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 5 social media marketing companies in Thailand
As a business owner, you probably already know that social media has become an essential tool to reach new customers. According to the 2023 Social Media Marketing Industry Report, the majority of marketers reported positive outcomes from their social media...
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Visa-free policies boost international travel and economies
The international travel industry experienced a significant rebound last year, following the implementation of visa-free policies by various governments. These policies aimed to rejuvenate their ailing economies through the influx of spending by foreign tourists. Thailand, for instance, witnessed 28 million arrivals in 2023 largely due to the strong performance in the last quarter. This surge was precipitated by visa…
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Driving economic growth: Thailand’s quest for clean energy
The call to action resonates through Thailand’s corridors of power as demands surge for the nation to lead the clean energy revolution across the region, igniting economic growth. Burin Adulwattana, the managing director and chief economist at Kasikorn Research Centre (K-Research), underscores the urgency of this endeavour, stressing its pivotal role in ensuring competitive pricing for clean energy within Thailand.…
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Gold prices predicted to hit US$2,250 per ounce by year-end
A revision in the global gold prices outlook has been announced by the Gold Traders Association (GTA), projecting an increase to US$2,250 per ounce by year-end from its previous estimate of US$2,100. This adjustment comes in the wake of domestic prices reaching an all-time high of 36,700 Thai baht per baht weight yesterday morning. The President of GTA, Jitti Tangsithpakdi,…
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Italian-Thai development grapples with liquidity crisis amid scandals
Thailand’s leading construction firm, Italian-Thai Development Plc (ITD), is grappling with a liquidity crisis that has alarmed investors, regulators, and rating agencies. This scenario follows a series of local corporate scandals and debt defaults that have already unnerved the market. ITD confirmed yesterday, March 13, that it is seeking new loans from banks to alleviate the current cash crunch that…
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EA plans expansion in renewable power and EV sector
Renewable energy and electric vehicle (EV) developer, Energy Absolute Plc (EA), is set to expand its power business. The decision comes after a pause in the introduction of new projects since 2019. Currently, the firm’s wind and solar farms generate a capacity of 664 megawatts. The company’s CEO, Somphote Ahunai, noted in a 2020 interview that EA diversified into EV-related…
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Household debt surge impacts property and auto sectors
The accumulated domestic debt and non-performing loans (NPLs), coupled with stagnant buying power, have continued to suppress domestic consumption since the previous year, with the property and automotive sectors suffering the most significant blow. This is reflected in the high rate of home loan refusals and car repossessions. The numerous interest rate increases last year exacerbated the financing issues, with…
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Thailand’s smartphone market to grow 3% in 2024, says report
A 3% growth in Thailand’s smartphone market is anticipated in 2024, fuelled by the need for upgrades and enhanced technology features, says an international research firm. This follows a 2% rise in 2024, when Thailand was the only Southeast Asian nation to experience marginal growth, due to the strong performance of budget smartphones, as per Counterpoint Research’s Southeast Asia Monthly…
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US plans to reinstate GSP scheme for Thailand, to help trade relations
The United States signalled its intent to reinstate the Generalised System of Preferences (GSP) scheme for Thailand, as disclosed by Thailand’s Commerce Minister, Phumtham Wechayachai. This development comes after the scheme expired in 2020. Phumtham’s statement emerged following a strategic dialogue with US Secretary of Commerce Gina Raimondo and a representative from the President’s Export Council. The dialogue served as…
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Thai industrial sentiment dips despite tourism boost
The Federation of Thai Industries (FTI) reported a minor dip in the industrial sentiment index for February, which fell to 90.0 from 90.6 in the preceding month. This decline was attributed to a slowdown in both domestic demand and exports, despite a boost from the tourism sector. The FTI revealed that household concerns over high living costs and debt issues…
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Thailand to launch 50 billion baht SME support scheme
Thailand’s Ministry of Finance is set to endorse a new credit guarantee scheme, known as PGS 11, with a funding pool of 50 billion baht (US$1.4 billion baht). This initiative, revealed by Radaklao Intawong Suwankiri, the Deputy Government Spokesperson, is designed to bolster small and medium enterprises (SMEs) in three key industries. Radaklao announced today that Krissada Chinavicharana, the Deputy…
