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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Sponsored Top 10 reasons for expats to get a comprehensive health insurance in Thailand
Moving to Thailand offers plenty of excitement and adventure, but the local healthcare system can be complex to navigate as an expat. From unique health risks to high costs at private hospitals, having a comprehensive health insurance plan is essential....
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Thai tourists’ Korea travel ban outcry impacts agencies amid visa woes
Following a surge in posts under the hashtag #BanTravelToSouthKorea (#แบนเที่ยวเกาหลี) on the Twitter (X) platform, tourism agencies are being urged to pay heed to the concerns of Thai tourists. Over a million posts were generated during the past weekend alone, highlighting the losses suffered by both tourists and tour operators in recent years. The Korea Tourism Organisation (KTO) reported that…
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Thai baht hits six-week high ahead of Federal Reserve meeting
The Thai baht reached a six-week high against the US dollar yesterday morning, trading at 35.86. Analysts predict further appreciation if the Federal Reserve does not provide clear indications regarding United States interest rate trends at its upcoming meeting. As Head of Research at Kasikorn Research Centre, Kanjana Chockpisansin observed that the baht’s quick appreciation from 36.50 to the US…
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Thai EV stocks to soar with renewed government support measures
Electric vehicle (EV) and battery manufacturing-related stocks are predicted to gain from the upcoming renewal of EV support measures by the government next year, according to Asia Plus Securities (ASPS). The EV Policy Committee will convene today, with new support measures for electric cars and pickups being anticipated. These measures are expected to adjust the subsidy to fall between 50,000…
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Trade negotiations with EFTA set to boost Thai GDP
The Trade Negotiations Department of the Commerce Ministry gears up for the seventh round of trade negotiations with the European Free Trade Association (EFTA), to seal the deal by mid-2024. The announcement was made by Auramon Supthaweethum, the director-general of the department, who confirmed that the negotiations will take place from November 6 to November 9 in Geneva, Switzerland. The…
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LiuGong Machinery’s blueprint: Constructing a new chapter across Asia-Pacific
LiuGong Machinery, a Chinese construction machinery manufacturer, unveiled plans to establish three new factories and three machine assembly facilities in the Asia-Pacific region. The company is still in the process of deciding on the specific countries for these new developments, with Thailand being one of the potential locations. The commencement of these projects is anticipated for the following year, according…
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Edtech collaboration: Hong Kong and Thailand unite to enhance education
Hong Kong extended an open invitation to Thailand to engage in a meaningful Edtech collaboration aimed at advancing educational technology in both regions. This is to enhance student learning and facilitate teachers in crafting personalised lessons and promoting active classroom engagement. The EdTech collaboration was discussed during the Edtech Month Summit 2023 held recently in Hong Kong. The summit centred around…
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Thailand’s population ages like fine wine, marking a global trend
The global ageing population has seen a swift rise in the past three decades, with two-thirds of individuals over 60 residing in developing Asian countries. As of 2021, Thailand has officially become a fully aged society, with a fifth of its population aged 60 or above, as per World Health Organisation and UN data. By 2031, Thailand is projected to…
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Thailand seeks 1 trillion baht investment for southern land bridge
The Office of Transport and Traffic Policy and Planning is organising a roadshow targeting foreign investors for the upcoming southern land bridge megaproject. Scheduled to kick off next month, the roadshow will span 10 countries, including notable names in the logistics and maritime shipping sectors, such as China, Japan, France, and Taiwan. The intelligence gathered from this event will be…
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Phuket: Proposal to extend nightlife venues operating hours to promote tourism
The proposal to extend the operating hours of nightlife venues in Phuket for a trial period of three months has been put forward by local tourism operators. Phuket Tourist Association president Thaneth Tantipiriyakij stated that the move to extend nightlife venue hours could potentially increase tourism revenue by an estimated 30%. The extension of hours would cater to the influx of…
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YouTrip sets sights on Southeast Asian expansion
Southeast Asian fintech giant YouTrip is gearing up for regional expansion, backed by a successful funding round that raised US$50 million (1.84 billion baht). The round witnessed participation from new investors, including global venture capital firm Lightspeed. This Singapore-based multi-currency digital payments platform has managed to amass over US$100 million (3.68 billion baht) in funding since its inception. The newly…
