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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Sponsored 9 most common health issues covered by insurance for expats in Thailand
Thailand is a popular destination for expats due to its affordable lifestyle and excellent healthcare system. However, settling in a new country often brings health concerns. To ensure you’re covered for the most common medical needs, understanding what expat health...
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Bitcoin ETFs close with largest discounts due to crypto plunge
The largest spot-Bitcoin exchange-traded funds (ETFs) closed today with significant discounts to their underlying asset values, the biggest since their inception. This disparity emerged when the cryptocurrency plunged to its lowest in two months, consequently affecting the ETFs’ Bitcoin value tracking. The iShares Bitcoin Trust, a US$16 billion fund, closed approximately 1.7% below its net asset value. Other funds like…
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Illegal chemical warehouse in Ayutthaya razed by overnight inferno
An inferno swept through an unauthorised chemical warehouse in Phachi, Ayutthaya, leading to the combustion of over four tonnes of impounded chemical waste. Thai media outlets first broke the news of the fire at 6pm, yesterday, May 1, depicting a scene of roaring flames and a thick blanket of chemical smoke suffocating the area. The pungent smell that pervaded the…
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Thai govt cancels VAT exemption for low-priced imported goods
The digital economy’s growth in Thailand led to a surge in trade on foreign online platforms, which has caused considerable disruption for local businesses. The local market has been flooded with cheap Chinese products, putting domestic entrepreneurs at a disadvantage and unable to compete on price. This situation has prompted many to fade away, compelling the government to take action.…
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Thai-tanic surge: Thailand investment pledges make waves
According to data released by the Board of Investment (BOI) today, Thailand’s investment pledges surged 31% in the first quarter of 2024. This promising growth was recorded in comparison to the corresponding period of last year. The information revealed that the aggregate value of all investment applications in the first three months, leading up to March, soared to 228 billion baht…
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Thai renewable energy industry urges govt to revise trade system
The Federation of Thai Industries’ Renewable Energy Industry Club urged the government to revise the country’s electricity trade system from the longstanding enhanced single buyer (ESB) model, arguing it hampers the growth of renewable energy. The ESB structure, which designates the Electricity Generating Authority of Thailand (EGAT) as the sole entity that sells electricity to the public, is seen as…
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IBM Thailand Director emphasises AI’s impact on economy
As Thailand grapples with geopolitical conflicts, economic barriers, and technological disruptions, the newly appointed managing director of IBM Thailand shared his vision for the nation’s future. Anothai Wettayakorn emphasised the critical importance of focusing on controllable factors in a complex world and said that strategic planning and positivity could bring about positive change. Anothai went on to highlight the exceptional convergence…
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Jorakay to invest 300 million baht in Vietnam factory
Jorakay Corporation, a renowned producer of tile adhesive, grouting products, and various construction chemicals under the Crocodile brand, announced intentions to invest 300 million baht in a Vietnam factory in 2028. The investment is earmarked for the establishment of a factory in Vietnam, driven by robust demand and the company’s aspiration to expand its export reach to the Philippines and…
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Ex-Binance CEO Changpeng Zhao receives four-month sentence
The former CEO of Binance and once a dominant figure in the cryptocurrency industry, Changpeng Zhao, was given a four-month prison sentence yesterday after admitting to violating anti-money laundering laws in the United States. The sentencing of Changpeng, commonly known as CZ, marks a landmark moment in the crypto industry, with two major figures now having been imprisoned. The sentence,…
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Thai government preps digital wallet scheme for 50 million citizens
The Ministry of Digital Economy and Society (DES) is getting ready to support the government’s digital wallet scheme, aimed at benefiting 50 million Thai citizens. Under the direction of Minister Prasert Jantararuangtong, the National Cyber Security Agency (NCSA) will monitor the security of the 500-billion-baht (US$13.4 million) digital initiative. Simultaneously, the Digital Government Agency (DGA) will take charge of digital…
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Citi expands medium-sized business operations in Thailand, Asia
