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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Foreign income tax proposal raises eyebrows among retail investors
A call has been issued to the government to reconsider the proposed foreign income tax, which could significantly impact retail investors with overseas investments, according to Jitta Wealth Asset Management. Trawut Luangsomboon, Jitta’s chief executive, voiced his concerns about the Revenue Department’s plan to include assessed income from abroad in the personal income tax calculations. He pointed out that the…
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BlackRock eyes Thai clean energy and sustainability bonds for investment
Global asset management giant, BlackRock Inc, with a staggering total of US$9.43 trillion worth of assets under its belt, has set its sights on expanding its business horizons in Thailand. The company is particularly interested in investing in the Thai government’s Sustainability Linked Bonds and the country’s clean energy sector, according to a statement by government spokesperson Chai Wacharonke. The…
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Visa-free Chinese tourism raises concerns over illegal Thailand tour operations
The recent decision to exempt Chinese visitors from visa requirements sparked concerns within the Tourism Department about potential loopholes for illegal zero-dollar tours and unlicensed tour guides. The worry stems from the inability to verify the legitimacy of tour companies during the visa-free period. The department’s director-general, Jaturon Phakdeewanit, revealed that this issue was flagged to Tourism and Sports Minister…
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Nok Airlines stocks nosedive as SET delisting threat soars
Low-cost carrier Nok Airlines stands on the brink of being delisted from the Stock Exchange of Thailand (SET). This possibility stems from the airline’s failure to improve its financial performance and submit its 2022 financial results within a given timeframe, as stated by the Thai bourse. The SET identified Nok Airlines as a potential candidate for delisting, given that the company’s…
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Chinese tourism to Thailand lags despite lifted travel restrictions
The number of Chinese tourists visiting Thailand continues to fall behind predictions, despite China lifting travel restrictions over eight months ago. By September 10, a total of 2.28 million Chinese arrivals had been recorded for the year, with estimates for the end of the year standing between 4 and 4.4 million. This falls short of the initial target of 5…
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Thailand’s ‘plastic’ ambition: Industry Ministry seeks foreign investment to mould bioplastics hub status by 2027
The Industry Ministry of Thailand is being urged to devise innovative strategies in order to attract foreign investment for the nation’s burgeoning bioplastics sector. The ultimate aim is to establish Thailand as a bio hub within the ASEAN region by 2027. Viboon Pungprasert, president of the Thai Bioplastics Industry Association (TBIA), has called upon the new government to implement measures…
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EGAT seeks Cabinet approval for 50.8 billion baht power generation boost in Bangkok
The Electricity Generating Authority of Thailand (EGAT) anticipates approval from the Cabinet for its proposal to increase power generation at its south Bangkok gas-fired facility in Samut Prakan. The initiative recently underwent a public hearing. The proposal for additional capacity comes in response to the decommissioning of several generators. To ensure sufficient electricity for the capital’s inhabitants, EGAT deemed this…
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Thailand’s new tax twist: Overseas earners spending 180 days face income tax
Thailand’s tax policy, as declared by the Revenue Department, recently stipulated that an individual spending up to 180 days a year in the country and earning income from overseas will be liable for personal income tax. This decision, governed by Section 48 of the Revenue Code, is expected to primarily influence three groups: individuals involved in foreign stock market trading…
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Thailand reviews taxes and launches digital wallet to tackle income disparity
The Finance Ministry of Thailand is set to review the new land and building tax and the inheritance tax and launch the digital wallet following an order from Prime Minister Srettha Thavisin. The move aims to mitigate income disparity in the nation. PM Srettha, who also holds the Finance Minister post, gave the directive subsequent to the appointment of a new…
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Thai PM’s ‘spice of life’ plan: Srettha Thavisin to boost Thai-Indian tourism in Modi meet
Prime Minister Srettha Thavisin announced his impending visit to India, scheduled for later this year, with an agenda to discuss boosting Indian tourism in Thailand with Indian Prime Minister Narendra Modi. The two leaders aim to resolve ongoing issues with visa application procedures and achieve approval for a visa-free policy for Indian tourists. Srettha told the media yesterday that he…
