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 Top 10 reasons for expats to get a comprehensive health insurance in Thailand
Moving to Thailand offers plenty of excitement and adventure, but the local healthcare system can be complex to navigate as an expat. From unique health risks to high costs at private hospitals, having a comprehensive health insurance plan is essential....
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Thailand’s industrial sentiment index drops in December amid economic challenges
A recent announcement by the Federation of Thai Industries (FTI) revealed that industrial sentiment in Thailand took a downturn in December, recording a decline from 90.9 to 88.8. This significant drop was attributed to a combination of factors, namely the weakening spending power of consumers and prevailing export concerns. The FTI, which is responsible for tracking fluctuations in various business…
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Optimism for Thai stock exchange rebound despite US economic downturn
InnovestX Securities, part of the SCB X Group, expressed optimism about the rebound potential of the Stock Exchange of Thailand (SET) index. The company predicts the index could approach 1,700 points this year, driven by stabilising global interest rates and domestic economic stimulation efforts. The first quarter of 2024, however, could be marked by volatility, with possible economic downturns in…
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Global car firms urge fair Thai EV promotion amidst competition fears
European, American, and South Korean automobile manufacturers are urging the Thai government to ensure its electric vehicle (EV) promotion policy benefits all EV makers evenly. This plea arises amidst growing concerns that Chinese and Japanese rivals might be enjoying an unfair advantage. Industry Minister Pimphattra Wichaikul revealed these countries are seeking enhanced support for their EV sales and automotive supply…
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Thai ministry propels rice trade growth with G2G agreements
The Ministry of Commerce in Thailand is set to discuss the potential sale of a massive 1 million tonnes of rice to Indonesia tomorrow, under a government-to-government (G2G) agreement. This comes with a commitment to further engage in similar discussions about rice sales with China. Commerce Minister Phumtham Wechayachai revealed that the head of the Foreign Trade Department has been…
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Cathay Pacific welcomes 100 mainland China cabin crew in diversity drive
Cathay Pacific Airways welcomed 100 cabin crew members from mainland China, marking the first intake from its recruitment initiative in the region. The new staff members are set to spearhead the airline’s goal to bring onboard 1,500 individuals from across the border by 2025. Mandy Ng, Cathay’s director of service delivery, stated that hiring Mandarin-speaking flight attendants was a natural…
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Elon Musk aims for 25% voting control for AI and robotics expansion
The world’s most affluent individual and Tesla CEO Elon Musk revealed yesterday that he would feel uneasy expanding the electric vehicle (EV) company’s presence in the artificial intelligence (AI) and robotics sectors unless he possesses at least a quarter of the company’s voting control. This is a significant increase from his current 13% stake in the company. He voiced this…
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Thai institutional investors foresee policy interest rate cut in 2024
The Association of Investment Management Companies (AIMC) disclosed that institutional investors anticipate Thailand’s policy interest rate to reduce by 0.25% to 2.25% this year. Investors are encouraged to take a heavyweight stance on fixed-income assets. Chavinda Hanratanakool, AIMC chairwoman, conveyed the results of a survey conducted amongst institutional investors. The survey explored their views on economic conditions and interest rate…
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Bank of Thailand maintains policy rate for economic revival
The existing policy rate of the Bank of Thailand is deemed suitable for the nation’s economic revival, while inflation is anticipated to remain within its target range, according to the central bank. This decision, the Monetary Policy Committee (MPC) of the central bank states, is based on a comprehensive analysis of various scenarios. Piti Disyatat, Assistant Governor and MPC Secretary…
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Thailand recalibrates incentives to boost renewable energy initiative
The Industry Ministry is set to recalibrate incentive packages for organisations as part of the RE100 global renewable energy initiative. This move is intended to allure more investors and facilitate new investment within the nation. RE100, a worldwide initiative comprising hundreds of companies, is committed to 100% renewable energy usage. This aligns with Thailand’s ambitions of reducing carbon dioxide emissions…
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Zipmex risks losing license over liquidity issues and inadequate management