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Thai tourism bodies urge government to rebuild confidence with Chinese tourists
The Association of Thai Travel Agents (ATTA) and the Tourism Council of Thailand (TCT) called on the government to restore confidence in Chinese tourists via mainland tour agents, emphasising that this approach can guarantee tourist safety. TCT president, Chamnan Srisawat, suggested that the government should exercise caution before deciding on a permanent exemption from visas for the Chinese market. The…
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Thailand’s smartphone market bracing for double-digit slump
Thailand’s smartphone market is facing a potential double-digit contraction this year, as a result of the economic downturn and a decrease in consumer purchasing power in Q2 and Q3, according to M Vision Plc, an expo organiser, and mobile phone vendors. However, market prospects are predicted to improve in Q4, owing to the introduction of new flagship phones. Opas Cherdpunt,…
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Lazada Thailand boosts logistics sector with sorting facility
Lazada Thailand has set the stage for fierce competition in the local logistics sector by investing heavily in a state-of-the-art sorting facility, its largest investment in Southeast Asia. This move anticipates a boom in the e-commerce market, predicted to hit US$32 billion by 2025. Simultaneously, Kerry Express is increasing its logistics operations’ accuracy and efficiency by integrating automation technology and…
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Scrapping immigration forms may boost Malaysian tourist influx in Thailand
Tourism professionals in Songkhla have voiced their desire for the discontinuation of the TM6 immigration paperwork as an additional border checkpoint and the eradication of extra-time service charges, as these measures continue to slow the influx of tourists from Malaysia. The government gave its approval this week to scrap the TM6 forms from November 1 to April 30, 2024, at…
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The Mall Group plans to extend opening hours to promote Thailand tourism
Thailand Mall Group Co-chairwoman Supaluck Umpujh proposed a novel strategy to invigorate the nation’s economy by attracting a greater influx of foreign tourists. She insists that the government’s ongoing efforts to enhance the tourism sector are moving in the right direction but advocates for the introduction of special incentives to stimulate investments in artificial tourist attractions across the nation. Supaluck also…
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Asia-Pacific executives struggle with regenerative business shift: Kearney report
A recent survey by global consultancy Kearney reveals that nearly half of Asia-Pacific-based executives feel their current business transformations are not proving effective. The study, which included 800 C-suite leaders from around the world, shows that while businesses have evolved from focusing on resilience during the Covid-19 pandemic towards a regenerative approach, only 51% are successfully implementing this strategy. The…
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Thai banks see 0.71% loan growth as SMEs and households struggle
Thailand’s top six banks reported a meagre loan growth of 0.71% in the first three quarters of 2023, as compared to the same period in 2022. This slowdown is primarily due to reduced loan uptake by small and medium-sized businesses (SMEs) and an increase in household debt. The six banks—Bangkok Bank (BBL), Kasikornbank (KBank), Krungthai Bank (KTB), Siam Commercial Bank…
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BGRIM’s solar sonata: Renewable energy giant strikes the right chord in Italy
BGRIM, a leading player in the renewable energy sector, has launched a new project for a solar power plant in Italy. The Ortanova project involves the development of an 80.9-megawatt ground solar energy system, complete with a tracking system. This initiative is in response to the growing global demand for clean energy. The undertaking is steered by RES Co Sicilia…
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Thailand’s business travel bounce-back: TCEB predicts 2024 revival, 2019 return by 2025-26
The Thailand Convention and Exhibition Bureau (TCEB) forecasts a business travel sector revival by 2024, with 23.2 million travellers expected. However, it predicts a business travel return to the pre-pandemic levels of 2019 only by 2025 or 2026 due to global economic unpredictability. TCEB’s president, Chiruit Isarangkun Na Ayuthaya, revealed that their business travel revival strategy will focus on stimulating…
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Thailand’s export hopes bloom in Q4, aiming to paint a brighter 2023 picture
The Ministry of Commerce in Thailand anticipates an uptick in the country’s exports for the last quarter of the year, potentially mitigating the projected contraction for 2023. This encouraging forecast is attributed to several factors, including a partnership between the government and private sector to boost export activities and address associated challenges, drought-induced spikes in agricultural and food product imports,…
