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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Vietnam considers ceasing decade long gold import ban
Vietnam may soon allow companies to import gold for the first time in over a decade. Aiming to bridge the gap between local prices and international benchmarks, this development comes as the Vietnam Gold Traders Association (VGTA) continues its extended discussions with the government to address the supply and demand imbalance for gold. Huynh Trung Khanh, vice chair of VGTA,…
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Thai consumers highlight concerns over real-time payment scams
The rise in the use of new, convenient, and fast payment channels has been matched by growing concerns about real-time payment scams, as revealed by a global consumer fraud research study conducted by Fico, the US-based data analytics and credit scoring company. The study reveals that Thai consumers are particularly worried about the risk of being deceived into sending money…
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Gold prices rise with ornaments at 40,750 baht per weight
Gold prices surged today as the Gold Traders Association GTA) announced an increase, with gold ornaments selling at 40,750 baht per baht weight compared to yesterday’s rates. This change was recorded at 9.03am, today, June 12, showing a 100 baht rise from the previous day. Gold bar prices in the domestic market were set at 40,150 baht per baht weight…
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Thailand’s food delivery apps dish out tasty profits
Thailand’s food delivery and on-demand super apps have demonstrated moderate growth despite economic hurdles, with major players generating significant revenue increases in 2023. Business data provider creden.co reports that total revenue for these apps reached 31.7 billion baht last year, rising from 27 billion baht in 2022. Grab Taxi (Thailand) achieved a profit for the second year running, with revenue…
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Thailand urged to upgrade regional airports to boost tourism
The Airlines Association of Thailand (AAT) called upon the government to upgrade more regional airports to international status, aiming to boost tourism and generate more revenue for Thaniland’s 55 second-tier cities. At the Ignite Tourism Thailand event, chaired by Prime Minister Srettha Thavisin, AAT President Puttipong Prasarttong-Osoth highlighted the need for developing regional airport facilities to handle international flights. This…
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Thai stocks hit 4-year low amid political turmoil and court cases
Prime Minister Srettha Thavisin acknowledged today that the ongoing political turmoil is likely impacting the stock market, which dropped to a four-year low yesterday. Analysts pointed to three major court cases affecting the Thai political scene as a primary reason for investor anxiety. “This is about stock market sentiment,” Srettha commented, noting that the individuals involved in these cases, including…
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Thailand invests 8 billion baht for AI and EV industry research
Thailand Science Research and Innovation (TSRI) earmarked an 8 billion baht investment to enhance the nation’s pool of young researchers, supporting key S-curve industries like artificial intelligence (AI), electric vehicles (EVs), and quantum technologies. The fiscal 2025 budget includes plans to prepare 100,000 employees for the semiconductor industry, leveraging opportunities arising from geopolitical conflicts. Chairman of the National Commission on Science,…
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Thailand takes flight with airlines to boost tourism in 2024
The Tourism Authority of Thailand (TAT) is soaring to new heights, actively courting partnerships with a sky-high count of 11 international airlines to elevate both burgeoning and established markets in the latter part of this year. With the long-haul market expected to fly in at least 770 billion baht from a soaring flock of 10.8 million foreign visitors in 2024,…
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Gold prices expected to rise amid Federal Reserve rate cuts
YLG Bullion International advises investors to accumulate gold as prices consolidate, with expectations of a rise in the medium to long term, particularly after anticipated interest rate cuts by the Federal Reserve later this year. Global gold prices have increased by 13.2% this year as of today, driven by high demand from central banks and institutional investors amidst tightening supply,…
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Thailand trades up: Digital efforts land 32nd spot on global index
Thailand climbed to the 32nd position out of 65 countries on the Global Trade Modernisation Index (GTMI) 2024, highlighting its moderate performance in digital trade. The Kingdom of Thailand ranked 3rd among ASEAN nations and showed a significant improvement in readiness for digital trade. Chairman of the International Chamber of Commerce (ICC), Montri Mahaplerkpong announced yesterday, June 9, that growth…