International bank Citi is set to aid the expansion of medium-sized businesses in Thailand and Asia. The move comes as economies in these regions experience high growth rates, presenting lucrative opportunities for companies to penetrate overseas markets. The managing director and head of Citi Commercial Bank (CCB) for Asia North, Australia, and Asia South, Gunjan Kalra, highlighted Asia’s rapid economic…
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Kasikornbank and SUN group fund Thai solar startup Ion Energy
Kasikornbank’s subsidiary Beacon Venture Capital has collaborated with Indonesia’s Solar United Network (SUN) Group to complete a Series A funding round for Ion Energy, a solar energy startup based in Thailand. The funding round closed at US$3 million. Ion Energy offers affordable, clean energy solutions to both residential and commercial sectors within Thailand. Beacon Venture Capital Managing Director Thanapong Na…
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SET extends deadline due to few presidential applicants
The Stock Exchange of Thailand (SET) has delayed the application deadline for its presidential role until May 15, following a lack of applicants. The present president, Pakorn Peetathawatchai, is due to step down in September. The SET chairman role also remains unfilled after Pichai Chunhavajira’s recent resignation. The exchange is seeking candidates who can support its vision of making the…
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Microsoft invests US$1.7 billion in Indonesia for AI, cloud services
Microsoft revealed its plan to invest US$1.7 billion in Indonesia, with the intent of enhancing the nation’s cloud services and artificial intelligence (AI) capabilities. This includes the construction of data centres, according to the company’s chief executive, Satya Nadella, who announced it today, April 30, during his visit to the country. Marking his first stop in a Southeast Asian tour,…
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Manufacturing production index drops by 5.13% in March
Continuing its downward trend for the 18th month in a row, the manufacturing production index experienced a 5.13% drop in March compared to the same period last year, according to an Industry Ministry report. This decline, which is more severe than analysts’ predictions, is attributed to a slowdown in automobile production, a decrease in exports, and increasing household debt. Analysts…
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Air China boosts Comac profile with massive C919 jet order
China’s national carrier, Air China, reportedly placed an order for 100 domestically-produced C919 jets, a move anticipated to garner international interest and further boost the profile of the relatively new aircraft. This comes as rival Boeing continues to grapple with ongoing safety concerns. The Beijing-based airline, which flies to 196 destinations, including over 60 international locations, confirmed the agreement with Comac,…
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Thailand’s DES ministry to establish national AI committee
Plans are underway by the Digital Economy and Society (DES) Ministry in Thailand to establish a new national artificial intelligence (AI) committee. The initiative is part of the second phase of the national AI strategy. The strategy is a cornerstone of Thailand’s ASEAN Digital Economy and AI Hub Plan, a key driver for the country’s digital economy. The ministry also…
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Thailand’s tourism seeks boost after Cabinet reshuffle cooperation
Following the recent Cabinet reshuffle, Thailand’s tourism operators are urging for enhanced cooperation among ministries and related authorities to sustain the country’s transformation into a tourism and aviation hub. Khao San Road Business Association President Sanga Ruangwattanakul asserted that the Cabinet reshuffle would not destabilise the government, provided its key policies, particularly the 2030 Ignite Thailand vision, are sustained. This…
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Pichai Chunhavajira announced as new Thai Finance Minister
The former Stock Exchange of Thailand (SET) chairman has been appointed as the new finance minister, a move that has garnered a positive reception from stock market analysts. They believe Pichai Chunhavajira will play an active role in managing the capital market and advancing economic stimulus, now that the 2024 fiscal budget is prepared for allocation. Expressing his view on…
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Thailand’s eastern corridor factories prepared for drought season
Factories within Thailand’s Eastern Economic Corridor (EEC) are poised to weather an impending drought season, thanks to preventative measures undertaken by the Industrial Estate Authority of Thailand (IEAT). The EEC, which encompasses sections of Chon Buri, Rayong and Chachoengsao, is home to 41 industrial estates and 6,000 factories, and the daily demand for water across these establishments amounts to 1.5…
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Thailand ranked in top three for financial fraud scams, says Google
