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.
To keep up with the most recent business news in Thailand, subscribe to our newsletter and follow us on social media.
-
Virtual banking: SCB X and KakaoBank join forces for Thai licence bid
A consortium led by financial technology conglomerate SCB X is partnering with South Korea’s KakaoBank to apply for a virtual banking licence from the Bank of Thailand. SCB X, a holding company of Siam Commercial Bank, signed the agreement with KakaoBank, with the aim of bringing additional partners on board to improve competitiveness. Arthid Nanthawithaya, chief executive of SCB X,…
-
Thai recycled clothing fashion to reach 1.3 billion baht by 2032
As environmental concerns rise globally, consumer demand for clothing made from recycled materials continues to grow. Poonpong Naiyanapakorn, the Trade Policy and Strategy Office (TPSO) director-general, highlighted the environmental impacts of the textile industry, which consumes 93 billion cubic metres of water annually, releases 1.7 billion tonnes of carbon dioxide, and accounts for 20% of worldwide wastewater discharge. Major fashion…
-
Chiang Mai tourism: Haze issue risks long-stay senior tourist numbers
Tourism operators in Chiang Mai are urging the new government to address the persistent haze issue to attract the return of long-stay senior tourists, whose absence has dealt a significant blow to the province’s economy. The leader of the Move Forward Party, Pita Limjaroenrat, visited Chiang Mai last week and discussed environmental and tourism policies with local industry representatives. According…
-
Thai rice exports set to rise amid El Niño concerns
Thai rice exports have a favourable horizon in 2023, as they are projected to exceed 8 million tonnes. This boost in international demand is linked to global concerns about the possible consequences of the El Niño weather event, resulting in several countries aiming to expand their stockpiles, according to Commerce Minister Jurin Laksanawisit. The minister indicated that the Philippines plans…
-
Raimon Land unveils 18 billion baht luxury projects amid bolstered high-end market confidence
Raimon Land Plc, a stock exchange of Thailand (SET)-listed property developer, is confident in the high-end residential market and revealed plans for three new luxury projects worth 18 billion baht in Phuket and Bangkok. Raimon Land plans to launch the projects in the fourth quarter. Korn Narongdej, the chief executive, made known that the luxury market proved to be resilient…
-
Thai sugar producer KSL faces 15% output drop, eyes low-GI product growth
Thailand’s third-largest sugar producer, Khon Kaen Sugar Industry (KSL), anticipates a decline of 10 to 15% in sugar cane output, down to 5 million tonnes, for its factories in the 2023 to 2024 crop year due to drought. In comparison, the 2022 to 2023 crop year yielded 6.4 million tonnes of sugar cane. Despite the reduction in sugar cane production,…
-
Trading troubles: Thai stock market feels pinch of political uncertainties amid global rate rumbles
The Thai stock market remains under pressure from domestic political uncertainties, despite a halt in US interest rate hikes and a recent rate cut in China. The Stock Exchange of Thailand (SET) index continued its downward trend, closing at 1,557.71 points, a 0.22% decrease from the previous day. In contrast, several Asian stock markets experienced gains, with Hong Kong’s Hang…
-
Electrifying expansion: Demco sparks digital tech and renewable energy growth
Demco yesterday announced expansion plans focusing on diversifying the company’s business into digital technology and enhancing its renewable energy portfolio. As a stock exchange of Thailand (SET)-listed contractor and engineering service provider, the company acknowledges not getting involved in the state renewable development scheme during its first phase. Pongsak Sirikupt, the company’s chief executive and managing director, revealed that Demco’s…
-
Thai economy boost: Bank forecasts GDP growth, increased tourism
Anticipating a stronger Thai economy, the Bank of Thailand has expressed confidence that GDP growth will surpass their expectations. This is attributed to the economic strategies implemented by the new government, combined with progress in the tourism and consumption sectors. In a recent meeting, the Monetary Policy Committee (MPC) of the central bank stated that they foresee continuous growth in…
-
Thailand tourism eyed by Agoda CEO as business hotspot rivaling Japan, Vietnam
Agoda, the online travel agency, foresees a bright future for Thailand tourism as the country emerges as a preferred destination for business travellers, potentially rivalling top hotspots like Japan and Vietnam. Ranked second in Agoda’s largest inbound markets between January and May, Thailand’s tourism trails behind Japan in terms of overall popularity. Agoda’s Chief Executive, Omri Morgenshtern, believes Thailand’s potential…
