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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China surpasses Japan as world’s largest car exporter in 2023
China has seized the title of the world’s largest car exporter in 2023, according to recent industry figures. This marks a significant shift, seeing Japan’s reign topple for the first time since Germany’s lead in 2016. This new data, released yesterday, January 31, by a Japanese trade organisation, indicates a 16% increase in Japan’s car exports from the previous year,…
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Student Loan Fund recalculates debt repayment to reduce 100 billion baht bad debts
With a staggering 100 billion baht (US$2.8 billion) in bad debts, the Student Loan Fund (SLF) is set to see a decline in its debt pile following the implementation of a new debt repayment calculation method, according to SLF manager, Chainarong Kajchapanan. This change is a result of the recent amendment of the Student Loan Fund Act (No.2) 2023, which…
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Thailand’s steel industry suffers as cheap imports from China flood market
Steel industry capacity utilisation in Thailand is on a downward spiral, with Tata Steel Thailand Plc (TSTH), a subsidiary of India’s largest steelmaker, attributing this trend to the sluggish economic recovery and the influx of inexpensive steel from China. The postponement of the fiscal 2024 state budget planning as a consequence of the 2023 general elections and the protracted process…
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Thailand’s manufacturing sector set to rebound by 2024 despite 2023 contraction
Despite the economic slowdown causing a 5.1% contraction in Thailand’s Manufacturing Production Index (MPI) last year, it is expected to rebound in 2024. The forecasted improvement comes in response to an increase in the export of industrial products, which grew by 3.22% in December, marking the third consecutive month of growth, according to Warawan Chitaroon, the director-general of the Office…
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Thai government and central bank clash over interest rates
The ongoing discord between government officials and central bankers regarding interest rate adjustments is creating uncertainty for local banks and could potentially trigger further foreign investor withdrawals. Thailand Prime Minister Srettha Thavisin, along with key advisors, is advocating for a reduction in rates by the Bank of Thailand (BoT) to stimulate an economy the Thai PM describes as being in…
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Elon Musk’s US$55 billion pay deal under threat after judge’s ruling
Having spent several years as the wealthiest person globally, Elon Musk, CEO of Tesla, faces the potential of falling to the third position following a Delaware judge’s ruling on his US$55 billion pay deal. The judge, Kathaleen St. J. McCormick, sided with a Tesla investor who argued that the 2018 remuneration package lacked clarity on Musk’s performance expectations and that…
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Free visa policy to boost Thai tourism stocks amid Chinese arrivals
An agreement for a free visa policy between Thailand and China is set to greatly boost seven Thai tourism-related stocks, as projected by brokerages. This policy, signed earlier this week, is anticipated to cause a significant uptick in Chinese arrivals in Thailand this year. The Tourism Authority of Thailand (TAT) set a target of attracting 8.2 million Chinese tourists in…
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Thai baht surges as US dollar weakens ahead of Federal Reserve meeting
The Thai baht experienced an upturn against a weakening US dollar, with investors predicting the US Federal Reserve to hold its policy rate steady in the upcoming meeting this week. The baht yesterday, January 30, initiated at 35.38 to the dollar, a rise from Monday’s close at 35.58. The local currency fluctuated between 35.28 and 35.45 against the dollar and…
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Taiwanese tourism in Thailand set to hit one million mark
The Taiwanese tourism market in Thailand is projected to reach a milestone of one million visitors this year, provided that Thailand’s government prolongs its visa-free scheme until the end of the year. Sisdivachr Cheewarattanaporn, president of the Association of Thai Travel Agents (ATTA), stated that despite the delayed visa exemption approval for Taiwanese tourists in November last year, the total…
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Indorama Ventures turns PET recycling into a fun learning experience
Indorama Ventures Plc (IVL), the chemical manufacturing firm, has taken a fun-filled approach to address the issue of a limited supply of waste polyethylene terephthalate (PET) bottles which has been affecting its recycling business. The company has taken to educating young students, encouraging them to see used PET bottles as a source of enjoyment and creativity while also promoting the…
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Thai gold prices drop at market open, gold bars at 34,050 baht
