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 targets luxury and niche tourism for growth boost
The Tourism Authority of Thailand (TAT) is setting its sights on four niche tourism markets for the upcoming year: wellness, luxury experiences, sports tourism, and honeymoons. This strategic focus aims to tap into the burgeoning trend of high-spending and luxury tourism, with the agency planning to introduce exclusive events across the country. According to Chiravadee Khunsub, the Deputy Governor for…
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Thailand throws ‘baht’ at impact study of 10,000-baht handouts
In a bid to decipher the ripple effects of Thailand’s 10,000-baht cash handout scheme, the Finance Ministry launched an exhaustive survey. This deep dive, spanning 40,000 participants, aims to unravel the true impact of this financial initiative on the economy and society as a whole. Finance Permanent Secretary Lavaron Sangsnit promises findings by the month’s end. “This survey uses a…
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Thailand’s business community urges govt for festive financial jolt
As the new year approaches, Thailand’s business community is pulling no punches in calling for urgent government intervention to jump-start the economy. With suggestions ranging from tax breaks to debt relief, industry leaders are clamouring for robust stimulus measures to invigorate growth. Nath Vongphanich, President of the Thai Retailers Association, is at the forefront of this push, advocating for a…
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Hong Kong hotel bills pile up: Tourism takes a hit amid dollar drama
As Hong Kong’s hospitality sector braces for the new year, a perfect storm of challenges threatens to sour the city’s tourist appeal. With a new lodging tax set to dent visitors’ wallets and geopolitical tensions on the rise, thanks to Donald Trump’s upcoming presidency, the city’s once-thriving tourist industry could face an uphill battle. From January, a 3% hotel guest…
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Crypto hits new heights: Bitcoin Trumps US$100k amid election buzz
In a staggering leap that has set the crypto world ablaze, bitcoin shattered the US$100,000 mark for the first time, skyrocketing from around US$69,000 just a month ago. This meteoric rise comes hot on the heels of the US presidential elections, fuelling frenzied speculation among crypto investors about the impact of Donald Trump’s return to prominence. With crypto enthusiasts on…
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Thailand’s VAT hike: Restaurant and hotel sectors’ suggestions
A proposed increase in the value-added tax (VAT) rate from 7% to 15% has sparked significant concern among Thailand’s restaurant and hotel industries. Although the plans for the VAT hike are now reportedly scrapped, Sorathep Rojpotjanaruch, who leads the Thai Restaurant Business Association, expressed alarm over the potential consequences this tax hike could have on the already struggling restaurant sector.…
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Taxing times: Thai PM backtracks on VAT hike after public outcry
In a dramatic U-turn, Prime Minister Paetongtarn Shinawatra pulled the plug on a proposal to crank up the value-added tax (VAT) following a storm of public outrage. The PM took to X (formerly Twitter) today, December 6, decisively posting: “No VAT adjustment to 15%.” This swift decision emerged from a huddle at Government House with Finance Minister Pichai Chunhavajira and…
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Thailand seeks US direct flights amid airline hesitance
The Tourism Authority of Thailand (TAT) is actively working to initiate direct flights from the United States to Thailand, as local Thai airlines remain hesitant to establish these routes. This move follows the anticipated lifting of restrictions by aviation regulators next year. The US Federal Aviation Administration (FAA) recently provided a positive assessment of Thailand’s aviation safety standards. The Transport…
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Thailand’s EV market hits a speed bump in incentive race (video)
Thailand’s electric vehicle (EV) market is experiencing a jolt as major manufacturers weigh the pros and cons of staying plugged into the nation’s incentive scheme amidst a slowdown. With the EV sector currently stuck in neutral, the Electric Vehicle Association of Thailand (EVAT) hints that automakers might be on the verge of bypassing subsidies and revisiting their production game plans.…
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Thailand’s 2024 inflation forecast set between 0.2% and 0.8%
The Commerce Ministry has forecasted that Thailand’s headline inflation for 2024 will range from 0.2% to 0.8%, settling at a midpoint of 0.5%. This projection is part of a broader economic outlook that anticipates a range of factors influencing price changes in the coming years. In 2025, headline inflation is expected to be slightly higher, between 0.3% and 1.3%, driven…
