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 12Go introduces Japan Rail Passes to enhance travel accessibility for international travellers
For those who have travelled throughout Thailand, 12Go is a well-known provider of various trips, though the platform itself has a much wider reach. Ranging from buses to planes, 12Go is undoubtedly a leading booking platform for travel throughout the...
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Dream Group scales back their Asia hotel expansion plans
New York-based Dream Hotel Group’s plans to expand in Asia have turned into somewhat of a nightmare. The Group has closed its regional office in Bangkok shortly after hiring new executives to push forward with expansion earlier this year. A Pattaya ‘Dream’ has also failed to eventuate this year. The push in Asia, which kicked off last year with the establishment…
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Keep your phone’s operating system up to date or lose mobile banking, warns Bank of Thailand
The Bank of Thailand says a constant threat from malware and bogus apps requires a robust security response and as a result, phones with outdated operating systems will likely lose full access to online banking. The Nation reports that assistant BOT governor Siritida Panomwon Na Ayudhya says there has been significant growth in the popularity of mobile banking, with approximately…
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Why is Thailand’s PropTech market so valuable…
… and who will come out on top in the battle of the portals and hybrids, 2020 and beyond? How big is the Thailand economy? Is Thailand just for tourism? The explosive growth in the economy has now placed Thailand as the second largest economy in Southeast Asia. With over 70 million people now residing in Thailand, the country boasts one of…
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Thai Airways presents new recovery plan for board approval
Thai Airways president Sumeth Damrongchaitham says the national carrier will submit a 2020-2025 rehabilitation plan to the Board of Directors in January, with a separate purchasing plan for new aircraft also being put forward. The Nation reports that the rehabilitation plan will consist of twenty projects and four key measures. One of these will be to increase the revenue derived…
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Phuket resort owners Castlewood Group goes into liquidation
UPDATE: “The liquidation is for Singapore assets only, NOT Thai assets, the (Phuket) hotel is not being liquidated and operating as normal,” according to the Dream Phuket Hotel & Spa General Manager Chris Adams. PHOTO: Couple Travel The World The future of a Phuket resort in the booming Layan Beach/Cherngtalay area, funded by a Singapore-based property developer, is under a cloud following…
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Tesco to sell assets in Thailand and Malaysia
Tesco, Britain’s biggest supermarket chain, has announced it may sell off its businesses in Thailand and Malaysia. A statement says that “following inbound interest, it has commenced a review of the strategic options for its businesses in Thailand and Malaysia, including an evaluation of a possible sale of these businesses.” In other words, they want to sell. “The evaluation of strategic…
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Hotel association wants rules on short-term rentals, home sharing
PHOTO: Airbnb and other accommodation-share businesses, plus a glut of newly opened hotels rooms across the country, is putting pressure on the traditional hotel model The Thai Hotels Association has again asked for a meeting with the Minister of the Interior to discuss the impact of short-term rentals and home sharing services like Airbnb on the domestic hotel business. The…
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FULL TIME WRITER – English language
THIS IS A JOB ADVERTISEMENT Are you Mr. or Ms. Write? The Thaiger is currently seeking a full-time writer, in English, to work from our Cherngtalay offices in Phuket. You will have an enthusiasm for writing and a working knowledge of life in Thailand. You may have journalism experience but flair, speed and enthusiasm are much more important. You will…
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Officials carry out spot-checks on silly-season gift baskets
PHOTO: 77jowo.com You’re only weeks away from receiving a few of those plastic-wrapped and ribboned baskets of unwanted goodies for the silly season – but do you wonder what’s inside most of them? Now officials are making a list and checking it twice… Officials in Bangkok are out and about checking those prized Christmas and New Year gift baskets to…
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HADO introduces augmented reality e-sports at SHOW DC, Bangkok
