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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Sponsored 12Go introduces Japan Rail Passes to enhance travel accessibility for international travellers
For those who have travelled throughout Thailand, 12Go is a well-known provider of various trips, though the platform itself has a much wider reach. Ranging from buses to planes, 12Go is undoubtedly a leading booking platform for travel throughout the...
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Foreign trade dept tightens inspection of tapioca chip imports
Tightened inspections of tapioca chip imports are being enforced by the Foreign Trade Department, following the discovery of a dozen importers smuggling in substandard chips. Ronnarong Phoolpipat, the department’s director-general, revealed that the department had increased inspections at national border areas since November, being the peak sales period for tapioca chips. The operations aim to address a persistent smuggling issue…
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Revenue department develops data analytics to combat tax invoice fraud
The Director-General of the Revenue Department, Kulaya Tantitemit, announced the development of a data analytics system aimed at helping entrepreneurs integrate into the tax payment system and fight against falsified tax invoices. This announcement was made during a press conference alongside the Economic Crime Suppression Division. Five gangs responsible for the production of fake value-added tax (VAT) invoices have been…
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Thailand’s BAAC to launch blockchain-based e-commerce platform for farmers
The Bank for Agriculture and Agricultural Cooperatives (BAAC) in Thailand announced its plans to establish an e-commerce platform. The platform will be built on the foundation of blockchain technology to ensure transparency and fairness, according to 42 year old Deputy Finance Minister Julapun Amornvivat. The deputy finance minister highlighted the prevalent issue in the country where the majority of profits…
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Soaring travel costs to Phuket spark tourist backlash
The soaring cost of air travel to Phuket has sparked a backlash from local tourists, with low-cost carriers reportedly charging up to 14,000 baht (US$388) for a round trip from Bangkok. Despite making bookings weeks in advance, some travellers reported paying 5,000 baht (US$138) for a one-way ticket. The president of the southern chapter of the Thai Hotels Association (THA),…
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Thailand allocates 50 million baht for foreign tourist insurance
The Thai Tourism and Sports Ministry has allocated a budget of 50 million baht (US$1.38) for the fiscal year of 2024 to financially aid foreign tourists in the event of accidents or death. The ministry stated that this amount is likely to cover its expected influx of 35 million foreign visitors this year, in accordance with the average annual claims…
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Baht falls to three-month low as US inflation delays rate cut
The Thai currency hit a three-month low against the US dollar yesterday, February 14, slipping below 36 to the dollar. This was attributed to higher-than-anticipated US inflation, which led the market to predict a delay in the Federal Reserve’s first interest rate cut, initially expected in May. Quoting Kasikorn Research Centre, the baht was valued at a low of 36.13 against…
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Thailand and Cambodia discuss joint petroleum exploration in Gulf
Prime Minister Srettha Thavisin of Thailand and Cambodian counterpart Hun Manet have instigated discussions about the potential for joint petroleum exploration and production in the Gulf of Thailand. The overlapping claims area (OCA), an area of 26,000 square kilometres that is believed to be rich in fossil fuels, is the focal point of these negotiations. The OCA is considered a…
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Thai automotive industry urged to embrace sustainability
Emphasising the necessity for sustainability and clean energy, the Thai automotive industry is being encouraged to swiftly adapt to new global regulations. Furthermore, the industry is advised to utilise free trade agreements (FTAs) to enhance its competitive stance. Following a meeting with the Thai Automotive Industry Association (TAIA) and the Automotive Industry Club of the Federation of Thai Industries (FTI)…
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Thai consumers riding high for sixth straight month
Consumer confidence in Thailand has been on a steady rise, marking its sixth successive month of growth last month in January. Levels have reached a high unseen since March 2020, attributed to the government’s strategic stimulus measures, including spending boosts and reductions in electricity and fuel prices. Yesterday’s report from the University of the Thai Chamber of Commerce (UTCC) revealed…
