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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Infinito helps hotels in Thailand with revenue management
Maximising revenue and profit–isn’t that the ultimate goal for every business in the hospitality industry? If you run a hotel, you might have heard that revenue management is an effective way to boost your top-line revenue. It involves using data...
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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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Thailand’s car industry hits the brakes: Production plunges 20%
With a significant decrease in production, Thailand’s car output experienced a 19.28% year-on-year slump in February, with the total units produced amounting to only 133,690, as reported by the Federation of Thai Industries (FTI). The numbers, attributed predominantly to the reduced production of pickup trucks and increased imports of electric vehicles (EVs), starkly contrast the 12.46% dip recorded in January.…
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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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Thai fruit frenzy: Chanthaburi aims to peel away competition
Chanthaburi is set to be promoted as the leading fruit exporter to China by the Commerce Ministry, to drive sales of durian and mangosteen to exceed 3 billion baht. This move has been catalysed by a recently signed memorandum of understanding (MoU) between the Thai-Chinese Agricultural Import-Export Association and the China Fruit Marketing Association. Commerce Minister Phumtham Wechayachai emphasised that…
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Thai PM considers turning air force base into commercial airport
Thailand Prime Minister Srettha Thavisin has been approached by provincial authorities in Nakhon Ratchasima to convert the local air force base into a commercial airport. The appeal was made during a meeting yesterday, March 24, to foster business growth and encourage tourism in the province, according to deputy spokesperson Kenika Ounjit. The authorities are requesting the private sector be allowed…
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Thai gold prices see slight rise, now at 37,900 baht per baht-weight
Thai gold prices have experienced a modest increase, catching the attention of potential buyers and investors. As of the latest update from the Gold Traders Association (GTA), the cost of gold ornaments rose by 50 baht since the last recorded prices, indicating a slight uptick in the precious metal’s market value. The GTS’s website revealed that as of 9.09am today,…
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Chinese EV investments in Thailand linked to zero dollar tours
Chinese Electric Vehicle (EV) makers’ investments in Thailand have sparked comparison with a notorious scam, the zero dollar tours, among some industry insiders. The scam, which came into the limelight in 2016, involved Chinese tourists being enticed with inexpensive tour packages in Thailand, only to be compelled to purchase overpriced souvenirs and services. The parallel is being drawn because Chinese…
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Thailand Stock Exchange shakes up trading oversight
The Thailand Stock Exchange (SET) has launched a series of initiatives to bolster trading oversight and refine company listing criteria. This move is to regain investor confidence, following a 15.5% negative return last year, the worst performance globally among stock exchanges. Foreign investors offloaded 192 billion baht worth of Thai shares last year, with this trend continuing into the first…
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Charged up: Thai finance chief sparks debate on EV development
Thailand’s finance permanent secretary stressed the need for the country to continue developing its electric vehicle (EV) sector, despite concerns about the arrival of the Chinese EV supply chain in the local automobile industry. Lavaron Sangsnit warned that without active policies to encourage EVs, Thailand may be overlooked as a locale for factory establishment due to the lack of essential…
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Thailand grapples with surge in illegal foreign workers in tourism
The Labour Ministry of Thailand has expressed worries over the persistent issue of foreigners being unlawfully employed within the country’s tourism sector. Labour Minister Phiphat Ratchakitprakarn revealed that the ministry has been vigilantly tracking the situation and has reported a steady increase in the number of illegal foreign workers. From October 2023 to February 2024, as many as 13,424 foreigners…
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Japan experiences surge in qr code transactions amid push for digitalisation
Across Japan, a surge in electronic payment drives has been noted, as municipalities aim to encourage digitalised consumption through QR code transactions. These campaigns, often run in collaboration with local businesses, have seen increasing popularity, despite resistance from certain demographics, particularly the elderly and those less adept with digital devices. The country’s significant elderly population, a group that has been…
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Boosting economic growth: Thailand-Hungary relationship
Hungary seeks to cultivate a stronger bilateral relationship with Thailand as part of the Central European country’s objective to achieve 4% economic growth in the current year, according to Péter Szijjártó, the country’s Minister of Foreign Affairs and Trade. Trade between Thailand and Hungary hit a new high last year, exceeding US$730 million (approximately 26 billion baht). Thailand made significant…
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Unveiling Thailand’s cultural heritage through mini-dramas
The Department of Commerce is encouraging business owners to utilise mini-dramas as a means of enhancing the global market’s awareness of the nation’s cultural heritage, traditions, and tourism opportunities. Commerce Minister Phumtham Wechayachai recently introduced actors to Prime Minister Srettha Thavisin, demonstrating the government’s commitment to promoting local products worldwide through the Y-Yuri Series. The department teamed up with well-known…
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Powering down to unplug overhead chaos for underground gain
Four major organisations, namely the Metropolitan Electricity Authority (MEA), the Provincial Electricity Authority (PEA), the National Broadcasting and Telecommunications Commission (NBTC) and the Bangkok Metropolitan Administration, have joined forces to replace overhead cables with underground ones along 116 routes. This substantial project, spanning across both Bangkok and other provinces, will cover a total distance of 213 kilometres. Originally slated for…
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MR. D.I.Y. undeterred by Thai wage hike, continues expansion
MR. D.I.Y., a leading home improvement retailer, persists in its expansion plans in Thailand, unperturbed by the recent escalation in the daily minimum wage. The CEO of MR. D.I.Y. Thailand, Andy Chin, acknowledges that while this wage increase may raise the company’s costs slightly, it will be advantageous for the economy. Chin predicts a positive surge in the retail sector…
