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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Thailand’s EGAT targets biomass, hydrogen to cut CO2 emissions
The Electricity Generating Authority of Thailand (EGAT) is endeavouring to combat climate change by adopting alternative fuels to replace coal in its power plants. Partnering with the Forest Industry Organisation, a study is underway to identify fast-growing plants suitable for conversion into biomass fuel. This initiative falls within EGAT’s strategy for long-term CO2 reduction, as confirmed by Chaiwut Lakmuang, the…
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NESDC adjusts Thailand’s GDP growth projections
An adjustment to the anticipated GDP growth for 2023 and 2024 has been made by the National Economic and Social Development Council (NESDC), dropping to 1.9% and 2.7% respectively. The secretary-general of NESDC, Danucha Pichayanan, has called upon the Bank of Thailand to utilise financial measures to support the economy. The NESDC unveiled the figures for the economic growth in…
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TBA urges integration of informal economy for digital growth
The Thai Bankers’ Association (TBA) has advocated for integrating the informal economy into the national economic framework to enhance transparency and bolster the country’s digital economy. The recovery index of Thailand’s GDP post-pandemic in 2023 was marked at 110, underperforming the worldwide average of 80, according to the TBA. A higher score on this index indicates a lengthier recovery period.…
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GSB asses terms for informal debtors in Thailand’s debt relief bid
Deputy Finance Minister Krisada Chinavicharana announced that the Finance Ministry has tasked the Government Savings Bank (GSB) with reassessing conditions for informal debtors. This move is part of the government’s steadfast resolution to address economic issues, especially those concerning formal and informal debt. The responsibility of registering informal debtors and facilitating negotiations with informal lenders has been given to the…
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Hong Kong bolsters business links with SE Asia and Middle East
Hong Kong is set to intensify its business ties with Southeast Asian and Middle Eastern nations, as part of its contribution to China’s Belt and Road Initiative. Nicholas Ho Lik-chi, the Commissioner for Belt and Road, has identified Malaysia, Thailand, Indonesia, Vietnam, the United Arab Emirates and Saudi Arabia as key cooperation partners for the year ahead. Ho Lik-chi oversees…
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Thailand’s GDP sees modest growth amid calls for interest rate cut
Thailand’s economic growth in 2023, as measured by the gross domestic product (GDP), registered a 1.9% increase, according to the National Social and Economic Development Council (NESDC). This growth, however, was tempered by a decline in manufacturing and public spending, despite an upswing in private consumption and visitor numbers. This growth bolsters the argument for an interest rate slash during…
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AWS plans to democratise generative AI as global fight heats up
Amazon Web Services (AWS), Amazon’s cloud computing division, unveiled its plans to make technology and generative artificial intelligence (AI) readily available. This initiative comes as the global generative AI sector becomes increasingly competitive. Jaime Valles, AWS Vice President of the commercial sector for Asia-Pacific and Japan, highlighted the transformative influence of cloud computing in granting global access to technology and…
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Thai banking industry faces hurdles amid high auto loan rejections
Last year’s robust profits from the Thai banking industry stirred debates, as critics pointed to excessively high interest rates. The sector witnessed a 17.8% surge in net interest income (NII) to 727 billion baht (US$20.2 billion) in 2023, up from 617 billion in 2022. The five biggest banks by assets contributed significantly to this rise with an increased net interest…
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Fuel dispensers’ accuracy standards to tighten in Thailand
The Internal Trade Department of the Commerce Ministry is set to tighten the accuracy standards for fuel dispensers at petrol stations. The new directive seeks to lower the margin of error to ensure that consumers receive fair and accurate fuel measurements. The department expects to enforce the new criteria within the next one to two weeks. Chakra Yodmani, the department’s…
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Thai processed sugar exports to China surge due to ACFTA
Thai exports to China, particularly those of processed sugar items including syrup, artificial honey, and various sweeteners, have seen a significant surge, courtesy of the ASEAN-China Free Trade Agreement (ACFTA). Over the past decade, Thailand has witnessed a yearly growth of 145% in processed sugar exports to China, as reported by the Foreign Trade Department. Ronnarong Phoolpipat, the director-general of…
