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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Infinito helps hotels in Thailand with revenue management
Maximising revenue and profit–isn’t that the ultimate goal for every business in the hospitality industry? If you run a hotel, you might have heard that revenue management is an effective way to boost your top-line revenue. It involves using data...
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SEC considers banning NVDR securities for Thai investors
With plans to limit Thai investors from making investments in non-voting depository receipts (NVDRs), the Securities and Exchange Commission (SEC) is setting up a public hearing to enforce a ban on securities companies offering such services. Citing concerns over NVDR securities as a mechanism to sidestep compliance with regulations or as a means to obscure shareholding data, the SEC believes…
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Thailand’s tasty revival: Spending spree at food shows signals economic upswing for MICE sector
A surge in spending at food and packaging trade shows indicates a revival in the economy and a favourable trend for business tourism this year. Thailand remains a favoured location for the meetings, incentives, conventions and exhibitions (MICE) sector, according to Informa Markets Thailand, a leading trade show organiser. Kotchasorn Tocharoentanapol, the Deputy Event Director at Informa Markets Thailand, noted…
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Record-breaking business registrations and foreign investment in Thailand
Business registrations in Thailand soared to an all-time high in the previous year, exceeding 85,000, a figure not seen in the last decade. These registrations represented a total registered capital of 560 billion baht (US$15 billion). Foreign investment also saw a significant rise, hitting 130 billion baht (US$3.6 billion) in 2023, with Japan leading the investment pool. Projections for the…
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Mobile Cabinet allocates 552 million baht for Andaman Coast development
A total of 552 million baht (US$15 million) has been allocated by the mobile Cabinet towards the development of 18 new projects across six southern provinces on the Andaman Coast. Prime Minister Srettha Thavisin announced yesterday, January 23, after a Cabinet meeting in Ranong. The projects, proposed by the Joint Public and Private Sector Consultative Committee responsible for the southern…
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Franklin Templeton eyeing expansion into Thailand’s offshore market
Franklin Templeton, an American multinational holding company with a portfolio worth US$1.5 trillion, is contemplating an expansion into Thailand to tap into the local market for offshore products. The Asia-Pacific head, Tariq Ahmad, revealed this in an interview in Hong Kong, however, he did not specify a timeline for the expansion. The firm is also planning to bolster its alternative…
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Thailand’s economic growth falls short of projections amid potential crisis
The pace of Thailand’s economic recovery slackened last year, falling short of the official predictions, as disclosed by government spokesperson Chai Wacharonke. This could increase the likelihood of the central bank considering an early easing strategy. Chai revealed today, January 23, that the Thai economy only expanded by 1.8% last year, a drop from the 2.6% growth experienced in 2022.…
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Bitcoin plunges 20% following launch of US Bitcoin ETFs
Bitcoin, the world’s leading digital currency, has seen a sharp decline of nearly 20% since January 11. This follows the launch of the inaugural Exchange-Traded Funds (ETFs) that invest directly in Bitcoin. The downturn has been attributed to increased caution among investors regarding the potential effects of these new financial products. On the day of the ETFs’ launch, Bitcoin soared…
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SET-listed banks’ net profit surges 15.6% due to rate hikes
Interest income growth due to policy rate hikes has contributed to a 15.6% year-on-year increase in consolidated net profit for ten Stock Exchange of Thailand (SET) -listed commercial banks in 2023, reaching a total of 232 billion baht. The previous year’s profit was around 201 billion baht. In the context of these rising interest rates, the banking sector demonstrated a…
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Thai SMEs threatened by proposed minimum wage hike and high loan rates
The Federation of Thai Industries (FTI) warned that small and medium-sized enterprises (SMEs) could be significantly affected by the proposed daily minimum wage hike and high loan interest rates. This comes as the government persists in its efforts to increase wages. Towards the end of 2023, a resolution was reached by the tripartite wage committee, composed of representatives from the…
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US-China tensions fuel e-commerce growth in Thailand
