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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TKC aims for cybersecurity sector growth in Thailand
Turnkey Communication Services (TKC), a digital solutions provider listed on the Stock Exchange of Thailand (SET), has set its sights on the cybersecurity sector, forecasting that it will account for 5% of its total income this year. This ambitious move comes as part of a broader strategy to achieve double-digit annual growth over the next five years. TKC’s chief executive…
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Gold prices experience significant rise, says GTA
Today saw a marked increase in gold prices, according to the Gold Traders Association (GTA). The buying prices for gold ornaments reached 34,473.84 baht (US$966) per baht weight, and gold bars were valued at 35,100 baht (US$984) per baht weight. On the other hand, the selling prices were determined at 35,700 baht (US$1,001) per baht weight for gold ornaments, while…
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Thailand’s aviation hub plans receive airline approval
The Thai government’s initiative to transform the country into an aviation and logistics hub has been met with approval from airlines. However, concerns regarding congestion at major airports and the significant investment required to accommodate increasing demand persist. Prime Minister Srettha Thavisin recently unveiled plans to capitalise on Thailand’s strategic location in Southeast Asia to attract more international airlines to…
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Thailand and Cambodia reignite talks on joint petroleum production
The Petroleum Exploration and Production Industry Club has shown its full support to the renewed efforts of the government to kickstart the oft-stalled talks on joint petroleum production between Thailand and Cambodia. The talks revolve around the Overlapping Claims Area (OCA), located in the Gulf of Thailand. Nipatsin Yimyam, the club’s chairman under the Federation of Thai Industries, stated their…
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AIS partners with ministry byte cyber threats in Thailand
Advanced Info Service Plc (AIS), in a significant partnership with the Ministry of Social Development and Human Security, has undertaken an initiative to tackle cybersecurity challenges. Under the Aunjai Cyber syllabus, the collaboration aims to arm both the ministry’s staff and the public with indispensable digital intelligence skills. AIS Chief Executive Somchai Lertsutiwong emphasised the importance of the partnership with…
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AWC plans 36 billion baht investment in high-end tourism
Asset World Corp (AWC), a Stock Exchange of Thailand (SET)-listed company, maintains a positive outlook on high-spending tourists and outlined plans to invest in projects estimated at 36 billion baht (US$1 billion) this year. Wallapa Traisorat, AWC’s chief executive and president, highlighted Thailand’s potential to attract high-spending tourists from regional competitors through quality property development, specifically hotels in partnership with…
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Bank of Thailand to accept virtual banking licences applications
This month, the Bank of Thailand is set to welcome applications for virtual banking licences, a move that has piqued the interest of numerous business operators. The finance ministry is currently in possession of a draft outlining the regulations for virtual banking, which is due to be made public in the Royal Gazette. Suwannee Jatsadasak, a 42 year old assistant…
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Weakening Thai baht forecast due to economic cost factors
Analysts predict a decline in the value of the Thai baht, the nation’s currency, attributed to various factors such as sluggish economic growth, elevated freight expenses, and discord regarding reductions in interest rates. It is anticipated that the baht will fluctuate within the range of 36 to 36.50 against the US dollar throughout this month. On Wednesday, the baht recorded…
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Manufacturing production index dips in Thailand amid economic challenges
The Office of Industrial Economics (OIE) has reported a 2.94% year-on-year dip in the Manufacturing Production Index (MPI), falling to 99.2 points in January. This downturn is largely attributed to a range of economic challenges, most notably the highest level of car seizures in half a decade. The domestic automotive industry’s stagnation was a significant contributor to January’s MPI decline,…
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Thailand’s manufacturing sector sees slump for 16th month
Thailand’s manufacturing sector witnessed a prolonged slump for the 16th month in January, as the country’s key economic pillar grapples with dwindling domestic and overseas motor vehicle sales, according to information released by the Industry Ministry. The year-on-year decline of 2.94% in the sector fell short of the anticipated 5.1% fall predicted in a Reuters survey and followed a revised…
