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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Thai SEC approves private funds to invest in Bitcoin ETFs
Asset management firms have been granted permission by the Securities and Exchange Commission (SEC) to initiate private funds that invest in Bitcoin Exchange-Traded Funds (ETFs). However, this investment opportunity is only accessible to institutional investors and ultra-high-net-worth investors. The SEC board gave its nod to asset management firms managing private funds that invest in Bitcoin ETFs listed on US exchanges…
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True Corporation and AIS to review auction of key spectrum bands
True Corporation and Advanced Info Service (AIS), both leading mobile phone service operators, are gearing up to review a draft concerning the auction of three key spectrum bands, 850 megahertz, 2100MHz and 2300MHz. The draft is set to be completed by the National Broadcasting and Telecommunications Commission (NBTC) by June. The impetus behind this action is to secure a sufficient…
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EGCO to utilise Indonesian petrochemical operations for clean energy development
Electricity Generating (EGCO), the power generation subsidiary of the Electricity Generating Authority of Thailand (EGAT), plans to utilise its petrochemical operations in Indonesia to foster clean energy development, with a particular focus on hydrogen fuel. EGCO secured a 30% stake in PT Chandra Daya Investasi (CDI), a division of Indonesia’s largest integrated chemical and infrastructure solution provider, PT Chandra Asri…
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Hair-raising secrets revealed: ‘Hair it like Beckham’ trends in cosmetic surgery
You’ve heard of “Bend it Like Beckham” but what about “Hair it Like Beckham” as intriguing developments in the world of cosmetic surgery emerge, revealing secrets on how celebrities such as David Beckham maintain a full head of hair, even in his golden years. At the heart of these revelations is Dr Piya Rungruxsiri, a board-certified plastic surgeon known as…
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Commerce Minister markets Thailand film industry in Hong Kong
Phumtham Wechayachai, commerce minister, is currently on a visit to Hong Kong to market Thailand’s film industry and Y Series TV dramas. The visit, which started recently and is scheduled to run until Tuesday, also includes exploring avenues to broaden the Hong Kong market for Thailand’s agricultural products. The visit is led by Phumtham, who is also the deputy prime…
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Thai government plans six flagship AI projects in national strategy
Six flagship projects, including the development of an artificial intelligence (AI) workforce and the Thai large language model (ThaiLLM), are on the cards for the second phase of the national AI strategy and action plan. The initiation of these projects is pending approval from a new National AI Committee, appointed by Prime Minister Srettha Thavisin. An estimated budget of 1.5…
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Thai retail sector struggles despite tax incentives and tourist spending
Despite increased spending by tourists and tax incentives to encourage buying, Thailand’s retail sector is under strain. The sector, facing the challenges of a surge of substandard goods from China, is burdening local entrepreneurs. Thai Retailers Association Vice President Chatchai Tuongratanaphan predicts a growth of only 1-2% in the retail sector for the first half of the year. This is…
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Retirement of baby boomers threatens leadership vacuum
The future of many businesses hangs in the balance as a significant number of top leaders retire, a trend accelerated by the fact that 10,000 Baby Boomers, who predominantly occupy managerial positions, are reaching the retirement age of 65 each day. That’s according to an eye-opening article published last year by Fortune magazine. The publication highlighted the mounting uncertainty for…
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Vietnam’s rice exports projected to decline amid quality shift
A downward shift is projected for Vietnam’s rice exports in the current year, with estimates ranging between 6.5 and 7.0 million metric tonnes. This is a noticeable drop from the previous year’s record high of 8.1 million tonnes, as reported by the Vietnam Food Association. Vietnam, ranking third globally in rice exports after Thailand and India, indicated a strategic shift…
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Thailand central bank anticipates lower rates due to virtual banking
The Bank of Thailand anticipates that the advent of virtual banks will usher in lower interest rates and fees due to the decreased operating costs associated with digital banking services, which do not require physical branches or large numbers of staff. The granting of virtual bank licences is expected to bring more competitors into the market, thereby stimulating competition within…