Google’s 2023 Bad Apps Report ranked Thailand among the top three countries in the Asia-Pacific region with a significant spike in financial fraud scams last year. Aman Dayal, Asia-Pacific head of trust & safety operations for Google Play, stated during an online media briefing that Singapore, Thailand, and India were particularly affected. With over 90% of smartphone penetration rates, the…
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Heatwave havoc: DIT keeps close thermometer on Thai farming
The sweltering weather conditions currently sweeping across Thailand have prompted the Department of Internal Trade (DIT) to closely monitor their impact on the country’s agricultural and livestock production. Despite the challenging weather and drought, DIT Director-General, Wattanasak Sur-iam, assured that the price of agricultural goods remains stable. To alleviate the cost of living for consumers and restaurant owners, the DIT…
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Export woes: March sees customs dip by 10.9%
March witnessed a significant 10.9% drop in customs-based exports from the previous year, according to an announcement by the Commerce Ministry today. The decline was notably more severe than the 4.5% year-on-year fall predicted by a Reuters poll, marking a stark contrast to the 3.6% rise observed in February. Government data revealed a 9.7% and 19.3% decrease in exports to…
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Thailand and India to launch QR cross-border payments
The Bank of Thailand (BoT) is set to introduce QR code cross-border payments between Thailand and India by the third quarter of this year, with a broader vision to expand this system into a pan-Asian multinational payment network. The Assistant Governor for Payment Systems Policy and Financial Consumer Protection Group at the central bank, Daranee Saeju, revealed that the payment…
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NBTC board rejects new mobile tariff structure due to lack of study
The National Broadcasting and Telecommunications Commission (NBTC) board declined to approve a new tariff structure for mobile services, citing a lack of comprehensive study on the matter. The proposed tariff would have charged customers on a per-second basis, reflecting actual usage. The board has voiced concerns over the potential for increased costs for consumers and has asked for a more…
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Thai customs to impose VAT on all postal imports
The Customs Department of Thailand next month is set to begin levying value-added tax (VAT) on all imported goods sent through postal services, regardless of the items’ value. This move comes in response to low-priced imports from China that have been flooding the market, providing an unfair edge as domestic producers are taxed. Currently, imported goods sent via postal services…
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Israel-Iran conflict threatens Thai economy in Q2
The ongoing conflict between Israel and Iran poses a potential threat to the Thai economy in the second quarter. Anticipated challenges include currency depreciation, an increase in oil prices, and a decrease in purchasing power. This comes after the International Monetary Fund reduced its Thai GDP forecast significantly from 4.4% to 2.7% growth, due to a slump in domestic consumption.…
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AirAsia ventures into aviation consulting and planning
AirAsia is looking to expand its horizons beyond Southeast Asia by stepping into the realm of aviation consulting and planning. This strategic move comes as a part of a larger plan to separate its non-aviation ventures from its core aviation business. Tony Fernandes, the chief executive of Capital A, disclosed that a conditional sales and purchase agreement has been finalised…
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Gold prices in Thailand soar, buyers urged to stay updated
Gold prices in Thailand saw a rapid increase, urging interested buyers to check the latest updates. Today, April 26, the price for gold ornaments surged to 41,350 baht, marking a 100 baht rise from the previous day’s close as reported by the Gold Traders Association (GTA) at 9.04am. The global gold spot price hovers around US$2,333 (86,379 baht) per ounce,…
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Asian millennials and Gen Z prefer regional travel, says Marriott
Rising travel expenses have led to an increase in intra-regional tourism among Asia-Pacific’s Gen Z and millennial tourists, according to Marriott International. The younger adults, keen on saving for their travels, are opting for trips within their region. In 2023, intra-regional travellers accounted for over 60% of bookings in the Asia-Pacific region, a significant increase from the 40-50% before the…
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Thailand sees surge in foreign investment in Q1
Thailand has seen a recent surge in foreign investment, according to recent statistics from the Thai Ministry of Commerce. Government spokesperson Chai Watcharong yesterday, April 25, unveiled these numbers, highlighting a significant upsurge in foreign investment within the first quarter of 2024. A staggering total of more than 35 billion baht has been funnelled into the Thai economy by foreign investors,…
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