Business News
Thailand business news, market trends, foreign investment, and economic updates—stay informed on stock market movements, entrepreneurship, and key developments shaping the economy. Get the latest from The Thaiger, your trusted source for business news in Thailand.
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Sponsored How one hospital visit in Thailand could cost more than your whole trip
Thailand is a favourite spot for travellers who want to enjoy more while spending less. From cheap street food to low-cost hotels and fun attractions, it’s easy to stretch your budget here. But there’s one thing many people don’t think...
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SCB predicts Bank of Thailand to lower rates by 0.25%
Siam Commercial Bank (SCB) anticipates the Bank of Thailand (BoT) will initiate a series of policy rate cuts starting later this year, potentially continuing into early next year. This move is expected to trigger a reduction in interest rates across the banking sector. SCB’s Chief Executive Kris Chantanotoke predicts the central bank’s Monetary Policy Committee will reduce the policy rate…
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Villa thrill-a: Russian buyers drive Phuket’s 2024 villa surge
Phuket’s villa market has seen a remarkable surge in the first half of 2024, surpassing the total launches for the entirety of 2023. For the first time in 15 years, the value of new villas has exceeded that of condominiums, driven primarily by robust demand from Russian buyers. Phattarachai Taweewong, director of the research department at property consultancy Colliers Thailand,…
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Turbulence ahead: Thai pilots unhappy over foreign job wet lease plan
The Thai Pilots Association expressed significant concerns regarding the potential liberalisation of pilot jobs for foreigners through wet lease agreements for domestic routes. This move, they argue, could risk another red flag from the International Civil Aviation Organization (ICAO). Several stakeholders, including the Department of Employment, the association, the Civil Aviation Authority of Thailand, and an airline that requested the…
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Temu’s impact on Thailand’s e-commerce market remains uncertain
Chinese e-commerce giant Temu‘s potential to impact the e-commerce market in Thailand and the region remains uncertain, according to market analytics firm Cube Asia. Sellers may need to brace for another price war if Temu sustains strong incentives and a low-price strategy, similar to the shifts seen with Shopee, Lazada, and TikTok Shop focusing on profitability. Simon Torring, co-founder of…
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Phuket hotels see steady service charges and rising room rates
Phuket’s hotel industry will see stable service charge income and rising room rates during the upcoming peak season, according to the Phuket Hotels Association (PHA). PHA President Bjorn Courage noted that employment levels in Phuket’s 95-member hotels have fully rebounded post-pandemic. Typically, service charges account for 10% of paid room nights and are distributed monthly among all staff members. With…
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Central Fraud Register curbs mule accounts in Thai banking sector
The banking industry has taken a significant step towards curbing financial fraud by introducing a Central Fraud Register (CFR) system, designed to facilitate data-sharing and clamp down on mule accounts. In a joint effort with the Thai Bankers’ Association (TBA), the Bank of Thailand (BoT) began implementing this system last month, targeting the prevention and eradication of financial fraud related…
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Thai chamber warns flood damages may exceed 10 billion baht
The Thai Chamber of Commerce (TCC) raised alarms over the economic repercussions of the ongoing floods in northern Thailand. Should the flooding persist for another month, financial damage could surpass 10 billion baht, officials warn. Estimates from the TCC and the University of the Thai Chamber of Commerce reveal that if conditions improve within the next two weeks, the current…
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Second-hand tsunami: Used car flood drives Thai sellers to despair
A torrent of high-quality used cars flooding the market might sound like a bargain hunter’s dream but it’s turning into a nightmare for sellers. While buyers drive off with the deals, automakers in Thailand are hitting potholes trying to move new stock, and used car dealers are struggling to keep sales engines running. The second-hand car market skidded to a…
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Aircraft shortage delays launch of Thailand’s Really Cool Airlines
The worldwide aircraft shortage has led to a delay in the launch of Really Cool Airlines in Thailand. The airline, headed by chief executive Patee Sarasin, is finalising a lease agreement for two Airbus A330 aircraft, with delivery now expected by the end of this year rather than the initially planned first half. Commercial airlines are struggling to acquire aircraft…
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Thai steel firms request BoI incentives for eco-project