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Thai business department investigates 439 firms for potential nomination violations
In a move to suppress the ‘grey’ market in the fiscal year 2023, the Business Development Department (BDD) investigated 439 companies, suspecting them of acting as nominees for foreign corporations. Interestingly, legal entities potentially involved in nominee activities were discovered in Chiang Mai and Chon Buri provinces. The BDD Deputy Director-General, Jitakorn Wongkhatekorn, revealed that the agency inspected three targeted…
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Asia-Pacific bond defaults surge amid China’s real estate crisis
Asia-Pacific bond defaults are on the rise, outpacing the global average, amid China’s real estate crisis. A joint study by the Federation of Thai Capital Market Organizations (FETCO) and the Capital Market Development Fund (CMDF) highlighted a concerning uptick in debenture default rates, signalling a potential global crisis. The study revealed that bond defaults occurred at a faster pace in…
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Tablet talk: IT companies endorse education ministry’s digital vision, but call for a SMARTer plan
The plan of the Education Ministry to equip every student and teacher across the nation with a tablet has received support from several IT companies. They believe the tablet initiative is a step towards promoting equal educational opportunities. However, they recommend a well-thought-out strategy about device specifications, relevant courseware, and the necessary skills students should acquire. This tablet initiative is…
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Evergrande wealth management staff detained amid ongoing debt crisis
China Evergrande Group, the world’s most heavily indebted property developer, finds itself under increased scrutiny as staff from its wealth management unit have been detained by the police in southern China. Shenzhen City Police said in a social media statement on Saturday night that public security organs took criminal compulsory measures against China Evergrande general manager Du Liang and other…
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Thailand and China’s Guangxi discuss bolstering trade via ILSTC route
Trade discussions took place yesterday between Thailand and China‘s Guangxi Zhuang Autonomous Region, focusing on the potential use of the New International Land-Sea Trade Corridor (ILSTC) to enhance trade cooperation. Guangxi Zhuang, a southern Chinese region adjacent to Vietnam, is the operational hub of the ILSTC, a trade and logistics channel. The route extends from Chongqing to the Beibu Gulf…
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Thailand Consumers Council to bolster consumer protection law with political factions
With an aim to fortify consumer rights, the Thailand Consumers Council (TCC) is set to engage in discussions concerning consumer protection law with multiple political factions. This dialogue is spearheaded by TCC’s deputy secretary-general, Ittaboon Onwongsa. Born from a dire need to address consumer protection issues, the initiative is a strategic move towards ensuring that consumers are adequately shielded from…
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US auto industry strike continues, workers demand 40% wage increase
Remaining defiant in their stand for better pay, employees from the United States’ renowned Big Three auto manufacturers – General Motors, Ford, and Stellantis (the parent company of Dodge and Chrysler in the US) – continued to strike for a second day. The lack of agreement between the United Automobile Workers (UAW) and the companies could potentially destabilise the economy…
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Thailand’s airlines resist price war despite rising operational costs
Despite escalating operational costs, Thailand’s airlines are unlikely to trigger a new price war, while the Civil Aviation Authority of Thailand (CAAT) intends to retain the existing ceiling for ticket prices. This information was shared by Suttipong Kongpool, the CAAT director, during a seminar co-hosted by the Airlines Association of Thailand (AAT) and CAAT this week. Suttipong indicated that with…
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Economic data in China sees Asian stocks surge, Thai shares dip
Asian stocks experienced a significant surge yesterday, a continuation of the global equity rally, following encouraging Chinese economic data that sparked optimism about the imminent culmination of major central banks’ tightening initiatives. Despite the overall momentum, Thai stocks saw a slight dip of 0.3% from the prior week, closing at 1,542.03 on Friday, with an average daily turnover of 46.97…
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Rice prices boil over, stirring inflation concerns for Asian central banks
Central banks across Asia are bracing themselves for the challenge of curbing inflation amid soaring food prices, particularly rice, a dietary staple in the region. The cost of rice surged to its highest since 2008, sparking concern among economists at HSBC Holdings Plc. Frederic Neumann, leading a team of economists at HSBC, referred to the significant impact of the 2008…