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Thai industry urges delay on 400 baht minimum wage increase
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is set to appeal to Prime Minister Paetongtarn Shinawatra tomorrow, urging a postponement of the upcoming increase in the daily minimum wage to 400 baht, scheduled for January 1 next year. This request arises from the current economic challenges businesses are facing. Sanan Angubolkul, chairman of the Thai Chamber of…
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Terror threat won’t deter Israeli tourists from Phuket, says PTA
Israel’s recent warning of a terrorist threat in Southeast Asia, following the murder of an Israeli rabbi in the United Arab Emirates, is not expected to impact Phuket, according to the Phuket Tourist Association (PTA). Despite the alert, Phuket remains a popular destination for Israeli tourists, with enhanced safety measures in place to ensure visitor security. The National Council of…
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PTT forecasts growth amid rising energy demand, Thai recovery
PTT Plc, Thailand’s state-owned oil and gas conglomerate, anticipates a stronger business outlook in 2024, buoyed by increased energy demand and an improving domestic economy, despite a forecasted dip in energy prices. The high tourism season is expected to drive up domestic oil consumption as both foreign and local travellers contribute to heightened energy usage. Factories are also projected to…
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Thai trade rises 6.18% to 1.51 trillion baht in 10 months
Thailand’s border and cross-border trade surged by 6.18% in the first 10 months of 2024, reaching a total value of 1.51 trillion baht (US$43.43 billion), according to Commerce Minister Pichai Naripthaphan. The government has set an ambitious goal of expanding this trade to 2 trillion baht (US$58 billion) annually by 2027. The export value during the period rose by 5.64%…
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Thai labour market hits brakes as factories cut jobs amid car sales slump
The Thai labour market is in turmoil as major factories announce sweeping layoffs, with reports that Nissan plans to slash or relocate more than 1,000 workers. This news compounds an already grim employment landscape, as highlighted by the National Economic and Social Development Council (NESDC), which reported unemployment figures rising to 414,000 in the third quarter, up from 401,000 last…
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Crypto cash-in: Thai bitcoin funds take investors to new heights
Thailand’s bitcoin mutual funds are riding high, with returns skyrocketing up to 30% since their debut in June. This impressive surge aligns with bitcoin’s upward trajectory, edging closer to the US$100,000 mark, a climb bolstered by policies linked to Donald Trump’s recent win in the US presidential election. In a move that has energised the market, the Securities and Exchange…
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Thailand to finalise free-trade deal with EFTA by January
Thailand is set to finalise a free-trade agreement with the European Free Trade Association (EFTA) by January next year, aiming to boost its export market and draw European investors. This announcement from the Ministry of Commerce emphasises a strategic step forward in Thailand’s economic expansion. Commerce Minister Pichai Naripthaphan confirmed the completion of negotiations for the Free Trade Agreement (FTA)…
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Thai Airways secures 44 billion baht in share rights offering
The Government of Thailand announced plans to increase its investment in Thai Airways International (THAI) without reinstating the airline as a state enterprise. This decision was confirmed during a Cabinet meeting in Chiang Mai, where Finance Minister Pichai Chunhavajira provided updates on the airline’s debt restructuring efforts. During the meeting, it was revealed that THAI anticipates raising approximately 44 billion…
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Why Thailand has become an important tech hub in Asia
Thailand, traditionally famous for its beautiful beaches, rich culture, and busy tourism industry, now shines in the tech world. In recent times, the country quickly changed into a major technology hub in Asia. This transformation attracts investors, startups, and large global tech companies. What has turned Thailand into a tech rising star? Let’s find out. Thailand’s Strategic Place in Asia…
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Port, theme park, and F1 dreams: Tycoon’s vision for Jakarta
A Formula 1 race in Jakarta? That’s just one of the audacious ideas from Sugianto Kusuma, one of Indonesia’s wealthiest tycoons, as he transforms a former slum into a multibillion-dollar metropolis. From a bustling port to luxury hotels, the ambitious project is aiming to put North Jakarta on the global map. Kusuma, better known locally as Aguan, is spearheading the…
