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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Thai-UAE free trade agreement 80% finalised, may boost Thai GDP
Progress is being made in the bilateral free trade agreement (FTA) negotiations between Thailand and the United Arab Emirates (UAE), with discussions now reportedly 80% finalised. This update comes from Thailand’s Commerce Minister, Phumtham Wechayachai, who recently held talks with the UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi. Phumtham revealed agreements have been made in…
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Bank of Thailand raises policy rate to 2.5%, highest since 2013
The Monetary Policy Committee (MPC) of the Bank of Thailand unanimously approved a quarter-percentage point increase in the policy rate, raising it from 2.25% to 2.50%. This change, which took effect yesterday, marks the highest rate since October 2013. According to Piti Disyatat, the MPC secretary, the Thai economy is on a slow recovery path this year, primarily due to…
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Thailand’s DES ministry launches Anti Online Scam Centre amid rising fraud
Amidst growing concerns over online fraud, the Ministry of Digital Economy and Society (DES), in unison with the Cyber Crime Investigation Bureau (CCIB) police and other associated agencies, is launching an Anti Online Scam Operation Centre (AOC). The AOC, which begins its operations on November 1, is set to function as a war room, implementing technology to provide intelligent assistance,…
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Currency crunch: Thai SET under strain as rates rise and baht bites
A recent policy rate hike of 0.25% by the Bank of Thailand, coupled with the weakening baht, is placing pressure on the Stock Exchange of Thailand (SET). Analysts have suggested this after observing that the index slipped below the resistance level of 1,500 points. The Thai bourse experienced a downturn at the opening yesterday, following a 0.88% drop to conclude…
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Thai farmers offered debt suspension to regain good debtor status
Farmers with outstanding debts at the Bank for Agriculture and Agricultural Cooperatives (BAAC) in Thailand can now enter a debt suspension scheme without the need for prior debt restructuring, according to Paopoom Rojanasakul, the secretary to the finance minister. The move aims to help these farmers regain their good debtor status and is applicable to all BAAC debtors whose total…
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Year-end bonus frenzy: Thai companies make it rain with envy-inducing rewards
Over ten renowned Thai companies are set to distribute generous year-end bonuses for 2023, leading to a wave of envy. The highest bonus reported is 7.3 months’ salary plus an additional 37,000 baht. Some of the companies declaring such bonuses include IHI Turbo Thailand, Jtekt (Thailand), Siam Toyota, Siam ATT I-Shin, Trimotive, SIAM DENSO KYOSAN, IJT Thailand, TTK, TBKK, and…
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WHA anticipates US tech giants’ investment surge due to Thailand’s renewable potential
Thailand’s biggest built-to-suit logistics facilities developer, WHA Corporation, anticipates an increase in investment from US tech giants in the coming year, as they eye business expansion in the ASEAN region. Major players such as Google, Microsoft, and Tesla have shown interest in the country’s potential during an investment talk. The event was a part of Prime Minister Srettha Thavisin’s participation…
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Thai govt dives into action: Plans to flood fields with innovation and debt suspension
Plans are underway by the Thai government to accelerate the expansion of water sources and enhance the varieties of rice and other key crops in Thailand. Recommendations have also been made for the proposed debt suspension scheme to operate with conditions. These suggestions were made by Nipon Puapongsakorn, a distinguished fellow at the Thailand Development Research Institute (TDRI), who highlighted…
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Muang Thai Life partners with Line BK for low-income targeted insurance
Muang Thai Life Assurance (MTL) is partnering with Line BK, a provider of social banking services, to introduce an insurance brokerage service that primarily caters to those with lower incomes and freelancers. Sara Lamsam, the CEO and president of MTL, stated that partnering with Line BK will provide the public with easier access to health and life insurance policies that…
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Thai govt greenlights 500 billion baht boost for state-owned enterprises in 2024 budget bonanza
The Thai government yesterday approved a massive investment budget of 500 billion baht dedicated to 46 state-owned enterprises for the fiscal year 2024, commencing this October. The substantial budget aims to stimulate the national economy and bolster fiscal growth. Government spokesperson Chai Wacharonke detailed the budget allocation, stating that the funding includes 209 billion baht earmarked for ongoing and routine…
