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.
To keep up with the most recent business news in Thailand, subscribe to our newsletter and follow us on social media.
-
Sponsored A World Kindness Day: Spread kindness, prevent illness - Get your 10% discount
With World Kindness Day just two days away on November 13, it’s the perfect time to reflect on how empathy and care can make a real impact, not just in our relationships but in our health, too. This day is...
-
Thai workers anticipate 41% pay rise due to AI skills acquisition
A recent report reveals that Thai workers anticipate a significant salary increase of over 41% through the acquisition of artificial intelligence (AI) skills. This surge also promises to catalyse career advancement. The report reveals that by 2028, AI will be embedded in approximately 98% of Thai organisations. These statistics underscore the growing importance of AI-skilled employees, with 94% of employers…
-
Thai economy falters as high interest rates impact major sectors
The Thai economy has taken a hit, with government revenue collections falling short of the target. Lavaron Sangsnit, the permanent finance secretary, attributed the shortfall to high interest rates, which have significantly reduced the purchasing power of consumers, impacting major sectors such as automobiles and real estate. Consumers, particularly those interested in purchasing cars or homes, have found their ability…
-
Thailand anticipates American tourism influx due to Songkran
The Tourism Authority of Thailand (TAT) is anticipating a robust tourism influx from North and South America this year, with a projection of at least 1.5 million tourists – a figure that mirrors the 2019 statistics. This surge is attributed to the confluence of the Songkran celebrations and the Easter holiday in April. Deputy Governor for Europe, Africa, the Middle…
-
Thailand enforces ban on maize imports from field burning regions
The Government of Thailand has given the green light to a ban on maize imports from regions notorious for field burning, a practice contributing to the annual smog crisis. This legislation is slated to come into force within the year. This action is part of a broader strategy to mitigate the recurring smog issue, which the government primarily attributes to…
-
Bitcoin: Binance CEO predicts crypto surge beyond US$80,000
The value of Bitcoin could surpass the projected US$80,000 by year-end, due to increased investment in crypto-backed exchange-traded funds (ETFs) and an upcoming supply cut, according to Binance CEO Richard Teng. During his recent visit to Bangkok, Teng reiterated this optimistic outlook was his personal view, but he pointed to the January launch of spot Bitcoin ETFs in the US…
-
Feast your eyes: CRG plans to serve up 100-120 new eateries
Central Restaurants Group (CRG) has set its sights on launching between 100 and 120 new dining establishments this year, in anticipation of the restaurant sector’s broadening scope. The industry’s worth is projected to approach a substantial figure of nearly 500 billion baht by 2024. Nath Vongphanich, CRG President, anticipates an overall market growth of 5-7% this year, pushing its value…
-
Index Living Mall targets low-income success defies mortgage setbacks
Index Living Mall (ILM), a Stock Exchange of Thailand (SET)-listed company, has observed rapid growth in the low-income segment, despite soaring mortgage rejection rates. This trend led to a strategic shift in the company’s approach, expanding its product range to include non-branded furniture and budget-friendly products imported from China. Kridchanok Patamasatayasonthi, ILM Managing Director, highlighted the exceptional 100% growth within…
-
Comptroller-General Department tackles budget disbursement delay
The Comptroller-General’s Department is working to resolve the impediment in hastening budget disbursement, with a focus on speeding up budget funding into the economy for the fiscal year 2024. Director-General of the department Patricia Mongkhonvanit revealed that the delay in budget disbursement is majorly due to the high volume of appeals submitted by unsuccessful bidders for government projects. Each appeal,…
-
Thai cardiothoracic surgeon launches air ambulance service
Dr Kornprom Saengaram, known for his dual expertise as a cardiothoracic surgeon and a professional pilot, announced the launch of an air ambulance service, AirAMB, in Thailand. Aligned with the nation’s vision of becoming a regional medical hub, the service aims to capitalise on the scarcity of similar facilities across Indochina, explained Dr Kornprom. “The opportunities for an air ambulance…
-
Virtual banks to revolutionise Thailand’s financial landscape
The Royal Gazette announced that virtual banks are set to become a reality in Thailand, with the Bank of Thailand (BoT) accepting applications from March 20 to September 19 this year. The aim is to stimulate competition and ensure the stability of the financial system, without limiting the number of licences available. Virtual banks are expected to cater to customers…
