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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Top 10 international schools in Thailand 2024
Thanks to its large global population, Thailand is home to a significant number of international schools. These schools offer a range of world-class curricula, such as the International Baccalaureate (IB), British, American, and Singapore curriculum, which attracts both expatriate families...
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US bitcoin ETFs make splash in debut, marking crypto milestone
The long-awaited launch of the first United States exchange-traded funds (ETFs) investing directly in Bitcoin has finally taken place. This event has been marked as a significant milestone in the digital-asset industries over a decade-long campaign for recognition and mainstream acceptance. The nearly a dozen ETFs come from investment heavyweights like BlackRock Inc. and Fidelity Investments. On the first day…
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Thai-llywood lights, camera, baht! 2023 sees record of 6.6 billion baht roll in from film shoots in Thailand
A record-breaking 6.6 billion baht was generated by over 466 film shoots in Thailand in 2023, marking an impressive 40% increase in revenue from the previous year. This remarkable upturn was largely credited to the production of high-budget films, including a blockbuster with a budget of 3 billion baht. Jaturon Phakdeewanit, the head of the Tourism Department, noted the significant…
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GenAI set to go mainstream in 2024 amidst privacy concerns
As the year 2024 unfolds, the implementation of Artificial Intelligence (AI) technology into businesses is becoming increasingly important. With the rise of Generative AI (GenAI) and data protection, businesses, regulators, and individuals must adapt to the evolving landscape. This is particularly poignant in the ASEAN region, where privacy regulations, such as those in Thailand and Indonesia, are still relatively new.…
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SET foresees market recovery with return of foreign investment
The Stock Exchange of Thailand (SET) anticipates a recovery in return on investment this year, mirroring trends in regional markets due to an influx of foreign capital since 2023’s final quarter. Last year, foreign investors sold off Thai stocks amounting to US$5.51 billion, contrasting with 2022’s net purchase of US$5.96 billion. Nevertheless, foreign long-term investors held steady, owning around 30%…
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2C2P expands merchant partnerships under Alibaba’s Ant Group to boost SMEs
Aiming to enable offline small and medium-sized enterprises (SMEs) to accept e-wallet payments from Chinese visitors, 2C2P (Thailand) has been expanding its merchant partnerships under Alibaba’s Ant Group. The global payment platform predicts a substantial rise in revenue, from 3.2 billion baht last year to a projected 3.7-3.9 billion by 2024, representing a growth of 30% over 2022. Piyachart Ratanaprasartporn,…
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Thai Automotive Institute boosts EV industry with new test track
The Thailand Automotive Institute (TAI) is set to boost Thailand’s electric vehicle (EV) industry, constructing a test track to provide manufacturers with a range of testing services, subsequently becoming a new revenue stream for the country. This track, under construction in Chachoengsao, is designed to facilitate a broad spectrum of tests including braking and parking brake performance, speed, distance and…
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K-Asset and J P Morgan unite to boost Thai mutual fund business
A strategic partnership has been forged between Kasikorn Asset Management (K-Asset) and J P Morgan Asset Management (JPMAM) to bolster their mutual fund business in Thailand. This move aligns with the growing wealth segment in the Thai market. The collaboration was announced yesterday, January 10, by K-Asset, an industry-leading asset management company known for its substantial customer base and assets…
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Malaysia and Singapore unite to boost trade with special economic zone
Major trading partners Malaysia and SingaporeĀ agreed on a collaborative effort to establish a special economic zone. This endeavour aims to enhance trade between the neighbouring countries, which consider each other as their second most significant trading partner. The proposed economic zone is slated to be located in Johor, a southern state of Malaysia. This zone will allow businesses to enjoy…
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CPN predicts 20% retail sales surge due to Chinese New Year and tax scheme
Central Pattana (CPN), a SET-listed firm, is forecasting a 20% surge in retail sales for the first quarter, attributing the anticipated boost to the Chinese New Year festival and the Thai government’s Easy E-Receipt scheme. The company predicts a cash flow of 15 billion baht across all Central shopping mall branches. Nattakit Tangpoonsinthana, the chief marketing officer of CPN, expressed…
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JSCCIB urges BoT to cut high interest rates amid economic threats
