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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With World Kindness Day just two days away on November 13, it’s the perfect time to reflect on how empathy and care can make a real impact, not just in our relationships but in our health, too. This day is...
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Commerce ministry urges halt on soyabean oil price hikes
The Commerce Ministry issued a call to edible oil processors, urging them not to increase retail prices, citing no rise in production costs. This follows reports indicating that soyabean oil producers are considering raising the price of bottled soyabean oil. Goranij Nonejuie, Internal Trade Department Deputy Director-General, announced that the department has formally requested the Soyabean and Rice Bran Oil…
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Thai ESG fund rockets to top spot with impressive returns
One Equity Thailand ESG Fund (ONE-THAIESG) is stealing the spotlight in the Thai ESG fund scene, boasting a whopping 8.53% return this year, as proudly announced by One Asset Management (ONEAM). What’s behind this stellar performance? A one-two punch of a policy rate cut by the US Federal Reserve and Thailand’s very own economic comeback. TESG funds are the latest…
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Auto boom: Thailand revving up as global car parts powerhouse
Thailand is racing ahead in the fast lane of auto parts manufacturing in the Asia-Pacific region, speeding towards becoming a crucial export hub for Germany’s esteemed Schaeffler Group. Spotlighting both traditional internal combustion engines (ICE) and the rapidly accelerating electric vehicle (EV) industry, Schaeffler is gearing up for an automotive revolution. Micah Shepard, Schaeffler’s head honcho for vehicle lifetime solutions…
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Poll position: US election could rattle global markets, says ASPS
Asia Plus Securities (ASPS) is urging investors to pay close attention to the forthcoming US election, predicting it is set to send shockwaves through global markets. With expectations of heightened volatility, ASPS has delivered a stern warning: it’s time to back stocks boasting low volatility and stellar third-quarter performances for 2024. Insider tips from ASPS suggest the starched-collar bigwigs at…
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Turning up the Thai-mometer: Thailand and Russia in heated talks for free trade pact
Thailand is turning up the heat on trade negotiations with Russia, as both nations look to seal a dynamic free trade agreement with the Eurasian Economic Union (EAEU). Recent high-stakes discussions at the Commerce Ministry between Thailand’s Commerce Minister, Pichai Naripthaphan, and Russian Deputy Minister of Agriculture, Sergey Levin, underscored a shared ambition to boost trade and investment. The spotlight…
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Thailand embraces AI to lead global economy by 2030
Thailand is rapidly embracing artificial intelligence (AI) technology across public and private sectors, aligning with global technological advancements. This movement was highlighted during a seminar, where experts emphasised the importance of an AI-ready workforce to propel Thailand into the forefront of the AI-driven global economy by 2030. Scheduled as a significant milestone, 2030 is anticipated to witness a global economic…
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GDP on the up: Thailand’s economy gears up for 2.7% ‘Thai’ to growth
Thailand’s Finance Ministry is projecting GDP growth of 2.7% for the current year, with expectations to reach 3% in 2025. The Fiscal Policy Office (FPO) announced that while fiscal measures have been maximally employed to bolster the economy, further support from monetary policy is essential for achieving higher growth rates. During the ministry’s economic briefing, Pornchai Thiraveja, FPO Director-General, reaffirmed…
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Thailand shifts gears to keep diesel costs cruising under control
In a bold move to soothe the sting at the forecourts, the Oil Fuel Fund Office (OFFO) unveiled its plan to keep Thailand’s diesel prices under a breezy 33 baht per litre, even though the current subsidy scheme is revving to a halt. This decision steers from an unexpected upturn in OFFO’s finances, courtesy of plummeting global oil prices. Fiscal…
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Thailand’s digital ad spend to surpass 30 billion baht in 2024
Digital ad spending in Thailand is set to exceed 30 billion baht (US$890 million) this year, reflecting the country’s growing embrace of digital platforms. According to the Thailand Digital Ad Spending Report for mid-year 2024, jointly released by the Digital Advertising Association of Thailand and Kantar Insights Thailand, digital advertising expenditure is projected to reach 33.8 billion baht (US$1 billion),…
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Thai Oil Plc demands resolution of unpaid wages at Chon Buri project
