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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Did you know that treating a broken leg can cost around 200,000 THB for uninsured patients, and a three-day hospital stay for conditions like dengue fever averages 40,000 to 80,000 THB in Thailand? While healthcare in Thailand is more affordable...
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Thailand’s commerce ministry aims for 20% cross-border trade boost
The Commerce Ministry of Thailand has an ambitious vision for the upcoming year – pushing cross-border trade value to 1.2 trillion baht, marking a 20% increase from this year’s estimated 1 trillion baht. Deputy Commerce Minister Napintorn Srisunpang, the overseer of the Business Development Department, Trade Negotiations Department and Foreign Trade Department, disclosed the ministry’s strategy to achieve this. They…
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Thai government’s 5% GDP growth aim deemed optimistic amidst challenges
The administration of Prime Minister Srettha Thavisin aims to boost annual GDP growth by 5%. This goal was unveiled during a policy statement delivered by the premier to the heads of government agencies last week during discussions about the fiscal 2024 budget. However, the World Bank recently cut its growth forecast for Thailand to 3.4% this year and trimmed its…
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AI adoption boom: Igniting innovation, doubling productivity, and fostering cross-gen cooperation
The revolution of Artificial Intelligence (AI) in businesses is underway, igniting innovation, boosting productivity by twofold, and fostering cross-generational cooperation. Currently, the United States alone hosts over 14,700 AI startups, with more sprouting daily, according to McKinsey. Forecasts suggest that AI adoption and digitisation will automate between 30% and 40% of existing jobs, augment 50 to 60% of job tasks,…
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Thai CEOs discuss sustainability’s key role in supply chain survival at SX2023
The Sustainability Expo 2023 (SX2023) has illuminated the essential role of sustainability in successful supply chain networks. The Thailand Supply Chain Network (TSCN) Business Partners Conference, also known as the TSCN CEO Panel, took place at the Queen Sirikit National Convention Center as part of the ongoing expo. The key topic of discussion was the self-application of sustainable practices for…
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UHG announces 3.1 billion baht investment in new Thai hotel developments
UHG, a prominent developer of hotels and offices, has announced plans to invest 3.1 billion baht in the construction of two new hotels in Ramkhamhaeng and Phaya Thai. The investment supports UHG’s strategy to capitalise on the potential of these areas and cater to the high demand experienced by its nearby hotels. Wutthiphon Taworntawat, the managing director, highlighted the strategic…
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AstraZeneca and Thai agencies collaborate to boost AI in healthcare
The Digital Economy and Society (DES) Ministry and the Digital Economy Promotion Agency (Depa) have joined forces with AstraZeneca (Thailand), a biopharmaceutical company, to boost digital healthcare innovation within the Thai public health system. Their goal is to enhance the quality of life for Thai citizens through the use of cutting-edge technology. The most recent collaboration involves a memorandum of…
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Vegetarian festival expected to boost Thai economy with record high spending
The annual vegetarian festival, set to take place from October 15 to 23, is predicted to spur a record 10-year high spending of 44.6 billion baht (US$ 1,207,363,478), marking a 5.5% growth compared to the previous year, as revealed by Thanavath Phonvichai, the President of the University of the Thai Chamber of Commerce (UTCC). The rise in expected expenditure is…
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Businesses ride the AI technology wave: Boosting creativity and productivity in Thailand
The world of business has seen a seismic shift as artificial intelligence (AI) takes centre stage. AI technology is being harnessed to enhance creativity and productivity, with millions already reaping the benefits. The rise in AI-powered products from startups and organisations is visibly transforming every industry sector. Canva, a widely used visual communication platform in Thailand, is a prime example.…
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Electrical appliance industry sparks up: El Niño predicted to surge sales by 4-5%
The El Niño weather phenomenon could potentially stimulate a 4 to 5% rise in sales within the electrical appliance and electronics industry this year, with sales projected to elevate from 230 billion baht last year. Major electrical appliance distributors and leading retail chains noted growth in the market within the first nine months of the year. Despite the purchasing power…
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Have it Your Way: Burger King Thailand flips the script with digital makeover for loyal fans