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Local governments digging deep into land tax challenges
Local governments face a significant challenge in evaluating underutilised land plots to determine the appropriate tax burden under the land and building tax, according to finance permanent secretary Lavaron Sangsnit. Lavaron noted that the tax law, effective for five years, is currently under review for potential amendments. A key issue under scrutiny is the enforcement and interpretation of land utilisation.…
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Chiang Mai to become digital startup hub with new visa scheme
Chiang Mai is poised to become a digital startup hub in Southeast Asia, with the government pledging support to achieve this goal, Prime Minister Srettha Thavisin announced during a visit to the northern province yesterday. PM Srettha highlighted Chiang Mai City as an established haven for digital nomads and one of the world’s leading creative cities. “Late last year, Tim…
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3,900 Thai community radio stations to cease under new digital scheme
Approximately 3,900 community radio stations will be forced to cease broadcasting after this year due to the transition from analogue to a licensing regime and a digital audio broadcasting (DAB) scheme. The National Broadcasting and Telecommunications Commission (NBTC) has been working on the digital radio regulatory framework, aiming to implement it by September. This significant change is set to happen…
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Thailand’s steel sales slump 11 to 12% due to weak car market
Thailand’s sluggish car sales prompted an 11 to 12% decline in premium-grade steel sales during the first four months of 2024, raising concerns about reduced steel consumption this year, according to the Federation of Thai Industries (FTI). FTI Iron and Steel Industry Club Vice-Chairman Nava Chantanasurakon stated that local steel manufacturers are bracing for a tough period, with expectations of…
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Bangkok Airways, SO/ Maldives eye growth in tourism boom
Bangkok Airways and luxury resort SO/ Maldives are optimistic about expanding their business in the Maldives, a popular destination among Thai tourists. The Maldives achieved a significant milestone in tourism last year, welcoming over 1.8 million visitors, the highest number in a year, according to the Maldives Marketing and Public Relations Corp. Bangkok Airways resumed flights to the Maldives in…
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Baht hits two-week high but faces long-term depreciation risks
The Thai baht surged to a two-week high yesterday, surpassing 36.5 to the dollar, marking a strong short-term gain. However, Kiatnakin Phatra Financial Group (KKP) has issued a cautionary note about the potential depreciation of the currency, attributing it to persistent structural issues in Thailand’s economy. Yesterday, the baht led gains among Asian currencies, appreciating by 0.3% to its highest…
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Extend-a-signal: NT tunes in for spectrum band extension
National Telecom (NT) is poised to seek an extension from the National Broadcasting and Telecommunications Commission (NBTC) to continue utilising three spectrum bands beyond their expiration in September 2025. The requested extension, spanning 90 days, aims to ensure a seamless transition for NT’s current customers to alternative bands. NT intends to maintain operations on the 850MHz, 2100MHz, and 2300MHz bands,…
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Bonding issues: Political turmoil shakes Thai investor confidence
Thailand’s escalating political risks are making foreign investors hesitant about the nation’s bond market, despite a cautious return in May after a six-month break. In May, global funds bought US$511 million worth of Thai bonds, a notable difference compared to larger acquisitions in Indonesia, India, and South Korea. Comparative indicators of foreign investment show Thailand lagging behind its regional counterparts.…
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Peso power play: CIMB targets record 75 billion in loans for 2024
CIMB Bank Philippines, a subsidiary of Malaysia’s CIMB Group Holdings Bhd, announced an ambitious lending target of over 75 billion pesos (US$1.28 billion) to Filipino customers this year. This represents a 23% increase compared to 2023, according to the bank’s chief executive officer. Chief Executive Officer Vijay Manoharan disclosed the bank’s plans during a press conference, stating that CIMB Bank…
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Vintage vibes: Public hearing revs up classic car imports
The Foreign Trade Department has initiated a public hearing on a proposed amendment to a notification that would allow the import of certain classic cars for promotional events. The department’s Director-General, Ronnarong Phoolpipat, announced that a new notification has been drafted for the Commerce Ministry concerning this category of used vehicles. The amendment addresses restrictions on specific used vehicle imports,…
