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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Economic predicament: Ipsos Study reveals Thai citizens’ fears of surging inflation
A feeling of despondency is evident among the population of Thailand as an Ipsos study revealed concerns over increasing inflation and interest rates. The research, which comprised of responses gathered from a substantial 6,000 persons, displays a disconcerting economic predicament, with more than half of the respondents predicting an inflation upswing within the next 12 months. The study was headed by…
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Thailand eyes record 2 million Russian tourists despite geopolitical tensions
With an increase in flights and a neutral position on the Russia-Ukraine conflict, Thailand’s Tourism Authority (TAT) is poised to welcome a record-breaking 2 million Russian tourists next year. Khanittha Phanworawat, the Moscow office director, emphasises the urgent need to preserve Thailand’s image as a friend to Russian travellers, as a measure to achieve this ambitious goal, especially if other…
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Chiang Mai targets Saudi tourism boom with ‘THAILAND MEGA FAIR 2023’
A wave of visitors hailing from Saudi Arabia is anticipated by several travel agencies in Chiang Mai, as plans are set in motion to execute a roadshow this year, within the Middle Eastern nation. The aim of the event is to reinforce mutual cooperation and entice more tourists to visit Thailand. Yesterday’s meeting was led by the deputy governor, Weerapong…
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Ford Thailand showcases Ranger Raptor’s potential in thrilling off-road media event
In a recent initiative called the Ford Ranger Raptor Unbeatable Experience, Ford Thailand championed the capabilities of its leading 1-tonne pickup truck, the Ford Ranger Raptor. The experiential event allowed the Thai media to get a first-hand taste of the vehicle’s off-road and cross-country prowess. An impressive fleet composed of the 2.0-litre bi-turbo diesel and 3.0-litre V6 twin-turbo petrol models…
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Thailand’s smartphone market holds promise despite economic strain
In these difficult financial times, Thailand’s smartphone market still carries incredible potential for device makers, particularly in high-end models, despite reduced support of handset subsidies by mobile operators, according to Oppo, a leading Chinese smartphone maker. With a market value exceeding 100 billion baht, Thailand’s smartphone market is regarded as a gem within Southeast Asia. The Senior Executive Vice-President at…
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India’s rice export halt stirs concerns of 10% surge in Thai rice prices
Potential tremors in the global rice markets may soon be felt in Thailand as India calls a halt on non-basmati white rice exports, according to high-ranking industry insiders. The abrupt decision, communicated by Indian authorities this week, immediately ignited concerns among Thai rice traders and industry power players, with predictions of an imminent 10% surge in local rice prices. The…
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Thai hotel chains unfazed by political uncertainty, anticipate revenue growth
Despite the ongoing political uncertainty, Thailand’s major hotel chains remain optimistic, as long as the situation stays peaceful and avoids any violent unrest. Centara Hotels and Resorts (CHR) and Minor International Plc voiced their confidence in their ability to weather any potential political storms, providing the environment remains stable. Gun Srisompong, the chief financial officer of CHR, stated that any…
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Thailand sees ten-year high in new business registrations, surpasses projections
The Business Development Department of Thailand’s Commerce Ministry reported an exceedance of its new business registration projections for the first half of the year. The original estimate of 42,000 to 45,000 new registrations translated to a practical figure of 47,286. A positive development which signals a thriving entrepreneurial climate. This buoyant climate has encouraged an upward revision of predictions for…
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Thai finance minister proposes high-value fruit insurance, EV premium changes
Exuding a wave of fresh optimism for the agricultural and green sectors, Finance Minister Arkhom Termpittayapaisith has floated a revolutionary proposal – the launch of insurance for high-value fruits. A measure aimed at fortifying the faith of fruit farmers, the proposal was made during a compelling keynote speech at the CEO Insurance Forum 2023. The main theme for the forum,…
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Thai business leaders express concern over political instability
Jitters are escalating among the business community in light of the Constitutional Court’s directive yesterday calling for the temporary removal of Pita Limjaroenrat, head of the Move Forward Party (MFP), from his role as a member of the House of Representatives. This development marks another detrimental blow for Pita, notwithstanding his party’s extraordinary election accomplishments, spurring fears of an imminent…
