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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Sand and smiles: Nearly 18 million tourists make waves in Thailand this year
With the close of this year on the horizon, Thailand’s Tourism and Sports Ministry reported that almost 18 million overseas tourists have laid a beach towel in the Land of Smiles. Thailand, which heavily leans on tourism as a significant economic pillar, is setting its sights on welcoming around 28 million visitors by the end of the year. The statistics…
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Phuket’s international convention centre supported by new PM
Phuket’s stalled international convention centre project might see new life with Prime Minister Srettha Thavisin‘s promise to revisit it for local economic stimulation. During a recent visit to Phuket and Phangnga, PM Srettha engaged local tourism representatives, acknowledging their suggestions. Thaneth Tantipiriyakij, President of the Phuket Tourist Association, is confident the prime minister and Pheu Thai Tourism committee will seriously…
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Thailand’s Q2 economic recovery slows, full-year 2023 growth forecast revised
Thailand’s second quarter of 2023 saw a slowdown in economic recovery, with GDP growth falling from 2.6% year-on-year in the first quarter to 1.8%, as reported by the National Economic and Social Development Council on August 21. The figures fell significantly short of consensus estimates of 3.1% and growth projections of 2.9%. The economy’s quarter-on-quarter growth was a mere 0.2%,…
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Thailand’s household debt soars as auto loans and cooperative debts spike
The secretary-general of the National Economic and Social Development Council (NESDC) issued a warning over the steady increase in Thailand‘s household debt. The critical areas requiring stringent monitoring were identified as auto loans and debt originating from savings cooperatives. During a press conference outlining the nation’s social outlook for the second quarter of 2023, Danucha Pichayanan revealed that household debt…
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Liquid dreams: Thailand’s Pilatus Marine charts global growth with 1.05 billion baht vessel acquisition
Pilatus Marine, a SET-listed company and Thailand’s leading liquefied petroleum gas (LPG) transport operator, is set to acquire three large used liquid-carrying vessels for a total cost of 1.05 billion baht. This move is aimed at expanding their services overseas. Operating in both marine and land transport of LPG, Pilatus Marine also leases vessels to other companies. The incoming ships,…
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Thai AirAsia targets 40% domestic market share by 2023, plans Japan expansion
Thai AirAsia, a leading low-cost airline, has set a goal to command 40% of the passenger market share domestically by the close of 2023. This comes as the airline intends to introduce two additional routes in Japan in the upcoming year. In a revealing disclosure, Santisuk Klongchaiya, the Chief Executive of Thai AirAsia, mentioned that the airline’s market share in…
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Siriraj Hospital partners with Cariva to bolster Thailand’s medical AI ecosystem
Siriraj Hospital‘s Faculty of Medicine, under Mahidol University, is partnering with local artificial intelligence (AI) start-up, Cariva (Thailand), to utilise AI technology in enhancing medical treatment and developing innovative medical products and services. This collaboration is aimed at solidifying Thailand’s reputation as a medical hub and facilitating the export of AI-driven healthcare innovations to the Asia-Pacific region. Dr Apichat Asavamongkolkul,…
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Thai exports suffer 10th month of decline amid global economic challenges
In July, Thai exports decreased more than anticipated for the 10th successive month. The drop is primarily due to a decline in global commodity prices since their peak in the early months of the Russia-Ukraine conflict last year. High interest rates and stringent lending conditions, compounded by weak global demand, have led to a slowdown in consumer spending, explained Keerati…
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GAC to invest 6bn baht in Thai EV and battery factories
Guangzhou Automobile Corporation (GAC), China’s second-largest electric vehicle (EV) seller, is set to invest 6 billion baht in the construction of EV and battery factories in Thailand over the next three to five years. The move will transform the country into a key production and export base for the firm. Ocean Ma, who oversees the company’s subsidiaries, Aion Automobile Manufacturing…
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Pheu Thai leadership welcomed by tourism operators
The Pheu Thai political party’s potential leadership of the Tourism and Sports Ministry has been warmly welcomed by tourism operators. This development arises from growing speculation around the formation of the new Cabinet. Numerous news outlets suggest that the ministry might transition from the Bhumjaithai Party to Pheu Thai. Adith Chairattananon, the honorary secretary-general of the Association of Thai Travel…
