Business News
Thailand business news, market trends, foreign investment, and economic updates—stay informed on stock market movements, entrepreneurship, and key developments shaping the economy. Get the latest from The Thaiger, your trusted source for business news in Thailand.
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SCB X Plc set to acquire Home Credit’s Vietnamese operations
Thailand’s largest bank by market value, SCB X Plc, is reportedly on the brink of securing a deal to acquire the Vietnamese operations of consumer lender, Home Credit. The transaction, which could be worth up to US$900 million, is expected to be announced within the week, say sources familiar with the proceedings who wish to remain anonymous due to the…
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Thailand gold prices stable at 35,050 baht with steady market
Gold prices in Thailand remained stable, with no increase or decrease compared to the previous closing figures yesterday The Gold Traders Association (GTA) listed the selling price for gold ornaments surpassing the 35,000 baht mark today in the Western calendar. The latest figures from the association’s website, recorded at 9.02am, indicated that the selling price for gold ornaments was 35,050…
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Bitcoin surpasses US$55,000 mark fuelled by ETFs, MicroStrategy purchases
Bitcoin has once again crossed the US$55,000 mark, a feat not seen since late 2021, bolstered by exchange-traded funds’ investor demand and additional acquisitions by MicroStrategy Inc. In Singapore today, the most significant digital asset witnessed a 1% surge, standing at US$55,112 following an over 5% rise in the US session. Bitcoin’s value has seen an impressive 30% increase since…
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Thailand aims to become Southeast Asia’s data centre hub
The Thailand Data Centre Council (TDCC) is pushing to establish Thailand as the central hub for data centres in Southeast Asia in the next three years, amid rising competition with foreign data centre providers joining the market. From the United States, Japan, China, Singapore, Malaysia, Australia, and India, global cloud data centre operators are turning their investment focus towards Thailand.…
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Franchise frenzy: Commerce Ministry ramps up business game
Aiming to bolster its capabilities, the Commerce Ministry is set to upgrade franchise businesses, hasten the creation of franchise business standards, and foster relationships with domestic and international investors. The strategy is designed to expand the market and stimulate economic value. The Director-General of the Business Development Department under the Commerce Ministry, Auramon Supthaweethum, highlighted the appeal of the franchise…
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Cortina Watch forecasts growth in Thailand’s luxury watch sector
Cortina Watch, a prominent retailer and distributor of high-end watches in Asia, is optimistic about the growth of Thailand’s luxury watch sector, forecasting an increase of 5-10% this year. This forecast comes as the company launches its first independent Patek Philippe Boutique in Bangkok. Jeremy Lim, Cortina Watch’s CEO and COO of Cortina Holdings, expressed confidence in the luxury watch…
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Chinese economic stimulus to boost Thai tourism and economy
Analysts predict that China’s economic stimulus measures will spur an increase in Chinese tourists visiting Thailand, potentially driving the Thai economy to achieve a growth rate of at least 3% this year. This is due to the expectation that Beijing’s financial initiatives will simultaneously boost the economies of both nations. Asia Plus Securities (APS) highlighted that China has rolled out…
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Thailand’s green utility tariff implementation faces SME hurdles
The Energy Regulatory Commission (ERC) of Thailand has estimated a two-year time frame for full implementation of the recently launched green utility tariff (GUT). This tariff, aimed at regulating renewable power prices, is a significant leap towards the global pushback on carbon-intensive manufacturing. However, businesses, particularly small and medium-sized enterprises, and some state entities have expressed unpreparedness to adopt the…
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Thai life assurance set for 2-4% growth in premiums this year
The Thai Life Assurance Association (TLAA) has set its sights on a projected growth of 2-4% in industry premiums this year, amounting to 640-650 billion baht (US$17.8 billion-18 billion). Health insurance premiums are expected to see a significant rise, likely due to an increased public focus on health and wellbeing. TLAA President, Sara Lamsam, who also holds the position of…
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Taxing times ahead: Employers must now e-file payroll returns
Vinit Visessuvanapoom, the Director-General of the Revenue Department, announced a new requirement for all employers to submit payroll tax returns electronically. The move is part of an effort to prevent fraudulent tax return forms. The director-general highlighted that before the department’s notification on income tax No.438, the electronic submission was voluntary. However, starting from January 1, 2024, all tax return…