Burger King Thailand is focusing on digital transformation to accommodate shifts in consumer behaviour and bolster brand loyalty. According to General Manager Tanawat Damnernthong, the company has significantly escalated its budget for digital assets this year and intends to continue this trend into the next. Tanawat says the primary objective of this substantial investment is to strengthen the company’s infrastructure, making…
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Gold market rebounds amid weakening US labour market and dollar decline
The value of the gold market experienced a slight increase yesterday, reaching above US$1,820 per ounce. This followed an eight-day decline which was influenced by the high US bond yields and the strengthening dollar. The rise was a response to a weakening labour market in America. On yesterday morning, spot gold had risen by 0.3% to US$1,827 per ounce. This…
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Commerce Ministry revises inflation forecast, amid falling prices
Revising its earlier forecast, the Commerce Ministry now anticipates headline inflation to be within 1-1.7% for the current year, with an average of 1.35%. This comes as a result of expected lowered inflation in the last quarter. In July, the forecasted range was 1-2% with an average of 1.5%. Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, revealed…
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ERC approves new tariff, reducing Thailand’s electricity costs
The Energy Regulatory Commission (ERC) approved a new electricity tariff of 3.99 baht per kilowatt-hour, a reduction aimed at decreasing power bills for households and businesses for the remaining four months of this year. This change is a response to the government’s energy price policies. In its initial meeting on September 13, the Cabinet agreed to lower the electricity tariff…
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Outbound travel market resilient despite weakening baht and fluctuating forex
Despite the weakening baht and fluctuating foreign currency exchange rates, the outbound travel market is predicted to remain stable. This is largely due to the fact that potential tourists, possessing the necessary purchasing power, are prepared for travel in the cooler season, coupled with the fact that airlines are increasing flights. Chotechuang Soorangura, the vice president of the Thai Travel…
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Industrial estates in Thailand surge 182% due to foreign manufacturing influx
Industrial land sales in Thailand, managed by the Industrial Estate Authority of Thailand (IEAT), witnessed a dramatic rise of 182% year on year in fiscal this year, totalling 5,693 rai. This substantial increase was due to the migration of foreign manufacturing plants to Thailand and the country’s government’s investment incentives. The sales figures surpassed the previously projected target of 2,500…
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Global stocks take a rollercoaster ride as investors chase ‘oil-usive’ recovery
Global stocks experienced a mixed performance yesterday, as investors sought recovery from the significant drop in the previous session, induced by a sharp dip in oil prices. The 10-year US Treasury note, which reached a 16-year high on Tuesday, experienced a retreat after a disappointing US recruitment report surfaced. Adam Sarhan of 50 Park Investments stated that investors are entering…
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Thai baht hits new low against US dollar amid gold price drop
The 2023 financial year has seen the Thai baht rank as one of the region’s poorest performing currencies, depreciating to a low of 37.14 to the US dollar on Tuesday – a level not seen since November of the previous year. The recent plummet in gold prices, with a decline of around 5% or US$7.45 (274.65 baht) per ounce, has…
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China SCE Group defaults on dollar bonds, triggers financial turmoil
China SCE Group, a Xiamen-based property developer, announced today that it defaulted on its dollar bonds following a non-payment on a syndicated loan, triggering an event of default. The company joins numerous other Chinese property developers who are undergoing a similar financial crisis, defaulting on their offshore debt and kicking off a restructuring process. In its official filing, SCE stated…
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Thai motorcycle production makers ready to ‘gear’ up as sales pick up speed
The Federation of Thai Industries (FTI) anticipates a surge in Thai motorcycle manufacturing during this year’s final quarter, following a period of slow sales. This optimistic forecast was made earlier this year by the FTI’s Automotive Industry Club (AIC), based on an uptick in tourism and the easing of the semiconductor shortage. July saw a 12.7% year-on-year increase in local…
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Thai stock market plunges amid public debt concerns and reduced GDP forecast
Following a decline of over 1.5% yesterday, the Stock Exchange of Thailand (SET) dropped below the 1,450 points mark. This follows mounting apprehensions concerning escalating public debt and economic growth after the World Bank scaled down its forecast for the Thai GDP. Daol Securities (Thailand) noted selling pressure from the majority of investor groups due to persisting worries about the…
