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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China’s outbound tourism surges due to strategic visa policies and AI use
The increase in China‘s outbound tourism can be linked to the strategic visa policies and the use of artificial intelligence (AI) in travel assistants, as stated by Trip.com Group, China’s leading online travel platform. The group’s vice president and managing director of international markets, Boon Sian Chai, highlighted the significance of visa waivers introduced in September in the revival of…
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Thai companies seek dynamic leadership amid challenging times
The need for a dynamic, collaborative and empowering leadership style is paramount in today’s business environment, particularly for Thai companies navigating unpredictable challenges. Leadership development has become a critical issue for companies as they strive to integrate Generation Z into the workforce, reskill older generations, and cultivate a diverse pool of leaders who can inspire innovation and high performance, whilst also…
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Thai high-value sectors to boost economy, exports in 2024 says FTI
The Federation of Thai Industries (FTI) forecasted that the country’s high-value sectors such as agriculture, food, automotive, and bio-, circular and green (BCG) manufacturing will bolster the economy and exports in the coming year. The BCG initiative, launched as a national agenda in 2021, aligns with global environmental campaigns, encouraging manufacturers to adopt environmentally friendly technologies. Kriengkrai Thiennukul, FTI chairman,…
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Festive hamper market heats up as retailers vie for consumer spend
The festive hamper and gift market is witnessing a surge in competition, with major supermarket chains and beauty brands leveraging aggressive campaigns and attractive offers to boost consumer spending during the Christmas holiday season. Following a full recovery from the pandemic’s impact on the retail sector, a substantial budget has been set aside this year to mark the inauguration of…
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Thai Cabinet reshuffle could impact economy and foreign investment
The Thai Cabinet, currently conducting mobile meetings in Nong Bua Lam Phu – the country’s poorest province, is speculated to face potential reshuffles in leadership or dissolution in the coming year, intensifying the political activities across various Thai provinces. Such changes could pose a risk to the country’s economy, given the current administration is only a few months old. The…
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Surat Thani’s hidden gems captivate American tourists
Tourism operators within the southern province of Surat Thani are pivoting their attention to the US market, showcasing the distinctive local attractions. Atirat Danpattaraworawat, who heads the Cheow Lan Lake Tourism Promotion Association, disclosed on Sunday that their recent networking expedition to the United States, spearheaded by the Tourism Authority of Thailand (TAT), garnered considerable interest from the US market.…
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Bangkok’s mobile grocery stores to ease living costs
The Ministry of Commerce remains steadfast in its mission to operate mobile grocery stores across Bangkok and its neighbouring provinces, to alleviate the cost of living. Goranij Nonejuie, the Deputy Director-General of the Internal Trade Department, confirmed the continuation of the mobile grocery store initiative, now entering its fifth year of operation. The initiative will see deployment in over 100…
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Vietnam attracts soaring Chinese investment as US trade dwindles
With a surge in Chinese investment, Vietnam has become a hotspot for economic activity this year, as figures indicate a decline in US trade and spending. Vietnam’s strategic location along the South China Sea makes it a vital link in global supply chains, particularly for Chinese components and American consumers. September saw United States President Joe Biden elevate diplomatic relations…
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Surge in gold prices today as announced by Gold Traders Association
The Gold Traders Association (GTA) announced a surge in gold prices today, after a significant drop. As of today, December 7, the gold bullion was sold for 34,300 baht per baht, showing a 100 baht increase compared to the closing price yesterday. According to the GTA’s website, as of 9.04am local time, the selling rate for 96.5% gold bar was…
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Thai industry calls for retention of current power tariff amid hike fears
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is urging the Thai government to retain the current power tariff of 3.99 baht per kilowatt-hour. The request comes amid concerns that a proposed hike to 4.68 baht could escalate operational costs for manufacturers, leading to a 5 to 10% increase in product prices. The Energy Regulatory Commission previously suggested…