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Thai tourism minister proposes bolstering sector for sustainable tourism
To boost the national economy, Phiphat Ratchakitprakarn, Thailand’s Tourism and Sports Minister, has put forth a proposal to prioritise tourism as a national agenda, with a focus on making Thailand a destination for sustainable tourism. He strongly encourages his successor to continue this endeavour. Phiphat’s aspirations don’t end there, as he also suggested elevating the status of the tourism ministry,…
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Foodland pivots strategy targeting younger generations with Grocerant convenience outlets
Established supermarket chain Foodland Supermarket Co implements fresh business tactics to allure the younger generations whilst partnering with property developers to inaugurate convenience outlets on housing and condominium sites. Embracing this revamped strategy, the firm has tied up within SC Asset Corporation subsidiaries, leasing out space and debuting two novel ‘Grocerant’ outlets, a subsidiary retail label within the Foodland Group,…
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Thai baht’s unexpected surge makes a splash, takes the lead in Asian currency gains
In an unexpected buoy of currency today, the Thai baht took the lead in Asian currency gains, reaching a two-month apex. This surge, of 0.9%, comes in the wake of strong hopes for the resolution of Thailand‘s political deadlock and a waning US dollar, factors that buoyed the sentiments of investors. Meanwhile, share market traders adopted a cautious stance; local…
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SEC raises crowdfunding cap for retail investors to 50 million baht
In an effort to foster growth among startups and small to medium-sized enterprises (SMEs), the Securities and Exchange Commission (SEC) is extending the ceiling on security-based crowdfunding offers to 50 million baht for retail investors. Previously, the limit was 40 million baht. However, institutional, high-net-worth, and ultra-high-net-worth investors are not subjected to any caps. The financial regulator put forth in…
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Trade war triggers fear of new EV chip shortage from China export limit
Leading authorities in the industry fear another chip shortage could soon hit electric vehicle (EV) manufacturers. This comes as China limits the export of two significant metals, a move driven by the ongoing trade dispute between Washington and Beijing, as reported by the Federation of Thai Industries (FTI). As of August 1, China will impose trade restrictions on select products…
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Thai businesses call for swift government formation
A speedy establishment of a new administration is of paramount importance, according to the business community amid ongoing political uncertainty. Chookiat Ophaswongse, an honorary president of the Thai Rice Exporters Association voiced concerns over the nebulous political situation, indicating the future of Move Forward Party leader Pita Limjaroenrat as the next prime minister is uncertain, making the country vulnerable to…
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Fitch affirms Thailand’s BBB+ rating, forecasts GDP and tourism growth
Having earned a reputation for shrewd financial forecasting, Fitch Ratings has given Thailand‘s long-term foreign-currency issuer default rating (IDR) a rating affirmation of BBB+ and a stable outlook. The judgement is largely influenced by a balance between the firm’s macroeconomic policy framework and sound external finances, gauged against some structural weaknesses like the lower per capita income and lower World…
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Thai private sector braced for impact amid political unrest and government delays
Protests and potential political instability are causing growing unease within Thailand‘s private sector, chiefly due to the impact of delays in forming the country’s new government. The possible effects are multifaceted, potentially touching areas such as new investments and the tourism industry. The Thai Chamber of Commerce’s vice-chairman, Poj Aramwattananont, expressed concern yesterday in light of recent moves by the…
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Thai stock market fluctuates amid MFP leader’s shareholding controversy
The Move Forward Party (MFP) leader’s shareholding case prompts fluctuations in the Thai stock market. The Exchange Commission (EC) yesterday referred Pita Limjaroenrat’s iTV shareholding case to the Constitutional Court for resolution, sending ripples through the stock market. Suspicions regarding Pita’s iTV shareholding led the EC to propose he ceases all MP duties immediately, pending court deliberation in the following…
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Thai tourism hit by weak Chinese market and waning local interest
The sluggish Chinese economy and hesitant local budget travellers have dealt a blow to Thai tourism operators along the eastern seaboard, casting a gloomy cloud over this year’s revenue prospects. The slow recovery marks it as a testing time for places like Pattaya, particularly with a quiet Chinese market yet to bounce back and local visitors not returning en masse,…
