Business News
Thailand business news, market trends, foreign investment, and economic updates—stay informed on stock market movements, entrepreneurship, and key developments shaping the economy. Get the latest from The Thaiger, your trusted source for business news in Thailand.
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Digital nomading in Chiang Mai? What US$1,000 a month really gets you
Chiang Mai has become a popular destination for digital nomads due to its low living costs, rich culture, and active remote work community. The city offers affordable housing, tasty food, reliable internet, and many co-working spaces, making it a great...
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Thailand urged to support major theme parks
Thailand should offer robust support, including investment incentives and infrastructure development, to attract major theme park brands like Disney, according to the International Association of Amusement Parks and Attractions (IAAPA). IAAPA Board Chairman Wuthichai Luangamornlert emphasised that investors are inclined to develop attractions in destinations providing substantial support. China’s rail transport system was completed a year before the opening of…
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Thailand leads in fresh durian exports to China, 121 tonnes by April
Thailand firmly established itself as the top exporter of fresh durians to China, with over 121,398 tonnes shipped in 2024, according to Global Trade Atlas (GTA) data. Additionally, mango exports to South Korea have surged, influenced by favourable trade agreements. Government spokesperson Chai Wacharong announced that Thailand’s Ministry of Commerce revealed new data showing the country exported fresh durians to…
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Thailand’s smartphone market set to grow 3% to 5% in 2024
Thailand’s smartphone market contracted by 2% in the first quarter due to slow economic recovery, a research paper revealed. However, the government’s digital wallet scheme is projected to stimulate industry growth by 3% to 5% in 2024, according to Counterpoint Technology Market Research’s Thailand Smartphone Tracker report. 5G smartphone shipments accounted for 52% of total smartphone sales in the first…
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Minister proposes shorter blacklist period for bad debtors
Finance Minister Pichai Chunhavajira proposed reducing the time period for which bad debtors remain on the National Credit Bureau’s blacklist, aiming to facilitate quicker access to new borrowing opportunities. While speaking at a signing ceremony for the establishment of ARI-AMC, a joint venture between the Government Savings Bank (GSB) and Bangkok Commercial Asset Management Plc (BAM), Pichai noted that the…
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Thailand tourism thrives despite slow GDP growth
Thailand’s tourism sector demonstrates resilience, maintaining momentum despite a GDP growth of only 1.5% in the first quarter, which trails behind its regional counterparts. The Tourism Authority of Thailand (TAT) attributes this robustness to a quicker rebound in tourism compared to other industries and is planning to sustain this through the ongoing promotion of festivals. Reports have shown that large…
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Thai banks urged to ‘transact green’ by BoT to aid local businesses
The Bank of Thailand (BoT) urges large commercial banks in Thailand to provide transition finance to aid local businesses in shifting from carbon-intensive operations to more sustainable practices. During the seminar EARTH JUMP 2024: The Edge of Action organised by Kasikornbank, Ronadol Numnonda, deputy governor of the central bank, revealed that last year, large local banks reported a total of…
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Thailand tackles fraud with mobile bank account name verification
Mobile bank account holders can continue using their services uninterrupted as authorities work to ensure the names of account holders match those of phone subscribers, according to the Ministry of Digital Economy and Society (DES). This initiative aims to tackle the misuse of bank accounts by fraudsters. The crackdown, launched at the beginning of the week, has caused some concern…
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Thai Consulate Savannakhet: No more walk-in services
THAI CONSULATE SAVANNAKHET POLICY CHANGE The Royal Thai Consulate in Savannakhet, Laos, will go to online appointment booking only effective June 1st (actually on Tuesday June 4th which is the first day they’re open after the holiday). The consulate will no longer allow walk up service, you have to book an appointment to get in the gate. At this time the…
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Chinese investors show strong interest in Thailand at RCEP-tion
Chinese investors eagerly engaged with Thailand’s business landscape at a recent matchmaking event held under the Regional Comprehensive Economic Partnership (RCEP) agreement. Marking its debut in Thailand, the event seeks to draw interest towards emerging S-curve industries and facilitate the transfer of technology from China. At the helm of the 1st RCEP Business Opportunities Matchmaking Conference (China-Thailand) was Commerce Minister…
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Thailand Cabinet boosts 2024 fiscal budget by 122 billion baht