As the economy grapples with internal and external threats, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) called on the Bank of Thailand (BoT) to reduce interest rates. The high interest rates are causing a surge in borrowing costs, amidst a volatile recovery due to the global economic downturn. These views were expressed by Sanan Angubolkul, chairman of…
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Gold price takes a dip in Thailand, down 50 baht from previous close
The Gold Traders Association (GTA) today revealed a further drop in today’s gold price when compared to the final price of yesterday. Today, a baht of gold ornament is selling for 34,150 baht, a 50 baht reduction from the closing price of yesterday. As per the GTA website, gold bars can be sold for 33,650 baht per baht and purchased…
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Innobic divests Alvogen Malta shares, refocuses on Asia-Pacific pharmaceutical market
In a strategic move to refocus its pharmaceutical sector, Innobic (Asia) Co, the life sciences division of the PTT Plc national oil and gas conglomerate, has entirely divested its shares in Alvogen Malta (Out-licensing) Holding (AMOLH). The shares were acquired by Floki Holding SociĆ©tĆ© Ć ResponsibilitĆ© LimitĆ©e, a healthcare and pharmaceutical firm based in Luxembourg. The transaction is expected to…
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EGCO finalises Compass Portfolio acquisition, boosting US power capacity
Electricity Generating (EGCO), the power generation subsidiary of Thailand’s Electricity Generating Authority, has finalised the purchase of the Compass Portfolio in the US, a move that boosts the company’s overseas earnings from the energy sector. The acquisition bolsters EGCO’s total power generation capacity to 652 megawatts, a figure determined by its stake in the Compass Portfolio. Thepparat Theppitak, EGCO President,…
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Thai bond market set for 890 billion baht redemption this year
This year, bonds worth an estimated 890 billion baht (US$25,406,794,400), primarily investment-grade, are slated for redemption, according to the Thai Bond Market Association (ThaiBMA). Around 73 billion baht (US$ 2,083,928,080) of these are set to mature within this month. The association’s president, Somjin Sornpaisarn, anticipates Thai private enterprises to float long-term bonds of approximately 1 trillion baht (US$ 28,546,960,000) throughout…
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Caution advised over interest rate cuts by Bank of Thailand
Pundits cautioned against hasty moves to cut interest rates and have emphasised the importance of an independent Bank of Thailand as it determines its policy interest rates. They warned that inconsistent fiscal and monetary policies could harm more than they help. Therdsak Thaveeteeratham, Asia Plus Securities (ASPS) executive vice president, insisted that decisions regarding interest rates should be the sole…
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Finance ministry’s vigilant watch over corporate debenture repayments
Corporate debenture repayments are under the watchful eyes of the Finance Ministry, according to a statement by Lavaron Sangsnit, its permanent secretary. The ministry, along with the Bank of Thailand (BoT) and the Securities and Exchange Commission (SEC), are vigilantly monitoring potential defaults on maturing debentures. In a recent evaluation, it emerged that only a single company was struggling to…
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IMF predicts six top global economies in 2024 to be from Sub-Saharan Africa
Six of the top-performing global economies in 2024 will be from Sub-Saharan Africa, predicts the International Monetary Fund (IMF). Despite the limited scale of these economies, they’re contributing positively to a region plagued by poverty and inequality. The economic growth of this region is set to rise from 3.3% in 2023 to 4% in 2024, with standout performances from Ivory…
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Thailand’s exports predicted to see slight rise in 2024
The Thai National Shippers’ Council anticipates a slight upturn in Thailand’s exports, predicting an increase of 1%-2% for 2024, as per today’s disclosure. This estimate aligns with a prior forecast, underscoring the critical role exports play in the economic health of Southeast Asia’s second-largest economy. However, the current global demand climate has resulted in sluggish trade in recent times. Chaichan…
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Thailand’s oil refineries ready to market eco-friendly Euro5 diesel
Thailand’s oil refineries are gearing up to market their new eco-friendly diesel that complies with the Euro5 environmental emission standard. This standard was put into effect on the first day of the year, according to the Federation of Thai Industries (FTI). The Euro5 standard, set to replace Euro4, will apply to B7 and B20 bio-diesel, which contain 7% and 20%…
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Electric vehicle market faces risk from non-performing loans
The rising popularity of electric vehicles (EVs) is facing a new challenge as concerns over non-performing loans (NPLs) seep into the EV market. The rapid surge in EV sales has led to worries about whether buyers, many of whom are considered new-generation people with weaker financial standing, will be able to meet their instalments. This could lead to an increase…