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Bangkok gems and jewellery fair exceeds expectations
The 69th Bangkok Gems and Jewellery Fair, held at the Queen Sirikit National Convention Centre, concluded on a high note, exceeding its initial expectations. The event, organised by the Department of International Trade Promotion (DITP) and the Gem and Jewelry Institute of Thailand (GIT), recorded an estimated value of orders surpassing 3.7 billion baht, a 12% increase over the target.…
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Thai Department of Commerce collaborates to stabilise fruit market
The Department of Commerce, in collaboration with global fruit importers, is examining the futures market and preparing to roll out an additional 35 initiatives. These initiatives are aimed at promoting Thai agricultural products, to maintain price stability throughout the year. Commerce Minister Phumtham Wechayachai yesterday presided over a business-matching project’s launch. This project, centred on fresh and processed fruit and…
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Bitcoin value triples in a year, hitting over 2 million baht
Bitcoin’s value soared to over 2 million baht on the Bitkub digital asset exchange, as global prices reached an all-time high of US$59,000 yesterday afternoon. This surge is due to the institutional acquisition of spot Bitcoin exchange-traded funds (ETFs) and a growing interest in cryptocurrency among retail investors. Udomsak Rakwongwan, co-founder of decentralised derivatives platform FWX, and Mathematics lecturer at…
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Thai govt considers issuing US$1 billion foreign currency bonds
The Thai government recently announced its consideration to issue foreign currency-denominated bonds valued at US$1 billion, approximately 36 billion baht, an announcement which has sparked debates over the worth and risks associated with such an undertaking. As part of this move, the Public Debt Management Office (PDMO) under the Finance Ministry is examining the feasibility of offering these bonds in…
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Thailand’s tourism industry calls for eased travel restrictions
Faced with intense competition from fellow Southeast Asian countries, Thailand’s tourism industry called on the government to ease travel restrictions and promote cross-border travel. The appeal comes as Malaysia is seen to be catching up with Thailand’s tourism numbers. Earlier this week, Prime Minister Srettha Thavisin embarked on a tour of three southern provinces to boost both trade and tourism.…
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Thai Oil predicts surge in jet fuel demand despite slow economy
Despite forecasted sluggish economic growth, Thai Oil Plc, Thailand’s leading oil refinery in terms of capacity, envisages an upturn in demand for refined oil, particularly jet fuel, in the current year. Jet fuel consumption is predicted to surge by 24.2%, equating to an average of 16.8 million litres per day (MLD). This represents a considerable increase from the previous year’s…
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Centel posts impressive Q4 results with 9% revenue increase
Central Plaza Hotel Plc (Centel), known for operating Centara Hotels and Resorts, posted an impressive financial performance for the fourth quarter of 2023, with a total revenue of 6.02 billion baht marking a 9% increase year-on-year. The company’s yearly revenue for 2023 was also positive, amounting to 22.5 billion baht. This represented a significant growth of 24% or a revenue…
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Dusit Thani Bangkok set for grand revival in 2024
Dusit Hotels and Resorts unveiled its intention to resurrect Dusit Thani Bangkok hotel, with a projected reopening in September 2024. This new establishment will occupy the same prestigious location as its predecessor, a landmark in the Bangkok skyline from 1970 to 2019. Suphajee Suthumpun, the group chief executive of Dusit International, expressed that this new venture is a symbol of…
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BMW to establish first SE Asian EV battery factory in Thailand
BMW Group Thailand revealed plans to establish an electric vehicle (EV) battery factory in the country this year. This move is in response to China’s escalating EV investment and supply chains in Thailand. The factory, to be positioned in Rayong, will bolster the firm’s sales of battery EVs and plug-in hybrid EVs. The company’s president and CEO, Alexander Baraka, revealed…
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Thailand aims to become SE Asia’s leading halal hub by 2028
The Thai government greenlit plans to transform Thailand into a leading halal hub in Southeast Asia by 2028, to elevate the nation’s GDP by 1.2%, or approximately 55 billion baht. Prime Minister Srettha Thavisin, speaking after the Cabinet meeting on Tuesday, disclosed the government’s intent to constitute a national halal industry committee and the Thai Halal Industry Centre. The aim…
