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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Thai Airways petitions overseas creditors not to confiscate its aircraft
Thailand’s beloved but beleaguered national carrier is appealing to creditors in Switzerland, Japan and Germany not to seize its aircraft, while a similar request is being prepared for US creditors. If each country’s court approves the petition, Thai Airways assets will be protected against seizure when they fly into their jurisdictions. In particular, the airline will not risk having its…
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Prison skill centres proposed to help former inmates find jobs
Finding a job can be difficult for someone who has just been released from prison. The Thai government wants to change that. They plan to build skill development centres for inmates and provide tax breaks for companies hiring ex-convicts. Minister of Justice Somsak Thepsutin spoke of the skill centre plans at a meeting over the weekend. The proposed centres are part…
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Beer delivery company hit with 50,000 baht fine for violating Alcohol Control Act
A craft beer delivery company says it’s been fined 50,000 baht for allegedly violating Thailand’s Alcohol Beverage Control Act. Posting on its Facebook page, Beervana says it wants to warn other companies and is also petitioning for the law to be abolished, claiming it’s hurting businesses that are already struggling during the Covid-19 crisis. Under the act, suppliers are forbidden…
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Thailand’s tourism and MICE business will first reboot with low-risk countries
When Thailand’s international borders are prised open, sometime after July 1 this year (that’s the current date anyway), the first tourists and travellers are likely to come from a select group of fellow Asian nations who have had either low Covid-19 cases or been able to manage the number of cases to low, manageable levels. Countries like Vietnam, Taiwan, South…
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Commerce Ministry announces another round of price drops on staple products
The Thai Ministry of Commerce will soon launch a fourth round of price reductions, which will take place at a district level. The ministry has already received cooperation from the business sector to help those affected Covid-19 by lowering product prices, sometimes by as much as 68%, on 3 occasions, In the fourth round, around 7,100 consumer goods are being…
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Covid-19 crisis sees nearly 100 Koh Samui hotels put up for sale
The economic devastation of the Covid-19 pandemic on Thailand’s tourism and hospitality sectors has been inestimable, with foreign arrivals banned since March and hotels nationwide ordered shut in April. Some around the country have since re-opened but nearly 100 hotels on the tourist island of Koh Samui are now for sale. The president of the Tourism Association of Koh Samui…
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Battered Thai Airways seeks government protection from creditors
Struggling national flag carrier Thai Airways is seeking government support in 4 key areas, including negotiating with foreign creditors and renegotiating contracts with other state enterprises. The director-general of the State Enterprise Policy Office said yesterday that the airline is seeking state help after the Central Bankruptcy Court accepted its request for rehabilitation. The airline also wants the government to…
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Bars, massage parlours may be be allowed to reopen in Phase 4
Drinking at a bar and a massage at some of the country’s larger massage parlour may become possible again in Phase 4 of the lifting of restrictions, originally enacted to contain the spread of Covid-19. Centre for Covid-19 Situation Administration spokesman Dr. Taweesilp Wisanuyothin says that such venues are being considered for the fourth phase of reopening, as no local…
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Electricity discount has been switched off
Yesterday the Ministry of Energy announced that the national electricity discount from March to May, which differed based on the amount of electricity used and size and type of the venue, has ended and will not be renewed. But, at best, the discount was merely a perfunctory political gesture, not a useful saving for most Thai residences. The discount was…
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Government to decide which “red” businesses can reopen in next phase
The Centre for Covid-19 Situation Administration revealed today that the government is now considering which high-risk or “red” businesses will be allowed to reopen under Phase 4 of lockdown easing. CCSA spokesman Dr Taweesin Visanuyothin says that the virus could be with us for months or even years, so the government must carefully consider which “red” high-contagion-risk businesses can reopen.…
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TAT will use domestic tourism as dress rehearsal for international returns
“…the tourism sector will continue to be stifled by disease control measures until a Covid-19 vaccine is developed.” Due to the current ban on international arrivals, extended several times and now in effect until at least July, the Tourism Authority of Thailand has created a strategy to support domestic tourism and “learn from the experience”, as it eases into the…
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Government says Cambodian workers should remain in Thailand during Covid-19
The director general of Thailand’s Employment Department, Suchart Phonchaiwisetkun, says Cambodian labourers should remain in Thailand while the fight against the Covid-19 goes on in the region. He was speaking following a meeting with the the Cambodian Ambassador, Ouk Sorphorn, where they discussed how Thailand would deal with its migrant workforce during the pandemic. According to a report in Nation…
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Huge Nike flagship store opens in Bangkok’s Siam Center
A massive Nike flagship store is now open in Bangkok’s Siam Center, with a ‘footprint’ spanning more than 836 square metres of prime retail space in the capital. Intended to showcase Nike’s innovation across multiple product categories, the store offers the brand’s first “Nike By You” in-store customisation service in Thailand. Retailers are now pulling out all stops to lure…
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Developers need to clear stock, heavy discounting in property market
ADVERTORIAL Property prices are expected to decline by double digits in the next few months as Thailand’s property developers begin to offer more sales incentives in response to post Covid-19 markets. A recent survey by leading property portal FazWaz indicated that 50% of Thailand’s property developers are considering discounting at least 20% off minimum benchmark prices. Brennan Campbell, CEO at…
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Major makeover proposed for Pattaya’s Walking Street
… but few are impressed. Images on the Facebook page of Pattaya City reveal plans for a major re-imagining and makeover of one of the resort’s most notable, and notorious, landmarks – Walking Street. Gone are the grotty road, broken pavements and lurid signs and frontages, and in their place will be an easy to navigate walking area fit for…
