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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With World Kindness Day just two days away on November 13, it’s the perfect time to reflect on how empathy and care can make a real impact, not just in our relationships but in our health, too. This day is...
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Thai shippers’ council forecasts export decline amid sluggish global demand
The Thai National Shippers’ Council (TNSC) predicts a 1% decline in exports for the current year, down from their previous estimate of a contraction between 0.5% and a 1% increase. This revision is due to ongoing sluggish global demand. TNSC Chairman Chaichan Chareonsuk stated that Thailand’s export sector is expected to decline by -1% or more this year due to…
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Saudi Arabia and Russia extend oil cuts, pushing Brent crude to ten-month high
The global oil market experienced a significant shift as Saudi Arabia and Russia disclosed their decision to prolong voluntary oil production cuts until the end of the year. This announcement pushed Brent crude prices to a peak unseen in the last ten months, reported Bangkok Post. The energy ministry of Saudi Arabia, the world’s leading crude oil exporter, stated that…
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Tourism safety concerns: Thai Government urged to reassure China
The Thai administration is being prodded to collaborate with Beijing before implementing a visa-exemption scheme for Chinese tourists, as the country’s image suffers due to its portrayal as a transit hub for fraudulent activities in recent Chinese media, hindering tourism safety. A Chinese film titled No More Bets, which revolves around scammer networks in Southeast Asia, grossed a whopping US$505…
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ThaiBMA warns investors about corporate bonds as firms struggle amidst pandemic
The Thai Bond Market Association (ThaiBMA) is urging caution among investors considering corporate bonds due to ongoing challenges faced by several companies in the aftermath of the Covid-19 pandemic. Ariya Tiranaprakit, ThaiBMA’s executive vice president, highlighted that three companies failed to meet debenture payments totalling 12.1 billion baht this year. Additionally, some firms struggled to adhere to corporate bond payment…
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Line Man Wongnai and Line Thailand tap into booming Thai e-payment market
Tech giants Line Man Wongnai and Line Thailand recently revealed plans to expand their businesses by capitalising on the rising e-payment market within their business ecosystem. They officially announced last month their successful joint acquisition of shares in Rabbit Line Pay Co (RLP) from previous shareholders, RabbitPay System Co and Advanced mPAY Co. This crucial transaction has allowed Line Man…
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Foot Locker kicks off its Thai journey, stepping into youth-driven sneaker scene
Foot Locker, the renowned speciality athletic retailer based in New York, launched its first store in Thailand, targeting the youth demographic and aiming to invigorate the sports shoe/sneaker market. The announcement came from Deepak Tomar, country general manager and director of MAP Active Adiperkasa, the official licensee for Foot Locker in Thailand, who revealed the store’s opening in the Siam…
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Thailand’s DES minister vows to combat online scams
Newly appointed Digital Economy and Society (DES) Minister, Prasert Chanthararuangthong, pledged to prioritise the suppression of online fraud and call centre scams. As part of the Pheu Thai Party‘s commitments, the DES ministry is also expected to cooperate with related agencies to roll out a digital wallet scheme by 2024, with an initial rollout anticipated for early next year. The…
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NBTC and DES ministry prepare for Thaicom 4 satellite transition in 2024
The office of the National Broadcasting and Telecommunications Commission (NBTC) is working closely with the Ministry of Digital Economy and Society (DES) to prepare for the Thaicom 4 satellite‘s 2024 lifespan expiry at 119.5° East orbit. Dr Sarana Boonbaichaiyapruck, NBTC board chair, held talks with outgoing DES Minister Chaiwut Thanakamanusorn on joint responsibilities. Thaicom previously managed both Thaicom 4 broadband…
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Chery’s EV dreams charge ahead in Thailand: BoI blessings pending
China‘s Chery International, through its subsidiary Omoda & Jaecoo International Co, intends to establish an electric vehicle (EV) production facility in Thailand, pending Board of Investment (BoI) privileges. Qi Jie, Thailand’s national director at Omoda & Jaecoo International, will unveil detailed investment and business plans in the coming months. Chery, one of China’s top vehicle manufacturers, plans to introduce two…
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Thai leadership insights: Decade-long study proves remarkably accurate
A decade-long research study on Thai leadership, conducted by an executive and Professor Bruce McKenzie, demonstrated remarkable accuracy. This study, based on global data and insights from diverse Thai groups, offered a comprehensive perspective on leadership. Over the past dynamic decade, predictions by Thai contributors have proven highly accurate, leading to the emergence of six key leadership approaches. These encompass…