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True Corporation unveils 2024 strategy with AI, digital growth focus
True Corporation, the Thai telecommunications conglomerate, disclosed its tripartite strategic model for 2024. This strategy encompasses modernising its digital infrastructure, offering distinctive services to its customer base and redefining the company through the application of artificial intelligence (AI) and cutting-edge technologies. The company’s CEO, Manat Manavutiveth, has identified five disruptive elements for the current year, namely, global economic uncertainty, generative…
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Thai EV sales surge by 603% amid government incentives
Battery electric vehicles (BEVs) sales in Thailand surged by 603% year-on-year to 73,568 units last year, with the upward trend expected to continue throughout this year, as per the Federation of Thai Industries (FTI). This growth is expected to outstrip that of internal combustion engine (ICE) vehicles, which witnessed a 13.7% year-on-year sales decline to 238,570 units in 2023, capturing…
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Tech synergy: Arip’s Commart Comtech event unites Thais
The recent Commart Comtech IT event, organised by Arip, has brought together AI-equipped computers from leading brands, such as Asus, Acer, MSi, Lenovo and HP, for the first time in Thailand. The event, which started yesterday, March 7, and continues through Sunday at Bitec Bangna, is expected to upturn the downturn in consumer spending witnessed in the initial two months…
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Bitcoin hits new high in baht on Bitkub amid global surge
Bitcoin‘s price achieved an unprecedented high of 2.37 million baht on Bitkub Exchange yesterday, a significant rise prompted by the cryptocurrency’s global price surpassing its previous record of US$69,000 per token in November 2021. This demonstrates an impressive 190% rally in the past year. Crypto financial intelligence platform, Coin Metrics, highlighted that Bitcoin hit its peak at US$69,210 on March…
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Illegal migrant labour and sex work challenge Thailand’s tourism
Migrant workers, who have illegally entered Thailand by taking advantage of visa-free privileges, continue to pose a challenge in the country’s tourism sector, particularly within the sex industry. This issue has led to calls from operators for the government to legalise sex work. A recent confrontation between Filipino transgender women and their Thai counterparts in Soi Sukhumvit 11, Bangkok, has…
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National Telecom’s spectrum rights expiry threatens mobile traffic quality
National Telecom (NT), a state telecom company, faces a potential threat to its spectrums as the rights to three of its spectrum ranges are set to expire in September next year. The National Broadcasting and Telecommunications Commission (NBTC) has been urged to devise a transparent plan to reallocate these spectrums, which are currently held by NT. The spectrum ranges in…
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Thai economy predicted to bounce back in Q2 despite sluggish start
The Joint Standing Committee on Commerce, Industry and Bangkok (JSCCIB) indicated that the Thai economy, which is set to experience sluggish growth this year, is expected to pick up in the second quarter. This projection is attributed to the anticipated state budget spending and a reduction in tension within the Red Sea region. The National Economic and Social Development Council…
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The rise of Digital Nomadism: A guide for Thailand’s wanderers
These days, work is no longer defined by being locked within four office walls from 9 to 5. The world is going through a transformation and that includes the way we work. The nomadism trend is just an example of how the borders between the types of lifestyle disappear and people become able to combine different elements of travel, adventures,…
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Bitcoin and gold hit record highs together for the first time
Global markets are experiencing a whirlwind of mixed signals as Bitcoin and gold both hit record highs. This marks the first concurrent peak for the two assets since the emergence of Bitcoin over ten years ago. However, each asset’s distinct driving factors could create confusion – gold has long been a safe store of value, while Bitcoin’s function beyond pure…
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OR’s SDG policy fuels Thailand’s sustainable economic growth
PTT Oil and Retail Business (OR) has adopted a Small-Diversified-Green (SDG) policy, aiming to stimulate Thailand’s economic growth through sustainable practices. This move aligns with the country’s broader strategy of reducing carbon footprints by 2030. The SDG policy focuses on empowering small communities as key drivers of economic recovery, particularly in the tourism sector tipped to fuel the national GDP…
