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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As a business owner in Thailand, you know how tough it is to stand out online. Ads get skipped, scrolled past, or flat-out ignored. People are more sceptical than ever about what they see on their feeds. And even when...
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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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New EV incentives boost investment in Thai automotive sector
The Federation of Thai Industries (FTI) expressed confidence in the transformative potential of the new electric vehicle (EV) incentive packages, anticipating a significant boost to investment in the automotive sector and related businesses. As Thailand strives for sustainable economic growth and enhanced competitiveness, surges in investment are vital, particularly in the targeted S-curve industries encompassing next-generation vehicles. Surapong Paisitpatanapong, the…
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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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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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Huawei cloud stack: A step towards making Thailand ASEAN’s digital hub
Huawei Technologies (Thailand) Co., Ltd. recently showcased its Huawei Cloud Stack technology at an event, emphasising its commitment to providing secure and reliable cloud services to local data centres serving enterprise markets. This aligns with Huawei’s mission of In Thailand, for Thailand, which underpins its efforts to help transform Thailand into a digital hub for the ASEAN region. The Huawei…
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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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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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PM Srettha urges bank of Thailand to consider interest rate cut
Prime Minister Srettha Thavisin expressed his concerns to the Bank of Thailand’s (BoT) Monetary Policy Committee (MPC), suggesting an urgent meeting to discuss a potential cut in interest rates, rather than waiting until the scheduled April meeting. Following a recent Cabinet meeting, PM Srettha clarified that he hadn’t imposed any pressure on the secretary-general of the National Economic and Social…
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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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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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PTTGC expands recycling operations focusing on opaque plastic containers
Thailand’s foremost petrochemical producer by capacity, PTT Global Chemical Plc (PTTGC), is broadening its recycling operations with a focus on opaque plastic containers, primarily bottles. This endeavour is part of the company’s newly introduced campaign aimed at fostering eco-friendly habits among the youth. The campaign constitutes the company’s second environmental initiative following its venture into recycling waste polyethene terephthalate (PET)…
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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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Thailand PM calls for cut in interest rates amid economic crisis
The Prime Minister and Finance Minister of Thailand, Srettha Thavisin, urgently called upon the Bank of Thailand (BoT) to organise an unscheduled meeting of its Monetary Policy Committee (MPC). The objective of this meeting is to consider a cut in interest rates, as recent data suggests that the nation’s economy is in crisis. PM Srettha’s plea for this urgent meeting…
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Myanmar conflict may drive surge of workers to Thailand
The ongoing conflict in Myanmar is predicted to drive its citizens towards Thailand in search of work, according to the Employers’ Confederation of Thai Trade and Industry (EconThai). Following the 2021 military coup and the government’s urgent need to bolster its forces through conscription, Myanmar residents eager to avoid the draft may seek refuge in Thailand, potentially entering the labour…
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Thailand’s EGAT targets biomass, hydrogen to cut CO2 emissions
The Electricity Generating Authority of Thailand (EGAT) is endeavouring to combat climate change by adopting alternative fuels to replace coal in its power plants. Partnering with the Forest Industry Organisation, a study is underway to identify fast-growing plants suitable for conversion into biomass fuel. This initiative falls within EGAT’s strategy for long-term CO2 reduction, as confirmed by Chaiwut Lakmuang, the…
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NESDC adjusts Thailand’s GDP growth projections
An adjustment to the anticipated GDP growth for 2023 and 2024 has been made by the National Economic and Social Development Council (NESDC), dropping to 1.9% and 2.7% respectively. The secretary-general of NESDC, Danucha Pichayanan, has called upon the Bank of Thailand to utilise financial measures to support the economy. The NESDC unveiled the figures for the economic growth in…