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Steel dreams: Thai infrastructure boost sparks sector revival hopes
Hopes of a revival in the stagnant steel consumption sector in the country are being pinned on the government’s impending infrastructure development projects. The fiscal 2024 state budget, yet to be approved, is anticipated to propel these initiatives, according to Chaichalerm Bunyanuwat, the president of the EAF Long Product Steel Producers Association. He noted that the steel and iron industry…
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Thai stock exchange to tighten short sales and program trading rules
The Stock Exchange of Thailand (SET) is set to introduce stricter regulations on short sales and program trading, aiming to mitigate securities price volatility and bolster the long-term resilience of the market. This decision follows a comprehensive study conducted by an external advisor, which found the SET’s market surveillance system to be on par with regional standards, as per a…
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Anticipated US interest rate cut to boost gold prices in May
Gold prices in the domestic market, which had earlier witnessed a surge to 34,550 baht (US$956) per baht-weight during the Lunar New Year, are anticipated to rise again in May. This forecast comes as traders expect the Federal Reserve to begin a cut in US interest rates, thereby potentially driving global prices to US$2,100 per ounce. Gold Traders Association (GTA)…
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Most Thais plan online Valentine’s Day shopping, reveals Visa survey
Almost four out of five people in Thailand are planning to buy Valentine’s Day gifts online, a recent survey by YouGov for payments company Visa reveals. The study aimed to assess Thai consumers’ spending habits during the romantic holiday, along with the factors influencing their decisions, and the most effective ways to win their partners’ hearts. The survey presented an…
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Bitcoin hits US$50,000 milestone, crypto market on a digital rollercoaster
Bitcoin, the largest digital asset, oscillated around the landmark value of US$50,000, a level it hadn’t touched in over two years. This marks a remarkable resurgence following the various cryptocurrency scandals and industry wipeouts that had previously cast a shadow of uncertainty over the sector’s future. Yesterday, in the United States, Bitcoin’s value soared to an impressive US$50,328, and it…
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CRC projects 9-11% revenue growth driven by tourism boost
Central Retail Corporation (CRC) is expecting revenue growth of 9-11% in 2024, with the primary drivers being a resurgence in tourism and increased consumption. However, concerns have been raised about a potential influx of inexpensive imported goods. Yol Phokasub, CRC’s chief executive, articulated that despite the sluggish economic growth, the overall spending confidence in Thailand remains above average for the…
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Leading the way to the next era with ‘CRC OMNI-Intelligence’
Yol Phokasub, Chief Executive Officer of Central Retail Corporation Public Company Limited or CRC, said “Central Retail continues to have strong growth amid various disruptions from technology disruption and the change in consumer behaviour to the arrival of generative AI and climate change. This is a result of Central Retail’s resilient ecosystem, which allows us to be able to adapt…
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Thailand’s Q1 2024 government revenue exceeds target by 0.3%
The Fiscal Policy Office announced that government revenue collection for the initial quarter of fiscal 2024 surpassed its target by 0.3%, equating to 1.62 billion baht (US$45 million), according to the director-general, Pornchai Thiraveja. Pornchai, who also serves as a spokesperson for the Finance Ministry, disclosed that the government’s net revenue collection for the initial three-month period of fiscal 2024,…
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FTI urges protection for SMEs against cheap Chinese imports surge
The Federation of Thai Industries (FTI) is advocating for enhanced protection of small and medium-sized enterprises (SMEs) against the surge of inexpensive Chinese products. Kriengkrai Thiennukul, FTI chairman, revealed that the importation of these products has caused certain local manufacturers, predominantly SMEs, to cut their production by 50%. The FTI asserts that some imported goods require comprehensive inspection, as they…
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Thailand’s digital deficit weighs heavily on tech industry
The digital deficit in Thailand, estimated to be around 200 billion baht (US$5.56 billion) per year, is a major concern for tech industry leaders. The former president of the Thai e-Commerce Association, Pawoot Ponngvitayapanu, highlighted this issue to Parliament’s economic steering committee, urging them to address the deficit and informing the finance ministry. The deficit stems from Thailand consuming more…