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Tech sector recovery drives global stock market surge despite China concerns
Tuesday saw global stock markets rise due to strong tech recovery, despite worries about China’s slow economy and US rate uncertainty. Nvidia’s shares increased by 8.5% on Monday, boosting trading in Asia and Europe. In New York, Nvidia’s shares went up by 2.5% before its second-quarter report today, Wednesday. At the beginning of trading, Nasdaq focused on technology and rose…
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Thai economic recovery slower than expected, Bank of Thailand governor confirms
Economic recovery in Thailand is underway but progress is slower than anticipated, particularly in the areas of tourism and exports, according to Sethaput Suthiwartnarueput, governor of the Bank of Thailand (BoT). In a recent business seminar, Sethaput expressed concerns over a less-than-rosy picture of the nation’s economy, with exports and tourism spending falling short of expectations. Despite these challenges, he…
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Meta Thailand leverages AI for enhanced ROI and growth of reels
In an economic climate that continues to pose challenges, Meta Thailand is leveraging artificial intelligence (AI) to enhance the return on investment for businesses and advertisers. The company is also concentrating on the development of Reels, their short video clip service that serves as a competitor to TikTok. Prae Dumrongmongcolgul, the country director for Meta in Thailand, said… “We plan…
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Domestic tourism in Thailand hits 93% recovery
Thailand’s domestic tourism sector has seen a significant recovery, reaching 93% of its pre Covid-19 levels, according to the Tourism Authority of Thailand (TAT). The TAT expects to record approximately 160 million domestic trips in the country this year, a sharp contrast to the dismal figures witnessed at the onset of the pandemic in 2019. At a press conference, Suladda…
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CardX braces for regulatory change raising customer debt repayment 3%
CardX, a credit card service provider operating under SCB X Group, anticipates a potential issue with customer compliance linked to an upcoming regulatory change from the Bank of Thailand. The central bank presently permits credit card users to repay their debt at a minimum rate of 5% of the overall credit balance each month, a measure introduced to aid consumers…
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Political change, Thai PM appointment poised to boost stocks
The anticipated appointment of Thailand‘s 30th prime minister this week is predicted to bolster stocks likely to benefit from political change and the policies and stimulus measures proposed by the Pheu Thai Party, reported Bangkok Post. Brokerage firm Asia Plus Securities (ASPS) projects the 11-party coalition, which declared on Monday its possession of 314 MP seats, will secure enough senatorial…
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Thailand’s DES Ministry plans legal action against Facebook over scam complicity
Thailand’s Digital Economy and Society (DES) Ministry is preparing a legal case seeking the shutdown of Facebook within the country, accusing the social media giant of collusion with fraudulent operators. The ministry alleges that Facebook has been complicit in aiding scammers, who utilised the platform’s sponsored pages to deceive Thai citizens into making investments. The ministry plans to invoke the…
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Climate change: Thai businesses warned of ‘global boiling,’ rising power costs
The United Nations has warned of the global boiling – the intense rise in temperatures and associated power costs we are seeing now, which are predicted to only worsen in the future. Thailand witnessed an unprecedented rise in electricity bills and an all-time high average temperature in July. This salient shift in weather patterns is leading businesses and governments to consider…
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Thailand sees 17% boost in foreign investment, hitting 58.9 billion baht in 7 months
Thailand saw a 17% increase in foreign investment, reaching 58.9 billion baht in the first seven months of this year. The announcement was made yesterday by Rachada Dhnadirek, the deputy government spokeswoman. Investors from Japan played a major role, with 94 groups contributing 19.89 billion baht. The United States followed with 67 entities investing 3 billion baht. Singapore had 61…
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PTTEP plans Middle East expansion for greater petroleum output and renewable energy
PTT Exploration and Production Public Company Limited (PTTEP) announced its strategic plans to centre business operations in the Middle East to expand petroleum output and explore opportunities for innovative energy enterprises, revealed Montri Rawanchaikul, PTTEP’s Chief Executive and President. On the domestic front, the company aims to escalate gas production at the Erawan gas field to 800 million standard cubic feet…