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Thai export growth set to miss target amid global challenges
The anticipated growth in Thai exports this year is poised to fall short of expectations due to a mix of external and internal hurdles, as outlined by a recent assessment from a private sector panel. During its recent meeting, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) upheld its projection for export growth in 2024, estimating it to…
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Thai tourism revenue to hit 3 trillion baht, misses target
Thai tourism revenue is projected to reach 3 trillion baht this year, falling short of the government’s target of 3.5 trillion baht due to economic challenges in key markets, the Tourism Authority of Thailand (TAT) reported. As of today, Thailand has seen 14.9 million foreign arrivals, generating 709 billion baht (US$19.4 billion). This figure represents roughly 30% of the international…
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Thailand predicts 2.7% growth amid slow export recovery, high debt
Thailand’s economy is experiencing a gradual recovery, with projected growth of between 2.2% and 2.7% this year, according to a recent announcement by a prominent joint business consortium. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), which includes key stakeholders from these sectors, has maintained its previous growth forecast. Exports, a crucial component of Thailand’s economic engine, are…
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New tax deductions approved to boost secondary city tourism
The Cabinet yesterday approved measures aimed at boosting tourism in secondary cities during the low season. Deputy Finance Minister Paopoom Rojanasakul announced that the new measures target both companies holding seminars and individuals travelling for leisure. Companies can now deduct expenses from corporate income tax for seminar rooms, accommodation, transport, and other related costs for domestic seminars held for employees,…
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VAT on all imports over 1 baht gets Cabinet approval
A proposal by the Ministry of Finance to impose value-added tax (VAT) on all imported goods valued at over 1 baht has received approval in principle from the Cabinet. This measure aims to curb the influx of inexpensive imported goods, particularly from China, that are saturating the domestic market. Government spokesperson Chai Wacharonke announced that the new threshold will be…
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Thailand to tax residents’ foreign income irrespective of remittance
The Revenue Department of Thailand will amend a law to tax individuals with foreign income, even if that income is not brought into Thailand. Director-General of the Revenue Department, Kulaya Tantitemit stated that the current tax law mandates individuals residing in Thailand for over 180 days per year to pay taxes on foreign income if it is brought into the…
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Thailand to introduce carbon tax by 2025, oil tax burden unchanged
The Excise Department plans to introduce a carbon tax by 2025, with the overall oil tax burden expected to remain unchanged. This move aims to align with the Global Warming Act, which is set to be enacted in 2025. According to the Director-General of the Excise Department, Ekniti Nitithanprapas, the department has examined global practices for implementing a carbon tax…
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Thai digital skies to light up for OneWeb’s Internet services launch
OneWeb’s broadband Internet services, facilitated by low Earth orbit (LEO) satellites, are anticipated to launch in Thailand by the fourth quarter of this year, marking a significant step in expanding digital connectivity across the nation. In a collaborative effort, OneWeb has teamed up with state telecom enterprise National Telecom (NT) to offer these services. NT provides the necessary gateway station…
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AoT to create subsidiary for managing small state airports
Airports of Thailand Plc (AoT) is considering the establishment of a subsidiary to manage small airports that are currently under the financially troubled Department of Airports. This initiative aligns with the government’s strategy to stabilise state finances. AoT President Kirati Kijmanawat announced today, June 4, that the proposed subsidiary would operate directly under AoT, with the parent company and Vayupak…
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Cathay Pacific delays new routes for full capacity takeoff
Cathay Pacific Airways, Hong Kong’s flag carrier, will refrain from expanding into new routes until it achieves full capacity by early next year. Despite reaching 80% of its pre-pandemic capacity, Chairman Patrick Healy stated that speeding up the timeline “is not the right thing to do.” Healy revealed to the South China Morning Post that the airline has no immediate…
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