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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Gulf partners with Google to boost Thailand’s cloud services
Gulf Energy Development Plc (Gulf) has entered into a strategic partnership with Google Asia Pacific (Google) to operate its cloud services in Thailand. This collaboration focuses on leveraging the growth in data storage and processing within a secure environment that meets local regulatory requirements. Gulf informed the Stock Exchange of Thailand (SET) that its fully-owned subsidiary, Gulf Edge Co, has…
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Finance Ministry to launch 500 billion baht fund to boost shares
Stock analysts are backing the Finance Ministry’s initiative to establish a new fund aimed at boosting investment in Thai shares, predicting a surge in trading activity in the fourth quarter. To revitalise the sluggish stock market, Finance Minister Pichai Chunhavajira announced that the ministry is exploring the creation of a new fund similar to the Vayupak Fund, a former state-managed…
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Robinhood app to cease operations on July 31, SCB announces
Thailand’s beloved Robinhood application will cease operations on July 31, as announced by Siam Commercial Bank (SCB) yesterday. Offering commission-free food delivery, hotel booking and various other services, Robinhood announced that they have fulfilled their mission of supporting riders and small businesses during difficult times. SCB X Plc, the holding company for SCB and its affiliates, stated that Robinhood had…
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International visitors boost Thailand’s MICE sector by 5%
International visitors are set to drive Thailand’s MICE (meetings, incentives, conferences, and exhibitions) sector beyond its annual target by 5%, helping to offset a sluggish domestic market. Chiruit Isarangkun Na Ayuthaya, President of the Thailand Convention and Exhibition Bureau (TCEB), reported a robust recovery in the international market during the first three quarters of the 2024 fiscal year, spanning from…
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Rising travel costs hinder Asia-Pacific corporate travel, Visa reports
Rising travel costs and economic uncertainties are impacting business travel across the Asia-Pacific region, according to Visa. Companies are increasingly investing in digitalisation to manage their travel budgets more effectively. Chavi Jafa, Head of Commercial and Money Movement Solutions for Asia-Pacific at Visa, noted that while business travel may increase in the coming years, current high travel costs and economic…
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Weak economy and loan restrictions further plummets pickup sales
Domestic car sales are facing significant challenges as pure pickup sales dropped by 40.8% in the first five months of 2024, primarily due to a weak economy and difficulties in accessing loans, according to the Federation of Thai Industries (FTI). From January to May, sales of pickup trucks fell by 40.8% year-on-year to 75,510 units. While sales of pickup passenger…
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Thailand’s plant-based foods market to hit 45 million baht
Thailand’s plant-based food market is on track for significant growth, with projections from a recent workshop indicating a 10% increase in value, reaching 45 billion baht this year. This promising forecast was highlighted during a recently held workshop titled The Future of Essential Agricultural Products of Thailand: A Case Study of Plant-Based Food. The event was co-organised by the Trade…
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Thai hotels oppose plan for 75% foreign condo ownership
The Thai Hotels Association (THA) expressed strong opposition to the government’s plan to allow foreigners to own up to 75% of condominium units, warning that it could lead to intense price competition and market disruption. Concerns were raised during a meeting where members discussed significant issues impacting the hospitality industry. During the meeting, Tourism and Sports Minister, Sermsak Pongpanich delivered…
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Post-pandemic airfares to remain high amid travel surge
Despite a slight relief due to declining jet fuel prices and increased flight capacity, airfares are expected to remain high in the post-pandemic travel surge and are unlikely to revert to pre-pandemic levels soon. AirAsia Aviation’s CEO Bo Lingam spoke on the changes in travelling patterns post-pandemic in an interview. “[The aircraft] load factor is around 90%, this was unheard…
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Thailand’s TV market scores big with global sports events
Thailand’s TV market is poised for significant growth this year, driven by major global sports events, according to LG Electronics (Thailand). The head of marketing at LG Electronics (Thailand), Amnaj Singhachan, highlighted that the UEFA Euro 2024 football tournament, which runs from June 14 to July 14, and the Summer Olympics in Paris from July 26 until August 11, followed…
