Business News
Thailand business news, market trends, foreign investment, and economic updates—stay informed on stock market movements, entrepreneurship, and key developments shaping the economy. Get the latest from The Thaiger, your trusted source for business news in Thailand.
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Sponsored Living on a budget in Thailand? Here’s how to stay healthy without breaking the bank
Thailand is a popular place for people who want to enjoy a good life at a lower cost or even on a budget. Many expats, retirees, and digital nomads choose to live here because daily expenses are cheaper than in...
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Huawei cybersecurity: Largest centre opens to boost 5G trust
Huawei’s cybersecurity and privacy protection transparency centres are designed to address growing concerns and complexity in the sector, especially the uncertainties surrounding the company’s 5G network technology amid the US-China tech conflict. The Chinese tech company inaugurated its largest centre in Dongguan, China, in June 2021. The company states that the centre serves as a platform for stakeholders in the…
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Thai-UAE free trade agreement 80% finalised, may boost Thai GDP
Progress is being made in the bilateral free trade agreement (FTA) negotiations between Thailand and the United Arab Emirates (UAE), with discussions now reportedly 80% finalised. This update comes from Thailand’s Commerce Minister, Phumtham Wechayachai, who recently held talks with the UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi. Phumtham revealed agreements have been made in…
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Bank of Thailand raises policy rate to 2.5%, highest since 2013
The Monetary Policy Committee (MPC) of the Bank of Thailand unanimously approved a quarter-percentage point increase in the policy rate, raising it from 2.25% to 2.50%. This change, which took effect yesterday, marks the highest rate since October 2013. According to Piti Disyatat, the MPC secretary, the Thai economy is on a slow recovery path this year, primarily due to…
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Thailand’s DES ministry launches Anti Online Scam Centre amid rising fraud
Amidst growing concerns over online fraud, the Ministry of Digital Economy and Society (DES), in unison with the Cyber Crime Investigation Bureau (CCIB) police and other associated agencies, is launching an Anti Online Scam Operation Centre (AOC). The AOC, which begins its operations on November 1, is set to function as a war room, implementing technology to provide intelligent assistance,…
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Thai AirAsia CEO urges government to curb rising travel costs
Thai AirAsia‘s chief executive Santisuk Klongchaiya advocates for government intervention to mitigate escalating travel expenses for tourists, alongside the visa-free scheme for Chinese visitors. He justifies this by citing the disproportionate resumption of travel demand compared to the supply side, particularly in the airline industry, in the past year. Thai AirAsia’s capacity to serve China routes has notably reduced. Previously,…
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Thai farmers offered debt suspension to regain good debtor status
Farmers with outstanding debts at the Bank for Agriculture and Agricultural Cooperatives (BAAC) in Thailand can now enter a debt suspension scheme without the need for prior debt restructuring, according to Paopoom Rojanasakul, the secretary to the finance minister. The move aims to help these farmers regain their good debtor status and is applicable to all BAAC debtors whose total…
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Year-end bonus frenzy: Thai companies make it rain with envy-inducing rewards
Over ten renowned Thai companies are set to distribute generous year-end bonuses for 2023, leading to a wave of envy. The highest bonus reported is 7.3 months’ salary plus an additional 37,000 baht. Some of the companies declaring such bonuses include IHI Turbo Thailand, Jtekt (Thailand), Siam Toyota, Siam ATT I-Shin, Trimotive, SIAM DENSO KYOSAN, IJT Thailand, TTK, TBKK, and…
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WHA anticipates US tech giants’ investment surge due to Thailand’s renewable potential
Thailand’s biggest built-to-suit logistics facilities developer, WHA Corporation, anticipates an increase in investment from US tech giants in the coming year, as they eye business expansion in the ASEAN region. Major players such as Google, Microsoft, and Tesla have shown interest in the country’s potential during an investment talk. The event was a part of Prime Minister Srettha Thavisin’s participation…
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Thai govt’s shocking move: Sparks fly as power tariff gets a jolt down
The Thai government, under the leadership of Srettha Thavisin, has swiftly approved a plan to lower the power tariff, with the goal of reducing electricity bills for the public. The tariff rate has been revised from 4.45 baht to 3.99 baht per kilowatt-hour, applicable from September to December this year. However, for a long-term solution to high electricity costs, a…
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Muang Thai Life partners with Line BK for low-income targeted insurance