Thai Oil Plc (TOP) is urging the resolution of unpaid wage issues that have led to protests at its Clean Fuel Project (CFP) in Chon Buri, Thailand. The country’s largest oil refinery by capacity has called upon the parent companies of the construction firms involved to address the payment delays affecting workers on site. TOP engaged the Unincorporated Joint Venture…
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Thailand’s MPI drops 3.5% amid auto, construction slowdown
Thailand’s Manufacturing Production Index (MPI) experienced a decline of 3.5% year-on-year, reaching 92.4 points in September. The Office of Industrial Economics (OIE) attributes this drop primarily to a slowdown in both the automotive and construction sectors. As the final quarter of the year approaches, the uncertainty surrounding the US presidential election might add further challenges. The third quarter saw the…
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BoT inflates hopes: Targets snug 1-3% to turbo-charge economy
In a bold move to turbo-charge Thailand’s economic engine, the Bank of Thailand (BoT) pegged its hopes on keeping inflation between a snug 1% and 3%. The aim is to shift the economy into top gear, with deputy governor Piti Disyatat revealing at the Monetary Policy Forum that they’re targeting headline inflation of 1.2% by 2025. That’s a noticeable bump…
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Central Pattana unwraps festive cheer with finn-tastic partnership
Central Pattana Plc (CPN), Thailand’s retail powerhouse, is teaming up with a host of partners including the Tourism Authority of Thailand (TAT), the Embassy of Finland, Sculptra by Galderma, and Finnair to launch the extravagant The World’s Great Celebration 2025. With a whopping 700 million baht investment, this initiative aims to give Thailand’s economy a festive boost and reinforce its…
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Crime coins: SEC cracks down on crypto laundering in Thailand
In a bold move, the Securities and Exchange Commission (SEC) has thrown down the gauntlet, demanding digital asset operators report suspicious transactions as part of a crackdown on crypto money-laundering scams. This action follows hot on the heels of accusations against iCon Group, a direct sales outfit allegedly involved in laundering dirty money through the stablecoin USDT. The Department of…
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Cloud nine: Equinix boost set to reign over Thailand’s data skies
American tech giant and cloud extraordinaire Equinix is making waves in Thailand with a colossal 16 billion baht investment. This financial injection over the next decade is set to supercharge Thailand’s data centre infrastructure, targeting the surging demand from the bustling CLMVT region, according to Thailand’s Board of Investment (BoI). For those not in the know, the CLMVT region comprises…
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Thailand cuts interest rate to boost economic recovery
Thailand’s central bank has strategically positioned its policy interest rate to counter economic challenges as financial conditions tighten and recovery remains uneven. Minutes from the October 16 meeting of the Bank of Thailand (BoT) revealed that the Monetary Policy Committee (MPC) made an unexpected decision to lower the one-day repurchase rate by 25 basis points to 2.25%, marking the first…
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Baht appreciation leads to 4 to 5 billion baht revenue shortfall
Revenue collection for the 2024 fiscal year fell short of government expectations by 4 to 5 billion baht due to the appreciation of the baht. This shortfall occurred as the fiscal year concluded in September, impacting the value-added tax (VAT) revenue from imports, particularly affecting oil imports. Finance Permanent Secretary Lavaron Sangsnit explained that the rapid strengthening of the baht…
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Thai export extravaganza: Gold rush as figures set at US$290bn
In a dazzling economic twist, Thai exports are on track to shatter the 2% growth target, soaring to an unprecedented US$290 billion this year. Poonpong Naiyanapakorn, the Trade Policy and Strategy Office (TPSO) chief, credits the surge to booming demand for all things agricultural, food-related, and electronic, thanks to the economic bounce-back in powerhouses like the United States and European…
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Golden opportunity: Prices to sparkle amid global turmoil, US policy
Gold prices are primed for a glittering rise this week, says the Gold Research Centre (GRC). Driven by a trio of global factors, the Middle East turmoil, cues from the Bank of Japan’s (BoJ) policy moves, and faltering US economic signals—this precious metal is sparking keen market interest. While most experts brace for stable or dipping gold rates, the GRC…
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Thailand to raise inflation target range for 2025 by 0.5%
The Finance Ministry and the Bank of Thailand are preparing to set the inflation target range for 2025, with the ministry proposing a 0.5% increase over the current range. A source from the Finance Ministry, who wished to remain anonymous, revealed that Deputy Prime Minister and Finance Minister Pichai Chunhavajira met with central bank chief Sethaput Suthiwartnarueput yesterday, October 28.…
