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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Thailand's view on gender affirmation surgery
Thailand has long been a world-renowned destination for those seeking gender affirmation surgery (gender reassignment surgery), with agencies like Allied Health (Thailand) helping facilitate this transformative journey. The obvious reason is that the country has built an impressive reputation as...
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Bank of Thailand anticipates slower loan growth: Interest rates not main factor
The Bank of Thailand anticipates a slower pace of loan growth in the banking industry due to reduced demand, while asserting that rising interest rates are not the main factor impacting loan expansion. The central bank’s soft loan programme, which aimed to aid small and medium-sized enterprises, largely contributed to the increased borrowing during the post-pandemic recovery period. Sakkapop Panyanukul,…
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Timber regulations tightened, Thailand targets Siamese rosewood exports
The Commerce Ministry of Thailand recently announced two new regulations targeting the timber trade. Beginning on July 17, traders will be required to hold a certificate of import to import timber, processed wood, and wooden artefacts. Additionally, starting August 16, the export of Siamese rosewood (phayung) will be prohibited, Bangkok Post reports. The director-general of the Foreign Trade Department, Ronnarong…
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Siam Piwat Simon plans second Premium Outlets in tourist hotspot
Shopping mall operator Siam Piwat Simon Co is exploring options for the best location to open a second branch of Siam Premium Outlets Bangkok, focusing on provinces with a large local population and high foreign tourist numbers. Michael Tang, the company’s managing director, highlighted the importance of excellent transport infrastructure and convenient access for travellers when selecting the location for…
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Thailand tourism thrives with 1,200% surge in Klook bookings
Online travel platforms continue to express optimism about Thailand’s tourism growth this year, propelled by a substantial increase in visitor arrivals. Wilfred Fan, Chief Commercial Officer at Klook, an online travel platform, stated that the company experienced a 1,200% increase in bookings for activities in Thailand year on year in the first five months of 2023. The top five markets…
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China-Africa Expo to boost trade, explore emerging sectors
The upcoming third China-Africa Economic and Trade Expo, set to take place in Changsha from June 29 to July 2, is expected to further enhance economic and trade cooperation between China and Africa. The expo, which occurs every two years in Hunan Province, has gained significance as a platform under the Forum on China-Africa Cooperation framework. China currently holds the…
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Thai government weighs extending diesel excise tax cut beyond July
The Thai government is considering extending the excise tax cut on diesel, which is set to expire on July 20. Prime Minister Prayut Chan-o-cha directed the Finance Ministry and other relevant agencies to evaluate the feasibility of prolonging the tax reduction. Energy Minister Supattanapong Punmeechaow revealed that the Finance Ministry has been tasked with determining the appropriateness of an extension.…
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Thai interest rates raised to 2% by BoT amid core inflation worries
The Monetary Policy Committee of the Bank of Thailand (BoT) anticipates ongoing economic growth with some potential risks, as evidenced by their decision to increase the key Thai interest rates for the sixth consecutive meeting, according to the minutes released recently. On May 31, the committee unanimously agreed to increase the one-day repurchase rate by a quarter point to 2%,…
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Thai outbound travel surges as Asian flight capacities increase
The Thai outbound travel market is experiencing fierce competition among Asian countries, as flight capacities have increased compared to last year. The Thai Travel Agents Association (TTAA) anticipates that the Thai outbound market could recover to half of the 11.2 million departures in 2019, prior to the pandemic, due to stronger flight frequencies in Asia. TTAA vice-president Chotechuang Soorangura stated…
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Stark faces 23 billion baht arbitration dispute with German firms Leoni AG
Stark Corporation, a SET-listed company, is facing an arbitration dispute with German firms Leoni AG and Leoni Bordnetz-Systeme GmbH. The German firms are claiming 608 million euros (23 billion baht) from Stark, alleging a breach of their sales and purchase agreement, Bangkok Post reported. According to a filing to the Stock Exchange of Thailand yesterday, the case refers to Stark’s exercise of…
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AIS 3BB acquisition may face strict measures due to market share