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Fed’s rate cut sends gold soaring past US$2,200 per ounce
Gold soared beyond US$2,200 per ounce for the first time, following the Federal Reserve’s decision to maintain its forecast of three rate cuts this year. The Federal Reserve seems undeterred by recent inflation increases. Early trading saw Bullion reach an unprecedented high before retreating slightly. Its meteoric rise since mid-February has been underpinned by enduring support such as escalating geopolitical…
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Political unrest fuels growth in Thailand Privilege Card membership
Political unrest and geopolitical conflicts worldwide have propelled the Thailand Privilege Card’s membership count to a staggering 3,871, according to the card’s operator. The card’s operator, Thailand Privilege Card Co (TPC), noted that the long-stay visa, spanning from five to 20 years across four membership categories, has been a significant draw for individuals in countries facing severe political challenges. Russia,…
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Thailand targets diverse travel groups to boost tourism revenue
Thailand‘s aim of generating 3.5 trillion baht (US$97 billion) in tourism revenue this year requires a broader appeal beyond just leisure travellers to be competitive with other destinations, as per Dusit International. Suphajee Suthumpun, the CEO of Dusit Group, pointed out that while the new visa-free scheme is likely to ease travel, it alone would not suffice to boost revenue.…
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Northern Thailand braces for severe air pollution crisis
Northern Thailand, specifically the provinces of Chiang Mai, Chiang Rai, and Mae Hong Son, are bracing for severe PM2.5 air pollution. These areas, surrounded by mountains and hills, have previously been rated as the most polluted globally. The pollution crisis has strained the public healthcare system and forced locals to invest in air purifiers and face masks for protection. While…
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Thai govt’s cash splash: 500 billion baht digital wallet green light
With a budget proposal of 3.48 trillion baht (US$96.5 billion) for the fiscal year under discussion, the Government of Thailand is determined to proceed with a significant 500-billion-baht (US$13.8 billion) digital wallet handout scheme, according to Deputy Finance Minister, Julapun Amornvivat. During the parliamentary debate, Julapun stated the possible necessity of securing a loan via a bill to finance the…
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Thai workers anticipate 41% pay rise due to AI skills acquisition
A recent report reveals that Thai workers anticipate a significant salary increase of over 41% through the acquisition of artificial intelligence (AI) skills. This surge also promises to catalyse career advancement. The report reveals that by 2028, AI will be embedded in approximately 98% of Thai organisations. These statistics underscore the growing importance of AI-skilled employees, with 94% of employers…
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Thai economy falters as high interest rates impact major sectors
The Thai economy has taken a hit, with government revenue collections falling short of the target. Lavaron Sangsnit, the permanent finance secretary, attributed the shortfall to high interest rates, which have significantly reduced the purchasing power of consumers, impacting major sectors such as automobiles and real estate. Consumers, particularly those interested in purchasing cars or homes, have found their ability…
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Thailand anticipates American tourism influx due to Songkran
The Tourism Authority of Thailand (TAT) is anticipating a robust tourism influx from North and South America this year, with a projection of at least 1.5 million tourists – a figure that mirrors the 2019 statistics. This surge is attributed to the confluence of the Songkran celebrations and the Easter holiday in April. Deputy Governor for Europe, Africa, the Middle…
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Gold prices in Thailand surge with ornaments at 37,350 baht
Gold prices in Thailand saw a significant hike today, with the Gold Traders Association (GTA) reporting an increase that builds on the closing figures from the previous day. Today, March 19, gold ornaments were sold at 37,350 baht per baht-weight, a 150 baht rise from yesterday’s closing price. The latest data released by the association at 9.04am underlines a buoyant…
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Bitcoin: Binance CEO predicts crypto surge beyond US$80,000
The value of Bitcoin could surpass the projected US$80,000 by year-end, due to increased investment in crypto-backed exchange-traded funds (ETFs) and an upcoming supply cut, according to Binance CEO Richard Teng. During his recent visit to Bangkok, Teng reiterated this optimistic outlook was his personal view, but he pointed to the January launch of spot Bitcoin ETFs in the US…
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Feast your eyes: CRG plans to serve up 100-120 new eateries
Central Restaurants Group (CRG) has set its sights on launching between 100 and 120 new dining establishments this year, in anticipation of the restaurant sector’s broadening scope. The industry’s worth is projected to approach a substantial figure of nearly 500 billion baht by 2024. Nath Vongphanich, CRG President, anticipates an overall market growth of 5-7% this year, pushing its value…
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Index Living Mall targets low-income success defies mortgage setbacks
Index Living Mall (ILM), a Stock Exchange of Thailand (SET)-listed company, has observed rapid growth in the low-income segment, despite soaring mortgage rejection rates. This trend led to a strategic shift in the company’s approach, expanding its product range to include non-branded furniture and budget-friendly products imported from China. Kridchanok Patamasatayasonthi, ILM Managing Director, highlighted the exceptional 100% growth within…
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TPIPP announces coal-free green initiative plans by 2026
TPI Polene Power (TPIPP), the largest waste-to-energy (WTE) project developer and operator in Thailand, announced its coal-free plans as part of a broader green initiative. The Stock Exchange of Thailand (SET)-listed firm intends to be fully fuelled by renewable energy sources by 2026. Pakkapol Leopairut, TPIPP Executive Vice-President for accounting and finance, detailed the company’s ambitious green transition plan. Coal…
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Thai cardiothoracic surgeon launches air ambulance service
Dr Kornprom Saengaram, known for his dual expertise as a cardiothoracic surgeon and a professional pilot, announced the launch of an air ambulance service, AirAMB, in Thailand. Aligned with the nation’s vision of becoming a regional medical hub, the service aims to capitalise on the scarcity of similar facilities across Indochina, explained Dr Kornprom. “The opportunities for an air ambulance…
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