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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Sponsored Retiring in Thailand: Why and how health insurance is crucial for your golden years
Thailand offers an ideal setting for retirees with its tropical climate, warm hospitality, and affordable living. But enjoying your golden years to the fullest means planning for health coverage. Here’s a complete guide on why health insurance is essential for...
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Thailand implements 8.36 billion baht plan to stabilise rice prices
The National Rice Policy and Management Committee has introduced three strategic measures to stabilise rice prices amidst concerns of potential oversupply during the harvest season. By maintaining a balance between demand and supply, these initiatives aim to prevent a price drop in this year’s rice crop. Commerce Minister Pichai Naripthaphan announced that the first measure entails an 8.36 billion baht…
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ERC mulls 31% electricity tariff hike despite lower fuel costs
Businesses and households are facing a significant decision regarding the future of their electricity costs as the Energy Regulatory Commission (ERC) considers changes to the power tariff. Despite a projected decrease in fuel costs, the ERC is evaluating whether to maintain the current rate or implement an increase of 26 to 31% early next year. The existing tariff, set at…
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THAI union fights to keep government out of airline’s rehab plan
Thai Airways International (THAI) staff are up in arms, rallying against what they see as an attempt by the government to seize control of the airline under the guise of a rehabilitation plan amendment. The airline’s labour union staged a peaceful but determined protest outside THAI headquarters yesterday, November 8, holding up placards and calling on creditors to reject the…
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Loy Krathong festival to generate 6.9 billion baht tourism revenue
Thailand’s Loy Krathong festival is set to boost the economy, with an expected 6.9 billion baht in tourism revenue from 1.9 million domestic trips, as reported by the Tourism Authority of Thailand (TAT). The northern region is forecasted to be the most popular destination, drawing the highest number of tourists. TAT Governor Thapanee Kiatphaibool projected a 9% increase in tourist…
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Thailand to register unregistered hotels in response to EU carbon rules
The Tourism and Sports Ministry is set to register unregistered hotels within a year, responding to the forthcoming EU Carbon Border Adjustment Mechanism (CBAM), which introduces strict environmental regulations. CBAM, starting in 2026, will impose carbon pricing on imports, impacting Thailand’s tourism sector if service providers fail to meet standards. Efforts are underway to host a global-scale trade show, such…
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Bangkok Bank backs bold India expansion for Thai businesses
Thai businesses have their sights set on India’s booming market, and Bangkok Bank is rolling out the red carpet to support this promising venture. With an eye on India’s rapid economic growth and vast population, the bank’s president, Chartsiri Sophonpanich, calls it “a golden opportunity” for Thai entrepreneurs eager to expand. India’s economy is powering ahead at an annual growth…
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Thailand powers up clean energy game with 3 new hydropower projects
Thailand is set to enhance its clean energy capacity with the development of three additional hydropower dams by the Electricity Generating Authority of Thailand (EGAT). These dams will function as substantial batteries, thanks to a 90-billion-baht (US$2.65 billion) investment aimed at bolstering the country’s electricity supply amid concerns about the intermittency of solar and wind power. Egat is currently conducting…
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Thailand leads ASEAN in gold demand growth amid record prices
Thailand continues to lead the ASEAN region in consumer gold demand growth, as reported by the World Gold Council (WGC). In the third quarter of 2024, Thailand’s gold demand surged by 11% year-on-year, reaching 14.5 tonnes, marking its second consecutive quarter of robust growth. Globally, gold demand remained strong, increasing by 5% from a year earlier to 1,313 tonnes. This…
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Thailand biofuel subsidy ends in 2027, costs to rise for farmers
Thailand’s Energy Ministry is set to introduce measures to mitigate the effects of the impending cessation of biofuel price subsidies in 2027. With the expiration of these subsidies, the cost of biofuels is anticipated to rise, impacting palm and sugar cane growers who supply raw materials for biofuel production. Farmers sell their crops to factories that produce two types of…
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What can a foreigner own in Thailand?