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Krungsri Capital advises investment in 11 high-dividend Thai stocks
Investors have been advised by Krungsri Capital Securities (KCS) to consider purchasing shares from 11 high-dividend (HD) stocks, which are projected to yield over 2% annually. This move is expected to result in increased capital gains from their investments in the initial two months of each year. These HD stocks have historically outperformed the broader Stock Exchange of Thailand (SET)…
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E-receipt scheme boosts Thai smartphone and computer sales in January
Sales of smartphones and computer products have soared by 30-60% in the first week of January, a trend that IT product vendors attribute to the government’s e-receipt programme. This programme, approved by the Cabinet, provides tax rebates of up to 50,000 baht (US$1,435) for individuals not qualifying for the digital handout and is slated to run from January 1 to…
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US set for decisive week on Bitcoin ETFs
The final phase of a multi-year endeavour to introduce Bitcoin-backed exchange-traded funds (ETFs) in the United States is set to climax this week, faced with a series of crucial deadlines. Bloomberg News reports that all aspiring Bitcoin ETF issuers have until today, January 8, in Washington to present any late amendments to their pending applications. Moreover, the US Securities and…
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GSB plans debt moratorium for 630,000 debtors amid Covid-19 pandemic
The Government Savings Bank (GSB) is setting up a plan to provide a debt moratorium for 630,000 debtors, totalling 6.3 billion baht. This plan is in response to the economic hardship experienced by individuals and businesses due to the Covid-19 pandemic, according to an anonymous source. During the pandemic, between 2020 and 2021, GSB, a state-owned entity, issued loans totalling…
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High travel costs and weak flight capacity challenge Thailand’s domestic tourism targets
The Tourism Authority of Thailand (TAT) revealed that the government’s target of accruing 1.08 trillion baht (US$30.9 trillion) in revenue from domestic tourism this year may be challenging to achieve due to high travel costs and weak flight capacity. The target set by the TAT for the domestic market is 200 million trips this year, matching the 2019 levels. However,…
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National Telecom to develop cloud managed platform amid rising demand
The Digital Economy and Society Ministry has commissioned National Telecom (NT), the state telecom enterprise, to create a Cloud Managed Platform (CMP). This development comes in response to the substantial demand among state agencies for a central portal to access services from any cloud provider. Ministry’s Deputy Permanent Secretary Nattapon Nattasomboon announced that NT received an allocation of 600 million…
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Thailand’s Central Retail eyes potential investment in Selfridges
Central Retail Corp., a leading retailer in Thailand, indicated potential interest in investing in Selfridges, the renowned department store, given the right circumstances. The company outlined their investment criteria in a recent statement to the Thai stock exchange, stating that any new venture must align with its strategic business plan, be reasonably priced, and have optimal timing. The company made…
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Thailand’s headline CPI sees unanticipated drop in December
Thailand’s Commerce Ministry announced today that the country’s headline consumer price index (CPI) experienced a 0.83% decrease in December compared to the same period a year earlier. This figure is a steeper drop than the 0.44% year-on-year decrease seen in the preceding month. Contrasting with the anticipated 0.30% fall for December as per a Reuters poll, the actual result was…
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Thailand-China visa-free deal to boost Chinese tourist influx by 57%
The visa-free arrangement between Thailand and China, effective from March 1, is predicted to cause a 57% surge in Chinese visitors this year, boosting the total foreign arrivals to 33 million. Analysts suggest this development offers an opportunity for investors to gradually accumulate travel stocks. Thai Prime Minister Srettha Thavisin announced the reciprocal visa-free scheme on Tuesday, January 2, following…
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National Telecom targets smart meter project amid anticipated revenue loss
National Telecom (NT) is seeking to broaden its business horizons as it anticipates a revenue loss of 4 billion baht next year due to the termination of some contracts with private mobile phone operators. The state-owned enterprise is positioning itself to join the smart meter project run by the Metropolitan Electricity Authority (MEA) and Provincial Electricity Authority (PEA), by offering…
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