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Easyrice transforms Thai rice industry with AI-powered inspection solutions
Emerging from academic research projects, Easyrice Digital Technology Co Ltd has grown into a cutting-edge tech startup focusing on artificial intelligence (AI) within the agricultural sector, specifically tailored towards bettering the rice industry in Thailand. Easyrice provides AI-powered solutions designed to simplify and enhance the systems of rice quality inspections and data management, offering faster, more precise processes. As a…
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Prachinburi print shop overcharges customer, shocking Internet
A disheartening incident unfolded when a woman was charged 500 baht for scanning four documents, at a print shop in the area of Ban Rabao Phai, Sri Maha Pho District, Prachinburi. The shop owner extended his apologies due to a lack of knowledge about appropriate pricing and offered a reimbursement, which the woman declined. Upon scanning the documents, the customer,…
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Bangkok property developers anticipate economic rebound
Bangkok-based property developers on the Stock Exchange of Thailand are optimistic about an economic bounce back in the latter half of the year, expecting it to help meet their annual performance targets after a subdued start to the year. Property Perfect Plc., under the management of Wongsakorn Prasitvipat, is set to launch nine fresh housing ventures in the second half.…
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Chinese economic woes dampen bookings for Thai tourism sector
Tourism operators indicated a slowdown in forward bookings from China for the upcoming Golden Week holiday in October due to a challenging economic climate. A representative from the Tourism Council of Thailand, Surawat Akaraworamat, revealed that a sluggish economic rebound and potential deflation are having far-reaching effects on disposable income for prospective tourists from the Chinese mainland. “Travel agents have…
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Foreign investments bolster Thai economy with 58.9 billion baht boost
From January through July of this year, Thailand welcomed a foreign investment sum of 58.9 billion baht. A notable chunk of this influx originated from Japan, whose companies lavished the largest amount of capital on developing their businesses within Thai borders. Estimates suggest that the Japanese investors led the pack with a total outlay of 19.9 billion baht. They were…
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Thailand’s insurance sector embraces digital revolution to boost resilience and consumer experience
Thailand’s insurance sector is adopting digital tech to tackle artificial intelligence (AI) and cyber threats and deal with the medical costs of the nation’s ageing population. Further steps were taken to boost industry strength and user experience. The strategy is headed by the Office of the Insurance Commission (OIC). Suthiphon Thaveechaiyagarn, the OIC secretary-general, disclosed that the first part of…
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Thai baht instability rises due to political unrest
Political unrest is heightening baht oscillations against the US dollar, as Thailand finds itself without a stable government, the head of the Bank Thailand asserts. This turbulence introduces a greater risk factor amongst investors who are observing the foreign exchange rate, particularly between the baht and the US dollar, in light of Thailand’s current political developments. Post Thailand’s General Election…
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Sweet success: Thai fruit exports to China ripe with growth, thanks to fast track on China-Laos Railway
Thai fruit exports to China experienced a significant surge in the first five months of this year, growing by a staggering 365%. This upswing is predominantly accredited to the utilisation of the China-Laos Railway for transit, which has resulted in a significantly reduced delivery duration and leveraged the benefits of free trade deals, according to sources yesterday. The railway route…
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Map Ta Phut port to see third phase by 2027, IEAT confident
Reports from Thailand indicate that the Industrial Estate Authority of Thailand (IEAT) remains optimistic about presenting the third phase of development of the Map Ta Phut deep-sea port in Rayong by the year 2027. The port, a notable part of ongoing development in the Eastern Economic Corridor (EEC), is seen as an essential addition to Thailand’s infrastructure. Map Ta Phut…
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Grab Thailand partners with Alipay, Kakao Pay to appeal to Chinese, Korean tourists
Grab Thailand is entering a strategic alliance with Alipay and Kakao Pay to expand the payment alternatives available to Chinese and South Korean tourists who visit the country, an announcement from the company relayed. As the Thai tourism sector remains buoyant, Grab has identified Chinese tourists as pivotal to its strategy for this year. Worachat Luxkanalode, Country Head of Grab…
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