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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Golden opportunity: Prices to sparkle amid global turmoil, US policy
Gold prices are primed for a glittering rise this week, says the Gold Research Centre (GRC). Driven by a trio of global factors, the Middle East turmoil, cues from the Bank of Japan’s (BoJ) policy moves, and faltering US economic signals—this precious metal is sparking keen market interest. While most experts brace for stable or dipping gold rates, the GRC…
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Thailand to raise inflation target range for 2025 by 0.5%
The Finance Ministry and the Bank of Thailand are preparing to set the inflation target range for 2025, with the ministry proposing a 0.5% increase over the current range. A source from the Finance Ministry, who wished to remain anonymous, revealed that Deputy Prime Minister and Finance Minister Pichai Chunhavajira met with central bank chief Sethaput Suthiwartnarueput yesterday, October 28.…
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Bitcoin breaks the bank: Crypto leap sends shockwaves through markets
In a dazzling leap forward, Bitcoin smashed through the US$71,000 barrier, sending shockwaves through the financial world. This crypto milestone, unmatched since June, comes on the heels of hefty inflows into exchange-traded funds and rampant election speculation. As the clock ticked past 10.45am in Singapore, the digital asset darling rocketed over 2%, peaking at an impressive US$71,310. Not to be…
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Bangkok Bank’s virtual gamble: A licence to thrill in digital banking
In a bold move set to shake up the banking scene, Bangkok Bank (BBL) is betting big on bagging a coveted virtual bank licence, boasting the might of its powerhouse partners as a strategic edge. The bank is convinced that its dream team will help it emerge victorious in the bustling virtual banking battleground. Kobsak Pootrakool, BBL’s senior executive vice-president,…
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Thailand leads Southeast Asia in agricultural exports, 8th globally
Thailand emerged as the largest exporter of agricultural products in Southeast Asia and the eighth-largest globally, thanks to its free trade agreements (FTAs). The Trade Negotiations Department highlighted this achievement, with the Director-General, Chotima Iemsawasdikul, attributing the success to these agreements despite growing foreign competition and global economic uncertainties. Thailand’s agricultural export value reached US$19.8 billion (638 billion baht) in…
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EGAT to add 110 EV charging outlets in Thailand this year
The Electricity Generating Authority of Thailand (EGAT) is intensifying its electric vehicle (EV) solution services, notably by expanding charging outlets, to capitalise on the burgeoning EV market and support Thailand’s carbon reduction goals. EGAT’s expansion follows its pilot-scale operations in collaboration with state agencies and building owners. With 50 years of expertise in electricity supply and transmission system development, EGAT…
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AI storm: Brands brew up digital ‘spell-utions’ for savvy shoppers
In the world of marketing, there’s a storm brewing with artificial intelligence (AI) at its eye. Brands are diving into digital wizardry to craft campaigns that click with today’s choosy consumers, according to digital agencies and tech analysts. The challenge? Reaching and resonating with audiences when marketing budgets are tighter than ever amid economic uncertainty. Leading the charge is marketing…
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Potential Trump return haunts global finance leaders at IMF meeting
Amidst the typical chatter of low growth, high debt, and conflicts flaring up, the real buzz at the annual IMF and World Bank meetings was the possible political comeback of Donald Trump. This was the hot topic for finance leaders in Washington last week, overshadowing the usual suspects on the agenda. According to some sources, Trump’s alleged leap in the polls…
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Thailand’s auto industry brakes as production target stalls
Thailand’s auto industry is stuck in first gear, with car production now expected to fall short of the 1.7 million target for 2024 as sales and exports hit a serious slump. The Federation of Thai Industries (FTI) warns that car manufacturing could face another downgrade this year, with officials predicting a sharp drop from the original target of 1.7 million…
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Thailand’s card payments to hit 3.3 trillion baht by 2028
Thailand’s card payments market is projected to achieve a compound annual growth rate (CAGR) of 9.2% from 2024 to 2028, reaching 3.3 trillion baht (US$94.5 billion) by 2028. This growth is driven by a consistent consumer shift towards electronic payments, according to data and analytics firm GlobalData. Data from GlobalData’s Payment Cards Analytics indicates that card payment value in Thailand…