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Bangkok Bank’s virtual gamble: A licence to thrill in digital banking
In a bold move set to shake up the banking scene, Bangkok Bank (BBL) is betting big on bagging a coveted virtual bank licence, boasting the might of its powerhouse partners as a strategic edge. The bank is convinced that its dream team will help it emerge victorious in the bustling virtual banking battleground. Kobsak Pootrakool, BBL’s senior executive vice-president,…
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Golden opportunity: Thai investors ‘mint’ to act as prices hold steady
In an unexpected twist for the Thai economy, the Gold Traders Association (GTA) announced a welcome bout of stability in today’s gold prices, prompting savvy investors to make their move. As of today, October 28, the glint of gold remains constant—keeping the market at a tantalising standstill. The GTA’s latest update, released at 9am, confirmed the price for gold ornaments…
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Thailand leads Southeast Asia in agricultural exports, 8th globally
Thailand emerged as the largest exporter of agricultural products in Southeast Asia and the eighth-largest globally, thanks to its free trade agreements (FTAs). The Trade Negotiations Department highlighted this achievement, with the Director-General, Chotima Iemsawasdikul, attributing the success to these agreements despite growing foreign competition and global economic uncertainties. Thailand’s agricultural export value reached US$19.8 billion (638 billion baht) in…
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EGAT to add 110 EV charging outlets in Thailand this year
The Electricity Generating Authority of Thailand (EGAT) is intensifying its electric vehicle (EV) solution services, notably by expanding charging outlets, to capitalise on the burgeoning EV market and support Thailand’s carbon reduction goals. EGAT’s expansion follows its pilot-scale operations in collaboration with state agencies and building owners. With 50 years of expertise in electricity supply and transmission system development, EGAT…
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Potential Trump return haunts global finance leaders at IMF meeting
Amidst the typical chatter of low growth, high debt, and conflicts flaring up, the real buzz at the annual IMF and World Bank meetings was the possible political comeback of Donald Trump. This was the hot topic for finance leaders in Washington last week, overshadowing the usual suspects on the agenda. According to some sources, Trump’s alleged leap in the polls…
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Thailand establishes semiconductor board to boost industry
Thailand aims to bolster its standing in the regional semiconductor industry, with significant efforts underway to prepare a skilled workforce for escalating demands. This move is marked by the formation of the National Semiconductor and Advanced Electronics Industry Policy Committee, also known as the National Semiconductor Board, chaired by Prime Minister Paetongtarn Shinawatra. Paetongtarn signed an order to establish the…
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Thailand’s auto industry brakes as production target stalls
Thailand’s auto industry is stuck in first gear, with car production now expected to fall short of the 1.7 million target for 2024 as sales and exports hit a serious slump. The Federation of Thai Industries (FTI) warns that car manufacturing could face another downgrade this year, with officials predicting a sharp drop from the original target of 1.7 million…
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Thailand’s card payments to hit 3.3 trillion baht by 2028
Thailand’s card payments market is projected to achieve a compound annual growth rate (CAGR) of 9.2% from 2024 to 2028, reaching 3.3 trillion baht (US$94.5 billion) by 2028. This growth is driven by a consistent consumer shift towards electronic payments, according to data and analytics firm GlobalData. Data from GlobalData’s Payment Cards Analytics indicates that card payment value in Thailand…
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Golden glow fades: Thailand’s gold prices take a baht-tle dive
After a dazzling run, gold prices have taken a nosedive in Thailand, with gold ornaments now pegged at 44,100 baht per baht weight. The Gold Traders Association (GTA) reports a 300 baht drop from yesterday, October 23, putting an end to the recent upward streak. As of 9.06am today, gold bullion is fetching 43,500 baht to buy and 43,600 baht…
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Bond voyage: Political risks drive foreign exodus from Thai bonds
Increased political risks and the central bank’s reluctance to further cut interest rates are prompting the selling of Thai government bonds. Foreign investors have withdrawn over US$850 million from baht bonds this month, marking the largest monthly outflow since August last year, according to the Thai Bond Market Association. This trend is expected to continue, with investment firm Abrdn plc…
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