Gold prices in Thailand saw a decline at the opening of the market, comparing the last price from January 29. The Gold Traders Association (GTA) reported the selling rate for gold ornaments at 34,550 baht per baht-weight (a traditional Thai unit of measurement for gold, equating to 15.16 grammes) for today, marking a decrease of 100 baht from the previous…
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Revving up: Thailand’s car production to rise by 3.17% in 2024, predicts FTI
The Federation of Thai Industries (FTI) predicted a 3.17% rise in Thailand’s car production this year, reaching an estimated total of 1.9 million units. This projection comes despite the less-than-anticipated total car production of 1.84 million units last year, falling short of the 1.85 million units target. According to Surapong Paisitpatanapong, Vice-Chairman and spokesperson for the FTI’s Automotive Industry Club,…
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SET index may drop below 1,300 due to digital wallet handout
The Stock Exchange of Thailand (SET) index could potentially plummet below the 1,300-point mark this year, warns the CEO of One Asset Management (ONEAM), Pote Harinasuta. This alarming projection is associated with the government’s proposed digital wallet handout which could result in Thailand’s credit rating being downgraded and a subsequent hike in corporate borrowing costs. Key factors that could influence…
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Thailand govt pushes for 500-billion-baht loan to boost economy
Deputy Finance Minister Julapun Amornvivat underlined the government’s prerogative to deem the current economy as crisis-ridden, a pivotal aspect for sanctioning the 500-billion-baht loan bill to propel its digital wallet disbursement scheme. According to him, the definition of an economic crisis is subjective, hinging on individual perception. Nonetheless, the government’s assessment paints the picture of an economy in dire need…
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Bank of Thailand urged to slash interest rates amid economic struggle
Pressure is mounting on the Bank of Thailand to ease the economic strain on small and medium-sized enterprises (SMEs) by slashing interest rates on commercial bank loans. Pichai Naripthaphan, deputy chairman of the Pheu Thai Party‘s strategies and politics committee and an advisor to Prime Minister Srettha Thavisin, argued that the central bank needs to acknowledge the real-world challenges people…
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Muang Thai Life Assurance diversifies into healthcare business
Muang Thai Life Assurance (MTL) is actively pursuing plans to diversify its portfolio by investing in medical treatment businesses. The company’s president and chief executive, Sara Lamsam, confirmed this strategic move. According to Lamsam, this expansion is in response to a trend observed in markets such as the United States, Europe, and other Asian countries where insurance companies are leveraging…
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Thailand’s car production hits brakes, sees 15.75% drop in December
Thailand’s car production experienced a significant drop of 15.75% in December, compared to figures from the previous year, marking the fifth consecutive month of decline, according to the Federation of Thai Industries (FTI). The downturn resulted in only 133,621 units being produced, largely due to a reduction in pickup truck output. This figure is a stark contrast to November’s year-on-year…
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Hong Kong court orders liquidation of China’s indebted developer Evergrande
China’s most indebted property developer, China Evergrande, was ordered to liquidate by a Hong Kong court today, a move that could potentially destabilise the already trembling Chinese capital and property markets. The liquidation process could be intricate due to the multiple authorities involved and the potential political implications. Following the order for liquidation, a provisional liquidator will be appointed, followed…
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Thai jewellery industry urged to focus on sustainable manufacturing
The Gem and Jewellery Institute of Thailand (GIT) urged Thai jewellery producers to bolster their focus on sustainable manufacturing. The call to action comes amid growing customer interest in the ethical and environmental considerations of the industry. GIT, an agency of the Commerce Ministry, emphasised that while the industry primarily centres around design and the ability to refine uncut jewels,…
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China’s Lunar New Year tourism surge unlikely to reach pre-pandemic levels
Anticipations are high for an increased number of Chinese tourists venturing abroad during the forthcoming Lunar New Year. However, industry analysts predict the numbers will not reach the pre-pandemic levels due to the prevailing uncertain economic situation and evolving consumer trends. A significant surge in passenger traffic during the 40-day festive travel period, known as Chun Yun, is suggested by…
