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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Thai factory closures, a victim of Chinese imports surge
Chinese electric vehicle (EV) manufacturer BYD recently opened its inaugural Southeast Asian factory in Thailand, garnering considerable attention and praise for the country’s industrial foresight. However, this development also adversely affected long-established Japanese automakers, leading to a ripple effect across numerous Thai factories. A crucial development went relatively unnoticed as Suzuki Motor announced the closure of its Thai factory, with…
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Thailand disburses 3.48 trillion baht budget to boost economy
An injection of 3.48 trillion baht from the 2024 fiscal budget has finally been disbursed in the second quarter of this year, following delays that began on October 1 last year due to political setbacks after the General Election in May 2023. With economic growth stagnating, public expenditure is seen as a crucial factor to revive subdued private spending and…
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Thailand energy, finance, tourism to boost revenue in fiscal 2024
Energy businesses, financial institutions, and tourism are expected to be the primary revenue contributors for the Revenue Department this year, according to its chief. These sectors have shown strong performance and are anticipated to generate significant tax revenues during the first nine months of fiscal 2024 (October 2023 to June 2024). Revenue Department Director-General Kulaya Tantitemit highlighted that while these…
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Thai woman’s 307,000 baht debt sparks social media advice
A woman’s struggle with debt totalling 307,000 baht recently gained significant attention on social media. Earning 22,000 baht per month, she allocates 6,000 baht for rent and 3,000 baht for motorcycle loan payments. The debt, arising from six unsecured loans including credit cards and personal loans, spans multiple financial institutions. Details on monthly instalments, interest rates, or the status of…
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Centara ranked as Thailand’s strongest brand two years in a row
Centara Group has been recognised as “Thailand’s Strongest Brand” for the second year in a row by the Brand Finance Thailand 50 report. This achievement follows a series of domestic and global success as Centara continues to expand their hotel and resort locations. The Thailand 50 report Brand Finance is an international brand evaluation and consultancy agency which independently assesses…
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Thai auto parts makers pivot to medical devices amid EV shift
The Federation of Thai Industries (FTI) plans to present a proposal to the government this month aimed at bolstering the local medical device business. This initiative seeks to assist auto parts manufacturers in diversifying their operations amid the vehicle industry’s transition to electric vehicle (EV) technology. The shift in the industry provides an opportunity for auto parts makers, particularly those…
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Pink Line monorail to boost traffic to Mueang Thong Thani
Bangkok Land, a publicly traded company, anticipates that the Pink Line monorail will boost traffic and increase the occupancy rate of its exhibitions to 70% within five years. Chief Executive of Bangkok Land and operator of Impact Exhibition Management, Paul Kanjanapas reported that in the first half of the year, the company’s food, retail, and exhibition sectors met their growth…
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Chinese foreign minister calls for ASEAN regional cooperation
During a meeting between the Thai and Chinese foreign ministers to discuss the consultation mechanisms between the two nations, Chinese Foreign Minister Wang Yi emphasised the importance of upholding the ASEAN-centered East Asian regional cooperation framework and rejecting exclusive small circles. Wang and Thai Foreign Minister Maris Sangiampongsa co-chaired the second meeting between the foreign ministers. This two-day visit marked…
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Minor International celebrates sustainable business achievements
Minor International (MINT) is celebrating the efforts of businesses who have committed to sustainable growth and operating ethically. MINT, a Thai multinational company, specialises in hospitality, restaurant and lifestyle businesses located across 63 countries. Serving customers from the Asia-Pacific all the way to the America’s, MINT’s business portfolio consists of thousands of providers of food, hotels and tourism experiences. Seeing…
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Vietnam Airlines surges 179%, top-performing airline stock in 2024
Vietnam Airlines made a remarkable return to profit, emerging as the world’s best-performing airline stock this year. The state-owned carrier soared to 179% in 2024, buoyed by a resurgence in travel demand. This surge in performance has allowed the airline to post a significant first-quarter profit, breaking a streak of over four years of consecutive losses. This turnaround is particularly…