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Thonburi Healthcare Group expands operations in Myanmar
Thonburi Healthcare Group Plc (THG) is set to broaden its hospital operations in Myanmar in response to the rising demand for medical treatments. The executive chief, Tanatip Suppradit, disclosed that a feasibility study on the new investment is currently underway with results anticipated imminently. In 2021, THG opted to postpone new investments due to the political upheaval caused by the…
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Foreign trade dept tightens inspection of tapioca chip imports
Tightened inspections of tapioca chip imports are being enforced by the Foreign Trade Department, following the discovery of a dozen importers smuggling in substandard chips. Ronnarong Phoolpipat, the department’s director-general, revealed that the department had increased inspections at national border areas since November, being the peak sales period for tapioca chips. The operations aim to address a persistent smuggling issue…
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Thailand’s BAAC to launch blockchain-based e-commerce platform for farmers
The Bank for Agriculture and Agricultural Cooperatives (BAAC) in Thailand announced its plans to establish an e-commerce platform. The platform will be built on the foundation of blockchain technology to ensure transparency and fairness, according to 42 year old Deputy Finance Minister Julapun Amornvivat. The deputy finance minister highlighted the prevalent issue in the country where the majority of profits…
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Soaring travel costs to Phuket spark tourist backlash
The soaring cost of air travel to Phuket has sparked a backlash from local tourists, with low-cost carriers reportedly charging up to 14,000 baht (US$388) for a round trip from Bangkok. Despite making bookings weeks in advance, some travellers reported paying 5,000 baht (US$138) for a one-way ticket. The president of the southern chapter of the Thai Hotels Association (THA),…
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Thailand boosts data protection following massive elderly PII leak
In a bid to combat personal data leaks, the Thai authorities pledged to strengthen protective measures. Next month, 85 organisations, each handling over 100,000 personal datasets, will face on-site audits. Half of these audits are expected to be completed by August, as confirmed by the Secretary-General of the National Cyber Security Agency (NCSA), Amorn Chomchoey. A recent report from cybersecurity…
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Thailand allocates 50 million baht for foreign tourist insurance
The Thai Tourism and Sports Ministry has allocated a budget of 50 million baht (US$1.38) for the fiscal year of 2024 to financially aid foreign tourists in the event of accidents or death. The ministry stated that this amount is likely to cover its expected influx of 35 million foreign visitors this year, in accordance with the average annual claims…
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Thailand and Cambodia discuss joint petroleum exploration in Gulf
Prime Minister Srettha Thavisin of Thailand and Cambodian counterpart Hun Manet have instigated discussions about the potential for joint petroleum exploration and production in the Gulf of Thailand. The overlapping claims area (OCA), an area of 26,000 square kilometres that is believed to be rich in fossil fuels, is the focal point of these negotiations. The OCA is considered a…
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Thai automotive industry urged to embrace sustainability
Emphasising the necessity for sustainability and clean energy, the Thai automotive industry is being encouraged to swiftly adapt to new global regulations. Furthermore, the industry is advised to utilise free trade agreements (FTAs) to enhance its competitive stance. Following a meeting with the Thai Automotive Industry Association (TAIA) and the Automotive Industry Club of the Federation of Thai Industries (FTI)…
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Charlton Media Group acquires Singapore’s Brand TD and expands into travel and tourism
Charlton Media Group, a leading name in business information, has officially announced its expansion into the travel and tourism sector. This strategic move comes with the acquisition of Brand TD from the reputable online news platform Travel Daily Media, known for its extensive coverage of the travel industry in Asia and beyond. Charlton Media Group, a leading provider of business…
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Thai consumers riding high for sixth straight month
Consumer confidence in Thailand has been on a steady rise, marking its sixth successive month of growth last month in January. Levels have reached a high unseen since March 2020, attributed to the government’s strategic stimulus measures, including spending boosts and reductions in electricity and fuel prices. Yesterday’s report from the University of the Thai Chamber of Commerce (UTCC) revealed…
