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 6 reasons you should send your kids to an American-Style summer camp in Thailand
It’s the end of June, and that means kids in Thailand are on a long summer holiday! If you’re looking for a fun yet educational activity for your kids to pass summer break, sending them to iCamp Thailand, the first...
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Job-jitters in Thailand: Employment growth hits five-quarter low
The state planning agency of Thailand revealed today that the country’s employment growth has slowed to a five-quarter low of 1.3% year-on-year in the third quarter amid a sluggish economy and weak demand for exports. This comes as Southeast Asia’s second-largest economy recorded a meagre growth of 1.5% in the July-September period, marking the slowest pace witnessed this year. The…
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Thai stock exchange under SEC review for high-frequency trading programs’ suitability
The Stock Exchange of Thailand (SET) has been requested by the Securities and Exchange Commission (SEC) to carry out a comprehensive review of the use of trading programs, including high-frequency trading (HFT). This initiative has been launched to assess the current trading volumes and their suitability for the Thai stock market. SEC’s secretary-general, Pornanong Budsaratragoon, revealed in a Bangkok Post…
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Visa-free travel policies boost global tourism and economy
Countries worldwide are recognising the importance of travel freedom in bolstering their economies and accelerating the recovery post-pandemic. As tourism and trade flourish without border restrictions, governments are implementing strategies to enhance their tourism competitiveness, such as visa-free travel policies and the digitalisation of pre-travel processes. Prominent countries like China and India, with their vast populations, are primary targets for…
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Thai and Malaysian PMs to boost border trade and tourism
A meeting slated for tomorrow between Thai Prime Minister Srettha Thavisin and Malaysian Prime Minister Anwar Ibrahim in Songkhla province is expected to tackle initiatives aimed at enhancing Thai-Malaysian border trade and tourism. A source revealed that the agenda includes a proposal from Thai tourism businesses to grant Tor Mor 6 immigration clearance form exemptions to Malaysian visitors at five…
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Gold prices could hit US$2,015 per ounce in near future, says GTA
The Gold Traders Association (GTA) projected a potential rise in gold prices, possibly hitting US$2,015 (71,535 baht) per ounce in the near future. However, this trend may be interspersed with periods of market volatility. Yesterday morning, spot gold saw an increase of 0.4% to US$1,997.39, spurred by a dip in the US dollar and a fall in the benchmark US…
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Thai economy rebound: PM unveils bold plan to tackle challenges
Prime Minister Srettha Thavisin outlined a comprehensive plan to tackle pressing economic issues in Thailand spanning agriculture, industry, and debt-related concerns. He unveiled his intentions during a keynote speech at The Standard Economic Forum, stating that the Thai economy’s current state is a subject of contention between himself and the Bank of Thailand’s governor. Despite the debate, the Thai PM…
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Thai car exports surge 12.2% in October despite domestic sales slump
Thai car exports witnessed a 12.2% surge in October, reaching 105,726 units, thanks to the escalating demand for pickups primarily in the Middle East. However, domestic sales didn’t keep pace, suffering from the burden of high household debt. The Federation of Thai Industries (FTI)’s Automotive Industry Club reported robust sales in other markets last month, including Australia, Europe, North America,…
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Chinese tourists still prefer Thailand despite visa exemptions
Despite increasing competition from countries offering visa exemptions to Chinese tourists, Thailand’s tourism industry remains secure due to its dominant market share and increased expenditure per trip, according to the country’s Tourism and Sports Ministry. Countries such as Kazakhstan, Maldives and Sri Lanka have started offering visa exemptions for Chinese tourists, yet Thailand continues to be the preferred destination, said…
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Former TAT governor urges government to boost Chinese visitor numbers
The former Tourism Authority of Thailand (TAT) governor urged the government to reconsider its tourism strategy to improve the dwindling Chinese market. Predictions for this year suggest that arrivals from China will only total 26.8% of the 2019 level. Former TAT governor Yuthasak Supasorn suggested that the government should negotiate with China to secure more flight routes and slots for Thai…
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Nok Air hit by widespread flight delays amid technical issues
A recent surge in delayed flights by Nok Air sparked widespread discussion about the airline‘s on-time performance (OTP). Passengers’ experiences of these delays were brought to light this week when renowned television reporter Thapanee Eadsrichai shared on Facebook that many passengers on a Nok Air flight from Don Mueang Airport to Chiang Mai had to be relocated to other flights…