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Digital economy minister urged to support SMEs and combat online scams in Thailand
The newly appointed Digital Economy and Society (DES) Minister is being urged by industry leaders to combat online scams, bolster cross-border e-commerce for small and medium-sized enterprises (SMEs), and provide additional incentives to businesses for technological investments. The National Broadcasting and Telecommunications Commission (NBTC) is also looking to collaborate with the minister, Prasert Chanthararuangthong, on various initiatives to bridge the…
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Bangkok Governor Chadchart to attract growth from multinationals
In a bid to stimulate economic growth, Bangkok Governor Chadchart Sittipunt intends to transform the city into a base for multinational corporations. This initiative, according to Chadchart, should dovetail with the government’s strategies as it would bolster the city’s economy and generate employment opportunities. “Urban centres are essentially labour markets. The reason people reside in such areas is the availability of…
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Chinese developer Country Garden secures bond repayment delay amid liquidity crisis
Chinese developer, Country Garden, has successfully secured creditor approval to postpone a critical bond repayment deadline, narrowly dodging a potential default. This agreement provides temporary relief amidst a liquidity crisis that has significantly impacted the nation’s financial markets. Country Garden gained enough support in a vote concluded yesterday to extend payments on the 3.9 billion yuan (18 billion baht) outstanding…
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JKN Global reassures investors after bond payment rescheduling
JKN Global Group Plc (JKN), the owner of the Miss Universe Organization (MUO), reassured investors that its financial status is robust, despite a recent bond payment rescheduling caused by a liquidity mismatch. Jakkaphong Jakrajutatip, the chief executive and managing director, said at a briefing that the company is set to meet its revenue target of over 3 billion baht this…
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15 years of escrow legislation: 867 billion baht in transactions
Data released by the Fiscal Policy Office (FPO) has shed light on the impact of escrow legislation over a 15-year span. According to an anonymous FPO source, escrow service transactions during this period totalled a hefty 867 billion baht, the majority of which were linked to capital market transactions. The Escrow Account Act came into effect in 2008, and from…
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Thai rice body urges government to focus on new rice strains
The Thai Rice Exporters Association is calling on the new government to avoid manipulating rice market prices and instead focus on the strategic production of new rice varieties. Chookiat Ophaswongse, the association’s honorary president, emphasised the importance of developing new rice strains to maintain competitiveness with other exporting nations. “This is crucial for the future of Thai rice. Following roadshows…
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Thailand’s free visa initiative to boost Chinese tourist influx by 700,000
Thailand‘s government’s initiative to issue free visas to visitors from China is expected to boost visitor figures by 700,000 during the high season, according to the Tourism Authority of Thailand (TAT). TAT governor Thapanee Kiatphaibool noted that Thailand typically receives between 350,000 and 400,000 Chinese visitors monthly, totalling 2.1 million in the first eight months of this year. Thailand accounted…
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Thai motorcycle production to exceed 2.1 million units amid tourism rebound
The Federation of Thai Industries (FTI) is forecasting that motorcycle production this year will surpass the initial target of 2.1 million units. The revival of the tourism sector and the easing of the global semiconductor shortage are cited as the primary factors for this optimistic outlook. Surapong Paisitpatanapong, the vice-chairman and spokesperson for the FTI’s Automotive Industry Club, attributes this…
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Ratch Group earmarks 35 billion baht for business expansion
Thailand’s leading private power producer, Ratch Group Plc, remains steadfast in its decision to allocate a capital expenditure of 35 billion baht for the expansion of its operations in both the power and non-power sectors this year. Chief Executive Choosri Kietkajornkul said that out of this capital allocation, 29 billion baht is for investments in power generation. She further revealed…
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AIS withdraws lawsuit against NBTC over True-DTAC merger approval
AIS, the telecommunications giant, recently took a surprising turn as it withdrew its case against the National Broadcasting and Telecommunications Commission’s (NBTC) decision, which recognised the merger between True Corporation and Total Access Communication (DTAC), its two direct competitors. The lawsuit contended that the NBTC board had failed to exercise its authority to regulate the deal according to existing regulations.…
