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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Thai Consulate Savannakhet: No more walk-in services
THAI CONSULATE SAVANNAKHET POLICY CHANGE The Royal Thai Consulate in Savannakhet, Laos, will go to online appointment booking only effective June 1st (actually on Tuesday June 4th which is the first day they’re open after the holiday). The consulate will no longer allow walk up service, you have to book an appointment to get in the gate. At this time the…
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Massive positive changes to Thailand’s visa system from June 1
5-year visas available for digital nomads, boxers and chefs students The cabinet has approved a number of new visa initiatives aimed at attracting more tourists. This includes visa-free and visa-on-arrival schemes, extended stays for students, and a decrease in mandatory health insurance for retirees. The Foreign Ministry suggested these actions due to the country’s significant reliance on tourism, according to…
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Chinese investors show strong interest in Thailand at RCEP-tion
Chinese investors eagerly engaged with Thailand’s business landscape at a recent matchmaking event held under the Regional Comprehensive Economic Partnership (RCEP) agreement. Marking its debut in Thailand, the event seeks to draw interest towards emerging S-curve industries and facilitate the transfer of technology from China. At the helm of the 1st RCEP Business Opportunities Matchmaking Conference (China-Thailand) was Commerce Minister…
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Thailand Cabinet boosts 2024 fiscal budget by 122 billion baht
The Thai Cabinet approved a plan to increase the 2024 fiscal budget by 122 billion baht to support its delayed household stimulus scheme, Deputy Finance Minister Paopoom Rojanasakul today announced. This adjustment will raise the new budget to 3.6 trillion baht, representing a 13% increase from the previous year, with the deficit swelling to 805 billion baht. The government’s decision…
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Thai-made armoured vehicles and pistols delivered to Bhutan
In a momentous event overseen by Defence Minister Sutin Klungsang, a ceremony unfolded today to transfer a cache of arms to Bhutan’s police force. The consignment included 10 armoured vehicles and 230 pistols, all manufactured by two Thai companies. Set against the backdrop of the Defence Ministry‘s permanent secretary office building, the ceremony symbolised the strong defence cooperation between Thailand and…
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Mobile banking to operate normally during verification
The National Broadcasting and Telecommunications Commission (NBTC) clarified today that mobile banking services will continue to operate as usual on May 27. The NBTC, in collaboration with the Anti-Money Laundering Office (AMLO) and commercial banks, aims to ensure that mobile numbers linked to bank accounts are properly verified to tackle issues related to fraudulent SIM cards and mule accounts. The NBTC…
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Finance Ministry to reassess stock holdings worth 1.19 trillion baht
The Finance Ministry plans to reassess its shareholdings in various stocks to optimise its asset portfolio and generate additional revenue for the state. Deputy Finance Minister Paopoom Rojanasakul instructed the State Enterprise Policy Office to evaluate the ministry’s stock holdings. According to sources, this review aims to identify which assets the government should retain and which could be sold. A…
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Finance minister orchestrates with BoT for fiscal symphony
Finance Minister Pichai Chunhavajira is adopting a more cooperative stance towards the Bank of Thailand (BoT) compared to the Thai prime minister, aiming to align fiscal and monetary policies more effectively. Prime Minister Srettha Thavisin has been advocating for interest rate cuts to stimulate the economy. Pichai, however, has shifted the focus towards enhancing public access to finance, expressing his concerns…
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Brands accused of rainbow washing during Pride Month
Throughout June, rainbow flags adorn many city streets globally in celebration of Pride Month, symbolising the ongoing struggle for civil rights and the pursuit of equality for LGBTQIA+ individuals. Brands and companies often show their support by incorporating rainbows into their logos or changing their profile pictures to feature rainbow graphics during this time. However, when June ends, these displays…
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New pathways to CEO roles ensures leadership transformation
Leadership is undergoing profound changes, reshaping the pathways to executive roles. The role of CEOs today is distinctly different from a decade ago, as the demands of constant connectivity and the need for agile responses to global shifts have transformed the landscape. CEOs must now embody vision, resilience, and adaptability, moving beyond past experiences and traditional strategies. They need to…