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Samsung aims for 20% revenue rise with enterprise-focused mobile devices
Samsung is set to enhance its footprint in the corporate user base by unveiling an array of smart devices and solutions. The technology giant anticipates a 20% rise in revenue from mobile devices specifically tailored for the enterprise market this year, revealed Panupat Kasemsuk, the head of B2B mobile experience at Thai Samsung Electronics Co. Panupat highlighted that business customers…
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Commerce Ministry sees business boom: Registrations set to soar
The Business Development Department of the Commerce Ministry foresees a positive trend in new business registrations for the year. The projection rides on the anticipated recovery of the tourism sector, thriving e-commerce, and the burgeoning electric vehicles (EV) market. In the first couple of months of 2024, new business registrations have seen a 1.57% increase, reaching a total of 17,270.…
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Thailand’s influencer marketing boom sparks regulatory debates
The burgeoning influencer marketing trend is powering the local creator economy while simultaneously causing societal implications, thereby sparking debates over regulatory measures. Thailand’s National Economic and Social Development Council (NESDC) and Nielsen’s data highlighted the meteoric rise of influencers, with over 13.5 million influencers in the ASEAN Economic Community, and more than two million influencers in Thailand alone. The scramble…
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Post-pandemic shift in tourist spending habits reveals TikTok’s role in Thai travel
The Tourism Authority of Thailand (TAT) divulged insightful data revealing a shift in foreign tourists’ spending habits post-pandemic and the surge in popularity of TikTok as a source of travel information and inspiration. A survey conducted by TAT’s digital R&D Deputy Governor Teerasil Tapen, encompassing 30,054 tourists in 2023, unveiled an increased average expenditure on individual trips, rising from 48,209…
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Thailand stock exchanges extend trading hours to attract foreign investors
The Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI) announced an extension of their daily trading hours starting March 25. This move will see the afternoon session open half an hour earlier, thus facilitating five hours of trade on the two exchanges daily. The SET stated that this alteration in trading hours is an effort to…
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Thailand trials first mobile phone emergency alert system
The inaugural trial of Thailand’s first cell broadcast service (CBS), a pioneering emergency alert system for mobile phones, kicked off yesterday. The trial was a joint venture between the National Broadcasting and Telecommunications Commission (NBTC) and Advanced Info Service (AIS). Conducted at the NBTC headquarters on Phahon Yothin Road, the trial demonstrated the capabilities of the CBS system. The system…
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Thailand urged to diversify agricultural exports to boost value
A study by the Commerce Ministry urges agricultural businesses to widen their export markets to mitigate risk and boost the value of food products and processing. The advice follows findings that the majority of export-oriented agricultural goods are commodities or those with only rudimentary processing. Deputy Commerce Minister Napintorn Srisunpang disclosed that agricultural and agro-industrial products accounted for 17.3% of…
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Sena unveils rent-to-own strategy to tackle mortgage rejections
Sena Development, a publicly traded property developer, revealed new plans this month to rent and transfer ownership of its unsold condo units. This move is in response to a high rate of mortgage rejections. The company aims to enhance sales and revenue in the current year. Kessara Thanyalakpark, the managing director, stated that the innovative strategies would target two distinct…
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China aims for 5% growth amid economic slowdown
China is poised to set its growth target for the year at about 5%, according to a government work report obtained by Bloomberg News. This growth target hints at the possibility of the government introducing more stimulus to boost the economy’s confidence, which is currently slowing. Premier Li Qiang is expected to disclose the annual gross domestic product (GDP) goal…
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Gold prices hit record high in Thailand, predicted to climb further
Gold prices in Thailand have reached a historic peak, with projections indicating a possible increase to 38,000 baht per baht weight within the year. This surge is largely attributed to the continued global increase in gold prices, which are nearing a two-month high of over US$2,080 per ounce, according to the Gold Traders Association (GTA). The price of gold bars…
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