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 The real cost of being a digital nomad in Thailand
Thailand is a popular destination for digital nomads, known for its affordable living, lively culture, and modern facilities. With its warm climate, great food, and friendly communities, it's an ideal place for remote workers to balance work and travel. However,...
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Thai coalition parties propose zero-based budgeting for efficiency
The implementation of zero-based budgeting (ZBB) has been proposed by the Move Forward Party (MFP) as part of a 23-point memorandum of understanding signed by eight political parties seeking to form a new coalition government. The MFP argues that the current budgeting system fails to address the public’s needs due to bureaucratic hurdles. ZBB requires state officials to justify expenses…
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Bangkok’s YMID initiative drives Thai medical innovation to meet Asian demand
The National Innovation Agency (NIA) is continuing to push forward the Yothi Medical Innovation District (YMID) initiative in Bangkok, aiming to meet the growing demand for a central medical hub in Asia, according to NIA’s executive director, Pun-Arj Chairatana. Situated in Bangkok’s Yothi neighbourhood, the YMID project seeks to decrease imports of medical innovations and establish a Thai medical innovation…
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Inflation plummets to 21-month low in Thailand as fuel and electricity prices drop
Inflation in Thailand reached its lowest point in 21 months last month, primarily driven by declining fuel prices and electricity bills, along with a higher price base in May of the previous year. Experts predict that the inflation rate will further decrease throughout June. Wichanun Niwatjinda, deputy director-general of the Trade Policy and Strategy Office, expects inflation for June to…
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Foreign investors sell 100 billion baht in Thai stocks and shares amid global rate rise
In the first five months of this year, foreign investors offloaded almost 100 billion baht worth of Thai shares, with 33.4 billion baht sold in May alone, due to increasing global interest rates and uncertainties surrounding the formation of a new government. Despite this, the Stock Exchange of Thailand (SET) expressed optimism yesterday, believing that the recent easing of the…
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Shanghai court freezes £200m in Dalian Wanda unit shares
A Shanghai court has imposed a freeze on 1.98 billion yuan (US$278.18 million) worth of shares in a subsidiary of Dalian Wanda Group, the largest commercial property developer in China. The affected shares were issued by Dalian Wanda Commercial Management Group, the property management division of Dalian Wanda Group. Two court notices, dated June 5, revealed that the shares were…
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OECD warns Vietnam on handouts to offset global tax rule impact
The Organisation for Economic Cooperation and Development (OECD) has expressed concerns over Vietnam’s plan to provide subsidies to large companies to offset higher taxes under the new global tax rules. A person familiar with the discussions revealed that the OECD warned Vietnam of the risks posed by such arrangements, potentially undermining the purpose of the tax reform. Last week, Reuters…
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Asia-Pacific stocks rise on China stimulus hopes and Wall Street gains
Asian-Pacific stock markets experienced gains on Wednesday, as expectations for economic stimulus from China and Wall Street’s overnight gains boosted investor sentiment. The MSCI’s broadest index of Asia-Pacific shares outside Japan rose by 0.7% in the morning, with China’s benchmark equity index increasing by 0.3% and Hong Kong’s Hang Seng adding 1.2%. This comes after China reportedly requested major banks…
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Thailand’s TPIPP allocates 14 billion baht to phase out coal by 2026
TPI Polene Power Plc (TPIPP), the leading waste-to-energy project developer and operator in Thailand, is set to continue its five-year capital expenditure plan of 14 billion baht. The plan, which began last year, aims to replace coal usage with renewable energy sources and increase the company’s power generation capacity. TPIPP has earmarked 3 billion baht for projects focused on reducing…
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EU mulls mandatory ban on high-risk 5G firms like Huawei
The European Union is contemplating a compulsory prohibition on member states utilising firms that may present a security threat in their 5G networks, which includes China’s Huawei Technologies, according to the Financial Times. This decision is a reaction to growing apprehensions in Brussels regarding specific national governments postponing measures on the issue, as reported by officials. In 2020, the EU…
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Thailand aims for 300k digital volunteers to boost village tech accessibility
