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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Sponsored Top 10 reasons for expats to get a comprehensive health insurance in Thailand
Moving to Thailand offers plenty of excitement and adventure, but the local healthcare system can be complex to navigate as an expat. From unique health risks to high costs at private hospitals, having a comprehensive health insurance plan is essential....
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Thailand’s green utility tariff implementation faces SME hurdles
The Energy Regulatory Commission (ERC) of Thailand has estimated a two-year time frame for full implementation of the recently launched green utility tariff (GUT). This tariff, aimed at regulating renewable power prices, is a significant leap towards the global pushback on carbon-intensive manufacturing. However, businesses, particularly small and medium-sized enterprises, and some state entities have expressed unpreparedness to adopt the…
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Thailand explores long-term visa-free scheme with India
Tourism authorities in Thailand are pushing for a long-term reciprocal visa-free scheme with India, projected to become the world’s third-largest economy by 2027. Somsong Sachaphimukh, the vice president of the Tourism Council of Thailand, highlighted the positive impact of the current temporary visa exemption for India, which has accelerated the Indian market’s growth. As of February 18, the Indian market…
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Thai life assurance set for 2-4% growth in premiums this year
The Thai Life Assurance Association (TLAA) has set its sights on a projected growth of 2-4% in industry premiums this year, amounting to 640-650 billion baht (US$17.8 billion-18 billion). Health insurance premiums are expected to see a significant rise, likely due to an increased public focus on health and wellbeing. TLAA President, Sara Lamsam, who also holds the position of…
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Taxing times ahead: Employers must now e-file payroll returns
Vinit Visessuvanapoom, the Director-General of the Revenue Department, announced a new requirement for all employers to submit payroll tax returns electronically. The move is part of an effort to prevent fraudulent tax return forms. The director-general highlighted that before the department’s notification on income tax No.438, the electronic submission was voluntary. However, starting from January 1, 2024, all tax return…
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Thai government’s revenue collection could fall short in 2024
Deputy Finance Minister Krisada Chinavicharana expressed concerns that the government’s revenue collection for fiscal 2024 might not surpass the target, unlike the 174 billion baht (US$4.8 billion) surplus witnessed the previous year. This was announced at the Outstanding Revolving Fund Award event held yesterday. The government has projected an expenditure budget of 3.48 trillion baht (US$96 billion) for fiscal 2024,…
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Thailand’s NIA plans new strategy to boost local startups
The National Innovation Agency (NIA) outlined a new strategy to bolster local startups and align them with global innovation demand. The strategy, Create the Dot — Connect the Dot — Value Creation, aims to increase the number of innovation-based enterprises (IBEs) and propel Thailand into the top 30 leading innovation nations by 2030. NIA executive director Krithpaka Boonfueng highlighted the…
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Thaksin Shinawatra’s return stirs interest in Thailand’s economic policy
Former Prime Minister of Thailand Thaksin Shinawatra is back in the political limelight following his release on parole. His return to his Ban Chan Song La residence in Bangkok, which previously served as his command centre during his time in office, has sparked interest from the business sector. They are keen to understand the potential implications this could have on…
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Thailand seeks German investment in electric vehicle industry
Deputy Prime Minister Parnpree Bahiddha-Nukara announced on a recent official trip to Germany, the Thai government’s intention to attract German automobile manufacturers to invest in Thailand’s burgeoning electric vehicle (EV) industry. This initiative is part of the broader plans for Prime Minister Srettha Thavisin’s official visit to Germany next month. The deputy prime minister, who also serves as the foreign…
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Pizza company projects 15% sales growth despite food delivery downturn
Despite a challenging economic environment and a downturn in the food delivery sector, The Pizza Company remains optimistic about its growth prospects, projecting a 15% increase in sales this year. This confidence stems from its 20-minute delivery guarantee and strategic initiatives aimed at attracting younger customers. The company, a subsidiary of Minor Food, continues to focus on providing a value-for-money…
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PDMO to sell 100 billion baht savings bonds for budget deficit funding