Zipmex, a digital asset exchange operator, is facing a potential revocation of its business licence from the Securities and Exchange Commission (SEC) if it fails to resolve its liquidity problem within a fortnight. This issue arises as the company’s capital fund has fallen below the regulator’s minimum standards. The SEC board urged Zipmex to overhaul its operations, blaming the company’s…
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Thai hotel sector sees pre-pandemic level investment surge
Thailand’s hotel sector is undergoing a resurgence in investment mirroring pre-pandemic levels, with the boost being propelled by an increase in hotel conversions and an uptick in bank lending, because of a hopeful tourism market. The information is according to C9 Hotelworks, a hospitality consultancy firm. The firm’s managing director, Bill Barnett, reported an upbeat market and investment sentiment, thanking…
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Cyber crime costs Thailand 6.76 billion baht in 70 days
Cyber crime inflicted a devastating blow to Thailand’s economy with losses amounting to 6.76 billion baht (US$192 million) within a span of 70 days, as reported by the Cyber Crime Investigation Bureau (CCIB). Despite a decline in call centre scams, there was a noted surge in scams related to the struggling economy, including those promising additional income and fraudulent loan…
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Steady gold prices in Thailand spark call for quick decisions
The Gold Traders Association (GTA) revealed that today’s gold prices remain unchanged from yesterday, urging quick decisions to be made. As of today, the selling price for gold ornaments is stated at 34,350 baht per baht-weight, a steady hold from the final price of yesterday, according to the most recent data from the GTA at 9.03am. Gold bars with 96.5%…
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Taxing choices: Thai Excise Department ponders single rate or weighty decision for cigarettes
Ekniti Nitithanprapas, Excise Department Director-General, announced that the department is deliberating over whether to implement a single tax rate or a weight-based tax for cigarettes. Currently, the tax structure is a two-tier system, with a 25% tax applied to cigarette packs retailing at up to 72 baht (US$2), aimed at reducing the impact on low-income individuals. Packs costing more than…
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Rice rivalry: India’s export ban grains optimism for Thai prices
The ongoing ban on white rice exports in India is bolstering the optimism of local shippers that Thai rice prices will remain relatively high during the first half of this year. Chookiat Ophaswongse, the honorary president of the Thai Rice Exporters Association, expressed that global market prices are likely to stay around US$600 per tonne, a rate not seen in…
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Urgent call for faster use of investment budgets to boost the economy of Thailand
Business executives are urging the government to prompt state enterprises and local government organisations to speed up the use of current investment budgets and to roll out more stimulus packages. This is seen as a crucial step to propel the economy while awaiting the fiscal 2024 budget. The executives stress the importance of quick distribution of the 2024 budget once…
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Boxed milk prices set to rise due to increased raw milk costs
The Internal Trade Department under the Commerce Ministry is poised to consider and approve a potential rise in boxed milk prices, following a request in alignment with increased raw milk production costs. The move comes on the heels of the Milk Board’s recent approval to hike the median ex-factory rates for raw cow’s milk by 2.25 baht (US$0.064) to reach…
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Thailand courts Hungary for investment to boost global influence
Hungary has been courted by Thailand for potential investment opportunities in a bid to broaden the Southeast Asian nation’s global influence or soft power. This strategic call for investment was made by the Deputy Prime Minister of Thailand, Phumtham Wechayachai, in a recent conversation with Sandor Sipos, the Hungarian Ambassador to Thailand. The dialogue, which took place yesterday, comes ahead…
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Easy e-receipt scheme may not boost Thai tourism says hotel association
The recently introduced Easy E-Receipt scheme, aimed at boosting tourism spending by offering tax rebates, may fall short of its goal, according to hotel operators. Marisa Sukosol Nunbhakdi, Thai Hotels Association (THA) president, argues that the scheme might instead push eligible individuals towards purchasing consumer products. She highlighted that a significant number of hotels and airlines are yet to adopt…
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UBE pivots towards functional food sector for increased revenue
Following its listing on the Stock Exchange of Thailand two years ago, Ubon Bio Ethanol Plc (UBE) is actively pursuing a shift in its corporate branding. The company, originally known for its ethanol business, is now focusing on the development of value-added products, primarily in the functional food sector. This new direction is expected to increase revenue and offer innovative…
