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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Sponsored Visa Agency for Thai Citizens, based in Bangkok - VisaThailand.com
Whether you're considering to obtain a Thai visa for yourself or for the visit of a Thai friend to your country, seeking precise and trustworthy information is essential. It is not uncommon to feel overwhelmed by an ocean of information,...
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Thai processed sugar exports to China surge due to ACFTA
Thai exports to China, particularly those of processed sugar items including syrup, artificial honey, and various sweeteners, have seen a significant surge, courtesy of the ASEAN-China Free Trade Agreement (ACFTA). Over the past decade, Thailand has witnessed a yearly growth of 145% in processed sugar exports to China, as reported by the Foreign Trade Department. Ronnarong Phoolpipat, the director-general of…
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Thonburi Healthcare Group expands operations in Myanmar
Thonburi Healthcare Group Plc (THG) is set to broaden its hospital operations in Myanmar in response to the rising demand for medical treatments. The executive chief, Tanatip Suppradit, disclosed that a feasibility study on the new investment is currently underway with results anticipated imminently. In 2021, THG opted to postpone new investments due to the political upheaval caused by the…
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Foreign trade dept tightens inspection of tapioca chip imports
Tightened inspections of tapioca chip imports are being enforced by the Foreign Trade Department, following the discovery of a dozen importers smuggling in substandard chips. Ronnarong Phoolpipat, the department’s director-general, revealed that the department had increased inspections at national border areas since November, being the peak sales period for tapioca chips. The operations aim to address a persistent smuggling issue…
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Revenue department develops data analytics to combat tax invoice fraud
The Director-General of the Revenue Department, Kulaya Tantitemit, announced the development of a data analytics system aimed at helping entrepreneurs integrate into the tax payment system and fight against falsified tax invoices. This announcement was made during a press conference alongside the Economic Crime Suppression Division. Five gangs responsible for the production of fake value-added tax (VAT) invoices have been…
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Soaring travel costs to Phuket spark tourist backlash
The soaring cost of air travel to Phuket has sparked a backlash from local tourists, with low-cost carriers reportedly charging up to 14,000 baht (US$388) for a round trip from Bangkok. Despite making bookings weeks in advance, some travellers reported paying 5,000 baht (US$138) for a one-way ticket. The president of the southern chapter of the Thai Hotels Association (THA),…
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Thailand boosts data protection following massive elderly PII leak
In a bid to combat personal data leaks, the Thai authorities pledged to strengthen protective measures. Next month, 85 organisations, each handling over 100,000 personal datasets, will face on-site audits. Half of these audits are expected to be completed by August, as confirmed by the Secretary-General of the National Cyber Security Agency (NCSA), Amorn Chomchoey. A recent report from cybersecurity…
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Thailand allocates 50 million baht for foreign tourist insurance
The Thai Tourism and Sports Ministry has allocated a budget of 50 million baht (US$1.38) for the fiscal year of 2024 to financially aid foreign tourists in the event of accidents or death. The ministry stated that this amount is likely to cover its expected influx of 35 million foreign visitors this year, in accordance with the average annual claims…
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Baht falls to three-month low as US inflation delays rate cut
The Thai currency hit a three-month low against the US dollar yesterday, February 14, slipping below 36 to the dollar. This was attributed to higher-than-anticipated US inflation, which led the market to predict a delay in the Federal Reserve’s first interest rate cut, initially expected in May. Quoting Kasikorn Research Centre, the baht was valued at a low of 36.13 against…
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Thai automotive industry urged to embrace sustainability
Emphasising the necessity for sustainability and clean energy, the Thai automotive industry is being encouraged to swiftly adapt to new global regulations. Furthermore, the industry is advised to utilise free trade agreements (FTAs) to enhance its competitive stance. Following a meeting with the Thai Automotive Industry Association (TAIA) and the Automotive Industry Club of the Federation of Thai Industries (FTI)…
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Charlton Media Group acquires Singapore’s Brand TD and expands into travel and tourism