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Thailand PM calls urgent meeting with economy ministers
Thailand Prime Minister Srettha Thavisin called for an urgent meeting with economy ministers to discuss short-term economic stimulus measures to address Thailand’s sluggish economic performance in the first quarter of 2024. The National Economic and Social Development Council (NESDC) reported that Thailand’s economy grew by only 1.5% year-on-year for the first three months of 2024. This lacklustre growth has prompted…
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Tax refund delays: Stricter checks put paperwork in slow lane
Stricter document verification has led to delays in personal income tax refunds this year, the Revenue Department reported. An increase in the submission of fraudulent documents, particularly fake income certificates (50 Tawi), prompted the department to scrutinise tax refund documents more meticulously. Vinit Visessuvanapoom, Deputy Director-General and principal advisor on tax base management stated that the department’s heightened caution stems from…
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Gold trading in the era of financial regulatory changes
The gold market has undergone significant changes in recent years due to evolving financial regulations across the globe. With increased oversight and restrictions, gold traders have had to adapt to this new environment. This article explores how gold trading has been impacted by financial regulatory changes and what traders need to know going forward. Increased Capital Requirements One of the…
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Thailand’s MICE industry shakes up IMEX Frankfurt 2024
A dazzling display of Thai hospitality took centre stage at IMEX Frankfurt 2024 as 36 Thai exhibitors united under the Thailand Pavilion. Representing Bangkok, Phuket, Pattaya, and Phang-nga (Khao Lak), the delegation comprised 20 hotels and resorts, 11 DMCs and organisers, two venues, one airline, one association, and the Thailand Convention and Exhibition Bureau (TCEB). TCEB President Chiruit Isarangkun Na…
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Thai car production drops 11.02% in April amid long holidays
Car production in Thailand experienced a significant decline of 11.02% in April from the previous year, with total units produced amounting to 104,667, according to the Federation of Thai Industries (FTI). This decrease follows a more substantial drop of 23.08% year-on-year in March. The FTI attributed April’s reduced production figures to long holidays during the month. For the January to…
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US imposes major tariffs on Chinese EVs and semiconductors
The United States recently imposed substantial tariffs on Chinese products, focusing particularly on electric vehicles (EVs) and semiconductors. This move is expected to push China to expand its EV manufacturing within Asia, with Thailand emerging as a significant export hub, according to the Federation of Thai Industries (FTI). President Joe Biden’s administration cited Beijing’s unfair trade practices as the reason for…
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Thailand and Bhutan start free trade talks to boost trade by 2025
Thailand and Bhutan yesterday officially began negotiations for a free trade agreement (FTA), aiming to finalise the deal by next year. Deputy Commerce Minister Napintorn Srisunpang confirmed that Bhutanese Prime Minister Tshering Tobgay has signed the terms of reference to initiate the FTA discussions. Both nations see this agreement as a crucial step to enhance bilateral trade and investment, dismantle…
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Tipco Asphalt profits plummet 99% due to delays
Tipco Asphalt Plc (Tasco), listed on the Stock Exchange of Thailand (SET), faced a challenging first quarter with reduced earnings and profits due to delays in state budget spending and low global asphalt prices. Despite this, the company remains optimistic about returning to normal growth levels within the year. The company reported a significant revenue drop of 37%, falling to…
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Foreign business as usual: Thailand schools diplomats on investment
The Department of Business Development in Thailand hosted a briefing for diplomats and international organisation representatives to clarify the Foreign Business Act (FBA) of 1999. The objective was to educate foreign investors on the law to ensure compliance and proper investment practices in Thailand. The Director-General of the Department, Auramon Supthaweethum, stated that the meeting aimed to help foreign investors…
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Betting on Songkhla: Legal casino spin to boost border tourism
Tourism operators in Songkhla urge the government to consider developing an entertainment complex with a legal casino to revitalise tourism in border areas and reduce dependence on Malaysian visitors. As the government reviews a project for an integrated entertainment complex, Songchai Mungprasithichai, President of the Songkhla Tourism Promotion Association, highlighted the potential of Ban Dan Nok and the area around…