The Thai Cabinet approved a plan to increase the 2024 fiscal budget by 122 billion baht to support its delayed household stimulus scheme, Deputy Finance Minister Paopoom Rojanasakul today announced. This adjustment will raise the new budget to 3.6 trillion baht, representing a 13% increase from the previous year, with the deficit swelling to 805 billion baht. The government’s decision…
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Ezy Airlines ready for Hat Yai-Betong takeoff, expect turbulence
Ezy Airlines announced plans to take flight on the currently unserviced Hat Yai-Betong route by late next year, experiencing a slight delay from its original schedule. Chatchavee Sakornvisai, senior director of business development and international liaison, confirmed Ezy Airlines’ intention to establish Hat Yai Airport as its operational hub, with aspirations to start flights to Betong by the third quarter…
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Thai-made armoured vehicles and pistols delivered to Bhutan
In a momentous event overseen by Defence Minister Sutin Klungsang, a ceremony unfolded today to transfer a cache of arms to Bhutan’s police force. The consignment included 10 armoured vehicles and 230 pistols, all manufactured by two Thai companies. Set against the backdrop of the Defence Ministry‘s permanent secretary office building, the ceremony symbolised the strong defence cooperation between Thailand and…
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Finance Ministry to reassess stock holdings worth 1.19 trillion baht
The Finance Ministry plans to reassess its shareholdings in various stocks to optimise its asset portfolio and generate additional revenue for the state. Deputy Finance Minister Paopoom Rojanasakul instructed the State Enterprise Policy Office to evaluate the ministry’s stock holdings. According to sources, this review aims to identify which assets the government should retain and which could be sold. A…
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Finance minister orchestrates with BoT for fiscal symphony
Finance Minister Pichai Chunhavajira is adopting a more cooperative stance towards the Bank of Thailand (BoT)Â compared to the Thai prime minister, aiming to align fiscal and monetary policies more effectively. Prime Minister Srettha Thavisin has been advocating for interest rate cuts to stimulate the economy. Pichai, however, has shifted the focus towards enhancing public access to finance, expressing his concerns…
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Thai employment dips: Farm job cuts sow 0.1% decline in Q1 stats
Thailand today experienced a 0.1% decline in employment during the first quarter compared to the same period last year, primarily due to reductions in agricultural jobs, according to the National Economic and Social Development Council (NESDC). This follows a 1.7% year-on-year increase in employment in the previous quarter. The drop in agricultural employment was significant, with a more than 5.7%…
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Brands accused of rainbow washing during Pride Month
Throughout June, rainbow flags adorn many city streets globally in celebration of Pride Month, symbolising the ongoing struggle for civil rights and the pursuit of equality for LGBTQIA+ individuals. Brands and companies often show their support by incorporating rainbows into their logos or changing their profile pictures to feature rainbow graphics during this time. However, when June ends, these displays…
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Thailand PM calls urgent meeting with economy ministers
Thailand Prime Minister Srettha Thavisin called for an urgent meeting with economy ministers to discuss short-term economic stimulus measures to address Thailand’s sluggish economic performance in the first quarter of 2024. The National Economic and Social Development Council (NESDC) reported that Thailand’s economy grew by only 1.5% year-on-year for the first three months of 2024. This lacklustre growth has prompted…
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Tax refund delays: Stricter checks put paperwork in slow lane
Stricter document verification has led to delays in personal income tax refunds this year, the Revenue Department reported. An increase in the submission of fraudulent documents, particularly fake income certificates (50 Tawi), prompted the department to scrutinise tax refund documents more meticulously. Vinit Visessuvanapoom, Deputy Director-General and principal advisor on tax base management stated that the department’s heightened caution stems from…
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Commerce Ministry investigates oil palm price drop
The Commerce Ministry directed the Internal Trade Department to investigate the recent drop in oil palm prices by visiting provinces known for palm plantations. This initiative follows complaints from growers about reduced purchase prices. Commerce Minister Phumtham Wechayachai instructed Wattanasak Sur-iam, director-general of the Internal Trade Department, to assess the situation in Phang-Nga, Krabi, and Surat Thani provinces. The goal…
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Gold trading in the era of financial regulatory changes