The Public Debt Management Office (PDMO) announced plans to sell 100 billion baht (US$2.78 billion) worth of savings bonds within the fiscal year to finance the budget deficit. The initial issue, valued at 40 billion baht (US$1.1 billion), will be offered next month, according to the director-general of the PDMO, Patchara Anuntasilpa. The first tranche of savings bonds for the…
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SET proposes market cap rise for short selling, higher fines for violations
The Stock Exchange of Thailand (SET) proposed a rise in the stock market capitalisation requirement for securities eligible for short selling, along with a threefold increase in fines for rule violations. This move forms part of the SET’s strategy to enhance market supervision and bolster investor confidence. These changes, which are subject to a public hearing, propose to raise the…
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Thai export competitiveness declines with focus on rice market
The Bank of Thailand reports a significant decline in Thai export competitiveness, particularly in global rice markets. Over the last 20 years, the market share of rice shipments has dropped by over 50%. This reduction is a result of persistent structural issues in the export and manufacturing sectors, affecting the Thai economy at large. The bank’s recent report reveals that…
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Thai govt to review ASEAN-China FTA amid business concerns
The Trade Negotiations Department and Team Thailand, a government body focused on bolstering economic growth, have been directed by the Commerce Ministry to undertake a comprehensive study of products under the ASEAN–China Free Trade Agreement (ACFTA). This comes in response to concerns over the surge of low-cost Chinese goods in the domestic market. Commerce Minister Phumtham Wechayachai announced the ministry’s…
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Thailand promotes electric trucks and buses with new incentives
The National Electric Vehicle Policy Committee in Thailand has given the green light for incentives aimed at encouraging companies to switch their commercial fleets of large trucks and buses to battery electric vehicles (BEVs). The committee has also approved cash grants for manufacturers of EV battery cells. The secretary-general of the Board of Investment and secretary of the Electric Vehicle…
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INETREIT plans 3.2 billion baht capital increase to fund cloud services expansion
INET Leasehold Real Estate Investment Trust (INETREIT) is preparing to increase its capital by up to 3.2 billion baht (US$89 million). This move is anticipated to finance its additional investment in the INET-IDC3 phase 2, managed by Internet Thailand (INET), an information and communication technology infrastructure provider. The decision aims to profit from the growing demand for cloud services in…
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Thai authorities tackle surge in cheap Chinese imports
A surge in cheap Chinese products flooding Thai markets, particularly through e-commerce platforms, has prompted Thai authorities and organisations to seek measures to protect local producers. The influx has negatively impacted local small manufacturers of household goods and has boosted calls for the Revenue and Customs departments to expedite their efforts in controlling this wave of low-cost goods. Prime Minister…
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Thai businesses fear cost surge due to minimum wage hike
Businesses in Thailand are bracing for a potential increase in operating costs, following the government’s proposition to raise the daily minimum wage to 400 baht (US$11) within the year. The Federation of Thai Industries (FTI) has expressed its concern over the implications of this wage hike, particularly on small and medium-sized enterprises (SMEs), which are currently grappling with elevated interest…
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Southern Thailand sees room revenue surge due to European visitors
Southern provinces of Thailand are experiencing a boost in room revenue in the first quarter, thanks to extended stays by European visitors. This increase has occurred despite the lesser number of tourists from China. Room rates have reached a new high, setting a record. Pongsakorn Ketprapakorn, the ex-president of the Tourism Council of Phangnga predicted the surge. “The first quarter…
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Thailand incentivises companies to go green with EV conversion
The Thailand government confirmed yesterday that measures have been approved to encourage companies to convert their commercial fleets of large trucks and buses to battery electric vehicles (EVs). This move aims to increase the adoption of EVs and support companies in achieving their net-zero targets. In addition, cash grants will be provided for EV battery cell manufacturers. These policies are…
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Bank of Thailand faces political pressure to cut interest rates
The Bank of Thailand (BoT) is under increased political tension to reduce interest rates, with the majority of analysts predicting that the monetary authority will withstand requests for unexpected easing to bolster the economy. This escalating discord between Prime Minister Srettha Thavisin and the central bank concerning monetary policy direction is predicted to damage investor confidence, though the likelihood of…