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Thailand gold prices take a slight tumble
Gold prices in Thailand saw a slight decrease at the start of the week. According to the latest figures from the Gold Traders Association (GTA), the price of gold jewellery is now set at 34,550 baht per baht weight as of Monday, representing a 50 baht drop from the previous day’s close. The domestic gold market experienced a minor adjustment…
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Bitcoin ETFs surge after US SEC approval boosts annual ROI
Having received approval from the US Securities and Exchange Commission (SEC) for 11 Bitcoin exchange-traded funds (ETFs), the cryptocurrency is seeing a resurgence, boosting its annual return on investment by over 150%. This surge has been aided by a predicted Bitcoin halving in April, leading to the cryptocurrency reclaiming its top position for asset annual ROI. The decision by the…
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Thailand’s Land Bridge project eyed for boosting economy amid local concerns
Thailand’s Land Bridge project, a major infrastructure initiative resembling a proposed shortcut through Southeast Asia, dominated the recent mobile Cabinet meeting in Ranong. Residents expressed apprehensions to Prime Minister Srettha Thavisin, highlighting potential environmental damage and disruptions to their lifestyle. In the face of forecasted stagnant GDP growth, the government views the Land Bridge project as a promising solution for…
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Red sea conflicts could disrupt global trade, Thai economy at risk
The business world is on high alert as the ongoing conflicts in the Red Sea and the Israel-Hamas war pose potential risks to the global economy. The strategic planning unit of the Commerce Ministry is urging stakeholders to keep a close watch on the situation and its potential implications. The conflicts could bring both direct and indirect negative impacts on…
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NocNoc leverages AI for personalised consumer experiences with IPO planned for 2028
NocNoc, the e-marketplace specialising in home products and services, leverages artificial intelligence (AI) to deliver personalised online and offline consumer experiences. The platform is expanding into new lifestyle categories to tap into the home and living market, estimated to be valued at around 450 billion baht. Better Bee Marketplace Co, the firm behind the platform, anticipates an initial public offering…
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Rental woes: KCar sees slowdown as lending rules put brakes on second-hand marke
KCar, formally known as Krungthai Car Rent & Lease Plc, anticipates a deceleration in the second-hand car and car rental markets as financial institutions continue to enforce stringent lending criteria. This is attributable to high levels of household debt and subdued purchasing power. Pichit Chantarasereekul, the managing director of KCar, highlighted that banks are increasingly cautious due to the high…
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Nex point projects commercial EV sales to hit 5,556 by 2024
Nex Point, a SET-listed local assembler of commercial electric vehicles (EVs), is forecasting sales to hit 5,556 units by the end of 2024. This projection stems from an increased demand from businesses operating in the transport and logistics industries. A rise in such interest is tied to these sectors’ growing commitment to lower carbon emissions. Between January and September of…
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Thai travel agents expect Chinese tourist surge during Lunar New Year
The Association of Thai Travel Agents (ATTA) anticipates a surge in Chinese tourists during the Lunar New Year holiday, estimating daily arrivals of 20,000 to 25,000. ATTA President, Sisdivachr Cheewarattanaporn, attributes this boost to enhanced charter and scheduled flights, alongside the visa-free scheme designed to spur Chinese demand. Chinese arrivals have shown a marked increase this year, averaging 15,000 to…
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Pressure mounts on Bank of Thailand to reduce high interest rates
Thailand Deputy Finance Minister Julapun Amornvivat expressed concern that the country’s current interest rates are excessively high, putting strain on citizens’ disposable income and stunting the nation’s economic growth. This stance encourages the Bank of Thailand to reconsider its monetary policies. “The Thai people’s spending power is in jeopardy due to these high rates. I hope the Bank of Thailand…
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DeeMoney’s ‘PIN TO SUCCESS’: a roadmap to greater success
“To operate a successful business, you need to have the right products and services and know how to apply innovations to better serve the market and heighten your success. More importantly, be flexible and always ready to adjust your plans in line with your goals.” – Aswin Phlaphongphanich, CEO and Co-Founder, DeeMoney. DeeMoney is a leading Thai fintech company specialising…
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