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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Pheu Thai leadership welcomed by tourism operators
The Pheu Thai political party’s potential leadership of the Tourism and Sports Ministry has been warmly welcomed by tourism operators. This development arises from growing speculation around the formation of the new Cabinet. Numerous news outlets suggest that the ministry might transition from the Bhumjaithai Party to Pheu Thai. Adith Chairattananon, the honorary secretary-general of the Association of Thai Travel…
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Tech sector recovery drives global stock market surge despite China concerns
Tuesday saw global stock markets rise due to strong tech recovery, despite worries about China’s slow economy and US rate uncertainty. Nvidia’s shares increased by 8.5% on Monday, boosting trading in Asia and Europe. In New York, Nvidia’s shares went up by 2.5% before its second-quarter report today, Wednesday. At the beginning of trading, Nasdaq focused on technology and rose…
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Thai economic recovery slower than expected, Bank of Thailand governor confirms
Economic recovery in Thailand is underway but progress is slower than anticipated, particularly in the areas of tourism and exports, according to Sethaput Suthiwartnarueput, governor of the Bank of Thailand (BoT). In a recent business seminar, Sethaput expressed concerns over a less-than-rosy picture of the nation’s economy, with exports and tourism spending falling short of expectations. Despite these challenges, he…
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Srettha Thavisin urged to address economic challenges swiftly
Thailand’s political stalemate came to a close yesterday as property tycoon Srettha Thavisin was elected as the country’s 30th prime minister following a majority vote in both houses of Parliament. Now, the nation’s business community is urging the newly appointed leader to hasten the process of organising his government. The aim is to promptly address a sequence of pressing challenges…
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Domestic tourism in Thailand hits 93% recovery
Thailand’s domestic tourism sector has seen a significant recovery, reaching 93% of its pre Covid-19 levels, according to the Tourism Authority of Thailand (TAT). The TAT expects to record approximately 160 million domestic trips in the country this year, a sharp contrast to the dismal figures witnessed at the onset of the pandemic in 2019. At a press conference, Suladda…
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CardX braces for regulatory change raising customer debt repayment 3%
CardX, a credit card service provider operating under SCB X Group, anticipates a potential issue with customer compliance linked to an upcoming regulatory change from the Bank of Thailand. The central bank presently permits credit card users to repay their debt at a minimum rate of 5% of the overall credit balance each month, a measure introduced to aid consumers…
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Political change, Thai PM appointment poised to boost stocks
The anticipated appointment of Thailand‘s 30th prime minister this week is predicted to bolster stocks likely to benefit from political change and the policies and stimulus measures proposed by the Pheu Thai Party, reported Bangkok Post. Brokerage firm Asia Plus Securities (ASPS) projects the 11-party coalition, which declared on Monday its possession of 314 MP seats, will secure enough senatorial…
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McKinsey foresees AI technology dominating Thailand’s future
The Thai branch of global consultancy McKinsey & Company predicts that the three most impactful trends for Thailand over the next year will be generative artificial intelligence (AI), immersive technology, and climate technology. The prediction is a part of the company’s 2023 Tech Trends Outlook, which was published in July. Gordon Candelin, senior expert and leader of McKinsey Design Southeast…
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Climate change: Thai businesses warned of ‘global boiling,’ rising power costs
The United Nations has warned of the global boiling – the intense rise in temperatures and associated power costs we are seeing now, which are predicted to only worsen in the future. Thailand witnessed an unprecedented rise in electricity bills and an all-time high average temperature in July. This salient shift in weather patterns is leading businesses and governments to consider…
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Thailand sees 17% boost in foreign investment, hitting 58.9 billion baht in 7 months
Thailand saw a 17% increase in foreign investment, reaching 58.9 billion baht in the first seven months of this year. The announcement was made yesterday by Rachada Dhnadirek, the deputy government spokeswoman. Investors from Japan played a major role, with 94 groups contributing 19.89 billion baht. The United States followed with 67 entities investing 3 billion baht. Singapore had 61…
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PTTEP plans Middle East expansion for greater petroleum output and renewable energy