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Harman hits the gas with Thailand factory for electronic auto boost
Harman, a subsidiary of Samsung Electronics based in the United States, has announced the establishment of its first factory in Southeast Asia, selecting Thailand as the location for its production hub aimed at exporting electronic automotive products. Harman’s head of operations, Sami Krimi, stated his excitement at the project. “Thailand’s extensive experience in the automotive and related industries has encouraged…
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Commerce Ministry monitors 18 categories as transport costs surge
The Commerce Ministry launched a comprehensive monitoring initiative for prices across 18 categories as transport costs for the logistics sector surged by up to 9%. The Director-General of the Internal Trade Department, Wattanasak Sur-Liam, stated that the categories under scrutiny include instant noodles, fresh food, canned food, bagged rice, seasoning sauce, vegetable oil, carbonated drinks, milk and dairy products, electrical…
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US equity funds attract record inflows amid Thai market decline
US equity funds have seen the largest inflows this year, spurred by the US economic recovery and expectations of interest rate cuts, while mutual fund investments in Thai stocks have dropped by nearly 10 billion baht, according to Morningstar Research (Thailand). Nearly 7.8 billion baht has been invested in US equity funds this year, marking a 5.04% increase from 2023,…
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AI to impact less than 4% of Thailand’s service sector jobs
Artificial intelligence (AI) is projected to have a limited impact on employment in Thailand, with fewer than 4% of service sector workers at high risk of being replaced by the technology, according to Kasikorn Research Center (K-Research). A study conducted by Microsoft and LinkedIn revealed that 74% of Thai business leaders, compared to 66% globally, stated they would not hire…
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Thailand’s exports surge in May with agricultural products
Thailand’s exports reached their highest level in 14 months, achieving a 7.2% year-on-year growth in May, largely due to a surge in agricultural products. Director-General of the Trade Policy and Strategy Office Poonpong Naiyanapakorn announced that the value of exports in May expanded to US$26.2 billion (approximately 960 billion baht), marking a significant gain of 7.2%. Thai shipments, excluding gold,…
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Government may raise foreign condo ownership limit to 75%
The government considers increasing the foreign ownership limit in condominiums from 49% to 75% of a building’s usable space, as disclosed by Deputy Prime Minister Phumtham Wechayachai. The Interior Ministry is evaluating the feasibility of extending the maximum leasehold period for foreigners from 50 years to 99 years. Phumtham stated that this proposal was first discussed at a Cabinet meeting…
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Lazada denies divestment plans in Thailand amid growing rumours
Lazada Group has firmly denied any plans for divestment in Thailand, asserting that there are no ongoing discussions with investors regarding such a move. A company spokesperson addressed the circulating rumours. “Lazada Group is not considering any divestment of our business in Thailand and is not in discussion with any investors on this topic. Any rumours stating otherwise are untrue.”…
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Lamps out: Lampang horse-drawn carriage rides face unbridled end
The famed horse-drawn carriage rides in Lampang may soon become a relic of the past, as dwindling tourism revenue fails to attract new generations to sustain the business, according to the Tourism Council of Lampang. Lampang registered 559,892 visitors in the first four months of this year, a 0.52% decline year-on-year, with only 35,131 foreign travellers. Despite the drop in…
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Thai industries sentiment index drops to 88.5 as layoffs rise
Thai Industries Sentiment Index (TISI) experienced another decline in May, dropping to 88.5 from April’s 90.3 points, as 15,000 workers have been laid off since the beginning of the year, according to the Federation of Thai Industries (FTI). Layoffs in the first five months of 2024 emerged as the TISI, which measures the manufacturing sector’s health, fell for the second…
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DP World eyes investment in Thailand’s 1 trillion baht Land Bridge
Dubai-based logistics giant DP World has expressed interest in investing in Thailand’s ambitious 1-trillion-baht Land Bridge project, as confirmed by the Ministry of Transport. Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, will meet with Prime Minister Srettha Thavisin tomorrow, June 21, to discuss potential collaboration on the project. DP World is renowned as the world’s third-largest…
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Political risks threaten foreign investment in Thailand
