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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Sky skirmish looms: Low-cost airlines face turbulence from price-dumping giants
The survival of emerging low-cost carriers in Southeast Asia could be threatened as dominant airlines may resort to price-dumping strategies to safeguard their market share. The airline industry’s seat recovery is also projected to take a decade to fully bounce back. Really Cool Airlines’ Chief Executive, Patee Sarasin, previously the chief executive of Nok Air, expects to obtain the Air…
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Thailand NBTC advances regulatory structure for OTT platforms
Thailand’s National Broadcasting and Telecommunications Commission (NBTC) is swiftly developing a regulatory structure for over-the-top (OTT) platforms, focusing primarily on video-on-demand and video-sharing services. This manoeuvre is a further step by the government to supervise domestic and international OTT operators, necessitating that business details be submitted to the regulator to aid in shaping the future of the OTT industry. OTT…
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Thailand’s SET considers extending trading hours to boost volume
The Stock Exchange of Thailand (SET) is mulling over an extension of trading hours hoping to rekindle its diminished trading volume and value this year. Despite six years of study, no decision had been previously made on the matter. However, Prime Minister Srettha Thavisin recently directed SET to thoroughly analyse the pros and cons of such a move. A preliminary…
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MAS to review Credit Suisse amid Singapore money laundering scandal
The Monetary Authority of Singapore (MAS) announced its intention to conduct an on-site review of Credit Suisse Group AG. The decision comes in the wake of a far-reaching financial scandal, in which at least one customer of the bank has been charged with money laundering. The review aims to assess the bank’s handling and monitoring of wealthy clients. The local…
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Gulf Energy eyes 50% revenue surge with power plant operations boost
Gulf Energy Development, a Stock Exchange of Thailand (SET)-listed firm, is looking forward to a 50% revenue surge, breaking past the 100 billion baht (US$3.03 billion) mark this year. This significant increase is due to the addition of electricity generation capacity and the full operation of its power plants. In the previous year, the company’s earnings stood at 95 billion…
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NIA Reform: Thailand supports startups and SMEs market entry
The National Innovation Agency (NIA) reformed its financial assistance measures, shifting focus towards aiding startups and small and medium-sized enterprises (SMEs) in getting their products to market, rather than simply supporting the development of prototypes. This year, the state agency has allocated 300 million baht to support these businesses, to generate a 3 billion baht economic and social impact, which…
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Thai stock exchange rises 1.5% but investors remain cautious
The Stock Exchange of Thailand (SET) experienced a 1.5% rise on October 11, attracting foreign investors who bought almost 3 billion baht (US$82,648,050) in stocks. Despite this, seasoned investor 50 year old Watchara Kaewsawang, exhibited caution about re-entering the market, citing the recent increase as a short-lived technical rebound following a series of downturns. Watchara acknowledged that his trading activity…
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Real estate giant Siam Piwat secures global partnerships to boost retail reputation
The Siam Piwat Group, a leading real estate and retail developer in Thailand, secured partnerships with seven global retail giants, boosting its reputation as a popular global destination. The group, which owns and operates several prominent shopping centres, including Siam Paragon, Siam Center, Siam Discovery, ICONSIAM, and Siam Premium Outlets Bangkok, has also been in talks with Hyundai Department Store…
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Chinese corporations eye investment in Thai green economy
Chinese corporations have expressed their intent to invest in Thailand’s green economy and development projects, renewable energy, electric vehicles (EVs), and transportation infrastructure, according to Prime Minister Srettha Thavisin. The Chinese investment announcement came after discussions between PM Srettha and Chinese business executives at the 3rd Belt and Road Forum for International Cooperation (BRF) in Beijing. The 61 year old…
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Bangchak finalises Esso Thailand acquisition
The energy conglomerate Bangchak Corporation, listed on the Stock Exchange of Thailand (SET), finalised its acquisition of Esso Thailand shares via a tender offer. The deal, valued at 3.54 billion baht, has resulted in Bangchak owning 76.3% of Esso Thailand. Previously, Bangchak secured a 65.99% stake in Esso Thailand, the entity managing Esso petrol stations, from Esso Asia Holdings Pte…