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Thai tourism aims sky-high: 3 trillion baht revenue target unveiled
The Thai tourism and sports minister announced an ambitious new target for foreign tourism revenue: an unprecedented 3 trillion baht. The minister, Sudawan Wangsuphakijkosol, revealed the goal, which marks a considerable increase from the 1.9 trillion baht recorded in 2019, is part of a broader strategy to position the nation as a leading hub for sports and entertainment. Sudawan acknowledged…
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Apple’s sweet surprise: iPhone 15 lineup set to juice up Thailand’s smartphone sales
Apple Inc’s new line of iPhone 15 models is set to boost Thailand’s smartphone sales in the fourth quarter, say industry analysts and a mobile phone distributor. In the premium smartphone market in Thailand, Apple and Samsung devices continue to reign. Apple debuted the iPhone 15, 15 Plus, 15 Pro, and 15 Pro Max on Tuesday. Thai consumers will be…
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Energizing savings: Government’s cost-cutting shock eases financial pressure
The Employers’ Confederation of Thai Trade and Industry (EconThai) expressed approval for the Thai government’s latest move to slash both electricity and diesel costs. This initiative is aimed at alleviating the financial pressure on households and businesses. The reduction in power tariff was confirmed yesterday, following Prime Minister Srettha Thavisin‘s policy statement announcement in parliament, reports Bangkok Post. The new…
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Bangkok Gems fair dazzles with record-breaking success
The 68th Bangkok Gems and Jewellery Fair, which recently concluded, surpassed all anticipated outcomes. The Fair took place at the Queen Sirikit National Convention Center (QSNCC) from September 6 to 10 and welcomed almost 40,000 attendees hailing from 117 countries, a notable 44% surge compared to the previous event, according to Phusit Ratanakul Sereroengrit, the director-general of the Department of…
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Ericsson Thailand’s 5g vision: Auctioning spectrum for king-sized connectivity
To boost 5G development in the kingdom, Ericsson Thailand advises the auctioning of the 3,500-megahertz spectrum by 2025, thus ensuring the best economic value and meeting consumer and enterprise needs. If the National Broadcasting and Telecommunications Commission (NBTC) fails to allocate the 3,500MHz spectrum range by then, it may have to reallocate the 2,300MHz spectrum after 2025 when the National…
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Indonesia mulls banning social media merchandise sales, TikTok expresses concern
Indonesia is contemplating prohibitive measures against merchandise transactions conducted via social media platforms such as TikTok as stated by the deputy trade minister during a parliamentary hearing recently. The move is aimed at e-commerce vendors who employ predatory pricing strategies on social platforms, thereby jeopardising traditional marketplaces in Southeast Asia’s largest economy. Social media and social commerce cannot be combined, declared…
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Pattaya’s sunny side: Hotel industry shines amid European gloom
Despite Europe’s deteriorating economic forecast, Pattaya’s hotel industry remains robust, backed primarily by Asian and domestic tourists, says the Managing Director of LH Mall and Hotel (LHMH). Pattaya, traditionally known for its nightlife, has successfully rebranded itself as a family and business-friendly destination. As the European Commission revises the Eurozone’s growth outlook and Germany faces a potential recession this year,…
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El Niño’s unexpected twist: Industries in hot water as mining and livestock hit hard
El Niño’s weather anomaly is triggering a ripple effect on industries beyond just agriculture with mining and livestock sectors also feeling the pinch. This is according to a new study by the Trade Policy and Strategy Office, which warns that the phenomenon may lead to a surge in prices for consumer goods, energy, and inflation, compounded by an increase in…
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Oil price surge stokes investor fears of further US interest rate hikes
Equity markets demonstrated uncertainty as investors awaited a critical United States inflation report. Their apprehension stemmed from the fear that the recent oil price surge might push consumer prices upward, pressuring the Federal Reserve to increase interest rates once more. The Federal Reserve asserted that its monetary policy decisions will be driven by data, considering a variety of figures. Throughout 2023,…
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Koh Samui tourism seeks extended stays for European travellers amidst water crisis
Koh Samui’s tourism sector called for the government to extend stays for European travellers, arguing that the proposed visa-free travel for Chinese tourists will not significantly benefit the island. This comes from Ratchaporn Poolsawadee, the president of the Tourism Association of Koh Samui, who noted that Chinese nationals only make up a small percentage (10%) of the island’s foreign tourist…
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