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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Thai EV sales surge by 603% amid government incentives
Battery electric vehicles (BEVs) sales in Thailand surged by 603% year-on-year to 73,568 units last year, with the upward trend expected to continue throughout this year, as per the Federation of Thai Industries (FTI). This growth is expected to outstrip that of internal combustion engine (ICE) vehicles, which witnessed a 13.7% year-on-year sales decline to 238,570 units in 2023, capturing…
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Thailand’s visa exemption sparks rise in travel bookings to China
The visa exemption agreement between Thailand and China has sparked a significant rise in bookings from Thai travellers. During the Songkran holiday through May, airlines and tour operators noted an uptick in Thai passengers on some routes outnumbering their Chinese counterparts. Chotechuang Soorangura, Vice President of the Thai Travel Agents Association, highlighted the robust sales of tour packages to China…
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Tech synergy: Arip’s Commart Comtech event unites Thais
The recent Commart Comtech IT event, organised by Arip, has brought together AI-equipped computers from leading brands, such as Asus, Acer, MSi, Lenovo and HP, for the first time in Thailand. The event, which started yesterday, March 7, and continues through Sunday at Bitec Bangna, is expected to upturn the downturn in consumer spending witnessed in the initial two months…
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Bitcoin hits new high in baht on Bitkub amid global surge
Bitcoin‘s price achieved an unprecedented high of 2.37 million baht on Bitkub Exchange yesterday, a significant rise prompted by the cryptocurrency’s global price surpassing its previous record of US$69,000 per token in November 2021. This demonstrates an impressive 190% rally in the past year. Crypto financial intelligence platform, Coin Metrics, highlighted that Bitcoin hit its peak at US$69,210 on March…
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National Telecom’s spectrum rights expiry threatens mobile traffic quality
National Telecom (NT), a state telecom company, faces a potential threat to its spectrums as the rights to three of its spectrum ranges are set to expire in September next year. The National Broadcasting and Telecommunications Commission (NBTC) has been urged to devise a transparent plan to reallocate these spectrums, which are currently held by NT. The spectrum ranges in…
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Thai PM to visit Europe, aiming to bolster trade and investment
Prime Minister Srettha Thavisin of Thailand is set to travel to Germany and France in an official capacity. The visit, scheduled for March 7 to March 14, aims to bolster trade and investment between Thailand and these European nations. Accelerating the completion of a Free Trade Agreement (FTA) and advocating for visa exemptions for Thai passport holders are top priorities.…
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Thai economy predicted to bounce back in Q2 despite sluggish start
The Joint Standing Committee on Commerce, Industry and Bangkok (JSCCIB) indicated that the Thai economy, which is set to experience sluggish growth this year, is expected to pick up in the second quarter. This projection is attributed to the anticipated state budget spending and a reduction in tension within the Red Sea region. The National Economic and Social Development Council…
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The rise of Digital Nomadism: A guide for Thailand’s wanderers
These days, work is no longer defined by being locked within four office walls from 9 to 5. The world is going through a transformation and that includes the way we work. The nomadism trend is just an example of how the borders between the types of lifestyle disappear and people become able to combine different elements of travel, adventures,…
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OR’s SDG policy fuels Thailand’s sustainable economic growth
PTT Oil and Retail Business (OR) has adopted a Small-Diversified-Green (SDG) policy, aiming to stimulate Thailand’s economic growth through sustainable practices. This move aligns with the country’s broader strategy of reducing carbon footprints by 2030. The SDG policy focuses on empowering small communities as key drivers of economic recovery, particularly in the tourism sector tipped to fuel the national GDP…
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Thai PM invites Aussie firms to invest in clean energy
During the 2024 ASEAN-Australia Special Summit, Srettha Thavisin, the Prime Minister of Thailand, extended an invitation to prominent Australian companies to invest in Thailand’s electric vehicle (EV) battery, clean energy, and transport logistics sectors. The summit, which marks five decades of Australia’s partnership with ASEAN, is being held in Melbourne, Australia. PM Srettha used this opportunity to meet with his…