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Thai stock exchange to tighten short sales and program trading rules
The Stock Exchange of Thailand (SET) is set to introduce stricter regulations on short sales and program trading, aiming to mitigate securities price volatility and bolster the long-term resilience of the market. This decision follows a comprehensive study conducted by an external advisor, which found the SET’s market surveillance system to be on par with regional standards, as per a…
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Anticipated US interest rate cut to boost gold prices in May
Gold prices in the domestic market, which had earlier witnessed a surge to 34,550 baht (US$956) per baht-weight during the Lunar New Year, are anticipated to rise again in May. This forecast comes as traders expect the Federal Reserve to begin a cut in US interest rates, thereby potentially driving global prices to US$2,100 per ounce. Gold Traders Association (GTA)…
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Over 1,000 digital platform operators register with Thailand’s ETDA
Digital platform service (DPS) operators in Thailand are flocking to register with the Electronic Transactions Development Agency (ETDA) system, with over 1,000 already signed up. This comes in response to the DPS law implemented on August 21 last year, aimed at creating transparency and enhancing consumer protection in the digital space. The ETDA is set to issue its ETDA DPS…
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Most Thais plan online Valentine’s Day shopping, reveals Visa survey
Almost four out of five people in Thailand are planning to buy Valentine’s Day gifts online, a recent survey by YouGov for payments company Visa reveals. The study aimed to assess Thai consumers’ spending habits during the romantic holiday, along with the factors influencing their decisions, and the most effective ways to win their partners’ hearts. The survey presented an…
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CRC projects 9-11% revenue growth driven by tourism boost
Central Retail Corporation (CRC) is expecting revenue growth of 9-11% in 2024, with the primary drivers being a resurgence in tourism and increased consumption. However, concerns have been raised about a potential influx of inexpensive imported goods. Yol Phokasub, CRC’s chief executive, articulated that despite the sluggish economic growth, the overall spending confidence in Thailand remains above average for the…
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Leading the way to the next era with ‘CRC OMNI-Intelligence’
Yol Phokasub, Chief Executive Officer of Central Retail Corporation Public Company Limited or CRC, said “Central Retail continues to have strong growth amid various disruptions from technology disruption and the change in consumer behaviour to the arrival of generative AI and climate change. This is a result of Central Retail’s resilient ecosystem, which allows us to be able to adapt…
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Oil Fuel Fund in Thailand faces 84.3 billion baht loss
A confidential source from the Energy Ministry revealed that a meeting is scheduled this week to address the considerable loss of 84.3 billion baht (US$2.35 billion) incurred by the state Oil Fuel Fund due to its oil and gas subsidy programmes. Despite the substantial deficit, the fund’s financial status is deemed manageable. The discussion will be spearheaded by a subcommittee…
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Thailand’s Q1 2024 government revenue exceeds target by 0.3%
The Fiscal Policy Office announced that government revenue collection for the initial quarter of fiscal 2024 surpassed its target by 0.3%, equating to 1.62 billion baht (US$45 million), according to the director-general, Pornchai Thiraveja. Pornchai, who also serves as a spokesperson for the Finance Ministry, disclosed that the government’s net revenue collection for the initial three-month period of fiscal 2024,…
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Thailand’s digital deficit weighs heavily on tech industry
The digital deficit in Thailand, estimated to be around 200 billion baht (US$5.56 billion) per year, is a major concern for tech industry leaders. The former president of the Thai e-Commerce Association, Pawoot Ponngvitayapanu, highlighted this issue to Parliament’s economic steering committee, urging them to address the deficit and informing the finance ministry. The deficit stems from Thailand consuming more…
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Thai economy needs more stimulus amidst global challenges
Kasikorn Research Centre (K-Research) warned that the Thai economy requires additional government stimulus to boost domestic consumption amidst challenges such as global politics, China’s economic deceleration, and fluctuating currency rates. The centre’s managing director, Burin Adulwattana, emphasised that the decrease in headline inflation for the fourth consecutive month in January does not suggest deflation risks, but rather highlights consumers’ dwindling…
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