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 Finance Ministry sets eligibility for virtual bank licences
The Thai Finance Ministry unveiled the eligibility criteria for obtaining a virtual bank licence, which includes a minimum registered capital requirement of 5 billion baht (US$139 million). The specifications were published in the Royal Gazette on March 4, as revealed by Paopoom Rojanasakul, secretary to the finance minister. Virtual banks will be mandated to establish their headquarters in Thailand and…
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Thailand stock exchanges extend trading hours to attract foreign investors
The Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI) announced an extension of their daily trading hours starting March 25. This move will see the afternoon session open half an hour earlier, thus facilitating five hours of trade on the two exchanges daily. The SET stated that this alteration in trading hours is an effort to…
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Thailand trials first mobile phone emergency alert system
The inaugural trial of Thailand’s first cell broadcast service (CBS), a pioneering emergency alert system for mobile phones, kicked off yesterday. The trial was a joint venture between the National Broadcasting and Telecommunications Commission (NBTC) and Advanced Info Service (AIS). Conducted at the NBTC headquarters on Phahon Yothin Road, the trial demonstrated the capabilities of the CBS system. The system…
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Thailand urged to diversify agricultural exports to boost value
A study by the Commerce Ministry urges agricultural businesses to widen their export markets to mitigate risk and boost the value of food products and processing. The advice follows findings that the majority of export-oriented agricultural goods are commodities or those with only rudimentary processing. Deputy Commerce Minister Napintorn Srisunpang disclosed that agricultural and agro-industrial products accounted for 17.3% of…
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Thailand considers scrapping arrival cards for Malaysian tourists
Prime Minister Srettha Thavisin announced today the potential removal of the necessity for Malaysian tourists to complete arrival and departure cards at primary border crossings, aimed at promoting tourism and business growth. Currently, all visitors arriving via the Sadao checkpoint in Songkhla, regardless of nationality, are waived from the requirement to fill out the Tor Mor 6 (TM 6) cards.…
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China aims for 5% growth amid economic slowdown
China is poised to set its growth target for the year at about 5%, according to a government work report obtained by Bloomberg News. This growth target hints at the possibility of the government introducing more stimulus to boost the economy’s confidence, which is currently slowing. Premier Li Qiang is expected to disclose the annual gross domestic product (GDP) goal…
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Gold prices hit record high in Thailand, predicted to climb further
Gold prices in Thailand have reached a historic peak, with projections indicating a possible increase to 38,000 baht per baht weight within the year. This surge is largely attributed to the continued global increase in gold prices, which are nearing a two-month high of over US$2,080 per ounce, according to the Gold Traders Association (GTA). The price of gold bars…
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Kia considers setting up electric vehicle factory in Thailand
Premium Korean car manufacturer, Kia, is exploring the possibility of setting up an electric vehicle (EV) factory in Thailand, as per an announcement made by Kia Sales (Thailand). The move comes in response to the rapidly expanding EV market in the country. If approved by Kia Corporation, the parent company which falls under the Hyundai Motor Group, Thailand would become…
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Thai economy set for revival amid global uncertainties
The Federation of Thai Capital Market Organizations (FETCO) anticipates a revival of the Thai economy in the latter half of the year, supported by potential interest rate reductions. This optimistic outlook emerges amidst global economic uncertainties, with possible recessions in the UK and Japan, and China grappling with a prolonged property crisis. FETCO chairman Kobsak Pootrakool believes that the global…
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Mono next to test AI-generated news anchors on digital platform
Mono Next, a publicly traded media and content provider, announced plans to test artificial intelligence (AI)-generated news anchors on its Mono 29 digital TV channel and online platform. The trial run, set to kick off next month, will be used to gauge audience reactions to these AI-generated anchors. Patompong Sirachairat, Mono’s chief executive, clarifies that the move is not aimed…
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Foreign currency deposits surge in Thailand