Thai steel manufacturers G Steel and GJ Steel are actively seeking investment incentives from the Board of Investment (BoI) to support a 4.5 billion baht development project. This initiative aims to tackle the challenges plaguing the local steel market while minimising carbon dioxide emissions. The founder and honorary chairman of both companies, Somsak Leeswadtrakul, revealed that despite employing over 1,000…
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Indonesian motorcycle taxi drivers strike for fair pay
Over 1,000 motorcycle taxi drivers initiated a strike in various Indonesian cities today, protesting against inadequate pay and demanding greater protection from what they deem unfair practices by ride-sharing firms. The drivers, clad in their distinctive green jackets, converged outside the Communications Ministry and near the Jakarta offices of Indonesia’s largest tech company GoTo and Southeast Asia’s leading ride-hailing and…
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Malaysia Airlines cuts network capacity by 20% amid shortages
Malaysia Aviation Group (MAG), the parent company of Malaysia Airlines, announced a 20% reduction in network capacity across its airlines for this year due to shortages in planes, labour, and parts. This decision affects domestic flights and routes in Southeast Asia, North Asia, Australia, New Zealand, mainland China, South Asia, and the Middle East. The group, which also includes Firefly…
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Commerce Ministry cracks down on hidden foreign ownership
The Commerce Ministry intensifies its scrutiny of businesses allegedly using Thai nominees to hide foreign ownership, focusing on sectors like tourism, real estate, and logistics. Auramon Supthaweethum, director-general of the Department of Business Development, stated that under the Foreign Business Act of 1999, foreign firms must secure permission as outlined in specific lists before starting operations. A Thai limited company…
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Krungsri’s card charge: Loan surge despite economic strain
The unsecured loan arm of Bank of Ayudhya, Krungsri Consumer, is predicting a spike in credit card loans in the second half of the year, despite the economy limping along and new rules raising the minimum payments. Currently, Krungsri’s non-performing loan (NPL) rate is a lowly 1.4%, far better than the industry average of 2.9%. Atis Ruchirawat, head honcho at…
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Thaksin’s taxing plan to tackle poverty in Thailand
Thaksin Shinawatra is making more waves to shake up Thailand’s social, economic and political scene. His latest pitch? A negative income tax (NIT) to shake up Thailand’s tax system. This isn’t the first time NIT has been floated in Thailand. Over a decade ago, the Finance Ministry’s Fiscal Policy Office (FPO) proposed something similar, and it was included in the…
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Thailand’s trade deficit with China rises 15.7% to US$20 billion
Thailand’s Trade Policy and Strategy Office (TPSO) raised alarms about the expanding trade deficit with China. Imports from China surged by 7.12% year-on-year in the first half of 2024, reaching US$37.6 billion (approximately 1.33 trillion baht). This spike resulted in a trade deficit of US$20 billion (around 720 billion baht), marking a 15.7% increase compared to the previous year. Smartphones,…
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Thailand anticipates 2 million Korean tourists amid Chuseok holiday
Thailand is gearing up for a significant influx of South Korean tourists during the upcoming six-day Chuseok holiday, aiming to maintain a strong momentum as the country anticipates a record high of 2 million Korean visitors by the end of the year. Tourism operators in Thailand remain confident despite fierce competition from Vietnam and Japan in attracting Korean tourists. Chuwit…
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Kenyan envoy urges stronger Thai-African trade and academic ties
Thailand and African nations should enhance bilateral trade, investment, and academic exchanges to foster stronger ties and expand business prospects, according to Kenyan ambassador to Thailand, Kiptiness Lindsay Kimwole. Speaking at a press conference yesterday, August 28, Kimwole, who also serves as the dean of the African Ambassadors’ Group, advocated for increased Thai investment in Africa. His comments were made…
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Calls to extend digital TV licences beyond 2029 to support industry
The Association of Digital Television Broadcasting (ADTEB) called on the National Broadcasting and Telecommunications Commission (NBTC) to extend existing digital TV licenses beyond their 2029 expiry to navigate the evolving challenges in the local digital TV market. The association further urged the NBTC to reconsider its plan to auction the 3500-3800 megahertz spectrum for telecom services, highlighting that this frequency…
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Thai central bank may cut rates if digital wallet delayed
The Bank of Thailand might be compelled to reduce the policy rate earlier than anticipated if the new government opts to postpone the digital wallet policy slated for the fourth quarter. Analysts warn this delay could significantly impact the Thai economy. Despite the central bank’s Monetary Policy Committee (MPC) maintaining the rate at 2.5% last week, BofA Securities highlighted that…