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Thai investor confidence remains neutral for 5th month
The Federation of Thai Capital Market Organisations’ (FETCO) Investor Confidence Index (ICI) maintained its position in the neutral zone for the 5th consecutive month, registering 82.89 in June. The index, which forecasts market conditions over the next three months, highlights that stimulus measures and companies’ earnings reports could potentially boost investor sentiment in the latter half of the year. FETCO…
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Thailand woos Saudi investors with EV sector opportunities
Thai officials are set to attract Saudi Arabian entrepreneurs to invest in Thailand’s S-curve industries, particularly following their interest in the electric vehicle (EV) sector. Efforts to promote Thailand to potential investors will take place during a roadshow in Saudi Arabia, while also supporting Thai businesses aiming to expand into the Middle East, according to Narit Therdsteerasukdi, Secretary-General of the…
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Thailand vehicle sales plummet 24% as debt pressures rise
Thailand’s vehicle market faces a challenging 2024 as initial optimism fades amid weaker-than-expected sales and increasing debt pressures. Vehicle sales in Thailand declined sharply by 24% year-on-year in the first four months, totalling only 46,738 units, according to the Asean Automotive Federation (Asean Autofed). This marks a significant drop from the 59,530 units sold during the same period in 2023.…
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Thai-Philippine MoUs for rice exports worth 2.8 billion baht signed
The Commerce Ministry recently facilitated a significant trade development, leading a team of rice exporters to the Philippines and securing memorandums of understanding (MoUs) valued at 2.8 billion baht (US$77 million). Ronnarong Phoolpipat, Director-General of the Foreign Trade Department, headed the delegation, which included Charoen Laothamatas, president of the Thai Rice Exporters Association, during a visit from July 3 to…
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Seoul-searching: South korea & Thailand kickstart trade pact talks
The Trade Ministry of South Korea yesterday announced the initiation of negotiations with Thailand to establish an Economic Partnership Agreement (EPA) to enhance bilateral trade and investment. The South Korean delegation, headed by Deputy Minister for FTA Negotiations Roh Keon-ki, is set to engage in discussions with his Thai counterpart, Chotima Iemsawasdikul, in Bangkok through until tomorrow, as reported by…
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Baidu’s robotaxis face backlash from Wuhan taxi drivers
Baidu’s fleet of over 500 autonomous taxis (robotaxis) in Wuhan is rapidly attracting customers, despite backlash from locals and taxi drivers. The Apollo Go service, which launched in August 2022, has become so popular in this city of 13.7 million that local taxi drivers are now urging the municipal transport authority to limit its use. In late June, Wuhan Jianshe…
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CIMB Thai Bank predicts BoT policy rate cut to 1.5% by 2025
CIMB Thai Bank (CIMBT) predicts a significant reduction in the Bank of Thailand’s policy rate by one percentage point between December and next year, aligning with anticipated cuts in the US policy rate. Amonthep Chawla, the bank’s chief economist, stated that the Monetary Policy Committee (MPC) is likely to reduce the policy rate by 0.25 percentage points in December, bringing…
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E-Foreign Business service said to simplify foreign investments
The Department of Business Development (DBD) is set to launch a new online service this month, the e-Foreign Business is aimed at streamlining the process for foreign investors to apply for business permissions in Thailand. Director-General of the DBD, Auramon Supthaweethum highlighted that the new system is designed to shorten the processing time for business registrations and reduce the volume…
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Foreign funds return to Thai stocks amid Fed rate cuts
Foreign fund inflows show signs of returning to the Thai stock market in the second half of 2024, driven by the anticipated US Federal Reserve interest rate cut, a rebounding Thai economy, and the financial results of listed companies. Soraphol Tulayasathien, Senior Executive Vice-President, highlighted that developing countries are experiencing increased production capacity for exports, signalling a global economic recovery.…
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Pol-ishing Thais: Thailand, Poland to boost medical technology ties
Thailand and Poland, despite their close trade ties, are urged to enhance their business cooperation, particularly in the medical technology sector, according to Polish Ambassador Artur Dmochowski. During a seminar in Bangkok yesterday, July 9, Dmochowski highlighted Poland‘s desire to strengthen economic, commercial, and technological exchanges with Thailand. The event aimed to showcase advancements in Polish medical technology. The Polish…