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Thailand’s vehicle production hits the brakes in a sharp downturn
The automotive industry in Thailand has experienced a significant downturn in vehicle production, with September 2024 seeing a total of 122,277 units produced, marking a 25.48% decrease from the same period last year. This decline reflects a 15.78% reduction in vehicles manufactured for export, totalling 87,666 units, and a 42.31% drop in vehicles produced for domestic sales, amounting to 34,611…
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Golden glow fades: Thailand’s gold prices take a baht-tle dive
After a dazzling run, gold prices have taken a nosedive in Thailand, with gold ornaments now pegged at 44,100 baht per baht weight. The Gold Traders Association (GTA) reports a 300 baht drop from yesterday, October 23, putting an end to the recent upward streak. As of 9.06am today, gold bullion is fetching 43,500 baht to buy and 43,600 baht…
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Thailand casino draft law ready to hit the jackpot in Cabinet review
The draft law on entertainment complexes and casinos in Thailand is anticipated to reach the Cabinet for consideration later this year, as announced by Deputy Finance Minister Julapun Amornvivat. Upon receiving Cabinet approval, the administration plans to forward the draft law to Parliament for further deliberation. The House of Representatives is scheduled to reconvene for a regular session from mid-December…
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Thai deep tech startups generate over 965 million baht
The Higher Education, Science, Research and Innovation Ministry’s Programme Management Unit for Competitiveness (PMUC) has successfully fostered over 90 Thai deep tech startups, generating an economic value exceeding 965 million baht. PMUC Director Thongchai Suwansichon highlighted the unit’s role in leveraging university research to commercialise products that benefit the national economy. “The PMUC sees the potential of research work in…
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Transport, industrial stocks may gain if Trump wins US election
Transport and industrial estate stocks are poised for gains if Donald Trump secures victory in the US presidential election, according to Asia Plus Securities (ASPS). Conversely, manufacturers of petrochemicals, electrical equipment, steel products, and auto parts may face stiffer competition from Chinese exports. With the US presidential election just weeks away, the race between Democrat Kamala Harris and Republican Trump…
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True Corporation amps up for royal spectacle along Chao Phraya
True Corporation supercharged its 5G, 4G, and WiFi networks ahead of the grand Royal Barge Procession sailing down the Chao Phraya River. This dazzling event journeys from Rama VIII Bridge to Wat Arun, promising top-notch connectivity for everyone eager to catch a glimpse. With extensive network testing already complete, True Corporation ensures they’re ready not just for the recent rehearsal…
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ICONSIAM propels Thailand to the forefront of global destinations
ICONSIAM, the global landmark on the banks of the Chao Phraya River, is employing an Experiential Marketing strategy aimed at creating exceptional experiences and reaffirming its status as a must-visit global destination. In collaboration with partners from all sectors, ICONSIAM is investing up to 300 million baht to launch over 60 marketing campaigns throughout the final quarter of the year, culminating…
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Political unrest impacts Thailand’s stock market performance
Political turbulence, both on the domestic and international fronts, is tempering the growth prospects of the Stock Exchange of Thailand (SET), despite the Thai index briefly surpassing the 1,500-point mark. Analysts note that the Election Commission’s (EC) recent decision to investigate Thaksin Shinawatra for potentially exerting undue influence over the ruling Pheu Thai Party is a significant factor. The political…
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FTI calls for fair e-commerce platform playing field
The Federation of Thai Industries (FTI) is urging the government to enforce stricter regulations on foreign e-commerce platforms and control the influx of low-cost products into Thailand. This call to action comes after a recent survey revealed that 35.1% of local entrepreneurs experienced a decline in sales due to inexpensive imports sold online. Vice-Chairman of the FTI, Peekthong Thongyai spoke…
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Thai Airways plans rehabilitation exit by mid-2025, banks to benefit
Creditors of Thai Airways International (THAI), particularly Bangkok Bank (BBL) and Krungthai Bank (KTB), are set to benefit from the airline’s planned exit from its rehabilitation scheme by mid-2025. The banks are being provided with several options for debt repayment, according to analysts. In recent reports submitted to the Stock Exchange of Thailand (SET) and the Securities and Exchange Commission,…