A collaboration agreement between the Office of the National Digital Economy and Society Commission (ONDE) and nine other agencies was signed yesterday, aiming to increase the number of digital volunteers in Thailand to 300,000 by 2024. The primary goal is to enhance the accessibility and comprehension of digital technology among villagers across the country. The plan involves establishing a digital…
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Boeing halts 787 Dreamliner deliveries again due to manufacturing issue
Boeing announced on June 6 that the delivery of its 787 Dreamliner aircraft has once again been delayed due to a manufacturing issue. This is the latest in a series of setbacks that have affected the two-aisle jet. The company stated that it is currently inspecting fittings on the horizontal stabiliser, a part of the tail, for a “nonconforming condition.”…
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TSMC’s German chip factory talks progress, subsidy negotiations ongoing
Taiwanese chipmaker TSMC has expressed optimism regarding ongoing talks to establish its first European factory in Germany. The company has been in discussions with the German state of Saxony since 2021 about constructing a fabrication plant in Dresden. The European Union recently approved the EU Chips Act, a US$46.07 billion subsidy plan aimed at doubling the region’s chipmaking capacity by…
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Chinese suppliers protest Changan’s 10% payment cut amid price war
In the wake of an ongoing price war among automobile manufacturers in China, Chongqing Changan Automobile, a state-owned automaker, has faced backlash from its suppliers after cutting their payments by 10%. The suppliers claim that they are being unfairly forced to bear the brunt of the intense competition in the world’s largest auto market. Since January, over 40 brands have…
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Asian nations revive Mice industry, Taiwan focuses on preferred destination
As the demand for on-site meetings, incentives, conferences, and exhibitions (Mice) activities recovers following the pandemic, Asian countries are preparing their exhibition venues and marketing strategies to welcome international visitors. Northeast Asia has shown significant enthusiasm, with South Korea’s Busan bidding for the World Expo 2030 and Hong Kong unveiling the West Kowloon Cultural District, a 40-hectare area designed to…
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WHAUP eyes Vietnam wind, solar assets to meet rising energy demand
WHA Utilities and Power (WHAUP), a subsidiary of Thailand’s largest industrial land developer and operator, is set to acquire wind and solar power generation facilities in Vietnam with a capacity of 50-100 megawatts. This move aims to capitalise on the increasing energy demand in the country. The acquisition is expected to be finalised by the end of the year, according…
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Thai future food industry targets 5% growth amid health and eco trends
The Thai future food industry is expected to see a 5% growth this year, as the demand for healthier and more environmentally friendly food options rises. Visit Limlurcha, president of the Thai Future Food Trade Association, highlights the potential for export growth due to global trends that are bringing about significant changes in production, economies, lifestyle, society, and behaviour. From…
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Saudi Arabia announces fresh oil output cut amid recession fears
Riyadh unveiled a new oil output reduction on Sunday after a gathering of major producers focused on supporting prices despite concerns over a potential recession. The meeting involved the 13-member Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its 10 partners, including Russia, and featured intense negotiations. Saudi Arabia announced a fresh cut of one million…
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Bank of Thailand likely to hike rates amid inflation concerns
Inflation concerns prompt predictions of further Bank of Thailand rate hikes this year, as the nation’s economy recovers. Siam Commercial Bank’s research unit, SCB Economic Intelligence Center (EIC), anticipates the central bank’s Monetary Policy Committee (MPC) will increase its policy benchmark rate by a quarter percentage point in both August and September, bringing it to 2.5% from the current 2%.…
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BAFS targets 7.5 billion baht revenue by 2026 with renewable energy focus
Bangkok Aviation Fuel Services Plc (BAFS) is predicting its revenue to hit 7.5 billion baht by 2026, with a significant boost from its diversification into renewable energy development. Although the jet refuelling service, which has bounced back from pandemic-induced losses over the past three years, remains the company’s primary focus, its earnings proportion is expected to decrease. BAFS estimates that…
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Lee Kum Kee eyes Thai ready-to-eat market expansion (video)
Asian sauce and seasoning manufacturer Lee Kum Kee Sauce Group is exploring opportunities to enter Thailand’s ready-to-eat food market through collaborations with local partners. Having been in the industry for 135 years, the company recognises the growth potential in this sector as it caters to the demands of busy consumers seeking convenience. Cheryl Chan, the regional marketing director of Mahsuri…