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Thai businesses on track to navigate energy price cuts: TDRI concerns loom
Thai businesses are assessing the implications of the government’s recent energy price cuts, amidst concerns from the Thailand Development Research Institute (TDRI) about the potential adverse long-term effects of the policy. The Srettha Thavisin-led government has decided to slash the power tariff from 4.45 baht per kilowatt-hour to 3.99 baht between September and December and cap the retail price of…
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Chinese investment in Thailand gains speed amidst economic slowdown
Chinese firms have significantly increased their investment in Thailand this year, despite China’s economic slowdown, providing a much-needed boost for the Thai Prime Minister, Srettha Thavisin. The increase in investment comes as a welcome relief amid concerns about the impacts of the world’s second-largest economy’s sluggish recovery on global growth. However, Thailand continues to appeal as a crucial investment hub…
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Thong Fah outlets to join online food delivery platforms for cheaper fare
Future talks are in the works between the Internal Trade Department and multiple food delivery platform operators such as Thong Fah food outlets. The goal is to integrate Thong Fah (Blue Flag) outlets into their online systems. These outlets sell food at low prices, potentially helping customers save on daily food costs. Wattanasak Sur-iam, the Internal Trade Department’s director-general, revealed…
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Middle East crisis and US inflation trigger 2% fall in Thai stocks
Escalating the Middle East conflicts and persisting high inflation in the US are contributing to a more than 2% fall in Thai stocks. The Stock Exchange of Thailand (SET) is encountering renewed selling pressure, with the index nearing a crucial resistance level of 1,400 points. Concurrently, gold prices have seen a sharp increase, reaching nearly US$1,950 (70,870 baht) per ounce…
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Thai visa extension for Russians sparks mixed industry reactions
The Thai Cabinet’s decision to extend the stay period for Russian tourists under the visa extension to 90 days, from the previous 30 days, has sparked mixed reactions. While some tourism operators fear an increase in illegal work activity, others in the south see potential for a boost in spending. The new policy, announced on Monday, aims to stimulate the…
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Thai gold prices dip: Gold Traders Association confirms morning fall
The Gold Traders Association (GTA) announced a decline in gold prices on this morning, with standard gold selling for 33,400 baht per baht weight, reflecting a decrease of 100 baht compared to the closing price last Friday. The latest value of gold bars in Thailand today, October 16, is 32,800 baht per baht weight for buying and 32,900 baht for…
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FTI urges new regulatory body to curb cheap Chinese imports
The Federation of Thai Industries (FTI) urged the Industry Ministry to establish a novel regulatory body to supervise product standards. The move is intended to curb the influx of inexpensive Chinese imports, which the FTI claims are flooding the Thai market. The FTI did not clarify whether the proposed regulatory body would be governed by the state or the business…
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Thailand land tax act assessment: Fiscal policy office’s evaluation
The Thailand 2019 Land and Building Tax Act (LBTA) is receiving a thorough evaluation for its effectiveness and potential issues in enforcement, according to the Fiscal Policy Office director-general, Pornchai Thiraveja. The investigation is a collaboration between the Finance and Interior ministries and is aimed at understanding the effectiveness of the new land tax collection system, identifying any issues and…
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Thai economy caught in global crossfire as Israel-Hamas tensions fuel price hike fears
The Thai economy, already tested by geopolitical conflicts over the past few years, is facing potential consequences from the hostilities between Israel and Hamas in the Middle East, as governments and corporations all over the world look for excuses and justifications to hike prices to obscene heights. It’s a well-worn tactic last seen in the conflict between Russia and Ukraine…
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Traveloka reports surge in Thailand travel bookings amid slow aviation recovery
Travel bookings to Thailand have seen a significant surge, according to online travel agent Traveloka. The company’s president, Caesar Indra, highlighted that despite the slow recovery of the aviation sector, Thais have predominantly utilised their platform for air ticket bookings, veering towards less frequented destinations. This trend has been mirrored across numerous Asian markets. Indra reported a fivefold increase in…
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Significant rise in Thai gold prices: ornaments now at 33,500 baht per baht weight