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Thai SMEs boxed in by debt and dwindling demand
Small and medium-sized enterprises (SMEs) in Thailand are on the ropes, grappling with crippling debt and plummeting sales as the country’s economic engine sputters, warns the Federation of Thai Industries (FTI). The financial plight of these crucial businesses is worsening, says the FTI, with government support measures arriving too little, too late. Yet, the federation, the voice of Thailand’s SMEs,…
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Banking stocks set to cash in as BoT preps for another cut
Stock market sleuths are buzzing as banking stocks look set to surge with global interest rates on the slide. All eyes are on the Bank of Thailand (BoT), expected to slash its policy rate again this December. Last week’s unexpected chop of 25 basis points to 2.25% marked the first cut in more than four years, echoing similar moves by…
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Bangkok gets a taste of Seoul: Korean food fest stirs up a culinary coup
In a culinary coup, South Korea’s Ministry of Trade, Industry and Energy teamed up with Kotra to dish out Seoul Food in Bangkok 2024, in the nation’s biggest food extravaganza yet. This mouth-watering event isn’t just about savouring the flavours, it’s a powerhouse meeting for food bigwigs eager to cook up new business deals, starting with Bangkok before taking the…
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Hong Kong urged to innovate for tourist spending boost
Hong Kong businesses need to innovate to attract tourist spending, rather than focusing on the decline in visitor expenditure, a senior official has advised. Warner Cheuk Wing-hing, Deputy Chief Secretary for Administration, highlighted yesterday, October 20, that tourists are still eager to spend but have heightened expectations. “We cannot just complain about why people aren’t spending money. It’s not that…
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Thailand’s drought and pests slash coconut yields, prices soar
The Agriculture Ministry revealed that the country’s mature coconut yield is expected to plummet to just 0.86 million tonnes this year, a sharp drop from last year’s 0.94 million tonnes. Blame it on a double whammy of prolonged drought and pesky infestations ravaging the country’s coconut trees. The knock-on effect is already being felt in the markets. Commerce Minister Pichai…
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NBTC partners with Facebook for digital marketing training
The National Broadcasting and Telecommunications Commission (NBTC) has partnered with Facebook and Kenan Foundation Asia to offer digital marketing training through 1,836 USO Net public Internet centres across the country. The Meta’s SME Academy and Seller Education course is designed to help individuals in remote areas increase their income through digital marketing skills. NBTC board chairman Sarana Boonbaichaiyapruck explained that…
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Gold hits record US$2,698.50 amid Middle East tensions
Gold prices surged to a new record high as heightened Middle East tensions drove investors towards the safe-haven asset, despite mixed economic data from the United States tempering expectations for significant interest rate cuts by the Federal Reserve this year. Bullion increased by 0.2% to US$2,698.50, surpassing the previous all-time high set yesterday by approximately one dollar. This rise came…
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China’s economy grows 4.6% in Q3 amid property downturn
China’s economy experienced a marginally better-than-expected growth in the third quarter, according to data released today. However, the persistent property downturn and weak consumer spending continue to weigh heavily on economic activity, compelling policymakers to contemplate further stimulus measures to invigorate growth. The world’s second-largest economy expanded by 4.6% year-on-year in the July-September period, surpassing the 4.5% forecast in a…
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Thailand, US bolster trade ties with focus on high-tech investments
Commerce Minister Pichai Naripthaphan and US Ambassador Robert F. Godec yesterday engaged in discussions focusing on trade tariffs and investment in high-tech sectors, aiming for strategic alignment. During their meeting yesterday, October 17, Pichai emphasised that the talks were crucial for establishing a strategic partnership and bolstering economic ties between Thailand and the US, enhancing both bilateral and investment relations.…
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Gearing down: Thai auto parts makers face shock as EVs speed ahead
Thai auto parts manufacturers for internal combustion engine (ICE) vehicles face significant disruption due to the rising popularity of electric vehicles (EVs), according to Tru Automotive, a supplier of auto parts under the TRW brand. Pornsak Ariyapongpairoj, Managing Director of Tru Automotive, stated that sales of parts for ICE cars are expected to decline as EV makers do not use…
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