-
Stock exchange warns investors: Tread carefully on OTO shares
Following irregular trading of One to One Contacts Plc (OTO) shares, the Stock Exchange of Thailand (SET)Â issued a warning for investors to be cautious and examine information thoroughly. OTO, which offers outsourced contact centre services to government agencies and corporations, faced a spike in trading volume, mainly concentrated among a few investors. Previously placed under the Level 1 trading regulations…
-
Industry blues: Thailand’s TISI takes a double dip, blaming government formation woes
The Thailand Industry Sentiment Index (TISI) suffered another setback after experiencing a decline for the second month in a row, partly due to uncertainties surrounding the formation of a new coalition government. In May, the TISI dropped to 92.5 points from 95 in April. Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI), cited issues in setting up a…
-
Timber regulations tightened, Thailand targets Siamese rosewood exports
The Commerce Ministry of Thailand recently announced two new regulations targeting the timber trade. Beginning on July 17, traders will be required to hold a certificate of import to import timber, processed wood, and wooden artefacts. Additionally, starting August 16, the export of Siamese rosewood (phayung) will be prohibited, Bangkok Post reports. The director-general of the Foreign Trade Department, Ronnarong…
-
Siam Piwat Simon plans second Premium Outlets in tourist hotspot
Shopping mall operator Siam Piwat Simon Co is exploring options for the best location to open a second branch of Siam Premium Outlets Bangkok, focusing on provinces with a large local population and high foreign tourist numbers. Michael Tang, the company’s managing director, highlighted the importance of excellent transport infrastructure and convenient access for travellers when selecting the location for…
-
Thailand tourism thrives with 1,200% surge in Klook bookings
Online travel platforms continue to express optimism about Thailand’s tourism growth this year, propelled by a substantial increase in visitor arrivals. Wilfred Fan, Chief Commercial Officer at Klook, an online travel platform, stated that the company experienced a 1,200% increase in bookings for activities in Thailand year on year in the first five months of 2023. The top five markets…
-
Tourism promotion: TCT urges government to market Thailand as prime retiree destination
Tourism promotion has driven the Tourism Council of Thailand (TCT) to urge the new government to market Thailand as a prime destination for retirees while advocating for regulatory changes that would encourage the development of the tourism industry. The TCT yesterday met with representatives from the Thai Sang Thai Party to discuss these proposed changes, following the party’s consultation with…
-
Thai government weighs extending diesel excise tax cut beyond July
The Thai government is considering extending the excise tax cut on diesel, which is set to expire on July 20. Prime Minister Prayut Chan-o-cha directed the Finance Ministry and other relevant agencies to evaluate the feasibility of prolonging the tax reduction. Energy Minister Supattanapong Punmeechaow revealed that the Finance Ministry has been tasked with determining the appropriateness of an extension.…
-
Thai interest rates raised to 2% by BoT amid core inflation worries
The Monetary Policy Committee of the Bank of Thailand (BoT) anticipates ongoing economic growth with some potential risks, as evidenced by their decision to increase the key Thai interest rates for the sixth consecutive meeting, according to the minutes released recently. On May 31, the committee unanimously agreed to increase the one-day repurchase rate by a quarter point to 2%,…
-
Thai outbound travel surges as Asian flight capacities increase
The Thai outbound travel market is experiencing fierce competition among Asian countries, as flight capacities have increased compared to last year. The Thai Travel Agents Association (TTAA) anticipates that the Thai outbound market could recover to half of the 11.2 million departures in 2019, prior to the pandemic, due to stronger flight frequencies in Asia. TTAA vice-president Chotechuang Soorangura stated…
-
BAFS to build 1.2 billion baht oil pipeline linking Saraburi and Ang Thong
Bangkok Aviation Fuel Services Plc (BAFS) is set to construct a new 52-kilometre oil pipeline connecting Saraburi to Ang Thong, in a bid to enhance its trade in the northern region. The project, which is estimated to cost 1.2 billion baht, will facilitate oil transportation from the east to the north. BAFS is currently in discussions with Thai Petroleum Pipeline…
-
AIS 3BB acquisition may face strict measures due to market share