PTT Exploration and Production Public Company Limited (PTTEP) announced its strategic plans to centre business operations in the Middle East to expand petroleum output and explore opportunities for innovative energy enterprises, revealed Montri Rawanchaikul, PTTEP’s Chief Executive and President. On the domestic front, the company aims to escalate gas production at the Erawan gas field to 800 million standard cubic feet…
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EV sales in Thailand to hit 50,000 despite auto loan regulations
The Thailand Automotive Institute (TAI) anticipates a surge in electric vehicle (EV) sales to 50,000 units this year. This comes despite challenges such as diminishing purchasing power, rampant household debt, and the implementation of stricter auto loan regulations by banks. Last year, local EV sales in Thailand saw approximately 20,000 units sold. The popularity of EVs in the country can…
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Prachinburi print shop overcharges customer, shocking Internet
A disheartening incident unfolded when a woman was charged 500 baht for scanning four documents, at a print shop in the area of Ban Rabao Phai, Sri Maha Pho District, Prachinburi. The shop owner extended his apologies due to a lack of knowledge about appropriate pricing and offered a reimbursement, which the woman declined. Upon scanning the documents, the customer,…
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Bangkok property developers anticipate economic rebound
Bangkok-based property developers on the Stock Exchange of Thailand are optimistic about an economic bounce back in the latter half of the year, expecting it to help meet their annual performance targets after a subdued start to the year. Property Perfect Plc., under the management of Wongsakorn Prasitvipat, is set to launch nine fresh housing ventures in the second half.…
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Chinese economic woes dampen bookings for Thai tourism sector
Tourism operators indicated a slowdown in forward bookings from China for the upcoming Golden Week holiday in October due to a challenging economic climate. A representative from the Tourism Council of Thailand, Surawat Akaraworamat, revealed that a sluggish economic rebound and potential deflation are having far-reaching effects on disposable income for prospective tourists from the Chinese mainland. “Travel agents have…
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Former Siam Commercial Bank executive launches 8 million baht shabu restaurant
A passion for the delectable flavours of Japanese shabu dining impelled Thienachariya, the onetime chief marketing strategist for Siam Commercial Bank, to inaugurate his own shabu restaurant at Erawan Bangkok. The restaurant is the brainchild of Thienachariya and a culinary trio of his associates, formed under the banner of their newly established company, Shabudoke Co. The culinary ensemble includes beef…
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Thailand’s insurance sector embraces digital revolution to boost resilience and consumer experience
Thailand’s insurance sector is adopting digital tech to tackle artificial intelligence (AI) and cyber threats and deal with the medical costs of the nation’s ageing population. Further steps were taken to boost industry strength and user experience. The strategy is headed by the Office of the Insurance Commission (OIC). Suthiphon Thaveechaiyagarn, the OIC secretary-general, disclosed that the first part of…
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Thai baht instability rises due to political unrest
Political unrest is heightening baht oscillations against the US dollar, as Thailand finds itself without a stable government, the head of the Bank Thailand asserts. This turbulence introduces a greater risk factor amongst investors who are observing the foreign exchange rate, particularly between the baht and the US dollar, in light of Thailand’s current political developments. Post Thailand’s General Election…
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Sweet success: Thai fruit exports to China ripe with growth, thanks to fast track on China-Laos Railway
Thai fruit exports to China experienced a significant surge in the first five months of this year, growing by a staggering 365%. This upswing is predominantly accredited to the utilisation of the China-Laos Railway for transit, which has resulted in a significantly reduced delivery duration and leveraged the benefits of free trade deals, according to sources yesterday. The railway route…
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PTTEP issues alert over potential Thai gas production and supply disruption
PTT Exploration and Production Plc (PTTEP) voiced its concern to the energy authorities regarding potential barriers that may impede the continued production of gas in the Gulf of Thailand. The current license to operate in the Pailin gas block is set to end in 2028. The reoccurrence of a disruptive incident similar to the one at the Erawan gas block…
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Grab Thailand partners with Alipay, Kakao Pay to appeal to Chinese, Korean tourists