The mounting geopolitical tension between the US and China is precipitating an influx of new e-commerce entities into Thailand, a development set to escalate market rivalry and broaden the scope of the cross-border e-commerce industry. Thanawat Malabuppha, the CEO of Priceza and honorary president of the Thailand E-Commerce Association, asserts that the escalating US-China geopolitical strife has triggered an expansion…
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TAT targets 7 billion baht tourism revenue surge for Ranong
The Tourism Authority of Thailand (TAT) aims to boost Ranong province’s tourism revenue to 7 billion baht (US$196 million) in the current year, a substantial rise from 6.72 billion baht (US$188 million) in the preceding year. The strategy is to increase the share of international tourists to 15% of total visitors, a significant recovery from the previous year’s slump. Ranong,…
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Changan Automobile targets selling 20,000 EVs in Thailand this year
With positive optimism about the electric vehicle (EV) market in Thailand, Changan Automobile, a renowned manufacturer based in Chongqing, China, has set an ambitious plan. The company aims to sell 20,000 EVs in Thailand within this year and has designated the nation as its strategic export hub. Shen Xinghua, who chairs Changan Auto Sales (Thailand), revealed that the Thai government’s…
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Pandemic sparks faith tourism pilgrimage as seekers find peace in Thailand’s temples
Following the pandemic, a rise in faith tourism as a search for peace and tranquillity has been observed. Temples and sacred spots across Thailand have seen an increase in visitors, and the donation boxes are filling rapidly. Future Markets Insight reported that worldwide, faith-based tourism was worth US$13.7 billion in 2022 and is expected to reach US$40.9 billion in 2033.…
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Global economy to grow in 2024, Thai leaders face new challenges
The global economy is projected to grow in 2024, according to forecasts by leading business groups and the World Bank. However, Thai leaders are expected to navigate new challenges such as bridging generational gaps in conversations and encouraging younger workers to mentor older employees on new technologies. Meanwhile, the stress levels among all employees are at an all-time high, triggering…
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Thailand expects major rise in EV imports under new four-year plan
The director-general of the Excise Department projected a significant increase in electric vehicle (EV) imports, with an estimated 175,000 units expected to reach Thailand within two years. This comes as part of a four-year plan, EV3.5 (2024-27), which requires importers to establish a production base in the country from 2024-25 onwards, to replace imports with domestically produced EVs. The plan…
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Thai tourism sector optimistic about Chinese arrivals despite economic concerns
Despite the Thai tourism sector experiencing a drop in Chinese visitors last year, the government remains optimistic about an increase in arrivals this year, targeting eight million visitors from the mainland. This optimism is fuelled by the prospect of the visa-free policy becoming permanent in March. The Chinese government has been advocating for its citizens to travel domestically during the…
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Thai Commerce Ministry set to liberalise ten service businesses this year
The Business Development Department under the Commerce Ministry is anticipated to liberalise ten service businesses within this year, encompassing sectors like telecommunications services, treasury centres, and currency exchange businesses. Director-General Auramon Supthaweethum stated that the department has already completed studies on eight of these businesses, with the remaining two set to open for public hearings soon. As soon as the…
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India encourages Thailand to tap into Andaman and Nicobar’s fisheries
The Indian government is encouraging Thailand to capitalise on opportunities within its fishing and tourism industries, particularly in the Andaman and Nicobar Islands. Shri Vishwendra, the region’s Secretary of Fisheries, emphasised the significant potential for deep-sea fishing due to the area’s underexploited marine resources. Despite the abundance of resources, including a potential tuna catch amounting to 148,000 metric tonnes, the…
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Bitcoin plunges to lowest value since mid-December amid dwindling ETF hype
Bitcoin, the world’s largest digital asset, plunged to its lowest value since mid-December as the speculative demand driven by hype over new Exchange-Traded Funds (ETFs) has waned. This has left the cryptocurrency in negative territory since the beginning of 2024. The asset briefly hovered around US$40,000 before settling at US$40,843 as of 11.40am on Friday in Singapore, marking a 4%…
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Bank of Thailand confident in limited corporate bond rollover risk despite rising interest rates
Despite rising interest rates, the Bank of Thailand has expressed confidence in the limited risk of corporate bond rollover this year, stating that it should not pose a significant threat to systemic risk. The local bond market has remained functional, with private businesses continuing to secure new funds. Sakkapop Panyanukul, the senior director for financial markets at the central bank,…