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Thailand aims to become SE Asia’s top hub for international concerts
Aiming to transform Thailand into Southeast Asia’s leading festival and international concert hub, the government plans to engage with top record companies and concert organisers for global artists. Discussions will focus on the challenges and advantages of hosting such large-scale events in Thailand and how conditions can be optimised. Tourism and Sports Minister Sudawan Wangsuphakijkosol emphasised that the government’s objective…
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SCB X Plc set to acquire Home Credit’s Vietnamese operations
Thailand’s largest bank by market value, SCB X Plc, is reportedly on the brink of securing a deal to acquire the Vietnamese operations of consumer lender, Home Credit. The transaction, which could be worth up to US$900 million, is expected to be announced within the week, say sources familiar with the proceedings who wish to remain anonymous due to the…
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Thailand gold prices stable at 35,050 baht with steady market
Gold prices in Thailand remained stable, with no increase or decrease compared to the previous closing figures yesterday The Gold Traders Association (GTA) listed the selling price for gold ornaments surpassing the 35,000 baht mark today in the Western calendar. The latest figures from the association’s website, recorded at 9.02am, indicated that the selling price for gold ornaments was 35,050…
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Bitcoin surpasses US$55,000 mark fuelled by ETFs, MicroStrategy purchases
Bitcoin has once again crossed the US$55,000 mark, a feat not seen since late 2021, bolstered by exchange-traded funds’ investor demand and additional acquisitions by MicroStrategy Inc. In Singapore today, the most significant digital asset witnessed a 1% surge, standing at US$55,112 following an over 5% rise in the US session. Bitcoin’s value has seen an impressive 30% increase since…
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Thailand’s border trade faces slowdown amid regional politics
The Federation of Thai Industries (FTI) predicts a slowdown in Thailand’s border trade for the current year due to political turmoil in Myanmar and economic issues in other neighbouring nations. Myanmar, Laos, Malaysia, and Cambodia, nations that share borders with Thailand, are facing obstacles to their economic growth, says Montri Mahaplerkpong, the FTI Vice-Chairman. Among the challenges, he highlights the…
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Franchise frenzy: Commerce Ministry ramps up business game
Aiming to bolster its capabilities, the Commerce Ministry is set to upgrade franchise businesses, hasten the creation of franchise business standards, and foster relationships with domestic and international investors. The strategy is designed to expand the market and stimulate economic value. The Director-General of the Business Development Department under the Commerce Ministry, Auramon Supthaweethum, highlighted the appeal of the franchise…
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Cortina Watch forecasts growth in Thailand’s luxury watch sector
Cortina Watch, a prominent retailer and distributor of high-end watches in Asia, is optimistic about the growth of Thailand’s luxury watch sector, forecasting an increase of 5-10% this year. This forecast comes as the company launches its first independent Patek Philippe Boutique in Bangkok. Jeremy Lim, Cortina Watch’s CEO and COO of Cortina Holdings, expressed confidence in the luxury watch…
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Chinese economic stimulus to boost Thai tourism and economy
Analysts predict that China’s economic stimulus measures will spur an increase in Chinese tourists visiting Thailand, potentially driving the Thai economy to achieve a growth rate of at least 3% this year. This is due to the expectation that Beijing’s financial initiatives will simultaneously boost the economies of both nations. Asia Plus Securities (APS) highlighted that China has rolled out…
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Thailand explores long-term visa-free scheme with India
Tourism authorities in Thailand are pushing for a long-term reciprocal visa-free scheme with India, projected to become the world’s third-largest economy by 2027. Somsong Sachaphimukh, the vice president of the Tourism Council of Thailand, highlighted the positive impact of the current temporary visa exemption for India, which has accelerated the Indian market’s growth. As of February 18, the Indian market…
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Thai life assurance set for 2-4% growth in premiums this year
The Thai Life Assurance Association (TLAA) has set its sights on a projected growth of 2-4% in industry premiums this year, amounting to 640-650 billion baht (US$17.8 billion-18 billion). Health insurance premiums are expected to see a significant rise, likely due to an increased public focus on health and wellbeing. TLAA President, Sara Lamsam, who also holds the position of…
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