The potential acquisition of fixed broadband provider 3BB by Advanced Info Service (AIS) may face stringent consumer measures from the telecom regulator due to the combined market share of the two companies. True Corporation, a rival company, reported having 3.84 million household subscribers in the first quarter of this year, accounting for 31.5% of the fixed broadband market share, according…
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Zen Corp and CPF launch ready-to-eat Tummour meal at 7-Eleven stores
If you visit 7-eleven a lot in Thailand, there’s good news for you. Zen Corporation Plc, known for operating restaurant chains such as Zen, AKA, and Tummour, has announced its expansion into the ready-to-eat meal market in a bid to strengthen its long-term business prospects. The company’s chief commercial officer for Thai brands, Siruwat Chatchawan, disclosed that Zen Corporation has…
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SCB-Julius Baer launches 45 Academia programme for Thai business heirs
In Thailand, there’s a new academic programme for business heirs. SCB-Julius Baer Securities, a joint venture between Siam Commercial Bank and Julius Baer, has introduced The 45 Academia programme as part of its New Wave of Wealth strategy. This initiative aims to nurture the future leaders of wealth management by offering comprehensive training for business heirs in Thailand. The 45…
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CPF targets 7-8% revenue growth, eyes Philippines animal feed sector
The leading food and agribusiness conglomerate Charoen Pokphand Foods (CPF)Â anticipates a 7 to 8% increase in total revenue to 610 to 620 billion baht this year, primarily due to contributions from its international business, with a focus on the growing animal feed sector in the Philippines. CPF’s chief executive, Prasit Boonduangprasert, stated that the company has been investing in pork,…
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Thantawan Industry Plc targets eco-friendly products for Thai BCG initiative
There’s a new eco-friendly initiative in Thailand. Thantawan Industry Plc, a leading plastic manufacturer and developer of innovative products, is focusing on producing eco-friendly products in support of the Thai government’s bio-, circular, and green (BCG) economic development initiatives. The company’s garbage bags, made from recycled plastic beads, and straws, which are made from biodegradable materials, are aimed at helping…
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Japanese investors seek Thai tech startups for regional expansion
Thai tech startups have caught the attention of Japanese investors, who are keen to support their expansion into regional markets, according to an executive at Bank of Ayudhya (Krungsri). Southeast Asia, and Thailand in particular, are considered prime investment locations for Japanese investors, who see potential in the country’s high-growth tech startups. Bunsei Okubo, head of Japanese corporate and multinational…
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Bitkub’s bumpy ride: Thailand’s leading crypto exchange parent company sees sharp revenue decline amid market downturn
Bitkub Online (BO), the parent company of Thailand’s top cryptocurrency exchange Bitkub, experienced a 48% year-on-year drop in revenue last year, attributed to the downturn in the crypto market. Client investments also saw a significant 65% decline compared to the previous year. The financial statement published on BO’s website revealed a net profit of 341 million baht in 2022, marking…
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Chevron Thailand’s gas game-changer: Boosting domestic supply and breaking free from costly imports
Chevron Thailand Exploration and Production aims to boost domestic gas supply to reduce the Thai government’s reliance on costly liquefied natural gas (LNG) imports, with plans to increase petroleum production in the Gulf of Thailand. The US-based company was granted a licence to explore and produce petroleum at Block G2/65, an area of 15,030 square kilometres in the gulf, under…
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Bolt invests 300 million baht in Thai expansion amid ride-hailing competition
Estonian tech firm Bolt is set to invest 300 million baht in Thailand to bolster its presence in the country as part of its Southeast Asian expansion strategy. This move follows Bolt’s recent funding round, which raised 628 million euros at a valuation of 7.4 billion euros, earmarked for geographical growth. The company’s expansion adds to the fierce competition in…
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Impact of higher interest rates on Thai businesses and homebuyers
Concerns are rising among industry leaders that higher interest rates could negatively impact businesses, particularly small ones, and weaken the purchasing power of homebuyers. The Bank of Thailand’s Monetary Policy Committee recently voted to raise the policy rate to 2.00% from 1.75%, prompting state and private banks to follow suit. The Federation of Thai Industries (FTI) warns that higher interest…
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Thailand urged to boost beauty and wellness market for long-term growth
Thailand’s new coalition government is being encouraged to adopt a consistent policy to support the nation’s beauty and wellness market over an extended period. Ketmanee Lertkitcha, the chairwoman of the health, wellness and beauty industry cluster of the Federation of Thai Industries, highlighted the need for a national strategy to promote this sector, which, along with tourism, plays a crucial…