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Thai commerce minister targets US for premium rice exports boost
Thai Commerce Minister Phumtham Wechayachai, during his visit to the US, affirmed his determination to boost exports of premium rice and other food products from Thailand. His ambition is to amplify exports of rice and food items from the Land of Smiles by 1.75 billion baht. The US, Thailand’s second largest trading partner and the principal importer of Thai hom…
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CP Group tempers investment due to global risk factors
Charoen Pokphand (CP) Group, a renowned Thai conglomerate, has planned to temper its investment activities in the current year. The group’s CEO, Suphachai Chearavanont, has indicated that this strategic shift is driven by the desire to reap the benefits from previous years’ investments. Suphachai voiced concerns over several global risk factors anticipated to lead the agriculture sector into a stagnation…
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PTTEP boosts gas production at Erawan to avoid hefty fine
PTT Exploration and Production Plc (PTTEP) is stepping up gas production at the Erawan gas block in the Gulf of Thailand to avoid a hefty fine. The penalty would be due to a failure to supply the volume of gas stipulated in a contract signed with PTT Plc, Thailand’s sole gas dealer. The chief executive of PTTEP, Montri Rawanchaikul, expressed…
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Thai retail investors now unrestricted in real estate, infrastructure-backed ICOs
Retail investors in Thailand will no longer face restrictions on investment in real estate and infrastructure-backed initial coin offerings (ICOs), according to an announcement by the Securities and Exchange Commission (SEC). The change, effective from January 16, was made to encourage technology use for fundraising and to support sustainable capital market growth and the digital economy’s development. The SEC’s role,…
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From threads to trends: Chiang Mai couple behind Thailand’s elephant pants phenomenon
In Chiang Mai, a business duo are turning Thailand’s iconic elephant pants into a global trend. Hailing from Chiang Mai, Kingkarn Samorn, the Managing Director, and Jakkaphum Samorn, the Director of Chinrada Garment Company, are the masterminds behind the rise of this iconic fashion phenomenon. From a small home office in 2013 to a sprawling modern factory in 2018, the…
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Thailand’s EV sales projected to double by year-end
Thailand is set to witness a significant spark in electric vehicle (EV) sales, potentially doubling the figures by year-end, driven by Chinese manufacturers and approximately US$2.4 billion in government incentives, bolstering consumer demand. Krisda Utamote, Electric Vehicle Association of Thailand President, forecasted that new battery EV registrations might exceed 150,000 by the year’s end in a recent interview in Bangkok.…
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Thailand targets 23.1 million MICE visitors by fiscal 2024
The Thailand Convention and Exhibition Bureau (TCEB) has set a target to attract a minimum of 23.1 million meetings, incentives, conferences, and exhibitions (MICE) visitors by fiscal 2024. Through this, they aim to generate a revenue of 136 billion baht, which equates to 75% of the income recorded in 2019. TCEB President Chiruit Isarangkun Na Ayuthaya noted that the challenge…
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SEC allows securities firms to offer spot Bitcoin ETFs to elite investors
The Securities and Exchange Commission (SEC) is in the process of permitting securities firms to offer spot Bitcoin Exchange-Traded Funds (ETFs) trading to institutional and high net worth (HNW) investors. The information became public when InnovestX Securities, a unit of SCB X Group, announced on its website that it had recently discussed the matter with the SEC and obtained approval…
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Thailand’s central bank bans prepayment charges in new lending regulation
The Bank of Thailand (BoT) has introduced a new responsible lending (RL) regulation that bans charges for debt prepayment and restructuring across all consumer loan products. The regulation, which comes into effect on January 1, impacts various financial institutions such as banks, non-banks, asset management companies, and specialised financial institutions. However, the ban does not apply to fees for mortgage…
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Thailand aims for 40 million tourists and 3.5 trillion baht revenue
The goal of 40 million international tourists and an ambitious revenue target of 3.5 trillion baht (US$ 98,348,390,000), as set by Prime Minister Srettha Thavisin, remains a tall order for this year, according to the Tourism and Sports Ministry. Still, the ministry plans to attract longer stays and increase spending through a range of measures, including soft power products, safety…
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