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Thailand and Sri Lanka set to finalise free trade agreement by year’s end
Thailand and Sri Lanka are on track to finalise a bilateral free trade agreement (FTA) by the close of this year. The chief of trade negotiations has indicated that the signing of the agreement is expected by early February next year. Chotima Iemsawasdikul, the director-general of the Trade Negotiations Department, disclosed that Thai and Sri Lankan officials are set to…
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Thai stock market hit by short selling amid falling figures
Speculation on short selling and naked short sales has been linked with causing havoc in the Thai stock market today, as retail investors attribute the continuous market decline to these practices. The Stock Exchange of Thailand (SET) has taken a hit this year with a drop of 14.9% as of November 20 and a decrease in market capitalisation from 3.2…
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Spa-demic resilience: Thailand’s wellness sector unaffected by global downturn says MSpa
Minor Hotels’ spa and wellness arm, MSpa International, declared that the current global economic downturn and geopolitical conflicts will not impact high-spending guests in Thailand’s wellness sector. The company’s group director, Sandie Johannessen, stated emphatically that the nation’s wellness centres continue to attract enthusiastic visitors for leisure trips and retreats, despite the global situation. Johannessen also pointed towards the affluent…
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Binance CEO admits to money laundering, fined over US$4 billion
Changpeng Zhao, the chief executive of Binance, allegedly admitted to money laundering violations in a US court yesterday. The confession will result in the cryptocurrency exchange he founded paying more than US$4 billion in fines. Attorney General Merrick Garland said Binance’s success as the world’s leading cryptocurrency exchange was partially due to its criminal activities. The Department of Justice (DoJ)…
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Central Pattana Plc launches Black Friday 2023 #shocksales
Black Friday 2023 #shocksales is set to be launched by Central Pattana Plc, an entity responsible for the operation of 38 malls across the country and The Esplanade. Spanning three days, the major shopping extravaganza provides shoppers with numerous promotional opportunities mirroring the Black Friday sales in the United States, a customary retail period that follows Thanksgiving and marks the…
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Thai stock exchange investigates potential naked short selling offences
A specialised committee has been established by the Stock Exchange of Thailand (SET), designed to delve into the issue of naked short selling. The team will comprise representatives from the Korea Exchange and Nasdaq stock exchange in the US, brought in to aid Thai regulators in their investigation into potential offences. The committee’s work is slated to commence imminently, as…
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Thailand’s 2023 financial growth predictions revised down due to GDP data
Economic analysts have recently revised their predictions for Thailand’s 2023 financial growth, due to disappointing third quarter GDP expansion data and uncertainties surrounding the contentious digital wallet policy. For the initial nine months of 2023, the economy grew by 1.9%. Maybank Securities, based in Malaysia, has reduced its 2023 Thai growth prediction from 2.9% to 2.3%. This decision was influenced…
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Microsoft’s strategic move to establish Thailand as Asia’s AI hub
Microsoft Thailand is set to establish the Land of Smiles as an artificial intelligence (AI) hub in Asia. This strategic move will involve the creation of an AI Centre of Excellence and the development of a cloud data centre region. The Thai government alongside Microsoft, the US tech giant, inked a memorandum of understanding to advance a digital-first, AI-oriented country…
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Free trade agreement: Sri Lanka and Thailand set to seal the deal
With a renewed focus on trade agreements, Sri Lanka is preparing to finalise and sign a free trade agreement (FTA) with Thailand on February 3, next year. The development was announced by Sri Lanka’s Cabinet spokesperson today, November 21, confirming that discussions were on track for completion in December. The impending agreement is part of the island nation’s strategic efforts…
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Q3 slowdown: Thailand economy hits the brakes at 1.5%, falling short of forecasts
With an annual growth rate of 1.5% recorded in the third quarter, Thailand’s economy has shown a slower expansion compared to predictions, according to data released today, November 20. The National Economic and Social Development Council revealed that, from July to September, the economy of Southeast Asia’s second-largest country experienced a seasonally adjusted growth of 0.8% every quarter. However, these…