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Thailand optimises on Kazakhstan’s tourism and trade potential
Deputy Foreign Minister of Thailand, Jakkapong Sangmanee, emphasised the government’s optimism about enhanced tourism and trade between Thailand and Kazakhstan. This follows the forthcoming signing of three memoranda of understanding (MoUs) in April. Sangmanee, accompanied by the Tourism and Sports Minister Sudawan Wangsuphakijkosol, led a delegation of Thai investors to Kazakhstan’s capital, Astana, and its largest city, Almaty. During their…
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Thai government’s revenue collection could fall short in 2024
Deputy Finance Minister Krisada Chinavicharana expressed concerns that the government’s revenue collection for fiscal 2024 might not surpass the target, unlike the 174 billion baht (US$4.8 billion) surplus witnessed the previous year. This was announced at the Outstanding Revolving Fund Award event held yesterday. The government has projected an expenditure budget of 3.48 trillion baht (US$96 billion) for fiscal 2024,…
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Thaksin Shinawatra’s return stirs interest in Thailand’s economic policy
Former Prime Minister of Thailand Thaksin Shinawatra is back in the political limelight following his release on parole. His return to his Ban Chan Song La residence in Bangkok, which previously served as his command centre during his time in office, has sparked interest from the business sector. They are keen to understand the potential implications this could have on…
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Thailand seeks German investment in electric vehicle industry
Deputy Prime Minister Parnpree Bahiddha-Nukara announced on a recent official trip to Germany, the Thai government’s intention to attract German automobile manufacturers to invest in Thailand’s burgeoning electric vehicle (EV) industry. This initiative is part of the broader plans for Prime Minister Srettha Thavisin’s official visit to Germany next month. The deputy prime minister, who also serves as the foreign…
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Thai Airways records recovery with US$782 million profit in 2023
Thai Airways International Public Company Limited witnessed a significant rebound in its earnings following an increase in air travel demand. The airline reported a net profit of 28.1 billion baht (US$782 million) in 2023, a substantial recovery from the 272-million-baht loss experienced in the previous year. This is the second-highest annual net income recorded by the company, surpassed only by…
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Pizza company projects 15% sales growth despite food delivery downturn
Despite a challenging economic environment and a downturn in the food delivery sector, The Pizza Company remains optimistic about its growth prospects, projecting a 15% increase in sales this year. This confidence stems from its 20-minute delivery guarantee and strategic initiatives aimed at attracting younger customers. The company, a subsidiary of Minor Food, continues to focus on providing a value-for-money…
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SET proposes market cap rise for short selling, higher fines for violations
The Stock Exchange of Thailand (SET) proposed a rise in the stock market capitalisation requirement for securities eligible for short selling, along with a threefold increase in fines for rule violations. This move forms part of the SET’s strategy to enhance market supervision and bolster investor confidence. These changes, which are subject to a public hearing, propose to raise the…
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Thai export competitiveness declines with focus on rice market
The Bank of Thailand reports a significant decline in Thai export competitiveness, particularly in global rice markets. Over the last 20 years, the market share of rice shipments has dropped by over 50%. This reduction is a result of persistent structural issues in the export and manufacturing sectors, affecting the Thai economy at large. The bank’s recent report reveals that…
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PM Srettha unveils economic vision focusing on tourism and booze
Prime Minister Srettha Thavisin unveiled his comprehensive vision for Thailand’s economic boom, focusing on tourism enhancement and the liberalisation of alcohol consumption at internationally renowned concerts. Speaking at the Thailand Vision gathering at Government House, PM Srettha’s address, which was broadcast live on NBT television, presented his ambitious strategies to foster economic growth. Tourism is at the core of his economic…
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Thai govt to review ASEAN-China FTA amid business concerns
The Trade Negotiations Department and Team Thailand, a government body focused on bolstering economic growth, have been directed by the Commerce Ministry to undertake a comprehensive study of products under the ASEAN–China Free Trade Agreement (ACFTA). This comes in response to concerns over the surge of low-cost Chinese goods in the domestic market. Commerce Minister Phumtham Wechayachai announced the ministry’s…
