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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Bubbling brilliance: Thai soft drink market fizzes with 16% growth, ending years of flat fizz
The Thai soft drink market has seen a significant upturn, with a growth rate of 16% between September last year and August this year. This surge is a stark contrast to the previous five years’ tepid single-digit growth. The resurgence of food service restaurant operations can be credited for this change. Environmental conditions such as the El Niño phenomenon, which…
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Thailand consumer confidence sails higher, defying global economic waves
Following a more stable political climate, consumer confidence in Thailand increased for the second consecutive month in September, notwithstanding global economic uncertainties. The consumer confidence index, as reported by the University of the Thai Chamber of Commerce (UTCC), rose to 58.7 in September from 56.9 in August, and 55.6 in July. UTCC President, Thanavath Phonvichai, attributed this boost in confidence…
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Kaisa Group warns of under 5% recovery rate in potential liquidation
Facing severe financial difficulties, Kaisa Group, a prominent Chinese property developer, has forewarned creditors of a less than 5% recovery rate, should the company be driven into liquidation. This was the chilling forecast laid out by a legal representative for one such creditor who is currently pursuing a lawsuit against the beleaguered company. The revelation was made in a Hong…
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Thai PM assures Hong Kong investors of streamlined business process
Prime Minister Srettha Thavisin yesterday extended a warm welcome to potential investors in Hong Kong, assuring them of Thailand’s readiness to encourage and facilitate investment. While serving as the finance minister, PM Srettha travelled to Hong Kong to meet with significant private entities and explore investment opportunities in Thailand. This visit to Hong Kong marked the beginning of a five-day…
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Tourist turmoil: Thailand grapples with 10,000 unexpected Israeli guests amid conflict aftermath
Thailand is currently hosting approximately 10,000 Israeli tourists, a situation that arose due to the recent Israel-Gaza conflict. The country’s Tourism and Sports Ministry is monitoring the effects of this situation on its tourism sector. Sudawan Wangsuphakijkosol, Tourism and Sports Minister stated that while numerous airlines have suspended flights between Thailand and Israel, El Al Airlines, Israel’s national airline, has…
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Inflation squeeze: Investors seek assets that outinflate rising costs
The recent surge in inflation has had a profound impact on the investment landscape, leading to an increase in product prices and living costs. These conditions require investors to strategically select assets that can generate returns that beat inflation. One such investor, Phongthorn Thavontanakul, founder and CEO of Lief Capital Asset Management, shared his insights on investments that can weather…
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Thai bonds surge 5.8% amid elevated corporate debenture issuance
Thai bond valuations experienced a notable increase of 5.8% within the first nine months of the year, skyrocketing to a colossal 16.7 trillion baht. This rise was predominantly propelled by government and corporate bonds, as revealed by the Thai Bond Market Association (ThaiBMA). Corporate debentures, a significant part of this upswing, saw an issuance of 825 billion baht from January…
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Inheritance tax law changes aim to reduce economic inequality
A revenue department insider has revealed plans for the adoption of the prime minister’s proposal to make changes to the inheritance tax law. The objective of the amendment is to reduce economic inequality, according to the anonymous source. The source disclosed three key points that form the guidelines for the amendment. The first is the application of the inheritance tax…
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Thai government’s 5% GDP growth aim deemed optimistic amidst challenges
The administration of Prime Minister Srettha Thavisin aims to boost annual GDP growth by 5%. This goal was unveiled during a policy statement delivered by the premier to the heads of government agencies last week during discussions about the fiscal 2024 budget. However, the World Bank recently cut its growth forecast for Thailand to 3.4% this year and trimmed its…
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AI adoption boom: Igniting innovation, doubling productivity, and fostering cross-gen cooperation
The revolution of Artificial Intelligence (AI) in businesses is underway, igniting innovation, boosting productivity by twofold, and fostering cross-generational cooperation. Currently, the United States alone hosts over 14,700 AI startups, with more sprouting daily, according to McKinsey. Forecasts suggest that AI adoption and digitisation will automate between 30% and 40% of existing jobs, augment 50 to 60% of job tasks,…