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Thai economy needs more stimulus amidst global challenges
Kasikorn Research Centre (K-Research) warned that the Thai economy requires additional government stimulus to boost domestic consumption amidst challenges such as global politics, China’s economic deceleration, and fluctuating currency rates. The centre’s managing director, Burin Adulwattana, emphasised that the decrease in headline inflation for the fourth consecutive month in January does not suggest deflation risks, but rather highlights consumers’ dwindling…
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Indonesia reassures no rice shortage despite retail restrictions
The Indonesian government affirmed today that there is no shortage in the country’s rice stocks, despite increasing restrictions on sales in mini markets and supermarkets that have been in place since the close of 2023. Arief Prasetyo Adi, the Head of the National Food Agency (NFA), made this assurance following a coordination meeting with the president. He also highlighted the…
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Japanese to invest 10 billion baht in Thailand’s S-curve industries
Two Japanese corporations are set to inject a total of 10 billion baht into Thailand’s S-curve industries, according to the Thai Industry Ministry. This initiative encompasses 12 industries earmarked for development by the Thai government, including smart electronics. Air and compressor manufacturing are the sectors that have particularly piqued the interest of the two firms, said Industry Minister Pimphattra Wichaikul.…
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Thai govt to set up asset management firm to tackle household debt
Thailand Prime Minister Srettha Thavisin today announced that an asset management firm is to be established by the Thai government in the first quarter of the year to address the persistent issue of high household debt. The initiative confronts numerous challenges, including the reluctance of some creditors to participate in the process. With 90.9% of its GDP equalling household debt…
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Raimon Land plans 3,588 million baht capital increase for sustainable growth
Raimon Land Public Company Limited (RML), a premier real estate developer in Thailand, plans to increase its capital by 3,588 million baht (US$99 million) from 4,172 million baht (US$116 million) to a total of 7,760 million baht (US$216 million). This move is part of RML’s strategy to support sustainable growth, targeting continuous profit enhancement and a turnaround. The proposal will…
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Chin-a new look: CGS-CIMB now CGS International after takeover
Following the complete acquisition by China Galaxy Securities in December 2023, CGS-CIMB Securities (Thailand) has rebranded to CGS International Securities (Thailand) (CGSI). The move solidifies China Galaxy Securities’ regional presence. Backed by the Chinese government, China Galaxy Securities is the second-largest securities company in China, boasting over 500 branches nationwide. The rebranding is a direct result of China Galaxy Securities’…
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Nectec develops open-source cybersecurity for small manufacturers
Nectec, the National Electronics and Computer Technology Centre, is in the process of creating an open-source Security Operation Centre (SOC) as a service for potential partners. This initiative predominantly targets small businesses in the manufacturing industry, offering them affordable cybersecurity options. This service model requires partners to invest in cloud computing and threat intelligence data. It is designed to be…
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Thailand’s BAAC plans to acquire 510,000 tonnes of carbon credits
The Bank for Agriculture and Agricultural Cooperatives (BAAC) seeks to acquire 510,000 tonnes of carbon credits over the next five years, according to Chatchai Sirilai, the bank’s president. This move aligns with Thailand’s ambition to achieve carbon neutrality by 2050 and its net-zero target, which aims to equalize greenhouse gas (GHG) emissions and absorption by 2065. Chatchai revealed that the…
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Thailand capitalises on halal market amid renewed Saudi ties
Thailand and Saudi Arabia’s reestablishment of diplomatic ties in 2022, after a three-decade hiatus, has presented the Land of Smiles with fresh avenues to capitalise on its halal products’ demand in the Middle Eastern markets. The global Muslim population, approximately 2 billion, is projected to constitute 25% of the total populace by 2030. Thaweelap Rittapirom, the President of the Islamic…
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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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