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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With World Kindness Day just two days away on November 13, it’s the perfect time to reflect on how empathy and care can make a real impact, not just in our relationships but in our health, too. This day is...
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Thai content creator market valued at 45 billion baht in 2024
Tellscore Co Ltd, a Thai influencer marketing platform, has valued the local content creator market at 45 billion baht (US$1.3 billion) for this year, marking a 25 to 30% increase compared to last year. This growth is driven by surges in news, science, education, and family content. Suvita Charanwong, Chief Executive and co-founder of Tellscore, highlighted that despite Thailand’s sluggish…
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Bank of Thailand to appoint new chairman amid government push
The Bank of Thailand (BoT) board is set to appoint a new chairperson by early October, as announced by the head of the selection committee. This move comes as the government aims to exert more influence over the central bank following a prolonged public dispute over interest rates. Although the BoT chairperson does not have the authority to set interest…
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SCB predicts Bank of Thailand to lower rates by 0.25%
Siam Commercial Bank (SCB) anticipates the Bank of Thailand (BoT) will initiate a series of policy rate cuts starting later this year, potentially continuing into early next year. This move is expected to trigger a reduction in interest rates across the banking sector. SCB’s Chief Executive Kris Chantanotoke predicts the central bank’s Monetary Policy Committee will reduce the policy rate…
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Villa thrill-a: Russian buyers drive Phuket’s 2024 villa surge
Phuket’s villa market has seen a remarkable surge in the first half of 2024, surpassing the total launches for the entirety of 2023. For the first time in 15 years, the value of new villas has exceeded that of condominiums, driven primarily by robust demand from Russian buyers. Phattarachai Taweewong, director of the research department at property consultancy Colliers Thailand,…
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Temu’s impact on Thailand’s e-commerce market remains uncertain
Chinese e-commerce giant Temu‘s potential to impact the e-commerce market in Thailand and the region remains uncertain, according to market analytics firm Cube Asia. Sellers may need to brace for another price war if Temu sustains strong incentives and a low-price strategy, similar to the shifts seen with Shopee, Lazada, and TikTok Shop focusing on profitability. Simon Torring, co-founder of…
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Major Udon Thani pub to reopen after partners resolve dispute
A major pub in Udon Thani will reopen by the end of this month following a negotiation between its partners. Over 100 employees, left jobless by the sudden closure, can now look forward to returning to work. Employees from a prominent pub in Udon Thani municipality filed a complaint yesterday, September 2, with the Udon Thani Governor through the Damrongdhama…
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Phuket hotels see steady service charges and rising room rates
Phuket’s hotel industry will see stable service charge income and rising room rates during the upcoming peak season, according to the Phuket Hotels Association (PHA). PHA President Bjorn Courage noted that employment levels in Phuket’s 95-member hotels have fully rebounded post-pandemic. Typically, service charges account for 10% of paid room nights and are distributed monthly among all staff members. With…
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Central Fraud Register curbs mule accounts in Thai banking sector
The banking industry has taken a significant step towards curbing financial fraud by introducing a Central Fraud Register (CFR) system, designed to facilitate data-sharing and clamp down on mule accounts. In a joint effort with the Thai Bankers’ Association (TBA), the Bank of Thailand (BoT) began implementing this system last month, targeting the prevention and eradication of financial fraud related…
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Second-hand tsunami: Used car flood drives Thai sellers to despair
A torrent of high-quality used cars flooding the market might sound like a bargain hunter’s dream but it’s turning into a nightmare for sellers. While buyers drive off with the deals, automakers in Thailand are hitting potholes trying to move new stock, and used car dealers are struggling to keep sales engines running. The second-hand car market skidded to a…
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Rising tourism in Thailand to boost sluggish motorcycle market
Increased tourism activity later this year is anticipated to boost Thailand’s domestic motorcycle market, which has experienced sluggish sales in the first seven months of 2024, according to the Federation of Thai Industries (FTI). Surapong Paisitpatanapong, Vice-Chairman of the FTI and spokesperson for its Automotive Industry Club, stated that the number of foreign tourist arrivals is on the rise and…