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Fuel fund forecast: Thai govt keeps diesel prices low, faces a billion-baht burnout
The Oil Fuel Fund Office (OFFO) projected a loss of nearly 100 billion baht due to the government’s decision to maintain domestic diesel prices below 30 baht a litre until December. This forecast assumes an increase in global diesel prices during the winter, a period typically marked by heightened energy demand. In 2022, the average global diesel prices for August…
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Thailand’s digital wallet project: Green light to make cash splash
The government of Thailand has given the green light for the formation of a committee for its ambitious digital money handout scheme, otherwise known as the digital wallet project. Slated for launch in February, the initiative aims to stimulate the economy by providing each Thai citizen above the age of 16 with 10,000 baht (US$269) in digital money. The project, requiring…
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ThaiBev expansion: 7 billion baht investment includes new Cambodia factory
ThaiBev, the Singapore-listed food and beverage company, announced an investment plan of 7 billion baht for the expansion of its operations both domestically and internationally. The company’s CEO, Thapana Sirivadhanabhakdi, revealed that 4 billion baht will be used to construct a new beverage factory in Cambodia, while 3 billion has been set aside for logistics facilities, a biogas factory, and…
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Tourism confidence in Thailand plummets amid economic jitters
The tourism confidence index in Thailand has taken a hit, with figures sliding from 91 in the same period of 2019 to 69 in the third quarter of this year, according to the Tourism Council of Thailand (TCT). The third quarter’s number also represents a decline from 74 and 72 recorded in the first and second quarters of 2021 respectively.…
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Banking on change: Thai banks raise policy rates to woo depositors with digital deals
Following the Bank of Thailand‘s decision to hike its policy rate by 0.25 percentage points, banks are now increasing both their loan and deposit rates. In a bid to attract depositors, special rates are being offered on digital savings products. Siam Commercial Bank (SCB), the country’s fourth-largest lender by total assets, has acted promptly to the central bank’s policy rate…
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Stock slide stalls: Thai stock market slump set to stabilise as analysts predict limited decreases
The Stock Exchange of Thailand (SET) index has been subjected to a downward revision this year, dipping to a three-month low of roughly 1,470 points. This has led market analysts to believe that further decreases are now limited. Kasikorn Securities (KSEC) consequently altered its SET index target to 1,544 points by the close of 2023, a significant drop from the…
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Price plunge extravaganza: Nationwide cuts on products and services to boost Thailand economy
A nationwide price reduction on over 150,000 products and services, ranging up to an 87% discount, has been declared with immediate effect in Thailand until the end of December. This is part of the government’s Quick Win policy initiative, aimed at reducing costs, boosting the economy, and expanding business opportunities, stated Commerce Minister Phumtham Wechayachai. The agreement, reached yesterday, involves…
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Thai high-flyer: PM Srettha aims to lift Thailand to upper-income status in four-year soar
Prime Minister Srettha Thavisin announced ambitious plans to elevate Thailand to an upper-income nation within the next four years. The 61 year old prime minister unveiled the government’s fiscal strategy for 2024, targeting an average economic growth of 5% per annum and a minimum daily wage of 600 baht by 2027. The initial proposal includes a raise of the minimum…
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Thailand hikes interest rate amid economic uncertainty, shifts focus to soft power
The Bank of Thailand unexpectedly hiked its interest rate to a decade-high of 2.5% in an effort to combat inflation and prepare for global economic fluctuations. This move has cast uncertainty over the nation’s economic outlook. The government has set an ambitious GDP target of 4.4% for the following year, a significant increase from this year’s projection of 2.5-3.0%. Despite…
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World Bank’s growth forecast dips in East Asia: A downward spiral
The World Bank‘s most recent semi-annual report reveals a downward revision in growth predictions for developing economies across East Asia and the Pacific for the years 2023 and 2024. This downward adjustment can be attributed to various factors, including the constraints imposed by tighter financial conditions and the ongoing challenges within the global economic environment. According to the report, the…
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