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Arip turbocharging TechXPro marketing to ignite gadget craze
In an audacious move to spark excitement in the gadget-hungry crowds, Arip has turbocharged its marketing budget for the Commart TechXPro event, aiming to fire up demand for cutting-edge IT products as the year wraps up. This tech extravaganza, which kicked off yesterday, November 28, at Bitec and runs until December 1, has seen its marketing purse swell from a…
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KEX Express delivers change: Shifting gears to new markets (video)
KEX Express (Thailand) Plc, formerly known as Kerry Express, is embarking on a dramatic overhaul. The delivery giant is set to close several branches and trim down its workforce as it shifts gears towards the business-to-business (B2B) and customer-to-customer (C2C) sectors. This bold pivot comes straight from the top, confirmed by company insiders keen to reposition KEX away from traditional…
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Songkhla floods wash away bookings in Hat Fai wipeout (video)
Flood chaos in Songkhla and the wider Deep South has left the Malaysian market in tatters, forcing a total wipeout of hotel and tour bookings in Hat Yai for the next two weekends. The relentless downpours have thrown travel plans into disarray, causing a domino effect on local tourism, just as things were heating up. Songchai Mungprasithichai, the head chief…
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Thailand’s economy shifts into gear but auto industry hits a bump
Thailand’s economy is on a cautious upswing, buoyed by a surge in exports, a bustling tourism sector, and healthier private consumption. Yet, the road ahead isn’t entirely smooth, with the automotive industry hitting a bump. The Fiscal Policy Office (FPO) has laid bare the mixed fortunes in its recent October economic report, painting a picture of resilience tinged with challenges.…
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Thai Airways gets a financial lift-off with ministry’s capital boost
The Ministry of Finance is set to propose a capital injection for Thai Airways International to the Cabinet next week. This move is designed to ensure the airline’s recovery while keeping the ministry’s shareholding below 50%, preventing a reversion to state enterprise status, as confirmed by Tibordee Wattanakul, Director-General of the State Enterprise Policy Office. This financial boost is part…
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Thailand’s manufacturing index poised for growth after 2024 dip
Thailand’s Manufacturing Production Index (MPI) is set to see a turnaround next year, with expectations of a 1.5 to 2.5% growth. This forecast comes as a recovery from the anticipated 1.6% contraction in 2024, largely attributed to weak consumer purchasing power and high household debt, as reported by the Office of Industrial Economics (OIE). OIE Director General Passakorn Chairat expressed…
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Loan clouds gather: Thailand’s tourism faces a credit crunch storm
Thailand’s domestic tourism scene is facing stormy weather as concerns mount over rising consumer loans and mortgage defaults, industry insiders reveal. These financial headaches are casting doubts on whether short-term festival and event promos can still work their magic. The latest report from the National Economic and Social Development Council waved a red flag, revealing a troubling uptick in personal…
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Banking on stability: Thailand hits a high note despite loan flatlining
The Bank of Thailand is striking a confident note, assuring everyone that the nation’s banking system is rock solid despite some worrying dips in loan growth. Their latest statement paints a picture of moderately strained resilience, with banking capital, liquidity, and loan-loss provisions standing firm. Loan growth took a hit in the third quarter of 2024, shrinking by 2% compared…
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Land of smart: Thailand’s AI ambitions set to smile on the future
Hold the front page! Thailand is making some serious waves in the world of artificial intelligence (AI). The Land of Smiles is rolling up its sleeves to become a key regional centre for AI training, partnering with the United Nations Educational, Scientific and Cultural Organisation (UNESCO). This clever move is all about leading the charge in helping developing countries tackle…
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Thai banks remains cautious despite liquidity surplus
Thailand’s banking sector is experiencing a significant liquidity surplus, according to a Bank of Thailand (BoT) assistant governor. The central bank has not yet increased its lending oversight, indicating a cautious approach by banks when it comes to extending loans. Sakkapop Panyanukul, in an article featured on the BoT’s website, explained that banks’ lending decisions are closely tied to the…
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