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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Top 5 social media marketing companies in Thailand
As a business owner, you probably already know that social media has become an essential tool to reach new customers. According to the 2023 Social Media Marketing Industry Report, the majority of marketers reported positive outcomes from their social media...
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B.Grimm Power play: Profits surge with plans to expand in future
Multinational conglomerate B.Grimm Power Plc (BGRIM) reported a robust performance with a significant increase in normalised net profit for the first half of this year, alongside ambitious plans to enhance investment partnerships and expand its renewable energy portfolio. BGRIM President Harald Link highlighted that the normalised net profit attributable to the parent company rose by 2.3% year-on-year, reaching 1.09 billion…
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TikTok Shop live commerce surges: 500% growth goes viral
TikTok Shop has achieved over 500% growth in gross merchandise value (GMV) in live commerce over the past eight months, despite economic challenges, the social media platform revealed. The platform plans a substantial investment in discount promotional campaigns to boost domestic consumer spending in the final quarter of this year. This investment will surpass last year’s efforts to compete with…
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Thailand urged to expand tax cuts for rooftop solar panels
The IEEE Power and Energy Society in Thailand is urging the government to expand its new tax reduction scheme for rooftop solar panel installations, aiming to boost the adoption of clean energy. Designed to offer tax incentives to 90,000 households from this year to 2027, the scheme is awaiting final approval within the second half of the year. Households purchasing…
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Cryptos surge as BNB leads with 89.6% gain in 2024
Cryptocurrencies are experiencing a resurgence despite global economic challenges and geopolitical uncertainties, emerging as top-performing assets in the first seven months of 2024. Nvidia, one of the Magnificent 7 tech stocks on the US stock exchange, also ranks highly. Binance Coin (BNB) led the cryptocurrency returns this year with an impressive 89.6% gain as of July 22. Bitcoin followed with…
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Thai Vietjet takes off: Targets nearly 8 million passengers this year
Low-cost airline Thai Vietjet aims to attract nearly eight million passengers this year by enhancing aircraft utilisation and increasing flights on existing routes, with plans to introduce new Boeing 737 Max jets next year. Thai Vietjet Chief Executive Woranate Laprabang highlighted that the visa-free scheme has significantly boosted demand on international routes, particularly to China. The airline operates flights to over…
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Thai baht rally faces threats amid political drama and bank policy
Thailand’s recent baht rally faces a rocky road as the country dives into political chaos just before the central bank’s policy meeting this week. Since July, the baht has been a star performer, climbing up the ranks as tourism bounced back from a near two-year low against the US dollar in May. But this impressive upswing could be at risk…
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Thailand’s food exports to rise by 8.8%, hitting 1.6 trillion baht
Thailand’s food exports are set to rise by 8.8% year-on-year, reaching 1.6 trillion baht this year, according to the National Food Institute (NFI). This growth is largely attributed to increasing global demand and a decline in raw material prices, said the President of the NFI, Supawan Teerarat. “Raw materials such as tuna, sugar, soybeans, and wheat have seen a price…
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Thailand aims to become global financial hub
Thailand is making strides towards becoming a global financial hub by focusing on five key industries: banking, securities, derivatives, digital assets, and insurance. This move comes in the wake of the 1997 Asian financial crisis, as the nation aims to build a resilient financial infrastructure and elevate its status on the global stage. Caretaker Finance Minister Pichai Chunhavajira highlighted the…
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Thai Lion Air expands fleet, aims for 7 million passengers
Thai Lion Air is expanding its fleet and reinstating routes in response to rising tourism demand, aiming for 6-7 million passengers and achieving its first post-pandemic profit. Thai Lion Air chief Nuntaporn Komonsittivate made known that domestic and international routes have recovered by 60%, supported by an increase in operational jets to 20 from 11 in recent years. The average…
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Le Pan’s big rise: CPRAM factory to bake up 20% market share
A leading ready-to-eat food manufacturer CPRAM Co Ltd, and owner of the Le Pan Bakery brand under the Charoen Pokphand Group inaugurated a new factory in Chon Buri in a bid to capture a 20% market share in the Thai bakery sector this year. CPRAM President Wisade Wisidwinyoo announced that the new facility, valued at 2 billion baht, boasts a…