Muang Thai Life Assurance (MTL) is partnering with Line BK, a provider of social banking services, to introduce an insurance brokerage service that primarily caters to those with lower incomes and freelancers. Sara Lamsam, the CEO and president of MTL, stated that partnering with Line BK will provide the public with easier access to health and life insurance policies that…
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Thai govt greenlights 500 billion baht boost for state-owned enterprises in 2024 budget bonanza
The Thai government yesterday approved a massive investment budget of 500 billion baht dedicated to 46 state-owned enterprises for the fiscal year 2024, commencing this October. The substantial budget aims to stimulate the national economy and bolster fiscal growth. Government spokesperson Chai Wacharonke detailed the budget allocation, stating that the funding includes 209 billion baht earmarked for ongoing and routine…
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Thai exports spring back to life: A global manufacturing and clean energy surge
After 11 months in decline, Thai exports have made a surprising return to growth, largely due to a resurgence in global manufacturing, consumer spending and a thriving service sector among trading partners. This upturn has been further fuelled by the promotion of clean energy policies, increased demand for technological products and the relative depreciation of the baht, according to the…
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Travel Daily Media rebrands as Brand TD
In the ever-evolving landscape of the travel industry, one thing has remained constant – the importance of a strong and memorable brand. It is the essence of a company’s identity, the first impression that potential customers have, and the lasting image that loyal clients carry with them. Singapore-based travel trade news agency Travel Daily Media (TD) recognises this fundamental truth and…
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Banpu’s rare earth pivot for cleaner energy
Banpu, a Stock Exchange of Thailand (SET)-listed company, is planning a strategic shift towards the mining of rare earth, a move anticipated to replace its coal mining operations as the firm prioritises the creation of a cleaner, smarter energy. The company’s interest is especially piqued by the elements required to produce lithium-ion batteries for electric vehicles (EVs). Banpu is in…
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Thai steel market stagnation expected in 2023 amid economic concerns
The Thai steel market faces a period of stagnation in 2023, with consumption levels predicted to match those of last year at 16 million tonnes. This prediction comes from Chaichalerm Bunyanuwat, president of the EAF Long Product Steel Producers Association, who cites the slow resumption of government infrastructure projects, weak consumer spending power, and high household debt as contributing factors.…
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Thai retailers urge government to reassess import taxes on luxury goods
The Thai government is being implored to reassess the import taxes imposed on luxury goods to mirror the tax rates in neighbouring countries. This is a strategic move aimed at attracting foreign tourists and bolstering the competitiveness of Thai small and medium-sized enterprises (SMEs) against established foreign brands in the country. The call for this revision comes from Yol Phokasub,…
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Thailand’s commerce minister to stimulate exports, tackle Q4 slump
Thai Commerce Minister Phumtham Wechayachai is set to engage in dialogue with the private sector this week with the aim of stimulating exports and reviving the nation’s Q4 performance. The meeting is scheduled for September 27, as stated by Phusit Ratanakul Sereroengrit, the head of the International Trade Promotion Department, with the intent to evaluate the export scenario and devise…
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Samyan Mitrtown thrives amid Covid-19 retail challenges, celebrates 4th anniversary
Fraser Property Commercial Thailand (FPCT) defied the odds with its mixed-use property, Samyan Mitrtown, thriving amidst the retail challenges brought about by the Covid-19 pandemic. Despite its initial launch shadowed by the established shopping culture of the Siam Square complex, Samyan Mitrtown emerged victorious, celebrating its fourth Anniversary in September with significant growth in foot traffic and a high occupancy…
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Evergrande’s uphill battle: China’s property giant grapples with dwindling option
China Evergrande Group, the beleaguered real estate titan, is rapidly exhausting its options to salvage one of the most substantial restructuring efforts in the country’s history. A series of unforeseen circumstances, including the cancellation of crucial creditor meetings, the necessity to revise its restructuring plan, the detainment of staff from its money management division, and a failure to meet the…
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CEO concerns rise as skills shortage and HR burnout hit businesses
According to a survey by PricewaterhouseCoopers (PwC), a staggering 79% of CEOs are concerned about the scarcity of vital skills in their workforce, whilst 98% of human resources professionals are feeling the effects of burnout, as revealed by the Academy to Innovate HR. A separate survey by Gartner highlighted a drop in employees’ willingness to support organisational changes, from 74%…