Siam Commercial Bank (SCB) EIC Research Centre warns that heightened political risks are casting a shadow over foreign investment in Thailand’s financial, capital, and long-term direct investment markets EIC Chief Economist Somprawin Manprasert warned that various political risks and uncertainties could significantly impact foreign investor confidence and lead to substantial capital outflows from offshore investors in the Thai equity market.…
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DES Ministry snags Starlink sets in cosmic online crime crackdown
Digital Economy and Society (DES) Ministry officials confiscated 58 sets of Starlink satellite equipment allegedly intended for use by fraudsters to send and receive high-speed Internet signals via satellite, as part of a broader campaign to combat online crime. DES Minister Prasert Jantararuangthong highlighted that efforts to curb online crimes, such as removing unauthorised cell signal towers and cross-border cables, have…
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Thailand’s cybersecurity spend critical as cybercrime costs surge
Thailand’s current expenditure on cybersecurity stands starkly low at just 0.2% of corporate revenue, despite the looming surge in cybercrime-related costs projected to reach US$10.5 trillion globally by 2025, according to cybersecurity firm Fortinet. Krungthai Compass, the research division of Krungthai Bank, anticipates that Thailand’s cybersecurity investment will climb to 18 billion baht (US$490 million) by 2025. This growth, averaging…
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Autostore drives into Thailand for robotic expansion
AutoStore, a leading automated fulfilment system company based in Norway, has chosen Thailand for its second overseas robot manufacturing base to strategically position itself closer to key markets. Mats Hovland Vikse, chief executive at AutoStore, revealed the thinking behind the move. “Since 2012, our robots have been manufactured and shipped exclusively from Poland. With increased demand in our automated fulfilment…
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Inflate debate: BoT warns against raising inflation target
Bank of Thailand (BoT) cautioned against raising the inflation target to match the range established by the monetary authority, citing concerns that such a move may destabilise expectations and accelerate price increases. BoT Governor Sethaput Suthiwartnarueput stated that the current range is appropriate. “The current inflation target range is appropriate for the circumstances and it has worked well in terms…
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A2D Ventures Forges Strategic Partnership with The Urban Office Thailand to Empower Southeast Asian Entrepreneurs
A2D Ventures, Southeast Asia’s prominent early-stage venture capital firm and angel investing platform facilitating connections between angel investors, family offices, and venture capitalists with early-stage startups across the region, proudly announces its partnership with The Urban Office Thailand. Renowned for its commitment to providing flexible workspace solutions tailored to startups at every phase of their growth journey, The Urban Office…
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Thailand amps up EV efforts to recharge used battery market
Thailand is intensifying its efforts to boost the electric vehicle (EV) supply chain with new investment incentives targeted at the repair and refurbishment of used EV batteries, according to the Board of Investment (BoI). The BoI introduced a new investment promotion category for service centres specialising in the repair, repacking, and reuse of used EV batteries. This initiative is part…
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More new businesses than closures in Thailand, employment stable
New business registrations in Thailand continue to outpace factory and business closures, with employment figures remaining stable, according to the Bank of Thailand. Assistant Governor for the Monetary Policy Group and Secretary of the Monetary Policy Committee, Piti Disyatat stated that the central bank is not alarmed by the current rate of factory and business closures, as they are fewer…
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France loses top spot as Europe’s largest equity market to UK
France’s political turbulence has resulted in the nation losing its position as Europe’s largest equity market, a title it claimed from the UK less than two years ago. President Emmanuel Macron’s unexpected announcement of a snap election triggered a significant sell-off, erasing about US$258 billion from the market capitalisation of French companies. Major banks such as Societe Generale SA, BNP…
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Thai baht leads Asian currency declines amid holiday trade
Emerging Asian currencies experienced declines in holiday-thinned trade today, with the Thai baht leading the fall as the US dollar remained firm and Chinese economic data highlighted an uneven recovery trajectory. Markets were notably quiet across Asia due to closures in Singapore, Malaysia, Indonesia, the Philippines, and India. The Thai baht declined by up to 0.5%, influenced by weaker gold…
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