It’s the first physical e-sports centre for Thailand and the largest in Southeast Asia. Bangkok’s SHOW DC is adding to its reputation as a state-of-the-art lifestyle and entertainment destination with the introduction of Thailand’s first physical e-sport centre. Originating in Japan, HADO is the world’s first physical, augmented reality technology, and FoodYum Company is introducing the new phenomenon to Thailand at…
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New Bangkok clinic dedicated to fixing surgery gone wrong
PHOTO: PlastyTalk The director of Yanhee Hospital in Bangkok says 50 million baht is being invested to create a centre dedicated to fixing botched surgical procedures. Dr Supot Sumritvanitcha says Yahnee Hospital will be the first facility in Thailand to offer this service. The Nation reports that the need has arisen due to illegal beauty clinics and other underground facilities…
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Strong interest of foreign investors in Phuket’s resorts – JLL report
PHOTO: Dhawa Phuket “In the Asia Pacific, Phuket is one of the three hotel investment markets in the region that have been highlighted.” Buoyed by the rise of experience-driven travel and an affinity toward locally-inspired hotel offerings, resort assets remain a top target among investors. According to JLL Hotels & Hospitality’s Global Resort Report, resort sales accounted for 20% of…
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Ban on used car imports comes into force in December
PHOTO: Roni Motors Thailand “After December 10, all used vehicles imported for personal use will be confiscated and destroyed immediately.” Keerati Ratchano, the director-general of the Foreign Trade Department, says his department is gearing up for a ban on importing used cars to Thailand, to be introduced by the Commerce Ministry in December. The ban was first announced in July…
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Thai Airways says it won’t get into a price-war with other airlines
PHOTO: YouTube National carrier Thai Airways says it won’t head down the ‘price-cutting’ route to be competitive in 2020. The struggling airline says, instead, they will focus on building a solid customer base and tap specific route segments. Airline president Sumeth Damrongchaitham says the carrier will continue to recruit stronger marketing partners and estimated that the aviation industry would continue…
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Deputy PM claims US tech giants eager to invest in Thailand
The Deputy Thai PM and government ‘Finance Tzar’ Somkid Jatusripitak claims that Amazon and an unnamed American digital company are both keen to invest in the Kingdom. Somkid says both organisations have enquired about meeting the relevant ministers and have been advised to hold talks with the Finance Ministry and the Ministry of Digital Economy and Society. The Deputy PM…
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Thai Airways’ losses reach 11 billion baht this year
Thai Airways International has announced the turnover of the company and its affiliates for Q3 of 2019, reporting net losses of 4.68 billion baht, a full 27% higher than last year’s result, an additional loss of 994 million baht. In the third quarter of 2019, the company and its affiliates generated revenue of 45.016 billion baht, which is 6.1% or…
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China announces policies to lure foreign investors
PHOTO: Shanghai skyline – QANTAS Are the Chinese removing layers of ‘red’ tape? China is offering 20 new measures friendly to foreign investors, removing business restrictions to encourage a more “fair, transparent and predictable” business environment. China’s State Council released a guideline pledging to shorten negative lists and eliminate restrictions, opening up more sectors to foreign investors. The Nation reports…
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SE Asian banks slowly giving way to e-payments and payment apps
PHOTO: starbucks.com That cold, hard cash in your pocket, and the traditional shop-front banks that give it to you, are slowly being phased out and replaced with e-payments. It’s now expected that traditional banks in South east Asia will miss out on as much as US$5 billion, or 14.3% of their payments revenue by 2025. A report says they are…
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Alibaba promoting Thai products to Chinese buyers
PHOTO: Jingsourcing Alibaba, the Chinese e-commerce giant, is hosting a special section on its website dedicated to Thai products. The move has now confirmed by Deputy PM and Commerce Minister Jurin Laksanawisit following a meeting with the Alibaba group at the recent Shanghai Trade Exhibition. “It will be a portal for Thai makers of quality products to access the online markets…
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Strong Thai baht helps Central Group invest overseas
PHOTO: CEO of Central Group, Tos Chirathivat, taking advantage of the strong Thai baht – The Nation Whilst the strong baht is a concern for exporters and foreign tourists visiting Thailand, many Thai businesses are reaping the currency advantage and investing overseas with their strong baht. Tos Chirathivat, CEO of Central Group, has confirmed that the family-owned conglomerate is investing…
