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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Infinito helps hotels in Thailand with revenue management
Maximising revenue and profit–isn’t that the ultimate goal for every business in the hospitality industry? If you run a hotel, you might have heard that revenue management is an effective way to boost your top-line revenue. It involves using data...
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Centara Udon officially reopens after upscale refurbishment and dining expansion
Centara Hotels & Resorts in association with Central Pattana Plc heralded the official reopening of Centara Udon, post a comprehensive round of refurbishing endeavours aimed at upscaling an array of facilities and introducing novel dining opportunities. Thirayuth Chirathivat, who is at the helm of Centara Hotels & Resorts, reported the successful conclusion of the renovation phase, subsequently marking the formal reopening…
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Household debt hits 15 year high amid uncertain economic outlook in Thailand
A recent survey by the University of the Thai Chamber of Commerce (UTCC) indicated an 11.5% increase in household debt from last year, marking this year as having the highest rate of debt in 15 years. The concern weighs heavily on economic recovery predictions suggesting a further increase if the economy does not bounce back in the upcoming year. UTCC…
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Budget airlines hike flights to China amid sluggish post-Covid recovery
In an attempt to achieve post-Covid recovery, budget airlines across the globe have increased flight frequencies to China. However, travel and capacity are yet to reach pre-Covid volumes. On its side, the Tourism Authority of Thailand (TAT) is being circumspect about implementing a visa fee waiver scheme to draw in more international visitors. Despite loom border controls from the start…
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Bank of Thailand forecasts final interest rate hike amid inflation uncertainty
The Bank of Thailand (BoT) aims to cap its series of interest rate increases with a final 25-basis-point hike slated for August 2, due to an ongoing high and uncertain inflation outlook. This insight has been gathered from a poll conducted recently. After June’s annual headline inflation eased down to 0.23%, falling below the BoT’s target range of 1%-3%, it…
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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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ESG Scoring pioneered by Thailand’s GSB for large business loan approvals
In a first for Thailand, the Government Savings Bank (GSB) is revolutionising its loan approval process. Chief executive Vitai Ratanakorn shared that GSB will introduce environmental, social and governance (ESG) scoring when deciding loans for sizeable businesses, requiring a credit limit of 500 million baht or more. This ESG scoring pioneering model aims to incentivise companies to contribute positively to…
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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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Business events sector in Thailand set for a boost with projected tourism rebound
The business events sector in Thailand is set to benefit from the buoyancy of the country’s tourism industry and a new influx of trade shows this year, fuelled in part by the country’s stable political environment, according to specialists at Informa Markets Thailand. Sanchai Noombunnam, who helms the firm in Thailand, drew attention to predictions that the country would recoup…
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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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Sustainability investment doubled by Thai union to benefit oceans and communities
Unrelenting in his pursuit of sustainability, Thiraphong Chansiri, CEO of Thai Union Group PCL, a dominant player in the global seafood manufacturing scene, divulged pivotal advancements in the company’s ecological strategy. Always at the forefront of advocating sustainable business practices, Thiraphong explained the profound pressure on our oceans, harbouring the livelihood and sustenance of up to 600 million people, particularly…
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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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High-end watch demand increases among younger Thai generation
A constant evolution and inherent value have ensured a secure niche for high-end watches in today’s market, said Narun Thamavaranukup, the managing director of watch distribution company, PMT The Hour Glass. With smartphones ubiquitous, one might think wristwatches would lose their charm. However, as Narun says, these timepieces are more than mere instruments to tell time. For Narun, watches play…
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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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PTT Plc amplifies renewable energy drive with hydrogen fuel advancement
National energy titan PTT Plc is bolstering initiatives to harness additional renewable power sources and progress its hydrogen fuel enterprise, as part of a strategy for sustainable company growth. Cherdchai Boonchoochauy, Senior Executive Vice President for Innovation and New Ventures, specified that PTT’s existing blueprint is to create 12 gigawatts of renewable electricity and restrict power generated from non-renewable fuels…
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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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Japanese tourism numbers in Thailand threatened by weak yen and slow Japan flight reintroduction
In light of Japan’s hesitant return to tourism and a faltering yen, Thailand’s Tourism Authority (TAT) admitted there may be difficulty in meeting the year’s target of 850,000 Japanese arrivals. The figure reflects 50% of the Japanese tourism figures reported in 2019, considered an optimistic scenario by the Tokyo office director of TAT, Kajorndet Apichartrakul. As enclosed by Kajorndet, the…
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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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