The past year has seen a significant upturn in foreign currency deposits (FCDs), spurred by appealing interest rates due to global rate hikes. According to data from the Deposit Protection Agency (DPA), member financial institutions observed a surge in FCDs to a total value of 812 billion baht (US$22 billion) by November 2023, up from an earlier figure of 640…
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Thailand intensifies crackdown on illegal short selling
The Chairman of the Stock Exchange of Thailand (SET), Pichai Chunhavajira, announced plans to intensify the country’s crackdown on illegal short selling as shares continue to underperform. Currently, the law permits penalisation of only the securities companies that initiate the short-selling order. However, the market authorities are contemplating amending the law to allow the prosecution of both individuals and companies…
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LH Bank reveals strategy for mid-sized status by 2030
Land and Houses Bank (LH Bank), the financial subsidiary of property giant Land and Houses Plc (LH), unveils its ambitious plan to become a mid-sized bank by 2030. The bank’s strategy is founded on robust loan growth and an increasing income stream. LH Bank’s five-year business strategy involves a comprehensive restructuring of its loan portfolio, aimed at driving loan expansion…
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BAAC to launch e-commerce platform with Chinese tech firm
The Bank for Agriculture and Agricultural Cooperatives (BAAC) is in discussions with a prominent Chinese technology firm to establish a joint venture. The focus of this venture is to create an e-commerce platform to streamline the sale of agricultural commodities to China, as revealed by Chatchai Sirilai, the bank’s president. In this joint venture, the BAAC will not be considered…
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Thailand’s TQM Insurance introduces cover for PM2.5 pollution-related diseases
Health concerns over PM2.5 air pollution in Thailand are escalating, prompting insurance companies to develop policies that cover respiratory diseases attributed to the hazardous particulate matter. TQM Insurance Brokers, in collaboration with Bangkok Insurance (BKI), has introduced a novel health insurance policy specifically designed for ailments related to PM2.5 dust exposure. The policy stipulates that if an insured individual is…
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Thai gold prices surge, reach new high at 35,750 baht per baht
Gold prices in Thailand saw a continuous surge today, prompting those interested in trading the precious metal to act swiftly. The Gold Traders Association (GTA) reported a significant increase compared to yesterday’s closing rates, with the selling price of gold ornaments per baht weight reaching 35,750 baht today marking a 50 baht increase from the previous day. The domestic market…
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ThaiBev intensifies commitment to sustainable growth
Thai Beverage Plc (ThaiBev) is stepping up its commitment to sustainable development, implementing strategies that encompass all facets of its business operations. The company’s Executive Vice President and Chief of Sustainability and Strategy, Tongjai Thanachanan, outlined the firm’s commitment to achieving sustainability through a comprehensive approach, known as Enabling Sustainable Growth (ESG). This approach encompasses environmental, social, and governance goals.…
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TKC aims for cybersecurity sector growth in Thailand
Turnkey Communication Services (TKC), a digital solutions provider listed on the Stock Exchange of Thailand (SET), has set its sights on the cybersecurity sector, forecasting that it will account for 5% of its total income this year. This ambitious move comes as part of a broader strategy to achieve double-digit annual growth over the next five years. TKC’s chief executive…
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Gold prices experience significant rise, says GTA
Today saw a marked increase in gold prices, according to the Gold Traders Association (GTA). The buying prices for gold ornaments reached 34,473.84 baht (US$966) per baht weight, and gold bars were valued at 35,100 baht (US$984) per baht weight. On the other hand, the selling prices were determined at 35,700 baht (US$1,001) per baht weight for gold ornaments, while…
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Thailand’s aviation hub plans receive airline approval
The Thai government’s initiative to transform the country into an aviation and logistics hub has been met with approval from airlines. However, concerns regarding congestion at major airports and the significant investment required to accommodate increasing demand persist. Prime Minister Srettha Thavisin recently unveiled plans to capitalise on Thailand’s strategic location in Southeast Asia to attract more international airlines to…
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Thailand’s tourism ministry plans to become global hub by 2030