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Samsung aims for 20% revenue rise with enterprise-focused mobile devices
Samsung is set to enhance its footprint in the corporate user base by unveiling an array of smart devices and solutions. The technology giant anticipates a 20% rise in revenue from mobile devices specifically tailored for the enterprise market this year, revealed Panupat Kasemsuk, the head of B2B mobile experience at Thai Samsung Electronics Co. Panupat highlighted that business customers…
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Commerce Ministry sees business boom: Registrations set to soar
The Business Development Department of the Commerce Ministry foresees a positive trend in new business registrations for the year. The projection rides on the anticipated recovery of the tourism sector, thriving e-commerce, and the burgeoning electric vehicles (EV) market. In the first couple of months of 2024, new business registrations have seen a 1.57% increase, reaching a total of 17,270.…
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Post-pandemic shift in tourist spending habits reveals TikTok’s role in Thai travel
The Tourism Authority of Thailand (TAT) divulged insightful data revealing a shift in foreign tourists’ spending habits post-pandemic and the surge in popularity of TikTok as a source of travel information and inspiration. A survey conducted by TAT’s digital R&D Deputy Governor Teerasil Tapen, encompassing 30,054 tourists in 2023, unveiled an increased average expenditure on individual trips, rising from 48,209…
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Thai Finance Ministry sets eligibility for virtual bank licences
The Thai Finance Ministry unveiled the eligibility criteria for obtaining a virtual bank licence, which includes a minimum registered capital requirement of 5 billion baht (US$139 million). The specifications were published in the Royal Gazette on March 4, as revealed by Paopoom Rojanasakul, secretary to the finance minister. Virtual banks will be mandated to establish their headquarters in Thailand and…
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Thailand stock exchanges extend trading hours to attract foreign investors
The Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI) announced an extension of their daily trading hours starting March 25. This move will see the afternoon session open half an hour earlier, thus facilitating five hours of trade on the two exchanges daily. The SET stated that this alteration in trading hours is an effort to…
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Thailand trials first mobile phone emergency alert system
The inaugural trial of Thailand’s first cell broadcast service (CBS), a pioneering emergency alert system for mobile phones, kicked off yesterday. The trial was a joint venture between the National Broadcasting and Telecommunications Commission (NBTC) and Advanced Info Service (AIS). Conducted at the NBTC headquarters on Phahon Yothin Road, the trial demonstrated the capabilities of the CBS system. The system…
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Sena unveils rent-to-own strategy to tackle mortgage rejections
Sena Development, a publicly traded property developer, revealed new plans this month to rent and transfer ownership of its unsold condo units. This move is in response to a high rate of mortgage rejections. The company aims to enhance sales and revenue in the current year. Kessara Thanyalakpark, the managing director, stated that the innovative strategies would target two distinct…
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Thailand considers scrapping arrival cards for Malaysian tourists
Prime Minister Srettha Thavisin announced today the potential removal of the necessity for Malaysian tourists to complete arrival and departure cards at primary border crossings, aimed at promoting tourism and business growth. Currently, all visitors arriving via the Sadao checkpoint in Songkhla, regardless of nationality, are waived from the requirement to fill out the Tor Mor 6 (TM 6) cards.…
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China aims for 5% growth amid economic slowdown
China is poised to set its growth target for the year at about 5%, according to a government work report obtained by Bloomberg News. This growth target hints at the possibility of the government introducing more stimulus to boost the economy’s confidence, which is currently slowing. Premier Li Qiang is expected to disclose the annual gross domestic product (GDP) goal…
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Gold prices hit record high in Thailand, predicted to climb further
Gold prices in Thailand have reached a historic peak, with projections indicating a possible increase to 38,000 baht per baht weight within the year. This surge is largely attributed to the continued global increase in gold prices, which are nearing a two-month high of over US$2,080 per ounce, according to the Gold Traders Association (GTA). The price of gold bars…