Grab Thailand is entering a strategic alliance with Alipay and Kakao Pay to expand the payment alternatives available to Chinese and South Korean tourists who visit the country, an announcement from the company relayed. As the Thai tourism sector remains buoyant, Grab has identified Chinese tourists as pivotal to its strategy for this year. Worachat Luxkanalode, Country Head of Grab…
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Thailand’s baht leads Asian currency downturn amid China’s economic worry
Asian currencies experienced a downturn yesterday, led by Thailand‘s baht, as concerns heighten surrounding the recovery status of the global economy’s second-largest player, China. The baht plunged by a substantial 0.8%, marking it as the largest depreciation against the US dollar in half a dozen weeks. Across the waters of offshore markets yesterday afternoon, it was changing hands at approximately…
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Fuelling the future: Thailand’s gas giant gears up production to avert power crisis
Efforts to prevent a second power crisis in Thailand are underway as the nation’s primary gas producer, PTT Exploration and Production (PTTEP) Public Company Limited, looks to increase its output substantially. With plans to double gas production in the Erawan field, Thailand’s largest, Montri Rawanchaikul, the Chief Executive Officer, confirmed plans to scale up production to as high as 800…
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Goodbye Family Mart, hello Tops: Thailand’s retail favorite gets a fresh aisle
The well-known Family Mart stores, a cornerstone of the local retail landscape for over 30 years, are set to be rebranded as Tops Daily in the heart of Thailand. The decision made by the Central Retail Corporation PLC (CRC) projected completion by the end of this year will bring an end to an era as it follows a decision to…
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Travel industry girds for weak low season amid cost and weather challenges
The travel industry is bracing itself for an exceptionally weak low season, with predictions of stagnant demand, escalating operational costs at popular destinations, and the impacts of tropical storms. The president of the Thai Travel Agents Association, Charoen Wangananont highlighted that the season’s sale rate for outbound packages significantly lags behind the comparison period recorded before the pandemic. He cited hesitancy…
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Central Retail partners with Ant Group to launch Alipay+ for Asian tourists in Thailand
For the convenience of Asian tourists from China, Hong Kong, Malaysia, and South Korea, Central Retail Corporation (CRC) has announced its partnership with Ant Group, introducing Alipay+ a comprehensive solution for international digital payments. This digital offering will enable travellers to use local digital wallets such as China’s Alipay, Hong Kong’s AlipayHK, Malaysia’s Touch ‘n Go eWallet and South Korea’s…
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DSI freezes 220 million baht in Stark Corp leader Chanin’s scandal
The Department of Special Investigation (DSI) has placed a freeze on a staggering 220 million baht held in the bank account of Chanin Yensudchai, the erstwhile chairman of the beleaguered Stark Corp. According to DSI spokeswoman Pichaya Tarakornsanti, the action is part of a broader measure to offer compensation to victims in light of the ongoing scandal. “The DSI has…
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Thai consumer confidence dips due to political instability and slow recovery
Reports today reveal that last month Thai consumer confidence dramatically dropped for the first time in 14 months. Evidence pointed towards the general unease of continuous political instability in the Kingdom of Thailand after the General Election took place in May, as well as a sluggishly recovering economy. The survey, helmed by the esteemed University of the Thai Chamber of…
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Thailand’s data centre sector poised for explosive growth with global tech titans and cloud nine prospects
In a surge of digital enthusiasm, Thailand’s data centre industry is set to experience substantial expansion within the next two years, thanks to the arrival of worldwide tech giants and cloud service providers. This prediction comes from ST Telemedia Global Data Centres (Thailand) (STT GDC Thailand), a dominant player in hyper-scale data operations. STT GDC Thailand, a fruitful joint venture…
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Thai fruit and coconut exports to China boosted by FTA benefits
The popularity of Thai fruit was evident throughout the initial five months of this year, reflected through the leverage of free trade agreement (FTA) benefits by exporters. Most notably, shipments destined towards China signalled a greater propensity. The Director-General of the Foreign Trade Department, Ronnarong Phoolpipat, highlighted that durian, guava, mango and mangosteen were the favoured fruits amongst Chinese consumers,…
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