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Thai Airways may not need to file for bankruptcy in US
Contrary to earlier reports, Thai Airways may not need to seek bankruptcy protection in the United States to avoid seizure of its planes and other assets. A senior official made the announcement after a meeting led by Deputy PM Wissanu Krea-ngam with the struggling carrier’s senior management and the airline’s board. The meeting was to discuss the airline’s rehabilitation plan…
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Foreigners with work permits to be allowed back into Thailand on case by case basis
Foreigners with work permits or permission from the Labour Ministry (and other some other government agencies) will be allowed to enter the country after registration, under phase 3 of the lockdown relaxation, which begins Monday. The Foreign Ministry made the announcement today. The Foreign Ministry has told Thailand’s foreign chambers of commerce about the relaxation. Eligible foreign nationals are invited…
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Ministry of Foreign Affairs announces re-entry procedures for foreigners
Yesterday the Ministry of Foreign Affairs sent out a letter to all Foreign Chambers of Commerce in Thailand explaining the details and procedures for non-Thai nationals to re-enter the country. This procedure is not for only for people who legally work in Thailand. Those who don’t have a work permit yet, but your new employer can get permission from the…
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Murdoch closes all his regional and local newspapers in Australia
Australia’s largest media group, News Corp, has ditched its 100 local and regional newspapers, blaming the collapse of the businesses on a collapse advertising, migration of advertisers online, all made worse by the Covid-19 pandemic. News Corp, owned by Rupert Murdoch, announced on April 1 it was stopping printing of around 60 community newspapers “temporarily”. The collapse will cause the…
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Massage shops, boxing stadiums may be allowed to reopen next week
But we won’t know until tomorrow. Phase 3 of the easing of Covid-19 emergency measures could finally see boxing stadiums, massage parlours, spas, cinemas and tutorial schools allowed to reopen next month. Pubs, bars and nightlife venues are expected to remain closed, well that’s the rumours for now anyway. The deputy director-general of the Disease Control Department says activities and…
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Government to provide more financial aid to small and medium-sized businesses
Thailand’s Ministry of Finance has been tasked with coming up with plans for additional financial aid to small and medium-sized enterprises affected by the Covid-19 crisis. Government Spokesperson Narumon Pinyosinwat made the announcement yesterday. “The Ministry of Finance will estimate the budget to be used as well as the loan limit and interest rate, and will present to the Cabinet…
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4 new board members for THAI restructure, 1 has airline experience
Four new board members for Thai Airways are the face of hope for the national airline as it addresses massive losses and restructuring. The airline’s business is now being addressed under the country’s Bankruptcy Act. Piyasvasti Amranand, Pirapan Salirathavibhaga, Boontuck Wungcharoen and Pailin Chuchottaworn have joined the Thai Airways executive board. Piyasvasti served as the airline’s president from June 2009…
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No role for Transport Ministry in Thai Airways rehab plan
After initially insisting on having a say in the management of the rehabilitation plan for the beleaguered Thai Airways, the Ministry of Transport has conceded that, with its holding in the airline reduced to less than 50%, it no longer has any jurisdiction over what is now a listed public company. Deputy Transport Minister Thaworn Senneam says the struggling carrier…
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Thailand’s economic forecast among Asia’s worst: central bank governor to step down
The governor of the Bank of Thailand will step down when his term ends in September. Veerathai Santiprabhob announced yesterday that he has decided against seeking a second 5 year term for “family reasons.” His departure comes as Thailand sees its economy contracting as much as 6% this year, mostly as a result of the impacts of lockdown provisions to…
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Pattaya hoteliers complain about alleged “quarantine kickbacks”
Hoteliers in Pattaya have made an official complaint about a group of people, claiming to be officials who can ensure their properties will be chosen as quarantine centres, are demanding kickbacks of up to 40%. They are urging the government to look into the issue, but officials have been quick to deny any involvement by legitimate authorities. Government spokesperson Narumon…
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Pattaya Council mulls a mass transport monorail system
Nothing like the middle of a pandemic to announce a new monorail project. Undeterred, the Pattaya City council have announced a new 9 kilometre monorail as part of its Eastern Economic Corridor projects. They cite the need to ease traffic congestion caused by rapid urban growth in the seaside party town. They say the inner city area is in desperate…
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New Thai Airways board will nominate 4 ‘professionals’ to execute restructure
Thai Airways first took off as the national airline on May 1, 1960 with its first passenger-carrying flight. 60 years later it’s now poised for a massive dissection as it enters bankruptcy proceedings and restructuring. It’s 60th birthday passed without fanfare or announcement as the pride of the nation scrambles for survival – a victim of a global pandemic, years…
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Thailand’s property market set to experience brokerage megashift
by Bill Barnett It’s clear that Thailand’s real estate sector is expected to undergo a megashift as a result of the Covid-19 pandemic and search for a ‘new normal’, if that’s even possible. That said, one of the country’s leading PropTech groups FazWaz says the crisis has only accelerated dynamic charges to the sector that have been bubbling to the…
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Thai Airways to lay off 30% of its staff
“THAI will stop repaying all debt and start from scratch.” The government announced today that Thai Airways will have to dismiss more than 6,000 employees after entering into receivership proceedings and a debt moratorium of 200 billion baht. The Cabinet decided to push Thai Airways into a bankruptcy procedure under the Bankruptcy Act and ordered the Ministry of Finance to…
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International postal services resume to some countries
Thailand’s postal service is resuming international deliveries to a variety of destinations as the Covid-19 situation in many countries has improved and many local and national governments have eased lockdown measures. Thailand Post announced the resumption of the service on its Facebook page yesterday. EMS World service will be available in 11 countries – Bhutan, China, Hong Kong, South Korea,…
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