The gold market has undergone significant changes in recent years due to evolving financial regulations across the globe. With increased oversight and restrictions, gold traders have had to adapt to this new environment. This article explores how gold trading has been impacted by financial regulatory changes and what traders need to know going forward. Increased Capital Requirements One of the…
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Thai car production drops 11.02% in April amid long holidays
Car production in Thailand experienced a significant decline of 11.02% in April from the previous year, with total units produced amounting to 104,667, according to the Federation of Thai Industries (FTI). This decrease follows a more substantial drop of 23.08% year-on-year in March. The FTI attributed April’s reduced production figures to long holidays during the month. For the January to…
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US imposes major tariffs on Chinese EVs and semiconductors
The United States recently imposed substantial tariffs on Chinese products, focusing particularly on electric vehicles (EVs) and semiconductors. This move is expected to push China to expand its EV manufacturing within Asia, with Thailand emerging as a significant export hub, according to the Federation of Thai Industries (FTI). President Joe Biden’s administration cited Beijing’s unfair trade practices as the reason for…
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Bangkok Land to transform Mueang Thong Thani into smart city
Bangkok Land, a Stock Exchange of Thailand (SET)-listed company, is poised to transform Mueang Thong Thani into a smart city district. This ambitious plan includes the establishment of a new seafood and fruit centre aimed at providing affordable goods to attract tourists to Nonthaburi. The development is strategically timed to coincide with the launch of the Pink Line monorail service,…
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Thailand and Bhutan start free trade talks to boost trade by 2025
Thailand and Bhutan yesterday officially began negotiations for a free trade agreement (FTA), aiming to finalise the deal by next year. Deputy Commerce Minister Napintorn Srisunpang confirmed that Bhutanese Prime Minister Tshering Tobgay has signed the terms of reference to initiate the FTA discussions. Both nations see this agreement as a crucial step to enhance bilateral trade and investment, dismantle…
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Foreign business as usual: Thailand schools diplomats on investment
The Department of Business Development in Thailand hosted a briefing for diplomats and international organisation representatives to clarify the Foreign Business Act (FBA) of 1999. The objective was to educate foreign investors on the law to ensure compliance and proper investment practices in Thailand. The Director-General of the Department, Auramon Supthaweethum, stated that the meeting aimed to help foreign investors…
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Betting on Songkhla: Legal casino spin to boost border tourism
Tourism operators in Songkhla urge the government to consider developing an entertainment complex with a legal casino to revitalise tourism in border areas and reduce dependence on Malaysian visitors. As the government reviews a project for an integrated entertainment complex, Songchai Mungprasithichai, President of the Songkhla Tourism Promotion Association, highlighted the potential of Ban Dan Nok and the area around…
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Thailand targets 465 billion baht in central region tourism revenue
The Tourism Authority of Thailand (TAT) is set to promote the central region with new flight connections to the south and northeast, aiming to generate 465 billion baht in tourism revenue this year. Following a mobile cabinet meeting in Phetchaburi province, Prime Minister Srettha Thavisin directed TAT to boost tourism in Suphan Buri, Kanchanaburi, Ratchaburi, and Phetchaburi. The initiative will…
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Thailand’s hydrogen hype: Fuelling a cleaner future
Thailand is gearing up to construct a hydrogen economy, motivated by both state and business initiatives to advance hydrogen fuel ventures and foster cleaner energy usage. The nation’s potential for a low carbon-driven economy is gaining traction following a joint announcement by PTT Global Chemical (PTTGC), the largest petrochemical producer in Thailand, and Bangkok Industrial Gas, the country’s leading industrial…
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Loan and behold: NPLs spike as economy recovery stumbles
The Bank of Thailand reported a rise in non-performing loans (NPLs) within the banking industry for the first quarter, attributing the increase to all types of loan products amidst an uneven economic recovery. NPLs in the banking sector reached 502 billion baht, equivalent to 2.74% of total outstanding loans in the first quarter, an increase from 2.66% in the previous quarter.…
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Cassava crunch: Thai exports take a dip with 16.4% drop in Q1
Thai exports of cassava and cassava products fell by 16.4% year-on-year in the first quarter, largely due to a reduction in cassava chip output. The Director-General of the Trade Policy and Strategy Office, Poonpong Naiyanapakorn, reported that the export value of cassava and cassava products reached 33.2 billion baht for the first three months of this year, marking a 16.4%…
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