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Thai exports spring back to life: A global manufacturing and clean energy surge
After 11 months in decline, Thai exports have made a surprising return to growth, largely due to a resurgence in global manufacturing, consumer spending and a thriving service sector among trading partners. This upturn has been further fuelled by the promotion of clean energy policies, increased demand for technological products and the relative depreciation of the baht, according to the…
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US dollar surge hits Asian currencies: Thai baht suffers
Asian currencies experienced a dip today, with the Thai baht and Indonesian rupiah bearing the brunt of the losses. This was mainly due to the rising strength of the US dollar, bolstered by robust economic indicators and the threat of inflation from the Federal Reserve, which have pushed US bond yields to a 16-year peak. The baht saw a fall…
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Banpu’s rare earth pivot for cleaner energy
Banpu, a Stock Exchange of Thailand (SET)-listed company, is planning a strategic shift towards the mining of rare earth, a move anticipated to replace its coal mining operations as the firm prioritises the creation of a cleaner, smarter energy. The company’s interest is especially piqued by the elements required to produce lithium-ion batteries for electric vehicles (EVs). Banpu is in…
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Thai steel market stagnation expected in 2023 amid economic concerns
The Thai steel market faces a period of stagnation in 2023, with consumption levels predicted to match those of last year at 16 million tonnes. This prediction comes from Chaichalerm Bunyanuwat, president of the EAF Long Product Steel Producers Association, who cites the slow resumption of government infrastructure projects, weak consumer spending power, and high household debt as contributing factors.…
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Thai retailers urge government to reassess import taxes on luxury goods
The Thai government is being implored to reassess the import taxes imposed on luxury goods to mirror the tax rates in neighbouring countries. This is a strategic move aimed at attracting foreign tourists and bolstering the competitiveness of Thai small and medium-sized enterprises (SMEs) against established foreign brands in the country. The call for this revision comes from Yol Phokasub,…
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AIS and Trip.com partner to boost Chinese tourism in Thailand
Thailand’s leading 5G digital service provider, Advanced Info Service (AIS), is partnering with China’s top online travel agent, Trip.com, to create a smooth travel experience for Chinese tourists. This move comes in response to the government’s recent introduction of a visa-free policy for Chinese visitors. AIS aims to stimulate Thailand’s tourism sector by offering a comprehensive user experience for Chinese…
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Samyan Mitrtown thrives amid Covid-19 retail challenges, celebrates 4th anniversary
Fraser Property Commercial Thailand (FPCT) defied the odds with its mixed-use property, Samyan Mitrtown, thriving amidst the retail challenges brought about by the Covid-19 pandemic. Despite its initial launch shadowed by the established shopping culture of the Siam Square complex, Samyan Mitrtown emerged victorious, celebrating its fourth Anniversary in September with significant growth in foot traffic and a high occupancy…
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Evergrande’s uphill battle: China’s property giant grapples with dwindling option
China Evergrande Group, the beleaguered real estate titan, is rapidly exhausting its options to salvage one of the most substantial restructuring efforts in the country’s history. A series of unforeseen circumstances, including the cancellation of crucial creditor meetings, the necessity to revise its restructuring plan, the detainment of staff from its money management division, and a failure to meet the…
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CEO concerns rise as skills shortage and HR burnout hit businesses
According to a survey by PricewaterhouseCoopers (PwC), a staggering 79% of CEOs are concerned about the scarcity of vital skills in their workforce, whilst 98% of human resources professionals are feeling the effects of burnout, as revealed by the Academy to Innovate HR. A separate survey by Gartner highlighted a drop in employees’ willingness to support organisational changes, from 74%…
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Federal Reserve statements impact gold prices, Thai domestic rates soar
Gold prices have been impacted by recent statements from the Federal Reserve, indicating possible rate increases this year and a likelihood of high rates throughout next year. This information, released on Wednesday, elevated the US dollar and bond yields, putting pressure on gold as investors revised their future price expectations for the precious metal. Consequently, Thursday saw a retreat in…