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Asia Aviation sees record earnings from China, India travel surge
Asia Aviation Plc, Thailand’s largest low-cost airline operator, anticipates record earnings from core operations this year, driven by a significant increase in international visitors, which is boosting demand for seats and airfares. According to Chief Executive Officer Santisuk Klongchaiya, Thai AirAsia, the fully-owned budget airline unit of Asia Aviation, plans to increase flights to China and India to take advantage…
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Thailand’s oil reserves expansion faces financial challenges
Plans to bolster Thailand’s strategic petroleum reserve (SPR) are encountering pushback from industry executives due to financial constraints. Thailand’s Energy Minister, Pirapan Salirathavibhaga, spearheaded an initiative to increase national oil reserve security by expanding the SPR as detailed in the 2024 oil plan. Pirapan aims to increase Thailand’s oil reserves, both crude and refined, from 50 days to 90 days…
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Thailand targets top 20 ranking for Suvarnabhumi Airport by 2029
The Ministry of Transport is aiming to elevate Suvarnabhumi International Airport into the world’s top 20 airports by 2029, aligning with the government’s ambition to make Thailand a global aviation hub, according to government spokesperson Chai Wacharonke yesterday. Deputy Prime Minister and Transport Minister Suriya Jungrungreangkit set the target following Suvarnabhumi Airport’s ranking of 58th on the 2024 World’s Best…
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Reforming Thailand’s creative sector to boost economy globally
Thailand’s creative industry requires a comprehensive reform to foster growth both domestically and internationally, as emphasised by the soft power development subcommittee. The government has identified the creative sector as a crucial driver for economic enhancement and international recognition, leveraging Thailand’s soft power. The 5F approach, encompassing Thai food, films and videos, fabric and fashion design, martial arts, and traditional…
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Thailand proposes 75% foreign ownership in condos, extending leases to 99 years
The government’s proposal to increase foreign ownership quotas for condominiums to 75% and extend land leasehold terms to 99 years has raised concerns, though officials are downplaying potential negative impacts. Government spokesman Chai Wacharonke addressed these concerns in a Facebook post, asserting that regulations could be introduced to mitigate any adverse effects on Thai citizens. The proposal aims to raise…
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Thailand-China flights surge 213% after visa exemption deal
Flights between Thailand and China have surged to 55,000 in the past eight months, following the signing of a mutual visa exemption agreement, according to the Ministry of Transport. Deputy Transport Minister Surapong Piyachote reported that the 55,433 flights from October last year to May marked a 213% increase compared to the same period the previous year. He projected that…
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Thailand aims for 8 million Chinese tourists if airlines boost capacity
The Tourism Authority of Thailand (TAT) has stated that the goal of attracting 8 million Chinese tourists this year is attainable, provided airlines can increase seat capacity to over 80% of pre-pandemic levels. Chinese tourists had surpassed visitors from other countries by June 30, with 3.5 million arrivals out of a total of 17.5 million foreign visitors to Thailand. The…
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Spicy new arrival: Rosa’s Thai set to sizzle
Work is well underway as the launch of Rosa’s Thai restaurant at Chantry Place, Norwich, UK draws near, with eye-catching billboards now advertising the grand opening. This will be the first Rosa’s Thai in East Anglia, joining the ranks of 41 other locations across the UK. The new restaurant, which will employ a team of 25, is set to open…
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Fiorentine fusion: Ttalian-Thai forum sparks economic amore
The ninth annual Italian-Thai Business Forum (ITBF) was recently held in Florence, Italy, organised by the Thai Chamber of Commerce, the Thai Board of Trade, and the Italian Embassy in Bangkok, the event aims to bolster economic cooperation between the two nations, which have enjoyed 156 years of diplomatic relations. Business leaders from 16 Thai and 13 Italian companies attended…
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BYD opens first EV plant in Thailand, producing eight millionth car
BYD inaugurated its first electric vehicle (EV) manufacturing plant outside China in Rayong, Thailand, marking a significant milestone with the production of its eight millionth new energy vehicle. The new facility, located on a 600-rai (approximately 948,000 square metres) plot within the WHA Industrial Estate in Rayong, was officially opened yesterday, July 4. This marks BYD’s expansion into the global…
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