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Binance.US drops dollar trading amid banking partners’ withdrawal
Binance.US, the American subsidiary of the world’s largest cryptocurrency exchange, announced that it will cease offering trading services in United States dollars. This decision comes after the company’s banking partners withdrew support due to pressure from federal regulators. The inability to trade in US dollars is a significant setback for Binance.US, as one of the primary functions of a cryptocurrency…
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Teka Construction shifts focus to non-condo projects for revenue growth
Teka Construction Plc is shifting its attention towards non-condominium projects, housing developments, and construction materials in an effort to decrease its dependence on high-rise residential projects. Chief Financial Officer Suphon Chongchintaraksa revealed that the company plans to broaden its scope and clientele to encompass various construction projects, including international schools, warehouses, shopping centres, and government sector developments. “Construction work in…
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Thai firms eye investment deals in Saudi Arabia
Thailand and Saudi Arabia are forging strong economic ties, with several collaboration deals in progress. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, recently visited Saudi Arabia with a Thai delegation led by Foreign Minister Don Pramudwinai. During the visit, it was announced that PTT Oil and Retail Business Plc (OR) plans to establish petrol stations in Saudi Arabia,…
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Thai air-con component exports to US soar amid heat wave surge
Rising heat waves in the United States have driven a surge in Thailand’s exports of air-conditioner components during the first quarter. The increase in demand has led to air-conditioner parts becoming the top product category benefiting from the generalised system of preferences (GSP) privileges awarded by the US. The Foreign Trade Department reported that Thai exporters utilised GSP privileges worth…
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90% Thai employees seek new jobs despite bleak economy
A significant majority of Thai workers are open to exploring new job opportunities despite an uncertain global economic climate, a recent study by recruitment firm Michael Page has found. The Talent Trends report, which surveyed 942 individuals in Thailand, revealed that over half of the respondents are actively seeking or planning to find new employment within the next six months.…
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FTI seeks Chinese investment boost in Thai EV, food, and healthcare sectors
The Federation of Thai Industries (FTI) is seeking to boost Chinese investment in Thailand, focusing on the electric vehicle (EV), food, and healthcare sectors, through increased business collaboration with Beijing. Kriengkrai Thiennukul, chairman of the FTI, recently met with the Chinese ambassador to Thailand, Han Zhiqiang, to discuss potential investment opportunities. Kriengkrai envisions Thailand as a production base for Chinese…
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Thai consumer confidence hits highest level since March 2020
Consumer confidence in Thailand reached its highest level since March 2020, with a 12th consecutive monthly increase in May. The University of the Thai Chamber of Commerce (UTCC) reported that the consumer confidence index rose to 55.07 in May, up from 55 in April. Factors contributing to this increase include a recovering economy, a resilient tourism sector, and political campaigns…
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Thailand boosts tourism budget to 5 billion baht
The Tourism Authority of Thailand (TAT)Â announced its plans for the fiscal year 2024, with a focus on growing off-peak customers, increasing spending per trip by 7%, and distributing income to a wider range of destinations. The budget for these initiatives is set at 5 billion baht, a significant increase from the 3.25 billion baht allocated for fiscal 2023. TAT Governor…
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Bank of Thailand continues interest rate normalisation amid new government
The Bank of Thailand has stated that the formation of a new government will not impact its decision to raise interest rates further. The central bank’s deputy governor, Mathee Supapongse, emphasised the need for the bank to maintain a separate view from elected officials, with the aim of continuing to normalise interest rates. “Despite recent increases, Thai interest rates are…
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Isuzu factory relocation rumours hit Thai auto parts shares
A significant decline in the shares of Thai auto parts companies was observed today, following rumours that Japanese automaker Isuzu Motors intended to move its Thai factory to Indonesia. The Indonesian Industry Minister, Agus Gumiwang Kartasasmita, stated yesterday that Isuzu could potentially commence production in Indonesia as early as next year. However, Isuzu denied any such relocation plans today. In…
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