Ranked as the 6th most expat-friendly country globally, Thailand offers a welcoming environment for international citizens, though some legal restrictions do apply. While Thai law places certain limitations on foreign ownership and investment, these regulations vary depending on the type of asset or business venture you’re interested in. Whether you’re an expat looking to invest in Thailand or planning to…
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Thailand targets 8 million European tourists to boost long-haul numbers
Thailand aims to attract eight million European tourists next year as part of a strategy to boost the number of long-haul visitors to a record 11 million, the Tourism and Sports Ministry announced. This move follows plans to collaborate with airlines and foreign ambassadors to ensure a full resumption of international flights. Tourism and Sports Minister Sorawong Thienthong emphasised the…
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Thai Drinks launches 100m baht campaign to boost local tourism
Thai Drinks Co Ltd, the producer of Crystal Drinking Water, announced a partnership with the Tourism Authority of Thailand (TAT) to launch a significant marketing initiative aimed at boosting domestic tourism. With an investment of 100 million baht, the campaign seeks to engage consumers by linking the consumption of Crystal water to the exploration of Thailand’s natural beauty. From October…
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Thailand enforces stricter regulations on illegal factories
Thailand’s Industry Ministry is intensifying efforts to enforce stricter regulations on substandard products that falsely claim to meet Thai Industrial Standards Institute (TISI) standards. Industry Minister Akanat Promphan announced the initiative following a Cabinet meeting, emphasising the need for collaboration with modern trade stores to conduct random product inspections. “To enforce measures to control substandard products, we are seeking cooperation…
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Thailand’s public debt remains sustainable at 64% of GDP
The recent Cabinet meeting focused on the nation’s public debt status, revealing it remains well within sustainable limits. Public debt as of August reached 11.7 trillion baht, accounting for 64% of the country’s GDP, comfortably below the 70% benchmark for fiscal sustainability. Government spokesperson Jirayu Houngsub detailed during the meeting that the Finance Ministry adhered strictly to the public debt…
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LNG prices stable in 2025, easing Thailand’s power tariff adjustments
Liquefied natural gas (LNG) prices are projected to remain stable in early 2025, alleviating some of the pressure on Thai officials as they prepare to calculate a new power tariff for electricity bills from January to April next year. According to the Electricity Generating Authority of Thailand (EGAT), this stability in LNG pricing will influence the upcoming adjustment of the…
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Bitcoin set for record high amid US election and rate cuts
Bitcoin is poised for a potential surge to a new record high this month, driven by expectations of further US policy rate cuts and a potential victory by Donald Trump in the US presidential election, according to insights from Merkle Capital, a digital asset fund manager. Last month, Bitcoin reached US$73,600, marking an increase of over 25% compared to the…
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Thailand to ‘China’ its brand with bold e-commerce marketing
Expanding Thai products into the Chinese market relies heavily on creating a distinct corporate identity, testing products among Chinese consumers, and leveraging online marketing channels. According to the Thai E-Commerce Association, tapping into e-marketplaces is essential for Thai exporters aiming to establish a foothold in China. The association highlights the importance of live commerce and suggests setting up a cross-border…
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Thai Airways reshuffle: Finance Ministry calls for new managers
Thailand’s Finance Ministry is set to shake up Thai Airways International Plc (THAI)‘s rehabilitation plan, nominating two high-profile officials to join the team managing the troubled national airline’s comeback. In a bid to secure its position as THAI’s primary creditor, the ministry will propose these candidates at a crucial meeting with debtors on Friday, November 8. The nominees, Polchak Nimwatana,…
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Thailand seeks Japanese investment in high-tech sectors
Thailand’s Commerce Minister Pichai Naripthaphan met with Japanese business leaders on November 1 to encourage increased investment in advanced technology sectors, aiming to restore Japan’s position as Thailand’s primary foreign investor. In his first meeting since taking office, Pichai held discussions with Keita Ishii, president of the Japan Chamber of Commerce and Industry (JCCI), alongside executives from major Japanese firms…
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Bank of Thailand board chair decision delayed amid controversy
The selection process for a new board chairman at the Bank of Thailand (BoT) has been delayed yet again, as the independent committee overseeing the choice opted to postpone its decision for another week. They indicated the necessity of more time to fully consider the information presented. This marks the second delay in the decision-making process, following an earlier postponement…
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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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Thailand to boost trade ties with South Asian nations
Thailand is setting its sights on strengthening ties with South Asian countries to enhance trade in food, energy, and human security sectors across the Southeast region. Foreign Affairs Minister Maris Sangiampongsa, during his visit to India, discussed these ambitions following a meeting with Thai ambassadors and consuls stationed in South Asia. Maris highlighted South Asia’s strategic significance, noting that the…
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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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