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 Boost your business in Thailand: 5 powerful benefits of using BoostedByPeople
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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Commerce Ministry plans to expand GI product list to boost sales
Aiming to boost sales from geographical indication (GI) products to 60 billion baht (US$1.6 billion) by 2024, the Commerce Ministry is set to expand the GI product list by an additional 20 items this year. Deputy Commerce Minister Napintorn Srisunpang highlighted the plan as a strategy to enhance the competitiveness of the agricultural sector. By utilising GI as a tool,…
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Stark Corporation’s interim CEO detained amid corporate scandal investigations
Stark Corporation interim CEO Vonnarat Tangkaravakoon has been apprehended amidst ongoing investigations into a series of corporate scandals. Vonnarat, presently detained in a private hospital under the authority of the Department of Special Investigation (DSI), was initially taken into custody at the hospital where he was receiving medical care. A warrant issued by the Criminal Court facilitated his arrest yesterday,…
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Thai tourism index for Q4 2023 signals risk of deflation
The Tourism Council of Thailand’s (TCT) quarterly index has reported a lower-than-normal confidence level for the fourth quarter of 2023, signalling concerns among operators about the risk of deflation and delayed fiscal budget disbursement. The Thai tourism index for the last quarter of the year scored 77, with 100 being the average; this is an increase from the third quarter’s…
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Thai industrial authority partners with Japanese firms for green utility project
The Industrial Estate Authority of Thailand (IEAT) is collaborating with Japanese firms, IHI Corporation and IHI Asia Pacific (Thailand) Co, on a green utility project at the Smart Park Industrial Estate in Rayong. The initiative, aimed at encouraging eco-considerate manufacturing, will involve a feasibility study on the development of renewable energy and green infrastructure. The study marks the first phase…
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Chamber of Thailand calls for cut in interest rates to boost recovery
The Thai Chamber of Commerce (TCC) expressed its expectations for the Bank of Thailand to consider a reduction in interest rates in its forthcoming meeting. The TCC argues that although the economy is on a recovery trajectory, it remains susceptible to various challenges. Sanan Angubolkul, the chairman of the chamber, acknowledged the decisions made by the Monetary Policy Committee (MPC)…
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AI, foldable screens, and gaming features target wealthy Thai consumers
Premium smartphones equipped with artificial intelligence (AI), foldable screens, and specialised gaming features are being aggressively marketed by manufacturers to wealthy Thai consumers in the first quarter. This marketing strategy is in harmony with the Thai government’s shopping tax incentive and the festive atmosphere of the Chinese New Year. M Vision’s chief executive, Opas Cherdpunt, anticipates a minimum 10% rise…
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Thai Honda forecast mild ‘declinecycle’ in domestic sales this year
Thai Honda Co, a leading motorcycle manufacturer and distributor, predicts a mild decline in domestic sales to around 1.7-1.75 million units this year. This anticipated dip is attributed to the newly implemented regulations aimed at managing high levels of household debt. In the previous year, Thailand recorded total motorcycle sales of 1.88 million units. For the coming year, sales of…
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North Korea abolishes economic cooperation laws with South Korea
North Korea’s state-run media announced today that the country’s Parliament unanimously agreed to abolish laws about inter-Korean economic cooperation. This decision is consistent with the policy declared by leader Kim Jong Un last month, where he expressed no intent for peaceful reunification with South Korea. At a session held yesterday, February, 7, the Supreme People’s Assembly agreed to scrap the…
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Thai rice exporters stir in choppy waters as challenges loom ahead
Rice exporters in Thailand are bracing for a challenging year ahead due to a host of risk factors, including fluctuating exchange rates, waning competitiveness of Thai rice, fierce price competition, the potential impact of the El Niño weather phenomenon, and India’s restrictive export policies, as reported by the Thai Rice Exporters Association. The association’s honorary president, Chookiat Ophaswongse, referred to…
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Thailand urged to speed up joint gas project with Cambodia
Energy experts urged Thailand to accelerate discussions on a joint gas production endeavour with Cambodia in the overlapping claim area (OCA). The call comes in light of the global shift towards clean energy, which could pose challenges to new petroleum projects due to their contribution to carbon emissions. Despite its initiation in 2001, the OCA negotiations have yet to progress…