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Aircraft shortage delays launch of Thailand’s Really Cool Airlines
The worldwide aircraft shortage has led to a delay in the launch of Really Cool Airlines in Thailand. The airline, headed by chief executive Patee Sarasin, is finalising a lease agreement for two Airbus A330 aircraft, with delivery now expected by the end of this year rather than the initially planned first half. Commercial airlines are struggling to acquire aircraft…
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Thai steel firms request BoI incentives for eco-project
Thai steel manufacturers G Steel and GJ Steel are actively seeking investment incentives from the Board of Investment (BoI) to support a 4.5 billion baht development project. This initiative aims to tackle the challenges plaguing the local steel market while minimising carbon dioxide emissions. The founder and honorary chairman of both companies, Somsak Leeswadtrakul, revealed that despite employing over 1,000…
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Malaysia Airlines cuts network capacity by 20% amid shortages
Malaysia Aviation Group (MAG), the parent company of Malaysia Airlines, announced a 20% reduction in network capacity across its airlines for this year due to shortages in planes, labour, and parts. This decision affects domestic flights and routes in Southeast Asia, North Asia, Australia, New Zealand, mainland China, South Asia, and the Middle East. The group, which also includes Firefly…
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Central Pattana reveals global expansion strategies at key event
Central Pattana (CPN) has showcased its strategies for business expansion on a global platform. The Head of Business Development Strategy at CPN, Kunayudh Dej-udon, presented at a session titled, A Playbook to Scale Up Beyond Borders. “Our core strength in developing physical space goes beyond merely developing new projects in prime locations. We consistently meet the needs of people and…
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Commerce Ministry cracks down on hidden foreign ownership
The Commerce Ministry intensifies its scrutiny of businesses allegedly using Thai nominees to hide foreign ownership, focusing on sectors like tourism, real estate, and logistics. Auramon Supthaweethum, director-general of the Department of Business Development, stated that under the Foreign Business Act of 1999, foreign firms must secure permission as outlined in specific lists before starting operations. A Thai limited company…
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Krungsri’s card charge: Loan surge despite economic strain
The unsecured loan arm of Bank of Ayudhya, Krungsri Consumer, is predicting a spike in credit card loans in the second half of the year, despite the economy limping along and new rules raising the minimum payments. Currently, Krungsri’s non-performing loan (NPL) rate is a lowly 1.4%, far better than the industry average of 2.9%. Atis Ruchirawat, head honcho at…
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Thailand’s trade deficit with China rises 15.7% to US$20 billion
Thailand’s Trade Policy and Strategy Office (TPSO) raised alarms about the expanding trade deficit with China. Imports from China surged by 7.12% year-on-year in the first half of 2024, reaching US$37.6 billion (approximately 1.33 trillion baht). This spike resulted in a trade deficit of US$20 billion (around 720 billion baht), marking a 15.7% increase compared to the previous year. Smartphones,…
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SET unveils sustainable growth strategies amid global challenges
The Stock Exchange of Thailand (SET) has unveiled three core strategies to foster sustainable growth within the Thai capital market amid challenging global financial conditions and political uncertainties. This initiative aims to enhance inclusivity within the market. SET chairman Kitipong Urapeepatanapong, addressing the Thailand Focus 2024: Adapting to a Changing World seminar, highlighted the strategic pillars: bolstering reliability and trust,…
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Thailand anticipates 2 million Korean tourists amid Chuseok holiday
Thailand is gearing up for a significant influx of South Korean tourists during the upcoming six-day Chuseok holiday, aiming to maintain a strong momentum as the country anticipates a record high of 2 million Korean visitors by the end of the year. Tourism operators in Thailand remain confident despite fierce competition from Vietnam and Japan in attracting Korean tourists. Chuwit…
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Kenyan envoy urges stronger Thai-African trade and academic ties
Thailand and African nations should enhance bilateral trade, investment, and academic exchanges to foster stronger ties and expand business prospects, according to Kenyan ambassador to Thailand, Kiptiness Lindsay Kimwole. Speaking at a press conference yesterday, August 28, Kimwole, who also serves as the dean of the African Ambassadors’ Group, advocated for increased Thai investment in Africa. His comments were made…
