Director of Southeast Asia for Gogolook, developer of the Whoscall app, states that the total number of Thai were victims of 217,047 scams per…
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Thailand’s economic growth forecast revised down
The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) has revised Thailand’s economic growth forecast downward from a range of 2.8 to 3.3% to 2.2 to 2.7% for the year. The revised outlook is due to a slowdown in exports, which is negatively affecting the manufacturing sector. The panel also flagged a decrease in export expansion from 2% to…
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