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Fiscal incentives may reward farmers bypassing Thai government’s debt suspension plan
An anonymous source from the Finance Ministry revealed that farmers who opt out of the government’s planned debt suspension programme may be rewarded with incentives. This policy is reminiscent of one enacted during the Thaksin Shinawatra administration and is designed to encourage fiscal discipline among farmers. Previously, in the period between 2001 and 2004, the Thaksin regime introduced a three-year…
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Thaicom to launch Thailand’s first tracking service via LEO satellite
Thaicom, the satellite operator listed on the Stock Exchange of Thailand, is set to launch the country’s first tracking service via a low Earth orbit (LEO) satellite, Spot Gen 4. The launch, planned for the fourth quarter of this year, will primarily target Thailand’s tourism and maritime industries. The launch comes on the heels of a commercial partnership inked last…
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Rise in expatriate residence in Thailand prompts tourism benefits plan
Thailand’s popularity as a residence of choice for expatriates and remote workers is on the rise. As per the data from the Employment Department and Colliers Thailand, the first quarter of this year saw 156,596 expatriates, with over half based in Bangkok. The leading nationalities were Japanese, Chinese, and Indian last year. However, recent reports show an increased interest among…
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Tesla, Google, Microsoft eye US$5 billion investment in Thailand
Thailand anticipates a minimum of US$5 billion (160 billion baht) investment from tech giants Tesla, Google, and Microsoft, as shared by Prime Minister Srettha Thavisin. Tesla is considering establishing an electrical vehicle (EV) manufacturing facility, while Microsoft and Google are exploring data centres, PM Srettha today stated, without specifying whether this projected US$5 billion was an aggregate investment or an…
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Thai stocks fall 1.3% amid fears of high interest rates impact
Share prices experienced a surge on Friday, reversing earlier downtrends and Wall Street’s sell-off, as traders weighed the implications of further interest rate hikes by central banks grappling with inflationary pressures. Thai stocks fluctuated between 1,503.23 and 1,539.40 points before ending yesterday at 1,522.59, marking a 1.3% fall from the previous week, with daily transactions averaging 52.06 billion baht. Retail…
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El Niño effect forecasted to lower Thai rice production in 2023-24
The Agricultural Economics Office of the Agriculture and Cooperatives Ministry in Thailand forecasted a decline in rice production for the 2023-24 harvest season. The expected drop is approximately 871,000 tonnes, a decrease of 3.27%, totalling 25.8 million tonnes. This significant decrease is primarily due to the effects of the El Niño weather phenomenon. Deputy Secretary-General of the Agricultural Economics Department,…
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Phuket hotels thrive amid economic uncertainty, thanks to diverse visitor base
Phuket hotels are showing resilience amid a sluggish European economy and a weak British pound, with Laguna Phuket setting sights on its best high season yet. This optimism is fuelled by the return of Chinese tourists and a rebound in international travel demand. Paul Wilson, who holds the position of Vice-President and Deputy Managing Director at Laguna Phuket, revealed that…
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Sky ICT aims for top three global aviation software spot by 2024
Having clinched a deal with Airports of Thailand (AoT) in 2020 to develop smart airports, the Stock Exchange of Thailand (SET)-listed aviation tech firm Sky ICT is now setting its sights on becoming a top three global player in aviation software by 2024, according to Sithidej Mayalarp, the company’s chief executive. Sky ICT is negotiating with a leading global aviation…
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Thailand’s mega land bridge project: an economic boon or environmental bane?
The Industry Ministry of Thailand is currently assessing the environmental impact of a proposed land bridge megaproject in the southern part of the country, a venture that promises to significantly bolster the Thai economy in the future. This assessment is crucial to determining the project’s viability and addressing any potential negative effects on the environment. The proposed land bridge, which…
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Roojai revs up for success: Thai online insurer aims to drive into top 10 with profitable year ahead
Online insurance firm Roojai is poised to post its first profit from Thai operations in the fiscal year ending March 2024, according to founder and CEO Nicolas Faquet. This is largely attributable to the company’s growth in motor insurance sales, as it sets its sights on becoming a top 10 player in this segment by next year. Faquet revealed it…
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