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American firms want to relocate to Thailand to counter US-China trade war
PHOTO: “You’re all welcome!” – Thai PM Prayut Chan-o-cha at the ASEAN Business Summit – Bangkok Post US business leaders visiting Thailand are looking for opportunities, especially relocating their production bases, as they try to sort out heir businesses in the wake of the US-China trade war. The US Secretary of Commerce Wilbur Ross and executives of 16 American companies…
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New land tax forces land owners to evaluate their options
PHOTO: SCMP The new Land and Property Tax, which takes effect in January 2020, will be a challenge for the Thai property market, according to the managing Director of CBRE Thailand. In an open report to the media, CBRE says owners of vacant sites will pay significant taxes once the new law comes into effect. Many will try to avoid the…
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Thai exports will suffer from Trump labour rights decision
The Thai export sector will suffer another blow after the US President Donald Trump announced on Friday the suspension of 1.3 billion dollars worth of duty-free trade for certain Thai goods, claiming Thailand has not taken steps to protect the labor rights. In a letter to US House of Representatives Speaker Nancy Pelosi and Vice President Mike Pence, Trump said…
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Kasikorn Bank predicts 4-6% growth in loans for 2020
Despite the expectation of a sluggish economy in 2020, Kasikorn bank aims to grow its loan volume by 4-6% next year. They it say they will achieve this withs emphasis “on services that meet customers’ business and lifestyle needs, effective cost management and using data in lending to retail customers”. Banthoon Lamsam, KBank’s board chairman, says the Thai economy in 2020…
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500 people own 36% of equity in Thai companies
Roughly 36% of Thailand’s corporate equity is held by just 500 people, highlighting wealth inequality in the Kingdom, according to a study released by the Bank of Thailand’s research institute. Each of these 500 amass some 3.1 billion baht (102 million USD) per year in company profits, according to the report from the Puey Ungphakorn Institute for Economic Research. In…
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Thai Airways must modify rehabilitation plan to survive: Airline President
PHOTO: gta5-mods.com “Thai Airways will have to modify its rehabilitation plans to survive in the face of tight competition.” This frank admission by the airline’s president Sumet Damrongchaith. The national carrier is now carrying a total debt of over 2.45 billion baht and losses of more than 20 billion, despite being able to reduce its debts by 48 billion baht…
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Thai Airways under pressure to deliver workable business plan
Thai Airways is coming under more pressure, after being given 30 days to deliver its new rehabilitation and business plans. Thaworn Senniam, the Deputy Transport Minister, gave the instruction yesterday while meeting with the executive of the national carrier for an update on its financial status. He says the business plan must provide clear information on how the fortunes of…
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World Economic Forum says lack of critical thinking in Thailand affecting competitiveness
PHOTO: AFP Thailand’s competitiveness ranking has dropped two places in the Global Competitiveness Index just released by the World Economic Forum (WEC) in Switzerland. The country has dropped from 38 to 40 out of a total of 141 global economies ranked. The WEC claims that a lack of critical thinking in teaching in Thailand, along with its failure to dominate…
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“No liquidity crunch” – Thai Airways’ President
PHOTO: Sumeth Damrongchaitham, Thai Airways’ President “Deputy PM says the rehabilitation plan had been implemented for a while now, but there was still no sign of the losses easing.” The President of national flagship carrier Thai Airways International is denying reports that it is experiencing a liquidity crunch. Sumeth Damrongchaitham claims that Thai Airways has sufficient cash flow “for present…
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PropTech company targeting global expansion? FazWaz raises Pre-Series A
FazWaz, a PropTech company focused on making real estate transactions cheaper, simpler and more efficient announced today that is has secured an undisclosed 7 figure USD amount in a pre-series A round led by a Singaporean group. The funding will enable the FazWaz Group to expand its market share in Thailand, and continue its overseas expansion into the UAE. The…
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