The Gold Traders Association (GTA) announced this morning a significant increase in gold prices compared to the previous day. The increase was reported to be 550 baht (US$15), with the price of gold ornaments set at 33,500 baht per baht weight. This is a marked jump from yesterday’s closing price of 32,305.96 baht per baht weight. The report released today…
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Bank of Thailand maintains 4.4% GDP growth forecast amid stimulus measures
A 4.4% GDP growth forecast for the coming year has been maintained by the Bank of Thailand, factoring in the government’s proposed economic stimulus measures. Assistant Governor Piti Disyatat confirmed this projection following the Monetary Policy Committee’s vote on September 27 to hike the benchmark interest rate by a quarter-point, making it a decade-high 2.5%. The committee, however, reduced its…
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Thailand boosts tourism with free SIM cards and digital privileges for visitors
The Welcome Back to Thailand campaign, a collaborative endeavour by the Tourism Authority of Thailand (TAT) and Advanced Info Service (AIS), is ready to roll out. The initiative is designed to attract international tourists by offering them Amazing Thailand SIM cards, bundled with an array of digital privileges and services. As part of the campaign strategy, TAT plans to distribute…
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World Bank identifies growth potential in Thailand’s secondary cities
The World Bank has highlighted the potential for growth in Thailand’s secondary cities such as Chiang Mai, Khon Kaen and Rayong in a recent study. The report, Thailand Urban Infrastructure Finance Assessment, suggests that these cities could boost Thailand’s economy if they invest in urban infrastructure improvements, such as mass transit systems and renewable energy sources. However, the study points…
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El Niño could trigger three-year rice shortage, warns Thailand’s Commerce Minister
Commerce Minister Phumtham Wechayachai expressed worries over a potential three-year-long impact of the El Niño-induced drought. This prolonged effect could potentially harm rice production and create a shortage in domestic consumption. Phumtham commissioned the Internal Trade Department and Foreign Trade Department to jointly monitor and alleviate the potential impacts of the El Niño phenomenon and the ensuing drought. He voiced…
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SEC considers compensation fund for victims of investment fraud
The newly appointed secretary-general of the Securities and Exchange Commission (SEC) disclosed that the regulatory body is examining the possibility of setting up a compensation fund for victims of investment fraud. This announcement was made during her inaugural press briefing since assuming office the previous month. Pornanong Budsaratragoon emphasised the regulator’s commitment to restoring public trust in the capital market.…
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Imported goods: Thailand bolsters measures to safeguard local businesses
The Thai Industry Ministry is intensifying its measures to thwart the entry of low-priced, inferior imported goods into Thailand in the forthcoming six months, to safeguard local businesses and consumers. The measure comes on the heels of a report highlighting the negative impact of such low-quality imported goods on Thai entrepreneurs across various sectors and consumers, according to Industry Minister Pimphattra…
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Thailand and Brunei forge deeper ties to boost bilateral trade
Thailand and Brunei have embraced greater bilateral cooperation, expanding into new sectors of trade and investment. The move comes as part of their collective commitment towards achieving economic integration within the ASEAN region. While on an official visit to Brunei, Thailand Prime Minister Srettha Thavisin met with His Majesty the Sultan of Brunei Darussalam, ASEAN’s most senior leader. The two…
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Tourism turmoil: Troubles in Israel & Bangkok’s bullet blues spell trouble for Thai tourism
The ongoing conflict in Israel and the recent shooting incident at Siam Paragon in Bangkok last week are anticipated to result in a decline in foreign arrivals for the upcoming week, which will have a substantial impact on the Thai tourism industry. Nevertheless, the private sector remains optimistic that the visa exemption scheme will play a crucial role in rejuvenating…
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High-flying headache: Aviation industry faces pilot pinch, needs 650,000 in 20 years
The aviation industry is currently grappling with a global pilot shortage, with an estimated 650,000 pilots required over the next two decades, as per data from the Emirates Flight Training Academy (EFTA). The dearth of pilots is attributed to a scarcity of flight instructors worldwide, said Abdulla Al Hammadi, EFTA’S vice president. The industry is highly competitive, with airlines recruiting…
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