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GSB asses terms for informal debtors in Thailand’s debt relief bid
Deputy Finance Minister Krisada Chinavicharana announced that the Finance Ministry has tasked the Government Savings Bank (GSB) with reassessing conditions for informal debtors. This move is part of the government’s steadfast resolution to address economic issues, especially those concerning formal and informal debt. The responsibility of registering informal debtors and facilitating negotiations with informal lenders has been given to the…
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Thailand aims for top ASEAN agricultural exporter with new FTAs
A Government of Thailand spokesperson revealed plans to enhance economic cooperation and attract foreign trade and investment, which could propel the Thai nation to the top of the agricultural export rankings in ASEAN through the implementation of Free Trade Agreements (FTA). The spokesperson for the Thai Prime Minister’s Office, Chai Watcharong, disclosed Prime Minister and Finance Minister Srettha Thavisin’s determination…
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Hong Kong bolsters business links with SE Asia and Middle East
Hong Kong is set to intensify its business ties with Southeast Asian and Middle Eastern nations, as part of its contribution to China’s Belt and Road Initiative. Nicholas Ho Lik-chi, the Commissioner for Belt and Road, has identified Malaysia, Thailand, Indonesia, Vietnam, the United Arab Emirates and Saudi Arabia as key cooperation partners for the year ahead. Ho Lik-chi oversees…
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Thailand’s GDP sees modest growth amid calls for interest rate cut
Thailand’s economic growth in 2023, as measured by the gross domestic product (GDP), registered a 1.9% increase, according to the National Social and Economic Development Council (NESDC). This growth, however, was tempered by a decline in manufacturing and public spending, despite an upswing in private consumption and visitor numbers. This growth bolsters the argument for an interest rate slash during…
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Thai banking industry faces hurdles amid high auto loan rejections
Last year’s robust profits from the Thai banking industry stirred debates, as critics pointed to excessively high interest rates. The sector witnessed a 17.8% surge in net interest income (NII) to 727 billion baht (US$20.2 billion) in 2023, up from 617 billion in 2022. The five biggest banks by assets contributed significantly to this rise with an increased net interest…
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Bangkok airport battles congestion with tech amid tourism recovery
Suvarnabhumi International Airport in Bangkok, Thailand’s busiest, is facing daily traffic congestion as vehicles compete for parking spaces. The problem is compounded by long queues at immigration and baggage claim areas due to inoperative kiosks and staff shortages. Tourist complaints prompted an unannounced visit from Prime Minister Srettha Thavisin, who has since ordered airport authorities to quicken procedures to under…
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Fuel dispensers’ accuracy standards to tighten in Thailand
The Internal Trade Department of the Commerce Ministry is set to tighten the accuracy standards for fuel dispensers at petrol stations. The new directive seeks to lower the margin of error to ensure that consumers receive fair and accurate fuel measurements. The department expects to enforce the new criteria within the next one to two weeks. Chakra Yodmani, the department’s…
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Thai processed sugar exports to China surge due to ACFTA
Thai exports to China, particularly those of processed sugar items including syrup, artificial honey, and various sweeteners, have seen a significant surge, courtesy of the ASEAN-China Free Trade Agreement (ACFTA). Over the past decade, Thailand has witnessed a yearly growth of 145% in processed sugar exports to China, as reported by the Foreign Trade Department. Ronnarong Phoolpipat, the director-general of…
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Foreign trade dept tightens inspection of tapioca chip imports
Tightened inspections of tapioca chip imports are being enforced by the Foreign Trade Department, following the discovery of a dozen importers smuggling in substandard chips. Ronnarong Phoolpipat, the department’s director-general, revealed that the department had increased inspections at national border areas since November, being the peak sales period for tapioca chips. The operations aim to address a persistent smuggling issue…
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Revenue department develops data analytics to combat tax invoice fraud
The Director-General of the Revenue Department, Kulaya Tantitemit, announced the development of a data analytics system aimed at helping entrepreneurs integrate into the tax payment system and fight against falsified tax invoices. This announcement was made during a press conference alongside the Economic Crime Suppression Division. Five gangs responsible for the production of fake value-added tax (VAT) invoices have been…
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