Charlton Media Group, a leading name in business information, has officially announced its expansion into the travel and tourism sector. This strategic move comes with the acquisition of Brand TD from the reputable online news platform Travel Daily Media, known for its extensive coverage of the travel industry in Asia and beyond. Charlton Media Group, a leading provider of business…
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Thai consumers riding high for sixth straight month
Consumer confidence in Thailand has been on a steady rise, marking its sixth successive month of growth last month in January. Levels have reached a high unseen since March 2020, attributed to the government’s strategic stimulus measures, including spending boosts and reductions in electricity and fuel prices. Yesterday’s report from the University of the Thai Chamber of Commerce (UTCC) revealed…
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Steel dreams: Thai infrastructure boost sparks sector revival hopes
Hopes of a revival in the stagnant steel consumption sector in the country are being pinned on the government’s impending infrastructure development projects. The fiscal 2024 state budget, yet to be approved, is anticipated to propel these initiatives, according to Chaichalerm Bunyanuwat, the president of the EAF Long Product Steel Producers Association. He noted that the steel and iron industry…
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Anticipated US interest rate cut to boost gold prices in May
Gold prices in the domestic market, which had earlier witnessed a surge to 34,550 baht (US$956) per baht-weight during the Lunar New Year, are anticipated to rise again in May. This forecast comes as traders expect the Federal Reserve to begin a cut in US interest rates, thereby potentially driving global prices to US$2,100 per ounce. Gold Traders Association (GTA)…
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Over 1,000 digital platform operators register with Thailand’s ETDA
Digital platform service (DPS) operators in Thailand are flocking to register with the Electronic Transactions Development Agency (ETDA) system, with over 1,000 already signed up. This comes in response to the DPS law implemented on August 21 last year, aimed at creating transparency and enhancing consumer protection in the digital space. The ETDA is set to issue its ETDA DPS…
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Most Thais plan online Valentine’s Day shopping, reveals Visa survey
Almost four out of five people in Thailand are planning to buy Valentine’s Day gifts online, a recent survey by YouGov for payments company Visa reveals. The study aimed to assess Thai consumers’ spending habits during the romantic holiday, along with the factors influencing their decisions, and the most effective ways to win their partners’ hearts. The survey presented an…
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Bitcoin hits US$50,000 milestone, crypto market on a digital rollercoaster
Bitcoin, the largest digital asset, oscillated around the landmark value of US$50,000, a level it hadn’t touched in over two years. This marks a remarkable resurgence following the various cryptocurrency scandals and industry wipeouts that had previously cast a shadow of uncertainty over the sector’s future. Yesterday, in the United States, Bitcoin’s value soared to an impressive US$50,328, and it…
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Leading the way to the next era with ‘CRC OMNI-Intelligence’
Yol Phokasub, Chief Executive Officer of Central Retail Corporation Public Company Limited or CRC, said “Central Retail continues to have strong growth amid various disruptions from technology disruption and the change in consumer behaviour to the arrival of generative AI and climate change. This is a result of Central Retail’s resilient ecosystem, which allows us to be able to adapt…
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Oil Fuel Fund in Thailand faces 84.3 billion baht loss
A confidential source from the Energy Ministry revealed that a meeting is scheduled this week to address the considerable loss of 84.3 billion baht (US$2.35 billion) incurred by the state Oil Fuel Fund due to its oil and gas subsidy programmes. Despite the substantial deficit, the fund’s financial status is deemed manageable. The discussion will be spearheaded by a subcommittee…
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Thailand’s Q1 2024 government revenue exceeds target by 0.3%
The Fiscal Policy Office announced that government revenue collection for the initial quarter of fiscal 2024 surpassed its target by 0.3%, equating to 1.62 billion baht (US$45 million), according to the director-general, Pornchai Thiraveja. Pornchai, who also serves as a spokesperson for the Finance Ministry, disclosed that the government’s net revenue collection for the initial three-month period of fiscal 2024,…
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FTI urges protection for SMEs against cheap Chinese imports surge
The Federation of Thai Industries (FTI) is advocating for enhanced protection of small and medium-sized enterprises (SMEs) against the surge of inexpensive Chinese products. Kriengkrai Thiennukul, FTI chairman, revealed that the importation of these products has caused certain local manufacturers, predominantly SMEs, to cut their production by 50%. The FTI asserts that some imported goods require comprehensive inspection, as they…