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Enhancing transparency and trust: SEC’s cautionary measures
In a bid to enhance transparency and trust in the capital market, the Securities and Exchange Commission (SEC) is set to introduce cautionary measures for securities that fail to conform to the listing regulations. This initiative will start on April 1. The SEC is also considering a revamp of its listing rules to elevate the quality of listed companies by…
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Tesla’s South Korea sales slump amidst safety concerns, subsidy cuts
Tesla Inc’s sales in South Korea took a hit in January, with the company selling only one electric vehicle (EV) in the entire month. The Austin-based automaker faced a range of challenges, including safety concerns, pricing issues, and inadequate charging infrastructure. Data from the Korean trade ministry and Seoul-based researcher Carisyou revealed that the single sale of a Model Y…
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Thailand taps Chinese influencers to boost exports
The Thai government launched an initiative to boost the country’s exports to China, the world’s second-largest economy. The plan involves inviting 30 to 50 of China’s leading social media influencers to visit Thailand in May. During their stay, these influencers will livestream their Thai experiences, promoting local products from traditional elephant pants to native sweet treats to their followers back…
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Thailand reduces foreign tech reliance with home-grown AI system
Thailand is taking proactive steps to lessen its dependence on foreign technologies, with a particular focus on artificial intelligence(AI). To this end, the nation is intensifying its efforts around the development of a home-grown version of the generative pre-trained transformer (GPT) model known as Open ThaiGPT, said Chai Wutiwiwatchai, executive director of the National Electronics and Computer Technology Center (Nectec).…
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New VC funds to boost startup growth in 2024
This year, the growth of startups is anticipated to see a significant boost as several new venture capital (VC) funds emerge, following a period of slowed activity during the pandemic and recent crypto winter. Among these is the Finno Efra Fund, valued at 1.3 billion baht, co-established by EfraStructure and Krungsri Finnovate, with operations set to commence in March. Pawoot…
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Thailand’s investment applications surge to five-year high in 2023
Thailand’s investment promotion applications in 2023 skyrocketed to a five-year high of 848 billion baht, marking a 43% increase from the adjusted figure of the previous year. The surge was powered by significant foreign investments in the five priority sectors identified in the Board of Investment’s (BoI) fresh Investment Promotion Strategy. Contributing to this colossal growth in Thailand’s foreign direct…
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Megabangna mall invests 200 million baht to boost customer spending
SF Development Co, the firm behind Megabangna shopping mall, earmarked a 200-million-baht (US$5.6 million) budget for marketing, intending to drive up customer footfall and increase spending by 10-15%. Wanwimon Ordeedolchest, the Vice-President of Marketing at the company, revealed that the funds will be channelled into numerous events, activities, campaigns, and applications to draw in shoppers to Megabangna. “We will hold…
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Chinese New Year spending in Thailand set to hit decade high
The upcoming Chinese New Year festival, set to start on Thursday, February 8, is predicted to witness the largest financial outlay by Thai locals in over a decade, thanks to the nation’s economic resurgence following the pandemic’s impact. The annual survey conducted by the University of the Thai Chamber of Commerce (UTCC), monitoring consumer expenditure during the festival, foresees a…
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AIS in talks with PTT OR for virtual bank licence application
Potential collaborations are underway as Advanced Info Service (AIS) engages in discussions with PTT Oil and Retail Business (OR) and a digital platform provider. The objective is to apply for a virtual bank licence from the Bank of Thailand, revealed AIS Chief Executive, Somchai Lertsutiwong. This partnership would be an addition to AIS’s current plan to secure a license with…
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Thailand targets 35 million international tourists
The Tourism and Sports Ministry of Thailand is optimistic about its ability to attract 35 million international tourists this year. This confidence stems from the fact that in the first month of the year alone, the country recorded three million foreign visitors. The encouraging figure was aided by daily arrivals exceeding 90,000 on weekdays and 100,000 during the weekends in…