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NBTC plans to boost Internet connectivity for impoverished Bangkok communities
In a bid to bridge the digital divide, the National Broadcasting and Telecommunications Commission (NBTC) has announced plans to increase Internet connectivity for impoverished communities in Bangkok. The initiative also includes the provision of WiFi service for districts nationwide. This move forms part of the NBTC’s fourth universal service obligation (USO) plan. In line with the draft USO 4.0 scheme,…
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Thai executives warn against fiscal burden increase: SET survey
The Stock Exchange of Thailand (SET) has published a survey in which top executives from Thai listed firms have urged the government to avoid amplifying the nation’s fiscal burden and distorting markets. The executives also proposed more involvement from the private sector in policymaking. The survey, titled Economic Outlook 2023 to 2024, was the work of the SET’s research department…
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Thailand’s tourism revenue falls short of annual target
The Tourism Authority of Thailand (TAT) projected a shortfall in its annual tourism revenue target, with this year’s earnings expected to reach 2.07 trillion baht (US$58,773,427,200) instead of the projected 2.38 trillion baht. TAT Governor, Thapanee Kiatphaibool, attributes this shortfall to the sluggish performance of international tourism receipts, which were significantly lower than the state’s target of 1.6 trillion baht.…
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High depreciation of EVs raises loan concerns says National Credit Bureau
The National Credit Bureau (NCB) raised concerns about the high depreciation rates of electric vehicles (EVs) and the associated loan risks. As the popularity of EVs, particularly Chinese brands, continues to rise, so does the volume of loans attributed to their purchase. However, EVs depreciate faster than traditional internal combustion engine (ICE) cars, which has heightened the risk for auto…
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Thailand’s smartphone market to recover in 2024 boosted by AI and 5G
The smartphone market in Thailand is projected to recover in 2024, following an expected slump this year. The rebound is attributed to artificial intelligence (AI) features on smartphones, increased availability of affordable 5G devices, and replacement demand from 2021, according to Canalys, a global tech market analyst firm. Canalys analyst Sheng Win Chow indicated that the AI features on these…
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Isaan illuminates: Thai govt sparks tourism surge in the northeast for economic radiance
The northeast region of Thailand, known as Isaan, is set to become a new focal point for tourism growth. It is part of the government and the Tourism Authority of Thailand (TAT) initiative geared towards stimulating economic activity in secondary cities. The plan was unveiled last month during the China International Travel Mart 2023 where TAT promoted Isan to Chinese…
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Thailand’s EV policies and tech partnerships attract foreign investors
The Federation of Thai Industries (FTI) has projected that Thailand will become increasingly appealing to foreign investors, backed by distinct government policies encouraging investment. Prime Minister Srettha Thavisin recently endorsed a policy designed to stimulate Electric Vehicle (EV) production and consumption between 2024 and 2027. This incentive package, known as EV 3.5, is expected to be a significant determinant in…
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Thailand’s SET index forecasted to rise due to return of foreign investments
Asia Plus Securities (ASPS) forecasted a potential rise in the Stock Exchange of Thailand (SET) index to the 1,500-point level by year’s end, up from approximately 1,380 points last month. This optimistic prediction stems from the expected return on foreign investments and the impact of the recently approved Thailand ESG Fund (TESG) on trading. ASPS anticipates the index to climb…
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BCPG to divest its nine solar farms in Japan for strategic reinvestment
BCPG Plc, Bangchak Group’s power generation subsidiary, is planning to divest all its nine solar farms in Japan, in a strategic move to revamp its long-term investment in renewable energy. The assets on sale include equity worth 6.93 billion baht and net debt totalling 3.44 billion baht. The company has entered into an asset purchase agreement with Danish renewable energy…
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Thai government approves 8 billion baht scheme to tackle PM2.5 pollution
To mitigate the escalating PM2.5 pollution problem, the government recently approved a scheme worth 8 billion baht designed to incentivise sugarcane farmers to modify their harvesting methods. The initiative, which is set to be implemented in the 2022/23 harvest year, encourages farmers to cut fresh sugarcane without burning the residue, a practice known to be a significant contributor to the…