The potential acquisition of fixed broadband provider 3BB by Advanced Info Service (AIS) may face stringent consumer measures from the telecom regulator due to the combined market share of the two companies. True Corporation, a rival company, reported having 3.84 million household subscribers in the first quarter of this year, accounting for 31.5% of the fixed broadband market share, according…
-
Zen Corp and CPF launch ready-to-eat Tummour meal at 7-Eleven stores
If you visit 7-eleven a lot in Thailand, there’s good news for you. Zen Corporation Plc, known for operating restaurant chains such as Zen, AKA, and Tummour, has announced its expansion into the ready-to-eat meal market in a bid to strengthen its long-term business prospects. The company’s chief commercial officer for Thai brands, Siruwat Chatchawan, disclosed that Zen Corporation has…
-
SCB-Julius Baer launches 45 Academia programme for Thai business heirs
In Thailand, there’s a new academic programme for business heirs. SCB-Julius Baer Securities, a joint venture between Siam Commercial Bank and Julius Baer, has introduced The 45 Academia programme as part of its New Wave of Wealth strategy. This initiative aims to nurture the future leaders of wealth management by offering comprehensive training for business heirs in Thailand. The 45…
-
TCEB seeks global support for Phuket to host Specialised Expo 2028
As the Thailand Convention and Exhibition Bureau (TCEB) prepares for its final presentation to the Bureau International des Expositions (BIE) next week, it continues to seek support for Phuket’s bid to host the Specialised Expo 2028. Over the past three years, TCEB has been working with Thai stakeholders and BIE member states to garner votes for Phuket as the host…
-
Thantawan Industry Plc targets eco-friendly products for Thai BCG initiative
There’s a new eco-friendly initiative in Thailand. Thantawan Industry Plc, a leading plastic manufacturer and developer of innovative products, is focusing on producing eco-friendly products in support of the Thai government’s bio-, circular, and green (BCG) economic development initiatives. The company’s garbage bags, made from recycled plastic beads, and straws, which are made from biodegradable materials, are aimed at helping…
-
Japanese investors seek Thai tech startups for regional expansion
Thai tech startups have caught the attention of Japanese investors, who are keen to support their expansion into regional markets, according to an executive at Bank of Ayudhya (Krungsri). Southeast Asia, and Thailand in particular, are considered prime investment locations for Japanese investors, who see potential in the country’s high-growth tech startups. Bunsei Okubo, head of Japanese corporate and multinational…
-
Bitkub’s bumpy ride: Thailand’s leading crypto exchange parent company sees sharp revenue decline amid market downturn
Bitkub Online (BO), the parent company of Thailand’s top cryptocurrency exchange Bitkub, experienced a 48% year-on-year drop in revenue last year, attributed to the downturn in the crypto market. Client investments also saw a significant 65% decline compared to the previous year. The financial statement published on BO’s website revealed a net profit of 341 million baht in 2022, marking…
-
Thailand banks team up for digital revolution: Collaboration to launch retail CBDC
The Bank of Thailand is collaborating with three payment service providers, Bank of Ayudhya (Krungsri), Siam Commercial Bank (SCB), and 2C2P (Thailand) Co, to develop and launch its retail central bank digital currency (CBDC). The new financial infrastructure aims to enhance the convenience and efficiency of financial transactions while reducing costs. The testing of the retail CBDC is scheduled to…
-
Bolt invests 300 million baht in Thai expansion amid ride-hailing competition
Estonian tech firm Bolt is set to invest 300 million baht in Thailand to bolster its presence in the country as part of its Southeast Asian expansion strategy. This move follows Bolt’s recent funding round, which raised 628 million euros at a valuation of 7.4 billion euros, earmarked for geographical growth. The company’s expansion adds to the fierce competition in…
-
Impact of higher interest rates on Thai businesses and homebuyers
Concerns are rising among industry leaders that higher interest rates could negatively impact businesses, particularly small ones, and weaken the purchasing power of homebuyers. The Bank of Thailand’s Monetary Policy Committee recently voted to raise the policy rate to 2.00% from 1.75%, prompting state and private banks to follow suit. The Federation of Thai Industries (FTI) warns that higher interest…
Don't forget to check out some other things to do in Thailand - get help starting a business or finding a job in Thailand, buy Thailand property, rent a yacht or book a medical procedure worldwide.