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SET forecasted to dip amid US bond yield uncertainty
The Stock Exchange of Thailand (SET) index, which dipped below 1,400 points last Friday, is anticipated to continue its downward trajectory this week, potentially hitting 1,330 to 1,350 points, as per market analysts’ predictions. Factors contributing to this trend include fluctuating US bond yields and uncertainties in global factors. Wikij Tirawannarat, a senior executive at Bualuang Securities, pointed out that…
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Thai Cabinet fuels up for savings: Gasohol 91 prices set to drop
The Thai Cabinet today gave initial approval for a 2.5 baht per litre reduction in the price of gasohol 91 for three months, likely to start from October 31, as stated by the Thailand Energy Minister. Thailand Energy Minister Pirapan Salirathavibhaga confirmed that this price cut would be facilitated by a 2.5 baht per litre reduction in excise tax, a method…
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Asia’s crypto craze: Bitcoin’s impressive ascent fuels ETF hopes
The cryptocurrency market witnessed a notable surge in Asia, with Bitcoin reaching a near 18-month high. The climb in value today, October 24, by over 6% to US$35,198, is the highest recorded since May 2022 and is the result of speculation around the potential launch of a Bitcoin exchange-traded fund (ETF). Monday, October 23, saw Bitcoin’s best session in almost…
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Stock market fraud: SEC intensifies efforts to restore investor trust
The Securities and Exchange Commission (SEC) is set to fortify its efforts in battling stock market fraud and intensifying its monitoring of publicly traded firms, in a bid to re-establish investor trust. The Commission acknowledged the proliferation of fraud incidents has led to a considerable erosion of confidence among stock investors. Regular offences include insider trading and stock price manipulation.…
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High demand for SAF production expected by Bangchak in 2025
Bangchak Corporation, a leading energy conglomerate listed on the Stock Exchange of Thailand (SET), anticipates a significant demand for Sustainable Aviation Fuel (SAF) production once it enters the market next year. The prediction comes as awareness about the environmental impact of traditional jet fuel increases among companies. Chaiwat Kovavisarach, Bangchak’s Group Chief Executive, revealed they had received a very warm welcome…
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Thai therapists popularity in the Middle East bolsters remittances amid conflict
Overseas Thai workers are in the limelight as the conflict in Israel escalates in the region. Over 7,000 Thai individuals are awaiting evacuation, with instances of Thais being kidnapped by militants. Records from the Bank of Thailand reveal that the remittance from these overseas workers in the first three quarters of the current year was around 184 billion baht. Israel and…
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Impending drought poses significant threat to Thai export sector
The Thai economy braces for another challenge as impending drought threatens its critical export sector, following last month’s extensive flooding. Despite an improvement in exports in August, marking a recovery from an 11 month decline, the impending drought could significantly impact food manufacturing and shipments. The Federation of Thai Industries (FTI) highlighted concerns over the potential repercussions of water shortages…
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Thailand seeks free trade agreement with Gulf nations to boost investment
Thailand’s government spokesperson, Chai Wacharonke, declared the country’s intention to establish a free trade agreement with the Gulf Cooperation Council (GCC) member nations, aiming to enhance trade and investment relations. Prime Minister Srettha Thavisin recently concluded his visit to Saudi Arabia, where he participated in the ASEAN-GCC Riyadh Summit at the Ritz-Carlton. During the visit, the 61 year old prime…
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Thailand set to become ASEAN’s gaming hub, says Thailand Game Show organisers
With its burgeoning gaming sector, Thailand is poised to become the gaming hub of the ASEAN region, according to organisers at the Thailand Game Show 2023. The nation’s gaming industry, valued at 30 billion baht, is leading in Southeast Asia and ranks 20th globally. In addition to boasting impressive user numbers and hosting gaming competitions, Thailand is also nurturing game…
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Business collaboration: Thailand and Japan’s Wakayama join forces in furniture and agriculture sectors
Thailand is geared towards fostering new partnerships with Japan’s Wakayama prefecture, with a particular emphasis on the co-development of the furniture and agricultural processing sectors. The main objectives of this business collaboration include enhancing product development and expanding export possibilities. Commerce Minister Phumtham Wechayachai, following a discussion with Wakayama’s governor, Kishimoto Shuhei, yesterday, stated that he urged the prefecture to…
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