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Thailand’s PM courts tech giants for digital sector investment
Prime Minister Srettha Thavisin has been courting major corporations in a bid to bolster foreign direct investment (FDI) in Thailand’s digital and high-tech sectors. This comes after the initial deals struck for tech investment under the previous administration. During his recent visit to the US, the 61 year old Thai PM engaged with several technology behemoths, imploring them to consider…
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Thai EV solutions provider teams up with Chinese manufacturer for electric taxis
In an innovative move to capitalise on the upswing in electric vehicles (EVs) in Thailand, EVme Plus Co, a leading EV solutions provider, is partnering with a Chinese EV manufacturer. This collaboration is aimed at promoting the usage of battery-powered cars among taxi drivers. EVme Plus Co is a part of the oil and gas colossus PTT Plc. The company…
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Invest in foreign bonds, REITs, healthcare, and tech stocks for 2024, advises Tisco bank
Tisco Bank’s Head of Wealth Advisory, Nattakrit Laotaweesap, advises investors to focus on foreign bonds, real estate investment trusts (REITs), and healthcare and technology stocks in the next year as a safeguard against potential downturns. The global economy’s pace is anticipated to decelerate next year due to the impact of tighter monetary policies, which could result in a potential downgrade…
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AI accelerates: Dell’s 2024 forecast unveils tech integration triumph for business evolution
Dell Technologies predicts that by 2024, artificial intelligence (AI) will be the driving force behind the integration of other emerging technologies, including advanced hardware, edge devices and cybersecurity, all aimed at enhancing business transformation. The tech firm foresees a convergence of quantum computing and generative AI within the next five years. John Roese, Dell Technologies’ Global Chief Technology Officer, shared…
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Baconomics at play: Pork prices sizzle down, fuelling October’s inflation cool-off
A decline in pork prices significantly contributed to a reduction in the inflation rate in October, an anonymous figure within the Finance Ministry has revealed. The inflation experienced a year-on-year decrease of 0.31% in October, largely due to a 0.2% drop in energy prices, attributed to lower oil costs and employed subsidies to keep energy prices in check. Moreover, food…
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Thailand ramps up fight against online IP infringements
Commerce Minister Phumtham Wechayachai ordered the Intellectual Property Department to accelerate measures against online intellectual property (IP) infringements. The proliferation of such violations on digital platforms, he noted, not only damages IP owners, predominantly entrepreneurs but also tarnishes Thailand’s image. In response to this, small and medium-sized enterprises are being encouraged to boost their comprehension of IP rights. This includes…
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CapCut Creative Suite: Transforming social media content creation in Thailand
The digital space in Thailand, one of the countries located at the heart of Southeast Asia is undergoing a rapid transformation. In the Kingdom, social media is not simply a platform; it is a living component of the culture. The evolution has raised a critical demand for communicating the message using tools compatible with the local culture. CapCut creative suite…
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Thailand’s digital leisure evolution
Thailand, a country known for its vibrant culture and picturesque landscapes, is currently experiencing a remarkable transformation in its leisure and entertainment sectors. This transformation, deeply rooted in the digital revolution, is reshaping how Thais engage with entertainment and cultural activities. Thailand is forging ahead on an innovative path where technology expands cultural offerings to make them more accessible and…
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Thai Commerce Ministry plans new year mega sale
The Thai Commerce Ministry has unveiled plans for a new year mega sale, an extensive retail event, to alleviate living costs for the local population. The sale, which is being presented as a new year’s gift to the citizens, is set to take place at Muang Thong Thani from December 20 to December 24. The Commerce Minister, Phumtham Wechayachai, reported…
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Thai community enterprise signs 100 million baht deal for Korat’s Golden Bananas export to Japan
A landmark deal worth 100 million baht has been signed between a Japanese buyer and a Thai community enterprise group for the purchase of 5,000 tonnes of Korat’s Golden Bananas. This first-ever export deal, set to greatly benefit local farmers, has been hailed for its potential to open new markets for Thai growers. The contract was signed at the Lamtakong…
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