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Soaring high: Thai AirAsia’s stunning turnaround in 2024
Asia Aviation (AAV), the proud sole shareholder of Thai AirAsia, unleashed its operational results for the first half of 2024, boasting an impressive financial recovery. The figures are staggering, with revenue from sales and services soaring to 25,279 million baht, marking a 32% year-on-year increase. AAV’s profit from core operations skyrocketed by a jaw-dropping 1,015%, reaching 1,950 million baht from…
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Japan invited to supercharge Thailand’s Red Line railway network
In a strategic move to bolster Thailand’s railway infrastructure, the Ministry of Transport extended an invitation to Japanese companies to invest in the extension networks of the Red Line electric train system. Transport Minister Suriya Jungrungreangkit welcomed the newly appointed Japanese ambassador, Otaka Masato, during a media briefing yesterday, August 14, highlighting the potential for enhanced transport cooperation between the…
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Mercedes-Benz shifts into high gear with ByteDance partnership
Mercedes-Benz is revving up its tech game by teaming up with ByteDance’s cloud division, Volcano Engine, to explore cutting-edge large language models (LLMs), generative artificial intelligence (AI), and big data. This turbocharged collaboration aims to supercharge Mercedes-Benz’s in-car systems in China with ByteDance‘s advanced LLM technology, giving their virtual assistants a full-throttle upgrade. According to both companies, ByteDance’s LLMs will…
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GMM Music partners with Warner Music Asia in massive deal
GMM Music announced a strategic investment partnership with Warner Music Asia (WMA), one of the world’s leading music industry giants. WMA will invest 370 million baht in cash and provide a minimum guarantee payment of 315 million baht to accelerate GMM Music’s growth and expand the Thai music industry, the largest in Southeast Asia, to a global market. Chief Executive Officer…
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Bridge Alliance and Deutsche Telekom spark a new IoT connection
Bridge Alliance, the heavyweight coalition of telecom giants, has just struck a blockbuster deal with Deutsche Telekom AG, Europe’s telecom titan. This game-changing partnership aims to turbocharge growth in the booming Internet of Things (IoT) sector. With Deutsche Telekom on board, Bridge Alliance’s roster balloons to 35 operators, now covering over 100 markets and reaching more than a billion customers…
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Thailand bank loan growth forecast cut to 1.5% for 2024
Kasikorn Research Centre (K-Research) reduced its overall loan growth projection for the banking industry in 2024 to 1.5%, down from the earlier forecast of 2.5-3.5%. This adjustment reflects borrowers’ diminished ability to access credit amid slower economic growth. K-Research’s updated assessment, released yesterday, August 13, indicates that banks’ lending expansion this year will be primarily driven by business loans, with…
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Wallet watch: Thai restaurants hungry for details on digital handout
Restaurant owners are on tenterhooks, waiting for vital details on the government’s digital wallet handout scheme. The Thai Restaurant Association reveals that operators are eagerly anticipating specifics on how they can use and convert digital cash. President Thaniwan Kulmongkol says restaurateurs are frustrated by the delay, as the Commerce Ministry has scrapped the August 5 press conference meant to explain…
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Thailand poised to profit amid US-China trade war
Thailand might be about to cash in on the US-China trade war. According to the Office of Industrial Economics (OIE), the ongoing clash between Washington and Beijing could see a major boost in Thai exports as American buyers look to replace Chinese shipments that are in jeopardy. OIE Director-General Warawan Chitaroon stated that Thailand is a key manufacturing nation in…
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Tesla’s Thailand gamble: EV plans still in the slow lane
Tesla’s investment plans in Thailand remain uncertain as the Government of Thailand awaits confirmation from the United States-based electric vehicle (EV) maker. Government spokesperson Chai Wacharonke highlighted that Tesla is reassessing its global investment strategy, which has been affected by slowing sales growth and intense competition, particularly from Chinese EV manufacturers. Reports suggest Tesla aims to concentrate on its existing…
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Thai PM orders swift action on Chinese goods influx
Prime Minister Srettha Thavisin tasked Commerce Minister Phumtham Wechayachai with fast-tracking measures this month to tackle the surge of Chinese goods into Thailand. Following the weekly Cabinet meeting held yesterday, August 13, PM Srettha announced that the Commerce Ministry would spearhead efforts to prevent substandard goods from entering the country. This initiative will be a collaborative effort with the Finance…