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Wage increase: Thai businesses wary of proposed 400 baht hike
The business sector expressed concerns over the possible negative effects of the proposed daily minimum wage increase to 400 baht. The announcement, made by Prime Minister Srettha Thavisin, could lead to higher costs for consumers. Industries that rely heavily on labour, such as agriculture, food export, retail trade, and construction, would be most affected by the wage increase, according to…
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Fiscal incentives may reward farmers bypassing Thai government’s debt suspension plan
An anonymous source from the Finance Ministry revealed that farmers who opt out of the government’s planned debt suspension programme may be rewarded with incentives. This policy is reminiscent of one enacted during the Thaksin Shinawatra administration and is designed to encourage fiscal discipline among farmers. Previously, in the period between 2001 and 2004, the Thaksin regime introduced a three-year…
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Thaicom to launch Thailand’s first tracking service via LEO satellite
Thaicom, the satellite operator listed on the Stock Exchange of Thailand, is set to launch the country’s first tracking service via a low Earth orbit (LEO) satellite, Spot Gen 4. The launch, planned for the fourth quarter of this year, will primarily target Thailand’s tourism and maritime industries. The launch comes on the heels of a commercial partnership inked last…
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Rise in expatriate residence in Thailand prompts tourism benefits plan
Thailand’s popularity as a residence of choice for expatriates and remote workers is on the rise. As per the data from the Employment Department and Colliers Thailand, the first quarter of this year saw 156,596 expatriates, with over half based in Bangkok. The leading nationalities were Japanese, Chinese, and Indian last year. However, recent reports show an increased interest among…
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Thailand’s visa-free initiative welcomes Chinese, Kazakhstani tourists
Chinese and Kazakhstani tourists will be welcomed by Prime Minister Srettha Thavisin at Suvarnabhumi Airport tomorrow, signalling the start of the government’s new visa-free initiative. Srettha will be accompanied by a delegation of ministers and officials at a reception organised by the Tourism Authority of Thailand (TAT) to greet Chinese travellers aboard Thai AirAsia X flight XJ761, scheduled to arrive…
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Thai stocks fall 1.3% amid fears of high interest rates impact
Share prices experienced a surge on Friday, reversing earlier downtrends and Wall Street’s sell-off, as traders weighed the implications of further interest rate hikes by central banks grappling with inflationary pressures. Thai stocks fluctuated between 1,503.23 and 1,539.40 points before ending yesterday at 1,522.59, marking a 1.3% fall from the previous week, with daily transactions averaging 52.06 billion baht. Retail…
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El Niño effect forecasted to lower Thai rice production in 2023-24
The Agricultural Economics Office of the Agriculture and Cooperatives Ministry in Thailand forecasted a decline in rice production for the 2023-24 harvest season. The expected drop is approximately 871,000 tonnes, a decrease of 3.27%, totalling 25.8 million tonnes. This significant decrease is primarily due to the effects of the El Niño weather phenomenon. Deputy Secretary-General of the Agricultural Economics Department,…
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Phuket hotels thrive amid economic uncertainty, thanks to diverse visitor base
Phuket hotels are showing resilience amid a sluggish European economy and a weak British pound, with Laguna Phuket setting sights on its best high season yet. This optimism is fuelled by the return of Chinese tourists and a rebound in international travel demand. Paul Wilson, who holds the position of Vice-President and Deputy Managing Director at Laguna Phuket, revealed that…
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Gulf Energy and China Datang collaborate on Thai-Laos hydroelectric project
Gulf Energy Development Plc has teamed up with China Datang Overseas Investment Co (CDTO), a subsidiary of a mainland energy firm, to ink a tariff memorandum of understanding (MoU) with the Electricity Generating Authority of Thailand (EEGAT) for the Pak Beng hydroelectric power project. The announcement was made in a statement to the Stock Exchange of Thailand. The Pak Beng…
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Thailand’s mega land bridge project: an economic boon or environmental bane?
The Industry Ministry of Thailand is currently assessing the environmental impact of a proposed land bridge megaproject in the southern part of the country, a venture that promises to significantly bolster the Thai economy in the future. This assessment is crucial to determining the project’s viability and addressing any potential negative effects on the environment. The proposed land bridge, which…
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