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Thailand’s female CEOs soar but the gender equality gap remains
Thailand’s female business leaders are smashing glass ceilings at an impressive rate, but the country’s gender equality struggle is far from over. With 32% of senior leadership positions in Thai businesses held by women, compared to a global average of 27%, Thailand boasts one of the highest ratios of women CEOs in the world. Nearly 90% of businesses in Thailand…
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Most Thai listed companies report Q2 this year profits
Thailand’s stock exchange disclosed that 819 out of 856 listed companies have submitted their second-quarter financial results for this year, with 631 reporting net profits. This represents a significant 77.05% of the companies that submitted financial statements. The Stock Exchange of Thailand (SET) has seen continuous growth in the second quarter of this year. Sales for listed companies in the…
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Thailand boosts HDD production with 23.5 billion baht investment
Thailand’s Board of Investment (BOI) approved a significant investment project by Western Digital Storage Technologies (Thailand) Co., Ltd., to expand its hard disk drive (HDD) and related equipment production. The project, valued at 23.516 billion baht, will take place in Bang Pa-in Industrial Estate, Phra Nakhon Si Ayutthaya province and 304 Industrial Park, Prachin Buri province. The Secretary-General of the…
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Thailand’s household debt growth slows amid stricter loan criteria
Household debt growth in Thailand decelerated in the first quarter of this year, partly due to stricter loan criteria imposed by financial institutions, the National Economic and Social Development Council (NESDC) announced. The NESDC Secretary-General, Danucha Pichayanan, reported that household debt reached 16.3 trillion baht in the first quarter of 2024, marking a 2.5% increase, which is a slowdown from…
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Mae Moh gets a farm makeover: Modern methods in full bloom
The Mae Moh Agricultural Community in Lampang Province is witnessing a significant transformation in its farming practices, focusing on modern and sustainable methods. Red oak, green oak, kale, cos, frisée iceberg, and other fresh vegetables are thriving in the community’s plots, ready for harvest. This shift towards a modern farming model is a step towards Smart Farming for the region.…
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Thai regulators intensify fight against illegal securities trading
Stock market regulators intensified their collaboration with the Anti-Money Laundering Office (AMLO) to combat illegal securities trading, aiming to dismantle criminal economic activities and boost investor confidence in the Thai capital market. A memorandum of understanding (MoU) signed yesterday, August 26, between the Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) marks a significant step towards…
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Tourism leaders urge government action post-Thai floods
Regional tourism operators are urging the Government of Thailand to develop a comprehensive long-term strategy to manage floods and storms, following recent natural disasters in northern provinces and a deadly landslide in Phuket. Phuket Tourist Association President Thaneth Tantipiriyakij highlighted the urgency of the situation after heavy rains and a landslide in Phuket resulted in the deaths of 13 people,…
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Western Digital to invest 23 billion baht in Thai expansion
Western Digital Storage Technologies (Thailand) received investment incentives from the Board of Investment (BOI) for a 23-billion-baht expansion aimed at capitalising on the burgeoning cloud and data centre industry. Western Digital, commonly known as WD, will utilise the new investment to enhance its production facilities located at Bang Pa-in Industrial Estate in Ayutthaya and the 304 Industrial Park in Prachin…
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Thailand’s TV turmoil calls for a channel change in AV rules
Thailand’s television landscape is in turmoil, and a new study says it’s time for a fresh set of rules to manage the booming audio-visual (AV) market, including streaming platforms, geo-satellite broadcasts, and digital terrestrial TV (DTT). The report, commissioned by the Office of the National Broadcasting and Telecommunications Commission (NBTC) and carried out by SCF Associates, was made public yesterday.…
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Calls for action on Chinese investments in Thailand
The new Government of Thailand is facing calls to swiftly address the growing perception that Chinese products and investments pose a threat to Thai interests. This sentiment, if left unchecked, could harm Thailand’s export and tourism sectors. President of the Panyapiwat Institute of Management and an expert on the Chinese and US economies, Sompop Manarungsan, emphasised the need for cooperation…
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