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Thailand’s tourism boom: Revenue set to soar to 2.8 trillion baht
Hold onto your sun hats! Thailand’s tourism sector is on the brink of a massive surge in the latter half of the year, with an eye-popping revenue forecast of 1.46 trillion baht. That’s set to push the annual total to a whopping 2.8 trillion baht—up a staggering 25% from last year, according to the Tourism Authority of Thailand (TAT). The…
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Thai rice faces sticky situation as Vietnamese rice steals the show
Rice exporters are sounding the alarm over the possible disappearance of local Thai rice varieties, as farmers increasingly switch to a Vietnamese strain celebrated for its soft texture. Charoen Laothamatas, President of the Thai Rice Exporters Association, raised concerns about the dire state of the industry. Production of beloved Thai varieties like Pathum Thani fragrant rice and KB 79 has…
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Thailand aims to be global tech talent hub by 2030
Thailand is on the brink of becoming a global hub hotspot, thanks to its strategic location, abundant resources, and savvy policies aimed at drawing in young professionals, according to industry bigwigs. The strategy, highlighted at the Techsauce Global Summit 2024 Home for Tech Talent panel, seeks to boost knowledge transfer and export future talent. Karndee Leopairote, chief of foresight and…
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MG to produce hybrid electric vehicles in Chon Buri next year
Thailand’s hybrid electric vehicle (HEV) market is set to witness heightened competition as automakers roll out investment plans. The Chinese-Thai joint venture SAIC Motor-CP and MG Sales (Thailand) announced their intention to produce HEVs under the MG brand in Chon Buri by next year. MG is capitalising on a burgeoning domestic market for HEVs, spurred by the Board of Investment’s…
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Mc Group forecasts 4 billion baht revenue, targets Gen Y and Z
The well-known creator and distributor of Mc Jeans, Mc Group Plc, anticipates its revenue to hit 4 billion baht this year, with a strategic focus on engaging Generation Y and Z to fuel its growth. The Chief Executive James Richard Amatawiwat acknowledged the competitive nature of the market this year but expressed confidence in the company’s ability to stay ahead…
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OIC plans committee to oversee actuaries’ licences in Thailand
The Office of the Insurance Commission (OIC) is contemplating the establishment of a screening committee empowered to suspend or revoke the licences of actuarial mathematicians in a bid to mitigate risks to insurance firms and policyholders. Assistant Secretary-General of the OIC, Ayusri Kambamlue, stated that the office aims to enhance the protection of insured individuals’ benefits and elevate actuarial standards.…
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Thai banks brace for rising credit risk amid global uncertainties
Large local banks foresee their corporate clients grappling with significant challenges in the second half of the year due to global uncertainties and concerns over a potential US recession. Banks aim to manage asset quality to mitigate rising credit risk among certain customer segments. The Chief Executive of Siam Commercial Bank (SCB), Kris Chantanotoke, highlighted that some corporate customers will…
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Thailand targets 1 trillion baht milestone for crop revenue
The Commerce Ministry has urged Thai conglomerates and government bodies to collaborate on purchasing economic and secondary crops, targeting a revenue milestone of 1 trillion baht this year. Commerce Minister Phumtham Wechayachai highlighted that the agriculture sector supports approximately 27 million people, accounting for around 40% of the labour force. This includes 7.4 million households and encompasses key economic crops…
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Hyundai’s 1-billion-baht ‘charge’ lights up Thailand’s electric future
Hyundai Mobility Manufacturing (Thailand) is set to produce battery electric vehicles (BEVs) and batteries in Thailand by 2026, following the approval of its 1-billion-baht project by the Board of Investment (BoI). The announcement came after the project received approval under the second-phase electric vehicle (EV) incentive package, known as EV3.5, which was confirmed yesterday, August 8. The Thai government offers…
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Mortgage rejection rates to rise for homes under 3 million baht
Mortgage applications for homes priced below 3 million baht are expected to continue facing high rejection rates for the next two years due to a slowdown in the residential segment. A research centre under the Siam Commercial Bank Economic Intelligence Centre (SCBEIC), reports that house sales priced under 3 million baht in the Bangkok Metropolitan Region (BMR) are likely to…
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