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Thailand govenment raises sugar cane price, stirs industry buzz
The government yesterday sanctioned a definitive sugar cane price for the 2022/2023 season at 1,197 baht (US$33) per tonne, marking a substantial increase of 117 baht from the preliminary price of 1,080 baht per tonne. In parallel, the initial price for the 2023/2024 season was ratified by the cabinet, standing at 1,420 baht per tonne. Government spokesperson, Chai Wacharonke, indicated…
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FTI urges support for Thai SMEs to boost global herbal medicine exports
The Federation of Thai Industries (FTI) urged the government to strengthen its support for small and medium-sized enterprises (SMEs) involved in herbal development and production. The move is aimed at enhancing their global competitiveness and propelling Thailand into the top 10 herbal medicine exporters worldwide. SMEs in the sector are currently struggling with insufficient funds for research and development, and…
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CKPower sparks renewed growth under new leadership
CK Power Public Company Limited (CKPower), led by Managing Director Thanawat Trivisvavet, is set to continue its positive performance trend, buoyed by seasonal factors and a commitment to enhance its renewable energy capacity. The company’s goal aligns with its CKP NET ZERO EMISSIONS 2050 initiative. CKPower, one of the leading renewable energy producers with a minimal carbon footprint, disclosed a…
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SET to tighten supervision of listed Thai firms starting March 25
The Stock Exchange of Thailand (SET) announced plans to strengthen the supervision of its listed companies from March 25 onwards, as part of an initiative to reinforce their financial standing and provide detailed disclosure for investors. SET’s president, Pakorn Peetathawatchai, stated that the move aims to provide investors with clearer and more varied warning signs to alert them of potential…
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High airfares dampen Songkran holiday spirit
Despite the extended Songkran holiday, a surge in outbound trips is not anticipated, mainly due to high airfares and deflation risk concerns. This perspective comes from travel agents who predict that the 21-day Water Festival campaign is more likely to entice foreign tourists than the local market. Kriangphon Piyaekchai, the vice president of the Thai Travel Agents Association, explained that…
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Bank of Thailand explores credit guarantee schemes for SMEs
The Bank of Thailand is contemplating the establishment of credit guarantee schemes for small and medium-sized enterprises (SMEs) to enhance their access to bank loans. Suwannee Jatsadasak, assistant governor for the supervision group, stated that the central bank is analysing various credit guarantee schemes implemented in other countries, including Japan and Taiwan. These nations offer more extensive credit guarantee packages…
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Thai baht’s future forecast: Dollar domination looms on the horizon
Predictions by Kasikorn Research Center (K-Research) indicate a potential decline in the baht to 37 against the US dollar in the coming year. This anticipated depreciation is linked to a combination of a faltering Thai economy and a delay in American interest rate reductions, thereby placing the Thai currency under considerable strain. Kanjana Chockpisansin, K-Research’s head of banking and financial…
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AI and social media search optimisation to shape trends
The forthcoming year, 2024, is poised to be an exhilarating time for both consumers and marketers, as brands embrace and exploit artificial intelligence (AI) on a larger scale, predicts Bhidak Indraduta, the managing director of Mindshare Thailand, a leading media agency. A surge in social media search optimisation, privacy marketing, and responsible AI use are tipped as the key trends…
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Tibet Airlines confirms order for 50 jets from China’s Comac
Tibet Airlines, a Chinese carrier, confirmed an order for 40 C919 narrowbody jets and 10 ARJ21 regional jets from the state-owned Chinese plane manufacturer, Comac. This deal was finalised at a ceremony during the Singapore Airshow, a biennial commercial and defence-focused event. Before this deal, Tibet Airlines and Comac announced in December their plans to jointly research a version of…
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Thai export growth projected at 2-3% amid global economic recovery
The UTCC (University of the Thai Chamber of Commerce) predicted a revival in exports, projecting a growth of 2-3% for the year, which equates to a value between US$290-293 billion. This shows a significant improvement from the 1% contraction experienced in the previous year. The UTCC’s president, Thanavath Phonvichai, attributed this predicted resurgence largely to the global economic recovery and…
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