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Delta Electronics to invest US$1 billion in manufacturing and R&D
Delta Electronics (Thailand), the nation’s premier electronics firm by market capitalisation, is primed to inject between US$500 million and US$1 billion in a bid to enhance its manufacturing and research and development (R&D) capabilities over the next five years. A significant portion of this investment is earmarked for Thailand, disclosed CEO Victor Cheng. Cheng revealed that the capital expenditure surpassing…
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Cryptomind group aims to triple AUM to 3 billion baht amid crypto rebound
Cryptomind Group Holdings announced its aim to triple its assets under management (AUM) to 3 billion baht (US$83 million) this year, following a robust rebound in the cryptocurrency market. This projection is based upon the performance of Merkle Capital Co Ltd, the group’s digital asset fund manager and Thailand’s first licensed entity in this field. The group’s confidence bolsters following…
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Songkran festival projected to generate 24.4 billion baht in revenue
The Songkran festival, one of Thailand’s most anticipated events, is projected to yield an impressive 24.4 billion baht (US$682 million) in revenue. This figure is a result of an estimated 510,000 international visitors and 4.29 million domestic trips, as stated by the Tourism Authority of Thailand (TAT). In a bid to attract more international tourists, the government unveiled plans for…
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Thai government approves tax benefits for investment tokens
The Thai government has authorised tax measures aimed at fostering capital raising through investment tokens, as confirmed by Kulaya Tantitemit, the director of the Revenue Department. The decree, which was approved during yesterday’s Cabinet gathering, states that individuals who have received income, profit shares, or other benefits from holding digital investment tokens and have had a 15% withholding tax deducted,…
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Thailand to boost rice exports to Hong Kong and China
An upward trend in rice exports from Thailand to Hong Kong and China is anticipated this year, with a particular demand for riceberry and brown rice. This expectation is driven by the global economic recovery and a discerning preference for high-quality rice grains. Thailand is also aspiring to establish a distribution centre in Shenzhen to bolster its market presence. The…
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Krungsri Auto predicts minimal growth in new auto loans despite EV boom
Krungsri Auto, Thailand’s leading auto loan provider, predicts a mere 0.4% increase in its new auto loans for 2024, despite the anticipated boom in electric vehicle (EV) sales at the upcoming 45th Bangkok International Motor Show. This forecast was shared by Congsin Congcar, the head of Krungsri Auto Group, after the company issued over 223 billion baht in new auto…
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Pilatus Marine to expand LPG marine transport across Asia
Pilatus Marine, Thailand’s leading liquefied petroleum gas (LPG) marine transport operator, is set to expand its services throughout Asia. The move forms part of a strategic initiative to increase its customer base and cater to the rising demand for marine transport of LPG and olefins, a crucial ingredient in plastic production. According to Chief Executive, Varawit Chimtawan, the expansion is…
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Wallaya Chirathivat shapes Thailand’s retail industry
Thailand’s retail industry has been dramatically shaped by the innovative leadership of Wallaya Chirathivat, the President and Chief Executive Officer of Central Pattana Plc (CPN). As the head of one of the country’s most influential retail and property development firms, Wallaya’s strategies have led to significant advancements in the retail sector and her achievements have been recognised both locally and…
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Citi Thailand’s transformative era under Narumon’s leadership
The bustling financial landscape of Thailand is witnessing a transformative era under the leadership of 52 year old Narumon Chivangkur. With an enviable career spanning 28 years at Citi, she currently holds the esteemed positions of Citi Country Officer (CCO) and Banking Head of Citi Thailand. Her journey reflects not only her professional dedication but also her unique blend of…
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Foreign funds return to SET amid Federal Reserve expectations
Foreign funds made a return to the Stock Exchange of Thailand (SET) in February, despite a 3.2% shrinkage of the SET index in the first two months of 2024. The investors’ return was driven by a decrease in expectations of the Federal Reserve’s policy rate cut, which was predicted to happen only thrice this year. Soraphol Tulayasathien, the SET’s senior…