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Thai CEOs discuss sustainability’s key role in supply chain survival at SX2023
The Sustainability Expo 2023 (SX2023) has illuminated the essential role of sustainability in successful supply chain networks. The Thailand Supply Chain Network (TSCN) Business Partners Conference, also known as the TSCN CEO Panel, took place at the Queen Sirikit National Convention Center as part of the ongoing expo. The key topic of discussion was the self-application of sustainable practices for…
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SET anticipates foreign investor return amid economic policy progress
The Stock Exchange of Thailand (SET) anticipates a resurgence of foreign investors as progress in the nation’s economic policies, baht stability, and economic recovery gains momentum. Over the past eight months, foreign investors have sold more than they purchased, resulting in a net outflow of 22.4 billion baht (US$ 606,388,832). Despite this, the foreign investor trading ratio remained the highest…
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AstraZeneca and Thai agencies collaborate to boost AI in healthcare
The Digital Economy and Society (DES) Ministry and the Digital Economy Promotion Agency (Depa) have joined forces with AstraZeneca (Thailand), a biopharmaceutical company, to boost digital healthcare innovation within the Thai public health system. Their goal is to enhance the quality of life for Thai citizens through the use of cutting-edge technology. The most recent collaboration involves a memorandum of…
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Vegetarian festival expected to boost Thai economy with record high spending
The annual vegetarian festival, set to take place from October 15 to 23, is predicted to spur a record 10-year high spending of 44.6 billion baht (US$ 1,207,363,478), marking a 5.5% growth compared to the previous year, as revealed by Thanavath Phonvichai, the President of the University of the Thai Chamber of Commerce (UTCC). The rise in expected expenditure is…
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Businesses ride the AI technology wave: Boosting creativity and productivity in Thailand
The world of business has seen a seismic shift as artificial intelligence (AI) takes centre stage. AI technology is being harnessed to enhance creativity and productivity, with millions already reaping the benefits. The rise in AI-powered products from startups and organisations is visibly transforming every industry sector. Canva, a widely used visual communication platform in Thailand, is a prime example.…
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Ford Thailand revs up for turbocharged pickup comeback as year-end season approaches
Ford Thailand, the driving force behind Ford Motor’s presence in the country, is gearing up for a turbocharged comeback in pickup sales as we cruise into the final quarter of the year – a season traditionally revved up for car enthusiasts. This resurgence is expected to shift into high gear thanks to the bumper crop of income flowing in from…
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Have it Your Way: Burger King Thailand flips the script with digital makeover for loyal fans
Burger King Thailand is focusing on digital transformation to accommodate shifts in consumer behaviour and bolster brand loyalty. According to General Manager Tanawat Damnernthong, the company has significantly escalated its budget for digital assets this year and intends to continue this trend into the next. Tanawat says the primary objective of this substantial investment is to strengthen the company’s infrastructure, making…
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Gold market rebounds amid weakening US labour market and dollar decline
The value of the gold market experienced a slight increase yesterday, reaching above US$1,820 per ounce. This followed an eight-day decline which was influenced by the high US bond yields and the strengthening dollar. The rise was a response to a weakening labour market in America. On yesterday morning, spot gold had risen by 0.3% to US$1,827 per ounce. This…
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Commerce Ministry revises inflation forecast, amid falling prices
Revising its earlier forecast, the Commerce Ministry now anticipates headline inflation to be within 1-1.7% for the current year, with an average of 1.35%. This comes as a result of expected lowered inflation in the last quarter. In July, the forecasted range was 1-2% with an average of 1.5%. Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, revealed…
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Thailand’s first locally made portable EV charger launched by Anitech
Smart ID Group, renowned for manufacturing electronic devices under the Anitech brand, has unveiled Thailand’s first locally produced portable electric vehicle (EV) charger. The product, dubbed Anitech EV-One, is a high-quality offering that has achieved Thai Industrial Standards certification. The launch capitalises on the firm’s 18 years of track record in the consumer electronics sector, according to Thomas Hongpakdee, the…