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Thailand’s hydrogen hype: Fuelling a cleaner future
Thailand is gearing up to construct a hydrogen economy, motivated by both state and business initiatives to advance hydrogen fuel ventures and foster cleaner energy usage. The nation’s potential for a low carbon-driven economy is gaining traction following a joint announcement by PTT Global Chemical (PTTGC), the largest petrochemical producer in Thailand, and Bangkok Industrial Gas, the country’s leading industrial…
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Thonburi Healthcare to invest 1.5 billion baht in cancer centres
Thonburi Healthcare Group Plc (THG) will invest 1-1.5 billion baht to establish three cancer centres in Thailand, aligning with the trend of specialised hospitals and expanding its operations in Myanmar and Vietnam. According to the Chief Executive, Dr. Tanatip Suppradit, the company aims to meet the increasing demand for hospital beds in Myanmar and enhance its wellness business in Vietnam.…
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Loan and behold: NPLs spike as economy recovery stumbles
The Bank of Thailand reported a rise in non-performing loans (NPLs) within the banking industry for the first quarter, attributing the increase to all types of loan products amidst an uneven economic recovery. NPLs in the banking sector reached 502 billion baht, equivalent to 2.74% of total outstanding loans in the first quarter, an increase from 2.66% in the previous quarter.…
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Cassava crunch: Thai exports take a dip with 16.4% drop in Q1
Thai exports of cassava and cassava products fell by 16.4% year-on-year in the first quarter, largely due to a reduction in cassava chip output. The Director-General of the Trade Policy and Strategy Office, Poonpong Naiyanapakorn, reported that the export value of cassava and cassava products reached 33.2 billion baht for the first three months of this year, marking a 16.4%…
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Thailand seeks new stimulus after Q1 growth falls short
Following Finance Minister Pichai Chunhavajira’s announcement yesterday, Thailand needs additional stimulus measures to unlock its economic potential after experiencing lower-than-expected growth in the first quarter. The country’s economy expanded by only 1.5% year-on-year in the first quarter. This performance, while surpassing analysts’ forecasts, fell short of the 1.7% growth recorded in the previous quarter, said Pichai. “There was still growth…
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Thailand’s sports equipment market to hit 32 billion baht
The sports equipment market is set for significant growth in the coming years, thanks to a surge in consumer interest in health and wellness since the Covid-19 pandemic began. President of the Thailand Sporting Trade Association Kitti Charoenpornpanichkul reported that the domestic sports equipment market reached a value of approximately 30 billion baht (US$826 million) last year. This figure surpasses…
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Startups urge inclusion in Thai digital wallet scheme
Startup communities are urging the Finance Ministry to include them in the government’s upcoming digital wallet scheme. They see this as a pivotal chance to promote the adoption of digital technologies among small and medium-sized enterprises (SMEs), fostering digital transformation. President of the Thai Startup Trade Association Yutthana Srisavat, alongside Pawoot Pongvitayapanu, a leading figure in the startup ecosystem has…
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Thai hotels urge reform of unfair land and building tax rates
Hotels are calling for a revision of the property tax calculation based on land appraisal prices and business income to address the uneven recovery within the hospitality industry. President of the Thai Hotels Association (THA) Thienprasit Chaiyapatranun highlighted that the land and building tax remains a significant challenge for hotel operators. This year, the full rate is set to be…
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Thai PM explores potential projects with Italian investors in Milan
Prime Minister Srettha Thavisin embarked on a visit to Milan, Italy, where discussions with prominent investors from financial institution Intesa Sanpaolo highlighted potential avenues for collaboration on key infrastructure projects in Thailand. During his meetings, the 62 year old Thai prime minister disclosed plans regarding the Land Bridge project and the possibility of hosting a Formula One race in Thailand.…
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Govt to boost 2024 budget by 122 billion baht for handout scheme
According to the Budget Bureau Chief, the Thai government plans to increase the 2024 fiscal budget by 122 billion baht to support its primary handout initiative. This announcement follows the recent approval of a delayed 3.48 trillion baht budget. The government is continuing to push forward with fiscal stimulus plans, aiming to distribute 500 billion baht by the fourth quarter…
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