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True Corporation and AIS to review auction of key spectrum bands
True Corporation and Advanced Info Service (AIS), both leading mobile phone service operators, are gearing up to review a draft concerning the auction of three key spectrum bands, 850 megahertz, 2100MHz and 2300MHz. The draft is set to be completed by the National Broadcasting and Telecommunications Commission (NBTC) by June. The impetus behind this action is to secure a sufficient…
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EGCO to utilise Indonesian petrochemical operations for clean energy development
Electricity Generating (EGCO), the power generation subsidiary of the Electricity Generating Authority of Thailand (EGAT), plans to utilise its petrochemical operations in Indonesia to foster clean energy development, with a particular focus on hydrogen fuel. EGCO secured a 30% stake in PT Chandra Daya Investasi (CDI), a division of Indonesia’s largest integrated chemical and infrastructure solution provider, PT Chandra Asri…
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Hair-raising secrets revealed: ‘Hair it like Beckham’ trends in cosmetic surgery
You’ve heard of “Bend it Like Beckham” but what about “Hair it Like Beckham” as intriguing developments in the world of cosmetic surgery emerge, revealing secrets on how celebrities such as David Beckham maintain a full head of hair, even in his golden years. At the heart of these revelations is Dr Piya Rungruxsiri, a board-certified plastic surgeon known as…
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Thai industries federation urges stringent checks on imported produce
The Federation of Thai Industries (FTI) urged the government to intensify scrutiny of agricultural imports, particularly fruits and vegetables, from neighbouring nations and China, following the detection of pesticide contamination in some produce. Kriengkrai Thiennukul, the FTI chairman. stated that Thailand continues to import fruit and vegetables contaminated by chemicals banned in many countries. He emphasised the need for a…
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Thai government plans six flagship AI projects in national strategy
Six flagship projects, including the development of an artificial intelligence (AI) workforce and the Thai large language model (ThaiLLM), are on the cards for the second phase of the national AI strategy and action plan. The initiation of these projects is pending approval from a new National AI Committee, appointed by Prime Minister Srettha Thavisin. An estimated budget of 1.5…
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Thai retail sector struggles despite tax incentives and tourist spending
Despite increased spending by tourists and tax incentives to encourage buying, Thailand’s retail sector is under strain. The sector, facing the challenges of a surge of substandard goods from China, is burdening local entrepreneurs. Thai Retailers Association Vice President Chatchai Tuongratanaphan predicts a growth of only 1-2% in the retail sector for the first half of the year. This is…
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Retirement of baby boomers threatens leadership vacuum
The future of many businesses hangs in the balance as a significant number of top leaders retire, a trend accelerated by the fact that 10,000 Baby Boomers, who predominantly occupy managerial positions, are reaching the retirement age of 65 each day. That’s according to an eye-opening article published last year by Fortune magazine. The publication highlighted the mounting uncertainty for…
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Thai AirAsia opposes airfare reductions due to operational costs
Thai AirAsia weighed in on the issue of high airfares which prompted calls for price reductions, arguing that slashing ceiling prices is not a feasible solution due to increased operational costs borne by airlines since the onset of the pandemic. The airline’s Chief Executive, Santisuk Klongchaiya, suggested increasing flights during the Songkran festival as a potential strategy to decrease average…
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Thailand central bank anticipates lower rates due to virtual banking
The Bank of Thailand anticipates that the advent of virtual banks will usher in lower interest rates and fees due to the decreased operating costs associated with digital banking services, which do not require physical branches or large numbers of staff. The granting of virtual bank licences is expected to bring more competitors into the market, thereby stimulating competition within…
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True Corporation unveils 2024 strategy with AI, digital growth focus
True Corporation, the Thai telecommunications conglomerate, disclosed its tripartite strategic model for 2024. This strategy encompasses modernising its digital infrastructure, offering distinctive services to its customer base and redefining the company through the application of artificial intelligence (AI) and cutting-edge technologies. The company’s CEO, Manat Manavutiveth, has identified five disruptive elements for the current year, namely, global economic uncertainty, generative…
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