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INETREIT plans 3.2 billion baht capital increase to fund cloud services expansion
INET Leasehold Real Estate Investment Trust (INETREIT) is preparing to increase its capital by up to 3.2 billion baht (US$89 million). This move is anticipated to finance its additional investment in the INET-IDC3 phase 2, managed by Internet Thailand (INET), an information and communication technology infrastructure provider. The decision aims to profit from the growing demand for cloud services in…
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Thai authorities tackle surge in cheap Chinese imports
A surge in cheap Chinese products flooding Thai markets, particularly through e-commerce platforms, has prompted Thai authorities and organisations to seek measures to protect local producers. The influx has negatively impacted local small manufacturers of household goods and has boosted calls for the Revenue and Customs departments to expedite their efforts in controlling this wave of low-cost goods. Prime Minister…
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New EV incentives boost investment in Thai automotive sector
The Federation of Thai Industries (FTI) expressed confidence in the transformative potential of the new electric vehicle (EV) incentive packages, anticipating a significant boost to investment in the automotive sector and related businesses. As Thailand strives for sustainable economic growth and enhanced competitiveness, surges in investment are vital, particularly in the targeted S-curve industries encompassing next-generation vehicles. Surapong Paisitpatanapong, the…
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Thai businesses fear cost surge due to minimum wage hike
Businesses in Thailand are bracing for a potential increase in operating costs, following the government’s proposition to raise the daily minimum wage to 400 baht (US$11) within the year. The Federation of Thai Industries (FTI) has expressed its concern over the implications of this wage hike, particularly on small and medium-sized enterprises (SMEs), which are currently grappling with elevated interest…
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Thailand incentivises companies to go green with EV conversion
The Thailand government confirmed yesterday that measures have been approved to encourage companies to convert their commercial fleets of large trucks and buses to battery electric vehicles (EVs). This move aims to increase the adoption of EVs and support companies in achieving their net-zero targets. In addition, cash grants will be provided for EV battery cell manufacturers. These policies are…
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Bank of Thailand faces political pressure to cut interest rates
The Bank of Thailand (BoT) is under increased political tension to reduce interest rates, with the majority of analysts predicting that the monetary authority will withstand requests for unexpected easing to bolster the economy. This escalating discord between Prime Minister Srettha Thavisin and the central bank concerning monetary policy direction is predicted to damage investor confidence, though the likelihood of…
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Huawei cloud stack: A step towards making Thailand ASEAN’s digital hub
Huawei Technologies (Thailand) Co., Ltd. recently showcased its Huawei Cloud Stack technology at an event, emphasising its commitment to providing secure and reliable cloud services to local data centres serving enterprise markets. This aligns with Huawei’s mission of In Thailand, for Thailand, which underpins its efforts to help transform Thailand into a digital hub for the ASEAN region. The Huawei…
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Thailand govenment raises sugar cane price, stirs industry buzz
The government yesterday sanctioned a definitive sugar cane price for the 2022/2023 season at 1,197 baht (US$33) per tonne, marking a substantial increase of 117 baht from the preliminary price of 1,080 baht per tonne. In parallel, the initial price for the 2023/2024 season was ratified by the cabinet, standing at 1,420 baht per tonne. Government spokesperson, Chai Wacharonke, indicated…
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CKPower sparks renewed growth under new leadership
CK Power Public Company Limited (CKPower), led by Managing Director Thanawat Trivisvavet, is set to continue its positive performance trend, buoyed by seasonal factors and a commitment to enhance its renewable energy capacity. The company’s goal aligns with its CKP NET ZERO EMISSIONS 2050 initiative. CKPower, one of the leading renewable energy producers with a minimal carbon footprint, disclosed a…
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SET to tighten supervision of listed Thai firms starting March 25
The Stock Exchange of Thailand (SET) announced plans to strengthen the supervision of its listed companies from March 25 onwards, as part of an initiative to reinforce their financial standing and provide detailed disclosure for investors. SET’s president, Pakorn Peetathawatchai, stated that the move aims to provide investors with clearer and more varied warning signs to alert them of potential…
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