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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Thai Commerce Ministry set to liberalise ten service businesses this year
The Business Development Department under the Commerce Ministry is anticipated to liberalise ten service businesses within this year, encompassing sectors like telecommunications services, treasury centres, and currency exchange businesses. Director-General Auramon Supthaweethum stated that the department has already completed studies on eight of these businesses, with the remaining two set to open for public hearings soon. As soon as the…
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India encourages Thailand to tap into Andaman and Nicobar’s fisheries
The Indian government is encouraging Thailand to capitalise on opportunities within its fishing and tourism industries, particularly in the Andaman and Nicobar Islands. Shri Vishwendra, the region’s Secretary of Fisheries, emphasised the significant potential for deep-sea fishing due to the area’s underexploited marine resources. Despite the abundance of resources, including a potential tuna catch amounting to 148,000 metric tonnes, the…
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Bitcoin plunges to lowest value since mid-December amid dwindling ETF hype
Bitcoin, the world’s largest digital asset, plunged to its lowest value since mid-December as the speculative demand driven by hype over new Exchange-Traded Funds (ETFs) has waned. This has left the cryptocurrency in negative territory since the beginning of 2024. The asset briefly hovered around US$40,000 before settling at US$40,843 as of 11.40am on Friday in Singapore, marking a 4%…
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Bank of Thailand confident in limited corporate bond rollover risk despite rising interest rates
Despite rising interest rates, the Bank of Thailand has expressed confidence in the limited risk of corporate bond rollover this year, stating that it should not pose a significant threat to systemic risk. The local bond market has remained functional, with private businesses continuing to secure new funds. Sakkapop Panyanukul, the senior director for financial markets at the central bank,…
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Thai commerce minister targets US for premium rice exports boost
Thai Commerce Minister Phumtham Wechayachai, during his visit to the US, affirmed his determination to boost exports of premium rice and other food products from Thailand. His ambition is to amplify exports of rice and food items from the Land of Smiles by 1.75 billion baht. The US, Thailand’s second largest trading partner and the principal importer of Thai hom…
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CP Group tempers investment due to global risk factors
Charoen Pokphand (CP) Group, a renowned Thai conglomerate, has planned to temper its investment activities in the current year. The group’s CEO, Suphachai Chearavanont, has indicated that this strategic shift is driven by the desire to reap the benefits from previous years’ investments. Suphachai voiced concerns over several global risk factors anticipated to lead the agriculture sector into a stagnation…
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PTTEP boosts gas production at Erawan to avoid hefty fine
PTT Exploration and Production Plc (PTTEP) is stepping up gas production at the Erawan gas block in the Gulf of Thailand to avoid a hefty fine. The penalty would be due to a failure to supply the volume of gas stipulated in a contract signed with PTT Plc, Thailand’s sole gas dealer. The chief executive of PTTEP, Montri Rawanchaikul, expressed…
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Thai retail investors now unrestricted in real estate, infrastructure-backed ICOs
Retail investors in Thailand will no longer face restrictions on investment in real estate and infrastructure-backed initial coin offerings (ICOs), according to an announcement by the Securities and Exchange Commission (SEC). The change, effective from January 16, was made to encourage technology use for fundraising and to support sustainable capital market growth and the digital economy’s development. The SEC’s role,…
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From threads to trends: Chiang Mai couple behind Thailand’s elephant pants phenomenon
In Chiang Mai, a business duo are turning Thailand’s iconic elephant pants into a global trend. Hailing from Chiang Mai, Kingkarn Samorn, the Managing Director, and Jakkaphum Samorn, the Director of Chinrada Garment Company, are the masterminds behind the rise of this iconic fashion phenomenon. From a small home office in 2013 to a sprawling modern factory in 2018, the…
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Thailand’s EV sales projected to double by year-end
Thailand is set to witness a significant spark in electric vehicle (EV) sales, potentially doubling the figures by year-end, driven by Chinese manufacturers and approximately US$2.4 billion in government incentives, bolstering consumer demand. Krisda Utamote, Electric Vehicle Association of Thailand President, forecasted that new battery EV registrations might exceed 150,000 by the year’s end in a recent interview in Bangkok.…
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Thailand targets 23.1 million MICE visitors by fiscal 2024
The Thailand Convention and Exhibition Bureau (TCEB) has set a target to attract a minimum of 23.1 million meetings, incentives, conferences, and exhibitions (MICE) visitors by fiscal 2024. Through this, they aim to generate a revenue of 136 billion baht, which equates to 75% of the income recorded in 2019. TCEB President Chiruit Isarangkun Na Ayuthaya noted that the challenge…
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SEC allows securities firms to offer spot Bitcoin ETFs to elite investors
The Securities and Exchange Commission (SEC) is in the process of permitting securities firms to offer spot Bitcoin Exchange-Traded Funds (ETFs) trading to institutional and high net worth (HNW) investors. The information became public when InnovestX Securities, a unit of SCB X Group, announced on its website that it had recently discussed the matter with the SEC and obtained approval…
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Thailand’s central bank bans prepayment charges in new lending regulation
The Bank of Thailand (BoT) has introduced a new responsible lending (RL) regulation that bans charges for debt prepayment and restructuring across all consumer loan products. The regulation, which comes into effect on January 1, impacts various financial institutions such as banks, non-banks, asset management companies, and specialised financial institutions. However, the ban does not apply to fees for mortgage…
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Thailand aims for 40 million tourists and 3.5 trillion baht revenue
The goal of 40 million international tourists and an ambitious revenue target of 3.5 trillion baht (US$ 98,348,390,000), as set by Prime Minister Srettha Thavisin, remains a tall order for this year, according to the Tourism and Sports Ministry. Still, the ministry plans to attract longer stays and increase spending through a range of measures, including soft power products, safety…
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Thai Cabinet ratifies 3.6 trillion baht budget for fiscal year 2025
The Thai Cabinet ratified a 3.6 trillion baht budget for the fiscal year 2025. This sees an expansion of the budget deficit to 713 billion baht, a 2.89% increase from the previous year. The new budget was approved by the Cabinet on Tuesday, following its presentation by the Budget Bureau. It was announced by the Deputy Government Spokesperson, Rudklao Suwankiri.…
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Chirathivat family’s CG Capital kickstarts with 10 billion baht
The Chirathivat family’s private equity fund, CG Capital Advisory, is kicking off its operations with an impressive 10 billion baht. The fund aims to capitalise on the recovering tourism sector by investing in hospitality and real estate. CG Capital, spearheaded by Phoom Chirathivat, partnered with prominent institutional investors to channel this fund into investments in hotels and tourism-related businesses. These…
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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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