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Thailand’s internal trade dept to cut pig production for price stability
The Internal Trade Department is looking to partner with the Department of Livestock Development (DLD) and the Swine Raisers Association of Thailand, with a plan to cut pig production down to an average of 8,000 piglets each day. This action aims to stabilise the price for livestock producers across the country. According to the director-general of the Internal Trade Department,…
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Thai economy set for revival amid global uncertainties
The Federation of Thai Capital Market Organizations (FETCO) anticipates a revival of the Thai economy in the latter half of the year, supported by potential interest rate reductions. This optimistic outlook emerges amidst global economic uncertainties, with possible recessions in the UK and Japan, and China grappling with a prolonged property crisis. FETCO chairman Kobsak Pootrakool believes that the global…
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Mono next to test AI-generated news anchors on digital platform
Mono Next, a publicly traded media and content provider, announced plans to test artificial intelligence (AI)-generated news anchors on its Mono 29 digital TV channel and online platform. The trial run, set to kick off next month, will be used to gauge audience reactions to these AI-generated anchors. Patompong Sirachairat, Mono’s chief executive, clarifies that the move is not aimed…
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Foreign currency deposits surge in Thailand
The past year has seen a significant upturn in foreign currency deposits (FCDs), spurred by appealing interest rates due to global rate hikes. According to data from the Deposit Protection Agency (DPA), member financial institutions observed a surge in FCDs to a total value of 812 billion baht (US$22 billion) by November 2023, up from an earlier figure of 640…
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Bitcoin nears all-time high, marking a 50% rise this year
Bitcoin’s value witnessed a steep rise today, reaching a two-year high of US$64,285, a mere 2% shy of its all-time record of US$68,999.99 set in November 2021. This surge marks a 50% increase in the cryptocurrency’s value since the beginning of this year, with the majority of this growth observed in recent weeks. The rise in Bitcoin’s value corresponds with…
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LH Bank reveals strategy for mid-sized status by 2030
Land and Houses Bank (LH Bank), the financial subsidiary of property giant Land and Houses Plc (LH), unveils its ambitious plan to become a mid-sized bank by 2030. The bank’s strategy is founded on robust loan growth and an increasing income stream. LH Bank’s five-year business strategy involves a comprehensive restructuring of its loan portfolio, aimed at driving loan expansion…
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BAAC to launch e-commerce platform with Chinese tech firm
The Bank for Agriculture and Agricultural Cooperatives (BAAC) is in discussions with a prominent Chinese technology firm to establish a joint venture. The focus of this venture is to create an e-commerce platform to streamline the sale of agricultural commodities to China, as revealed by Chatchai Sirilai, the bank’s president. In this joint venture, the BAAC will not be considered…
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Thailand’s TQM Insurance introduces cover for PM2.5 pollution-related diseases
Health concerns over PM2.5 air pollution in Thailand are escalating, prompting insurance companies to develop policies that cover respiratory diseases attributed to the hazardous particulate matter. TQM Insurance Brokers, in collaboration with Bangkok Insurance (BKI), has introduced a novel health insurance policy specifically designed for ailments related to PM2.5 dust exposure. The policy stipulates that if an insured individual is…
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Thailand gov urges bank to cut interest rate amid economic crisis
The ongoing feud between Prime Minister Srettha Thavisin and Bank of Thailand Governor Sethaput Suthiwartnarueput regarding interest rates remains the focus of media attention. Meetings of the Monetary Policy Committee (MPC) have been closely watched as elements of the government and business sector believe the central bank needs to reduce the policy rate. The MPC is set to meet six…
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ThaiBev intensifies commitment to sustainable growth
Thai Beverage Plc (ThaiBev) is stepping up its commitment to sustainable development, implementing strategies that encompass all facets of its business operations. The company’s Executive Vice President and Chief of Sustainability and Strategy, Tongjai Thanachanan, outlined the firm’s commitment to achieving sustainability through a comprehensive approach, known as Enabling Sustainable Growth (ESG). This approach encompasses environmental, social, and governance goals.…
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