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DeeMoney partners with SCB to facilitate secure cross-border money transfers, expanding access to the Myanmar market
Sawasdee Shop Co., Ltd., operating as a fintech company, introduced the DeeMoney platform, a robust Thai cross-border transaction system supporting over 26 currencies across 50 countries globally. This company has solidified a business partnership with Siam Commercial Bank, announcing their collaboration to enhance the money transfer service from Thailand to Myanmar. The focus lies in developing cross-border money transfer services…
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Debate over Thai government’s digital wallet handout impact on public debt
The Thai government’s proposed 10,000-baht digital wallet handout has sparked debate, with concerns regarding its potential impact on public debt. Deputy Finance Minister Julapun Amornvivat stated that this economic stimulus is necessary as economic growth has averaged only 2% annually over the past decade, insufficient to support the country’s ageing population in the future. With low GDP growth, the government’s…
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BAAC plans to boost export of high-value agricultural goods
Chatchai Sirilai, the president of the Bank for Agriculture and Agricultural Cooperatives (BAAC), stated that the bank will augment its role as a facilitator for the export of high-value agricultural goods. This move is aimed at increasing income for farmers. The BAAC’s strategy is focused on nurturing a new generation of farmers who concentrate on producing quality products, rather than…
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Kazakhstan courts ASEAN investors to become Central Asia’s investment hub
Kazakhstan is reaching out to foreign investors, particularly from the Association of Southeast Asian Nations (ASEAN), in a bid to establish itself as a central investment hub in the Central Asia Region. The Kazakh government has expressed interest in mutual economic development with the Southeast Asian region, according to Deputy Minister of Foreign Affairs Roman Vassilenko. He made these remarks…
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Sugar cane farmers dispute government’s 2 baht price hike
Sugar cane farmers in Thailand are seeking clarification from the industry and commerce ministries regarding the Cabinet’s decision to allow a mere 2-baht increase per kilogramme in ex-factory sugar prices. The decision has been deemed unfair by sugar manufacturers as it falls short of the four-baht price hike requested by the Cane and Sugar Board. Citing escalating manufacturing costs due…
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South Korea’s advanced tech industries endorsed by international alliances
South Korea, poised to become the world’s epicentre for advanced technology industries, received a vigorous endorsement from international alliances eager to accelerate its economic growth and competitiveness. The nation also committed to bolstering cooperation with its ASEAN partners to promote trade and investment. Specifically, South Korea showcased interest in the automobile sector within Thailand’s Eastern Economic Corridor (EEC) in Rayong…
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Thai chamber calls for infrastructure development in secondary tourism provinces
A call to accelerate public infrastructure development in 10 secondary tourism provinces has been issued by the Thai Chamber of Commerce (TCC). The move is hoped to push tourism revenue and transform these areas into main tourist attractions. The TCC, on Saturday, shared its development blueprint, which also aims to address social inequality within the 10 provinces currently under consideration.…
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Thailand sees surge in airfares despite low travel season
Airfares in Thailand witnessed a substantial increase in the third quarter of this year, despite it traditionally being a low season for travel. This surge was driven by a robust travel demand. Thai AirAsia, for instance, observed a 22% year-on-year rise in its airfares during this period, while Bangkok Airways’ rates saw a 15% hike. The average fare price for…
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Sadao checkpoint: Entrepreneurs urge continued operation
Songkhla-based entrepreneurs in the Sadao district appealed to the government to keep the old Sadao immigration checkpoint operational alongside the new one. The move aims to stimulate both trade and tourism with Malaysia. The appeal follows the circulation of rumours concerning the government’s intention to close the Sadao checkpoint in preference for the newly constructed border checkpoint. The discussion involved…
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Crop déjà vu: Critics dub gov’s agri-reform a rerun of past plans
The government’s current measures to reform the nation’s agricultural sector, particularly rice farming, are largely seen as reiterations of former strategies, declared industry commentators. They suggest that any budget-based support should come with certain stipulations. Aat Pisanwanich, an international economics lecturer, after evaluating these measures, observes that the central policy appears to be a three-year debt suspension for farmers, with…
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