The Ministry of Tourism and Sports in Thailand is gearing up to host a workshop aimed at transforming the country into a global tourism hub by 2030. Both public and private sectors are invited to participate in the workshop, scheduled for mid-March, with Prime Minister Srettha Thavisin expected to present comprehensive strategic plans. Thailand’s vision to ignite its global standing…
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AIS partners with ministry byte cyber threats in Thailand
Advanced Info Service Plc (AIS), in a significant partnership with the Ministry of Social Development and Human Security, has undertaken an initiative to tackle cybersecurity challenges. Under the Aunjai Cyber syllabus, the collaboration aims to arm both the ministry’s staff and the public with indispensable digital intelligence skills. AIS Chief Executive Somchai Lertsutiwong emphasised the importance of the partnership with…
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AWC plans 36 billion baht investment in high-end tourism
Asset World Corp (AWC), a Stock Exchange of Thailand (SET)-listed company, maintains a positive outlook on high-spending tourists and outlined plans to invest in projects estimated at 36 billion baht (US$1 billion) this year. Wallapa Traisorat, AWC’s chief executive and president, highlighted Thailand’s potential to attract high-spending tourists from regional competitors through quality property development, specifically hotels in partnership with…
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Bank of Thailand to accept virtual banking licences applications
This month, the Bank of Thailand is set to welcome applications for virtual banking licences, a move that has piqued the interest of numerous business operators. The finance ministry is currently in possession of a draft outlining the regulations for virtual banking, which is due to be made public in the Royal Gazette. Suwannee Jatsadasak, a 42 year old assistant…
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Energy Absolute CEO runs for top spot in FTI
The race for the top position at the Federation of Thai Industries (FTI) has heated up, as vice-chairman Somphote Ahunai, also the CEO of Energy Absolute, a company specialising in renewable energy and electric vehicles, has thrown his hat into the ring. The FTI, a significant body in Thailand, boasts a membership of over 15,000 nationwide. The current chairman, Kriengkrai…
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Manufacturing production index dips in Thailand amid economic challenges
The Office of Industrial Economics (OIE) has reported a 2.94% year-on-year dip in the Manufacturing Production Index (MPI), falling to 99.2 points in January. This downturn is largely attributed to a range of economic challenges, most notably the highest level of car seizures in half a decade. The domestic automotive industry’s stagnation was a significant contributor to January’s MPI decline,…
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Thailand’s manufacturing sector sees slump for 16th month
Thailand’s manufacturing sector witnessed a prolonged slump for the 16th month in January, as the country’s key economic pillar grapples with dwindling domestic and overseas motor vehicle sales, according to information released by the Industry Ministry. The year-on-year decline of 2.94% in the sector fell short of the anticipated 5.1% fall predicted in a Reuters survey and followed a revised…
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Bangkok gems and jewellery fair exceeds expectations
The 69th Bangkok Gems and Jewellery Fair, held at the Queen Sirikit National Convention Centre, concluded on a high note, exceeding its initial expectations. The event, organised by the Department of International Trade Promotion (DITP) and the Gem and Jewelry Institute of Thailand (GIT), recorded an estimated value of orders surpassing 3.7 billion baht, a 12% increase over the target.…
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Consumer confidence hits 47-month high amid economic recovery
January saw a significant rise in consumer confidence, reaching the highest level in 47 months due to the ongoing economic recovery, according to a statement by Fiscal Policy Office (FPO) Director-General Pornchai Thiraveja. The consumer confidence index marked its sixth consecutive month of growth, reaching 62.9, a slight increase from 62.0 in December. This growth is indicative of improved domestic…
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Bitcoin value triples in a year, hitting over 2 million baht
Bitcoin’s value soared to over 2 million baht on the Bitkub digital asset exchange, as global prices reached an all-time high of US$59,000 yesterday afternoon. This surge is due to the institutional acquisition of spot Bitcoin exchange-traded funds (ETFs) and a growing interest in cryptocurrency among retail investors. Udomsak Rakwongwan, co-founder of decentralised derivatives platform FWX, and Mathematics lecturer at…
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