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Bangkok’s BAM anticipates drop in bad debt auction prices in 2024
Bangkok Commercial Asset Management (BAM), a prominent player on the Stock Exchange of Thailand (SET), anticipates a decrease in auction prices for bad debt sales in 2024 due to a rising supply amid economic sluggishness. The financial institutions are expected to face increased challenges with the escalation of distressed debts, influenced by depreciating auction prices for both non-performing loans and…
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Thai finance minister urges bank of Thailand to lower policy rate
The Deputy Finance Minister, Julapun Amornvivat, called on the Bank of Thailand’s Monetary Policy Committee (MPC) to consider lowering its policy rate. The request comes in a bid to alleviate the strain on the public, taking into account the impact of the policy rate on individuals rather than solely focusing on financial stability. Julapun argues for a harmonious approach, stating…
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Thai gold prices dip slightly, investors on alert
Gold prices in Thailand saw a slight dip today, prompting investors and enthusiasts to make quick decisions. According to the latest data released by the Gold Traders Association (GTA), the price of gold ornaments dropped by 50 baht compared to the previous day, now selling at 34,800 baht per baht-weight (a traditional Thai unit of measurement for gold). The association’s…
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Red Sea attacks reshape global oil market towards regionalisation
The global oil market is becoming increasingly regionalised due to militant attacks in the Red Sea and skyrocketing freight rates making more local supplies desirable. A decrease in tanker traffic through the Suez Canal is encouraging a divide, with one trading area centred around the Atlantic Basin, including the North Sea and the Mediterranean, and another focused on the Persian…
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Labour costs outpace revenue growth in Thai tourism sector
Rising labour costs in the tourism sector are outpacing revenue growth, resulting in increased hotel expenses, as revealed by hospitality market analyst STR. Jesper Palmqvist, senior director for Asia-Pacific at STR, warned that the only risk for hotels this year is maintaining cost controls in light of the extraordinary growth of labour costs and room rates. Over the past one…
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Samsung’s Galaxy S24 series boasts strong pre-orders in Thailand
Thai Samsung Electronics’ Vice-President of Mobile Experience, Sitthichoke Nopchinabutr, expressed confidence in the company’s position in Thailand’s competitive smartphone segment. This follows the recent launch of Samsung’s Galaxy S24 series, equipped with advanced artificial intelligence (AI) capabilities. Sitthichoke revealed that the volume of pre-orders for the S24 series places Thailand among the top five markets globally. Moreover, it leads to…
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Thailand’s Land Bridge project eyed as foreign investment magnet
The Land Bridge project in southern Thailand, a proposal yet to be approved, is being highlighted as a potential boon for foreign investments, akin to the successful Eastern Economic Corridor (EEC). This comparison is drawn by the current government. The EEC, unlike the proposed Land Bridge, is operational and continues to develop, acting as a high-tech industrial hub drawing investments.…
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EV and SUV sales set for boost in Thailand amid automotive industry changes
This year, the automotive industry anticipates uneven sales growth, shaped by motorists’ evolving preferences and lenders’ decision-making. Electric vehicle (EV) makers and banks will be crucial in shaping domestic sales, especially within the pure pickup category. As per the Federation of Thai Industries (FTI), EVs, pickup passenger vehicles (PPVs), and sport utility vehicles (SUVs) are predicted to be this year’s…
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Businesses warned of risks of not adopting AI, says Stanford professor
Stanford University Graduate School of Business Professor Amir Goldberg stressed the urgency for businesses to actively engage with artificial intelligence (AI), according to a conversation with a former corporate executive. Highlighting the vital role AI plays in today’s competitive market, Professor Goldberg warned businesses of the risks of not adopting AI, likening it to a fast-moving train that cannot be…
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Japanese firms urge Thai government to simplify customs and boost infrastructure
Japanese businesses based in Thailand have urged the government to simplify customs duty rules and enhance transport infrastructure, in addition to introducing economic strategies to increase public spending. The Japanese Chamber of Commerce (JCC) in Bangkok recently communicated with the press to share insights from its newest survey assessing the business outlook amongst Japanese firms and investors in Thailand. The…
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