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US bitcoin ETFs make splash in debut, marking crypto milestone
The long-awaited launch of the first United States exchange-traded funds (ETFs) investing directly in Bitcoin has finally taken place. This event has been marked as a significant milestone in the digital-asset industries over a decade-long campaign for recognition and mainstream acceptance. The nearly a dozen ETFs come from investment heavyweights like BlackRock Inc. and Fidelity Investments. On the first day…
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Thai-llywood lights, camera, baht! 2023 sees record of 6.6 billion baht roll in from film shoots in Thailand
A record-breaking 6.6 billion baht was generated by over 466 film shoots in Thailand in 2023, marking an impressive 40% increase in revenue from the previous year. This remarkable upturn was largely credited to the production of high-budget films, including a blockbuster with a budget of 3 billion baht. Jaturon Phakdeewanit, the head of the Tourism Department, noted the significant…
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GenAI set to go mainstream in 2024 amidst privacy concerns
As the year 2024 unfolds, the implementation of Artificial Intelligence (AI) technology into businesses is becoming increasingly important. With the rise of Generative AI (GenAI) and data protection, businesses, regulators, and individuals must adapt to the evolving landscape. This is particularly poignant in the ASEAN region, where privacy regulations, such as those in Thailand and Indonesia, are still relatively new.…
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SET foresees market recovery with return of foreign investment
The Stock Exchange of Thailand (SET) anticipates a recovery in return on investment this year, mirroring trends in regional markets due to an influx of foreign capital since 2023’s final quarter. Last year, foreign investors sold off Thai stocks amounting to US$5.51 billion, contrasting with 2022’s net purchase of US$5.96 billion. Nevertheless, foreign long-term investors held steady, owning around 30%…
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2C2P expands merchant partnerships under Alibaba’s Ant Group to boost SMEs
Aiming to enable offline small and medium-sized enterprises (SMEs) to accept e-wallet payments from Chinese visitors, 2C2P (Thailand) has been expanding its merchant partnerships under Alibaba’s Ant Group. The global payment platform predicts a substantial rise in revenue, from 3.2 billion baht last year to a projected 3.7-3.9 billion by 2024, representing a growth of 30% over 2022. Piyachart Ratanaprasartporn,…
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Thai Automotive Institute boosts EV industry with new test track
The Thailand Automotive Institute (TAI) is set to boost Thailand’s electric vehicle (EV) industry, constructing a test track to provide manufacturers with a range of testing services, subsequently becoming a new revenue stream for the country. This track, under construction in Chachoengsao, is designed to facilitate a broad spectrum of tests including braking and parking brake performance, speed, distance and…
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K-Asset and J P Morgan unite to boost Thai mutual fund business
A strategic partnership has been forged between Kasikorn Asset Management (K-Asset) and J P Morgan Asset Management (JPMAM) to bolster their mutual fund business in Thailand. This move aligns with the growing wealth segment in the Thai market. The collaboration was announced yesterday, January 10, by K-Asset, an industry-leading asset management company known for its substantial customer base and assets…
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Malaysia and Singapore unite to boost trade with special economic zone
Major trading partners Malaysia and Singapore agreed on a collaborative effort to establish a special economic zone. This endeavour aims to enhance trade between the neighbouring countries, which consider each other as their second most significant trading partner. The proposed economic zone is slated to be located in Johor, a southern state of Malaysia. This zone will allow businesses to enjoy…
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CPN predicts 20% retail sales surge due to Chinese New Year and tax scheme
Central Pattana (CPN), a SET-listed firm, is forecasting a 20% surge in retail sales for the first quarter, attributing the anticipated boost to the Chinese New Year festival and the Thai government’s Easy E-Receipt scheme. The company predicts a cash flow of 15 billion baht across all Central shopping mall branches. Nattakit Tangpoonsinthana, the chief marketing officer of CPN, expressed…
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JSCCIB urges BoT to cut high interest rates amid economic threats
As the economy grapples with internal and external threats, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) called on the Bank of Thailand (BoT) to reduce interest rates. The high interest rates are causing a surge in borrowing costs, amidst a volatile recovery due to the global economic downturn. These views were expressed by Sanan Angubolkul, chairman of…
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