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Thailand’s foreign direct investment skyrockets with focus on EV industry
Investment attraction to Thailand has seen a remarkable surge in the first half of this year. The nation registered a 70% year-on-year increase to an impressive 364 billion baht, according to the Board of Investment (BoI). This boost, particularly contributed by an astonishing 141% soar in foreign direct investment, serves as a testament to Thailand’s status as a preferred manufacturing…
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DES ministry set to combat cybercrime with new AI registry
The Ministry of Digital Economy and Society (DES) in Thailand is gearing up to introduce the Central Fraud Registry, a technological solution designed to combat scams and tackle illegal transactions. This innovation stems from the National Interbank Transaction Management and Exchange, a collaboration between the Thai Bankers’ Association (TBA) and the Bank of Thailand. As stated by notable DES figures,…
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Thai rice exports poised to hit 9 million tonnes amid climate anxieties
Thailand stands on the cusp of a hugely promising year in terms of rice exportation, which, forecasts suggest, could reach up to 9 million tonnes. Making the most of a climate-induced market fervour, the Thai industry gleefully anticipates shipping masses of what is an integral commodity to many. The increase in demand is believed to be rooted in anxieties about…
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Revenue department to use AI for virtual tax consultation with taxpayers
Plans are underway within the Revenue Department to employ online chatbots to provide virtual tax consultation for taxpayers. Director-General Lavaron Sangsnit confided that discussions have commenced with a notable tech entity, Microsoft Corp, concerning the integration of such programmed interactive platforms to offer simplified answers to tax-related queries. The objective of this manoeuvre, states the director-general, is to provide a…
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TTB to tackle household debt and promote ESG standards
Piti Tantakasem, Chief Executive of TMBThanachart Bank (ttb), insists that tackling high levels of household debt should be a priority on the national agenda. Piti made known that he is poised to tackle the issue, given his leading role within the household debt resolution team set up by the Thai Bankers’ Association (TBA). Alongside the central bank and other pertinent…
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Thailand’s potential as international events hub questioned amidst Taylor Swift tour snub
The exclusion of Thailand from the itinerary of Taylor Swift‘s world tour has prompted the denizens to reconsider the nation’s global standing as a viable hub for international exhibitions and events. Bringing the country’s potential into question, it was revealed that the total revenue from meetings, incentives, conferences and exhibitions (MICE) industry for the final quarter of last year was…
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French firms eye big ticket investment in Thailand’s EEC
In a bid to fortify its economy, the Thai government is extending an invitation to French corporations to make significant investments in the Eastern Economic Corridor (EEC). Identified as an ideal zone for the development of a high-tech industrial park, the EEC comprises sections of Chachoengsao, Chon Buri, and Rayong. The authorities have identified aviation alongside 11 other S-curve industries…
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Thai SEC seizes Stark Corporation’s assets amidst false accounting claims
The Securities and Exchange Commission (SEC) of Thailand seized the assets of Stark Corporation and some of its key personnel due to accusations of false accounting. Excessive damages have ensued following this misconduct with Stark’s debts rising above 38 billion baht as believed by the regulators. The SEC has also frozen the assets of Vonnarat Tangkaravakoon, formerly the acting chief executive…
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Starbucks Thailand advances expansion, eyes 800 outlets by 2030
Starbucks Thailand unveiled a bold expansion plan for the 2023 to 2030 period. The plan aims to increase the current number of Starbucks outlets in the country from 465 to a whopping total of 800 by the end of 2030. As per this agenda, the addition of 335 stores is projected across Thailand over the specified span. Nednapa Srisamai, the…
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Marketing 6.0: MAT reveals trends shaping customer behaviour and tech influence
Changes in customer expectations prompted by digital disruption and evolving consumer behaviour indicate that the world is entering a new marketing era. Postmodern methodologies such as multiverse marketing – which fuses the physical and digital realms into a seamless buying experience – are at the forefront of Marketing 6.0, declared the Marketing Association of Thailand (MAT). According to the association’s…
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