-
Scent-sational: Thailand set for foreign investment surge in fragrance oil
A surge in foreign investment in Thailand’s fragrance oil and aroma compound production is anticipated, which could boost the nation’s cosmetics industry, according to the Federation of Thai Industries (FTI). This follows a decision by a French firm to produce fragrance oil from Thai flowers, a move that showcases the country’s potential as a hub for the health and beauty…
-
Rising crypto prices invite hackers, Thai Digital Asset Association warns
The Thai Digital Asset Association (TDAA) warned of an increased threat from hackers targeting cryptocurrencies, as soaring prices are attracting both investors and fraudsters to the market. The alarm comes after digital assets in Thailand suffered a staggering US$24.2 billion loss to hackers in the previous year. Suppakrit Boonsat, a founder of Bitcast, a digital asset education firm, and the…
-
Thai Drinks targets Gen Z in Asia for est Cola expansion
Keen on broadening its reach in Asia, Thai Drinks, the company managing est Cola, is targeting the Gen Z market for expansion. Forecasting a growth of 25% in the Thai carbonated soft drink market due to warmer weather and intensive marketing campaigns, Suporn Denpaisarn, the non-alcoholic beverages division head at Thai Drinks, reveals their growth plans. According to Nielsen IQ…
-
Concerns over readiness of Thailand’s secondary cities for tourism
The private sector has expressed concerns over the readiness of Thailand’s secondary cities for a major tourism boost, despite Prime Minister Srettha Thavisin’s declaration that 2024 will be “the greatest year for Thai tourism in history.” These concerns were voiced during a recent tourism workshop at the Queen Sirikit National Convention Centre, where the 62 year old Thai PM outlined…
-
Tasty travels: Thai SELECT campaign spices up tourism
The Travel, Taste, Eat Thai SELECT campaign, a collaboration between the Commerce Ministry and the Tourism Authority of Thailand, has been unveiled. This initiative is part of a soft power strategy aimed at promoting and bolstering Thai businesses, particularly certified Thai SELECT restaurants. The Deputy Commerce Minister, Napintorn Srisunpang, emphasised that the campaign is designed to ensure these establishments meet…
-
Bank of Thailand likely to cut policy rate in April, predicts SCB EIC
Siam Commercial Bank’s research centre, SCB EIC, anticipates that the Bank of Thailand is likely to initiate a decrease in the policy rate in April due to structural economic issues. The research centre predicts that the Monetary Policy Committee (MPC) will slash the policy rate by 50 basis points in the first half of this year. The initial rate cut…
-
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.…
-
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,…
-
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…
-
Hong Kong pet owners among top spenders in Asia-Pacific
The pet industry in Hong Kong is witnessing steady growth, with pet owners investing nearly HK$700,000 (3.2 million baht) on average in their pets’ lifetimes. This positions them as one of the top spenders in the Asia-Pacific region’s pet care sector. According to a survey conducted by OneDegree, a pet insurance company, 526 pet owners in Hong Kong were found…
-
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…
-
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…
-
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…
-
Japan’s visa-free privileges for Thais safe despite overstay concerns
Fears of a potential withdrawal of Japan’s visa-free privileges due to an increased number of Thais overstaying their visas have been dismissed by travel operators. The Department of Consular Affairs brought attention to this issue last December, revealing an increase in the number of Thais overstaying from 8,688 in 2021 to 11,472 in 2023. Reports suggest that the Japanese government…
-
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…
-
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…
-
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…
-
Thailand risks losing satellite orbit rights at 50.5° East due to vacancy
Thailand’s entitlement to utilise the satellite orbit at 50.5° East may be revoked following its expiration in 2025 due to its prolonged vacancy. There’s speculation in the industry that the upcoming auctions for the unclaimed orbit slots at 50.5° and 142° E by the National Broadcasting and Telecommunications Commission (NBTC) might not be successful. This is due to the expectation…
-
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,…
-
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…
Don't forget to check out some other things to do in Thailand - get help starting a business or finding a job in Thailand, buy Thailand property, rent a yacht or book a medical procedure worldwide.