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Thai central bank may cut rates if digital wallet delayed
The Bank of Thailand might be compelled to reduce the policy rate earlier than anticipated if the new government opts to postpone the digital wallet policy slated for the fourth quarter. Analysts warn this delay could significantly impact the Thai economy. Despite the central bank’s Monetary Policy Committee (MPC) maintaining the rate at 2.5% last week, BofA Securities highlighted that…
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Export-tional growth: July’s 15.2% surge is highest in 28 months
Exports in July surged by 15.2%, marking the highest growth rate in 28 months, attributed to easing inflation and increased purchasing power among trading partners. Poonpong Naiyanapakorn, the Director-General of the Trade Policy and Strategy Office (TPSO), reported that July’s exports rose by 15.2% to US$25.7 billion (938 billion baht), primarily driven by the cooling global inflation, which considerably enhanced…
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Thailand’s female CEOs soar but the gender equality gap remains
Thailand’s female business leaders are smashing glass ceilings at an impressive rate, but the country’s gender equality struggle is far from over. With 32% of senior leadership positions in Thai businesses held by women, compared to a global average of 27%, Thailand boasts one of the highest ratios of women CEOs in the world. Nearly 90% of businesses in Thailand…
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Most Thai listed companies report Q2 this year profits
Thailand’s stock exchange disclosed that 819 out of 856 listed companies have submitted their second-quarter financial results for this year, with 631 reporting net profits. This represents a significant 77.05% of the companies that submitted financial statements. The Stock Exchange of Thailand (SET) has seen continuous growth in the second quarter of this year. Sales for listed companies in the…
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Thailand’s household debt growth slows amid stricter loan criteria
Household debt growth in Thailand decelerated in the first quarter of this year, partly due to stricter loan criteria imposed by financial institutions, the National Economic and Social Development Council (NESDC) announced. The NESDC Secretary-General, Danucha Pichayanan, reported that household debt reached 16.3 trillion baht in the first quarter of 2024, marking a 2.5% increase, which is a slowdown from…
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Thailand’s new anti-smoking rule burns Thai vendors’ profits
Thailand is stepping up its fight against smoking with a hard-hitting new regulation that could hit vendors where it hurts—right in the wallet. Starting last Wednesday, August 21, retail sellers of cigarettes and tobacco are now required to display posters warning of the severe dangers of smoking, or they could be slapped with a fine of up to 5,000 baht.…
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Mae Moh gets a farm makeover: Modern methods in full bloom
The Mae Moh Agricultural Community in Lampang Province is witnessing a significant transformation in its farming practices, focusing on modern and sustainable methods. Red oak, green oak, kale, cos, frisée iceberg, and other fresh vegetables are thriving in the community’s plots, ready for harvest. This shift towards a modern farming model is a step towards Smart Farming for the region.…
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Thai regulators intensify fight against illegal securities trading
Stock market regulators intensified their collaboration with the Anti-Money Laundering Office (AMLO) to combat illegal securities trading, aiming to dismantle criminal economic activities and boost investor confidence in the Thai capital market. A memorandum of understanding (MoU) signed yesterday, August 26, between the Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) marks a significant step towards…
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Western Digital to invest 23 billion baht in Thai expansion
Western Digital Storage Technologies (Thailand) received investment incentives from the Board of Investment (BOI) for a 23-billion-baht expansion aimed at capitalising on the burgeoning cloud and data centre industry. Western Digital, commonly known as WD, will utilise the new investment to enhance its production facilities located at Bang Pa-in Industrial Estate in Ayutthaya and the 304 Industrial Park in Prachin…
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Thailand bids for 2030 Youth Olympics to boost sports industry
Two weeks after the Games of the XXXIII Olympiad concluded, Thailand is reiterating its commitment to bidding for the 2030 Youth Olympic Games, viewing it as a pivotal opportunity to advance its sports industry and generate revenue. The Governor of the Sports Authority of Thailand (SAT), Kongsak Yodmanee, stated that one of SAT’s missions is to promote sports within Thailand…
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