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Outbound travel market resilient despite weakening baht and fluctuating forex
Despite the weakening baht and fluctuating foreign currency exchange rates, the outbound travel market is predicted to remain stable. This is largely due to the fact that potential tourists, possessing the necessary purchasing power, are prepared for travel in the cooler season, coupled with the fact that airlines are increasing flights. Chotechuang Soorangura, the vice president of the Thai Travel…
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Industrial estates in Thailand surge 182% due to foreign manufacturing influx
Industrial land sales in Thailand, managed by the Industrial Estate Authority of Thailand (IEAT), witnessed a dramatic rise of 182% year on year in fiscal this year, totalling 5,693 rai. This substantial increase was due to the migration of foreign manufacturing plants to Thailand and the country’s government’s investment incentives. The sales figures surpassed the previously projected target of 2,500…
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Global stocks take a rollercoaster ride as investors chase ‘oil-usive’ recovery
Global stocks experienced a mixed performance yesterday, as investors sought recovery from the significant drop in the previous session, induced by a sharp dip in oil prices. The 10-year US Treasury note, which reached a 16-year high on Tuesday, experienced a retreat after a disappointing US recruitment report surfaced. Adam Sarhan of 50 Park Investments stated that investors are entering…
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JSCCIB for water: Thai committee floats idea to dip into digital wallet funds for H2O solutions
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) proposed that the Thai government allocate a portion of its 560 billion baht digital wallet scheme budget towards supporting water management plans. The committee argues that Thailand needs immediate and long-term solutions to deal with flooding and drought, which is forecasted to affect the agricultural sector due to El Niño-induced…
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China SCE Group defaults on dollar bonds, triggers financial turmoil
China SCE Group, a Xiamen-based property developer, announced today that it defaulted on its dollar bonds following a non-payment on a syndicated loan, triggering an event of default. The company joins numerous other Chinese property developers who are undergoing a similar financial crisis, defaulting on their offshore debt and kicking off a restructuring process. In its official filing, SCE stated…
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Thai motorcycle production makers ready to ‘gear’ up as sales pick up speed
The Federation of Thai Industries (FTI) anticipates a surge in Thai motorcycle manufacturing during this year’s final quarter, following a period of slow sales. This optimistic forecast was made earlier this year by the FTI’s Automotive Industry Club (AIC), based on an uptick in tourism and the easing of the semiconductor shortage. July saw a 12.7% year-on-year increase in local…
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Thai stock market plunges amid public debt concerns and reduced GDP forecast
Following a decline of over 1.5% yesterday, the Stock Exchange of Thailand (SET) dropped below the 1,450 points mark. This follows mounting apprehensions concerning escalating public debt and economic growth after the World Bank scaled down its forecast for the Thai GDP. Daol Securities (Thailand) noted selling pressure from the majority of investor groups due to persisting worries about the…
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Thailand banks break the ice: Freezing loan rates to thaw financial stress
Thailand’s state-run banks have taken a bold step to counteract high interest rates by freezing their loan rates. This move has been initiated to assist low-income earners and small to medium-sized enterprises (SMEs), as disclosed by Vitai Ratanakorn, who holds dual roles as president and chief executive of the Government Savings Bank (GSB). The GSB, which currently services six million loan…
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Thailand’s digital wallet project: Green light to make cash splash
The government of Thailand has given the green light for the formation of a committee for its ambitious digital money handout scheme, otherwise known as the digital wallet project. Slated for launch in February, the initiative aims to stimulate the economy by providing each Thai citizen above the age of 16 with 10,000 baht (US$269) in digital money. The project, requiring…
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ThaiBev expansion: 7 billion baht investment includes new Cambodia factory
ThaiBev, the Singapore-listed food and beverage company, announced an investment plan of 7 billion baht for the expansion of its operations both domestically and internationally. The company’s CEO, Thapana Sirivadhanabhakdi, revealed that 4 billion baht will be used to construct a new beverage factory in Cambodia, while 3 billion has been set aside for logistics facilities, a biogas factory, and…
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