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Pheu Thai Party’s digital handout scheme could boost Thailand’s GDP by 3%
The Pheu Thai Party‘s proposed digital handout scheme, requiring around 500 billion baht, could potentially boost Thailand’s GDP growth by 3% in the next year, according to the Bank of Thailand. Sakkapop Panyanukul, the central bank‘s director of the economic and policy department, mentioned the digital handout contribution depends on the economic multiplier. The 3% GDP projection uses a cash…
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Power play: FTI cheers new government’s energy cost pledge
The Federation of Thai Industries (FTI) expressed its satisfaction with the newly elected government’s commitment to lowering energy costs and retail diesel prices. Newly inaugurated Prime Minister Srettha Thavisin has prioritised energy price reductions as an early objective of his administration. An immediate cut in energy prices has been promised by the 61 year old Srettha and his Cabinet upon…
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Rice and shine: Thailand sets sights on 8 million tonnes export mark
The director-general of the Department of Foreign Trade, Ronnarong Phoolpipat, announced that Thailand’s rice exports are expected to achieve the target of 8 million tonnes this year. This forecast comes after the recorded shipments through to August 29 reached 5.29 million tonnes, reflecting a year-on-year increase of 11.9%. This upswing in rice exports aligns with the rising concerns over drought…
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ATTA doubts efficacy of free visa plan for Chinese tourists
The Association of Thai Travel Agents (ATTA) has expressed scepticism about a government proposal to offer free visas to Chinese tourists as a means of stimulating demand. ATTA cites economic difficulties and a weak currency as challenges that could render this initiative ineffectual, particularly in the face of flight and staff shortages. The Federation of Thai Tourism Associations and the…
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Grain gain: Thailand’s rice exports sprout an impressive 12% surge
The Commerce Ministry reported a significant increase in Thailand’s rice exports. Data reveals an 11.91% rise in exports from January to August 29, compared to the same duration last year. During this period, Thailand managed to export a hefty 5.29 million metric tonnes of rice. Despite the impressive rice export figures, the agricultural sector in Southeast Asia has been grappling…
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Premium privilege: Thailand Elite Card set to increase membership fee by 50%”
Thailand Privilege Card Co (TPC), operator of the Thailand Elite Card, announced plans to increase its base membership price by 50%, raising it from 600,000 baht to 900,000 baht. The move is part of the company’s strategy to boost its annual revenue to 8 billion baht. In addition, the company will be introducing four new types of cards, all of…
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NBTC developing nationwide streaming platform for digital TV by 2025
The National Broadcasting and Telecommunications Commission (NBTC) is set to develop a nationwide streaming platform, aiming to streamline all real-time streaming content from existing digital TV channels. The platform is anticipated to be fully operational by 2025, aligning with the NBTC’s online migration plan and catering to the increasing number of online content consumers. This initiative is also expected to…
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Thai government considers utility tokens to boost digital wallet initiative
The Pheu Thai-led government is anticipated to roll out utility tokens to bolster its digital wallet initiative, a move pending approval from the Bank of Thailand as the regulator currently bans using tokens as payment, according to Asia Plus Securities (ASPS). The financial services company projects that the government will issue Type 1 utility tokens, each valued at 10,000 baht,…
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Thailand’s PM plans to boost tourism revenue to US$100 billion by easing visa rules
Thailand Prime Minister Srettha Thavisin has proposed a plan to boost tourism revenue to nearly US$100 billion next year. This involves loosening visa regulations for travellers from China and India and extending the duration of stay for tourists from all nations. Chinese travellers, who accounted for the most significant proportion of visitors pre-Covid-19, have been subjected to a taxing visa…
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Online impostors scam public with high-profile personas as digital deception thrives
Members of the public are being targeted by fraudsters posing as high-profile business figures as online scams continue to run rife. Authorities warned potential investors to exercise caution and authenticate any investment links or messages they receive, following a spike in scam cases. The Digital Economy and Society (DES) Ministry identified common traits among scammers, most notably the promise of…
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