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Thai economy needs more stimulus amidst global challenges
Kasikorn Research Centre (K-Research) warned that the Thai economy requires additional government stimulus to boost domestic consumption amidst challenges such as global politics, China’s economic deceleration, and fluctuating currency rates. The centre’s managing director, Burin Adulwattana, emphasised that the decrease in headline inflation for the fourth consecutive month in January does not suggest deflation risks, but rather highlights consumers’ dwindling…
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Thailand’s DES ministry to propose cell broadcast emergency system plan
A plan to introduce a cell broadcast emergency warning system will be submitted to the Cabinet next month by the Ministry of Digital Economy and Society (DES). Major mobile operators are expected to invest approximately 300 million baht (US$8.3 million) each to establish their cell broadcast centres, while the ministry may need around 400 million baht (US$11 million) to set…
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Indonesia reassures no rice shortage despite retail restrictions
The Indonesian government affirmed today that there is no shortage in the country’s rice stocks, despite increasing restrictions on sales in mini markets and supermarkets that have been in place since the close of 2023. Arief Prasetyo Adi, the Head of the National Food Agency (NFA), made this assurance following a coordination meeting with the president. He also highlighted the…
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Japanese to invest 10 billion baht in Thailand’s S-curve industries
Two Japanese corporations are set to inject a total of 10 billion baht into Thailand’s S-curve industries, according to the Thai Industry Ministry. This initiative encompasses 12 industries earmarked for development by the Thai government, including smart electronics. Air and compressor manufacturing are the sectors that have particularly piqued the interest of the two firms, said Industry Minister Pimphattra Wichaikul.…
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Raimon Land plans 3,588 million baht capital increase for sustainable growth
Raimon Land Public Company Limited (RML), a premier real estate developer in Thailand, plans to increase its capital by 3,588 million baht (US$99 million) from 4,172 million baht (US$116 million) to a total of 7,760 million baht (US$216 million). This move is part of RML’s strategy to support sustainable growth, targeting continuous profit enhancement and a turnaround. The proposal will…
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Carabao Group earns spot in Sustainability Yearbook 2024
The Carabao Group gained recognition for its superior sustainable business practices, earning a place in The Sustainability Yearbook 2024. This accomplishment highlights the company’s vision of World Class Product, World Class Brand, demonstrating its exemplary sustainable management across environmental, social, and corporate governance (ESG) areas. Out of over 9,400 participants in the S&P Corporate Sustainability Assessment (CSA) for the year…
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Chin-a new look: CGS-CIMB now CGS International after takeover
Following the complete acquisition by China Galaxy Securities in December 2023, CGS-CIMB Securities (Thailand) has rebranded to CGS International Securities (Thailand) (CGSI). The move solidifies China Galaxy Securities’ regional presence. Backed by the Chinese government, China Galaxy Securities is the second-largest securities company in China, boasting over 500 branches nationwide. The rebranding is a direct result of China Galaxy Securities’…
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Nectec develops open-source cybersecurity for small manufacturers
Nectec, the National Electronics and Computer Technology Centre, is in the process of creating an open-source Security Operation Centre (SOC) as a service for potential partners. This initiative predominantly targets small businesses in the manufacturing industry, offering them affordable cybersecurity options. This service model requires partners to invest in cloud computing and threat intelligence data. It is designed to be…
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Thailand capitalises on halal market amid renewed Saudi ties
Thailand and Saudi Arabia’s reestablishment of diplomatic ties in 2022, after a three-decade hiatus, has presented the Land of Smiles with fresh avenues to capitalise on its halal products’ demand in the Middle Eastern markets. The global Muslim population, approximately 2 billion, is projected to constitute 25% of the total populace by 2030. Thaweelap Rittapirom, the President of the Islamic…
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Thailand’s economic crisis feared amidst digital wallet dispute
The Bank of Thailand and the government have been at odds for months, with tensions escalating last week when the Monetary Policy Committee (MPC) kept interest rates at 2.5% despite political pressure for a reduction. This disagreement came to the fore during discussions about the digital wallet scheme, a 560 billion baht (US$15.58 billion) project which the central bank has…
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