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Asian stocks surge as us debt default averted
Asian stocks experienced gains on Friday, following the US Senate’s approval of legislation that prevents a US debt default. The possibility of the US Federal Reserve deciding against raising interest rates this month also contributed to the positive sentiment. Last week, Thai shares fluctuated between 1,521.31 and 1,545.55 points, eventually closing at 1,531.20 on Friday, marking a 0.024% increase from…
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Thai tourism risks missing Indian visitor target due to visa delays, taxes
Tourism operators catering to Thailand‘s Indian market have expressed concerns over the potential impact of slow visa application processing, high airfares, and an increase in outbound tax rates from India on visitor numbers to Thailand. These factors could contribute to the Thai government failing to achieve its target of attracting 2 million Indian tourists this year. Enchantive Asia’s chief executive…
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HSBC Thailand seeks licence, raises capital for local business expansion
In preparation for local business expansion, HSBC Thailand is working to raise additional funds and secure a new licence, in line with the nation’s economic growth. The bank’s capital is set to increase by 3.1 billion baht, reaching 25.7 billion, according to chief executive Giorgio Gamba. Furthermore, HSBC Thailand is seeking a new business licence from the regulator to bolster…
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Manufacturing Expo 2023 eyes 6 billion baht business deals at Bangkok event
Exhibition organiser RX Tradex is gearing up to facilitate business matching deals worth an estimated 6 billion baht during the Manufacturing Expo 2023, which is set to take place later this month in Bangkok. The event will showcase new Thai manufacturing trends and is anticipated to boost investment in the country, according to Varaporn Dhamcharee, the managing director of RX Tradex.…
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Thai stock market suffers as Stark Corporation defaults
Investors were cautioned by stock market regulators regarding Stark Corporation’s shares, as the company is expected to default on payments for corporate bonds valued at nearly 9.2 billion baht. Following a bondholders’ meeting, Stark announced its intention to “call default” on two bond series worth 2.24 billion baht within a month, raising concerns about the company’s ability to pay for…
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Minor Hotels to reach 600 properties amid optimistic tourism outlook
Minor Hotels is set to expand its portfolio to 600 properties across 59 countries, with over 91,000 rooms this year, as the global tourism industry shows signs of recovery following the easing of Covid-19 infections. Dillip Rajakarier, Group Chief Executive of Minor International Plc and Chief Executive of Minor Hotels, believes that pent-up demand will drive the industry for years,…
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Thai digital industry sentiment hits three-year high amid economic recovery
A recent survey by the Digital Economy Promotion Agency (Depa) revealed that the Digital Industry Sentiment Index has risen above the 50-point threshold for the first time in a year, reaching a three-year high. The index reached 54.0 during the first quarter, up from 49.0 in the final quarter of 2022, indicating increased confidence among entrepreneurs as Thailand‘s economy recovers…
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Shocking surge: Chinese EV makers eyeing membership in FTI
Chinese electric vehicle (EV) makers are expressing interest in joining the Federation of Thai Industries (FTI) to support the growth of Thailand’s emerging EV sector. The FTI is currently in discussions with Chinese automobile manufacturers and aims to reach a decision shortly, according to Surapong Paisitpatanapong, vice-chairman of the FTI and spokesman for the FTI’s Automotive Industry Club. He said……
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Thai rubber industry gets 2 billion baht boost to increase global competitiveness
The Thai Finance Ministry has joined forces with the Thai Chamber of Commerce, and the Rubber Authority of Thailand to launch the Capital Flow in Rubber Industrial Estate project, aimed at enhancing the competitiveness of businesses in the rubber supply chain on a global scale. The rubber and rubber product exports amount to over 680 billion baht annually, with more…
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Thailand’s PC market set for 7.9% growth amid business transformation demand
The personal computer (PC) market in Thailand is predicted to expand by 7.9% this year, driven by the increasing demand from businesses seeking digital transformation, according to IDC Thailand’s market analyst. The first quarter of 2023 saw the market contract by 20.3% year-on-year, but it experienced a 12.9% growth quarter-on-quarter due to consumer spending through the government’s “Shop Dee Mee…
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