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 5 ways retirees in Thailand lose money (and how to stop it)
Retiring in Thailand can be affordable and enjoyable, but many retirees lose money due to common mistakes. High living costs, scams, and unexpected expenses can quickly drain savings. There are five ways that retirees in Thailand can lose money and...
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Thai-ing up: China’s industrial trade reshapes Southeast Asia
Chinese industrial products are increasingly penetrating the Southeast Asian market, significantly impacting Thailand’s trade dynamics. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) reports that this influx has diminished Thailand’s market share and contributed to a trade deficit with China amounting to nearly US$20 billion. Chinese online retailer Temu’s recent entry into Thailand is poised to exacerbate this…
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Thailand boosts export defences amid global recession fears
The Government of Thailand ramped up efforts to counter potential impacts on exports amid concerns of a looming global recession driven by US economic uncertainties. Commerce Minister Phumtham Wechayachai highlighted the continuous monitoring of the US economic landscape, expressing worries about a possible recession that could ripple through global markets. “The government will not let Thai businesses and consumers be…
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Thai banks team up to boost halal exports with low-interest loans
The Export-Import Bank of Thailand (Exim Bank) has partnered with the Islamic Bank of Thailand (IBank) to provide loans at interest rates lower than the prime rate, aiming to establish Thailand as ASEAN’s halal hub by 2028. Representatives from Exim Bank, IBank, the Sheikhul Islam Office (Chularatchamontri), and various sectors involved in supporting halal products, yesterday, August 6, signed an…
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Thai exports to grow by 1 to 2% amid global uncertainties
The Thai National Shippers’ Council (TNSC) expects a modest expansion in export value this year, projecting a growth rate of 1 to 2%. TNSC Chairman Chaichan Chareonsuk confirmed the council’s forecast for 1 to 2% export growth this year, as of August 2024. Despite this optimistic outlook, the TNSC remains cautious due to several unpredictable factors expected in the second…
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Thai hotels face 111 million baht loss after FTI Group collapse
The collapse of German tour company FTI Group has resulted in significant financial losses for Thai hotels, totalling over 111 million baht. Hotel operators in Thailand are now seeking assistance from the German Embassy through coordination with the Tourism and Sports Ministry. FTI Group, the third-largest tour operator in Europe, filed for insolvency in June, impacting tourists and operators across…
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Thai-ing up the wins: Olympic success set to spike sports sales
The Thailand Sporting Trade Association anticipates a surge in interest in sport among Thais following the successes of Team Thailand at the 2024 Paris Olympic Games, offering a prime opportunity to boost sales of sports equipment. Kitti Charoenpornpanichkul, president of the association, noted that medal-winning events featuring Thai athletes naturally attract significant public attention, fostering a desire among fans to…
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Thailand energy plan: ‘Current’ contracts for a brighter future
The Government of Thailand is poised to approve a plan involving the Metropolitan Electricity Authority (MEA) and Provincial Electricity Authority (PEA) to manage energy conservation projects in state agencies under long-term contracts. This initiative aims to accelerate energy-saving efforts within the state sector, according to the Department of Alternative Energy Development and Efficiency. The impending approval will bolster campaigns across…
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Thai publishing ‘chapter’ of decline amid spending woes
The Thai publishing market faces a predicted decline this year due to economic challenges affecting consumer spending, according to the Publishers and Booksellers Association of Thailand (PUBAT). However, booksellers remain optimistic, identifying potential growth in niche markets. Nattakorn Vuttichaipornkul, Vice-President of Internal Affairs at PUBAT, reported a modest decrease in book sales during the first half of the year. “The…
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Temu enters Thai market, intensifies e-commerce competition
Temu, China’s e-commerce giant, recently entered the Thai market, stirring up competition across both online and offline sectors in Thailand. The move, according to industry experts, is set to intensify cross-border competition, challenging existing players and local businesses alike. Thailand’s e-marketplace has long been dominated by foreign giants like Lazada (owned by Alibaba), Shopee (under Singapore’s SEA), and China’s TikTok…
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Thailand emerges as AI and health tech innovation hub
Venture capitalists are intensifying their focus on investment opportunities in startups centred around artificial intelligence (AI), transformative digital healthcare, and the burgeoning pink technology sector. According to industry experts, Thailand’s robust healthcare, agriculture, and tourism industries, coupled with local companies’ consistent investment in innovation, position the country as a formidable launchpad for startups. Major firms are propelling innovation by investing…
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Pattaya rebranding as family-friendly destination to boost tourism
Pattaya’s tourism operators have put forth a proposal to the tourism minister, aiming to transform the city’s image into a family-friendly destination, distancing it from associations with sex tourism and illegal gambling. The Association of Chon Buri Tourism Federation (ACTF) recently convened with Tourism Minister Sermsak Pongpanit to discuss the initiative. The meeting also included insights from a workshop that…
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PM Srettha orders Temu to comply with Thai tax laws
Prime Minister Srettha Thavisin directed the Revenue Department and the Ministry of Digital Economy and Society (DES) to ensure the new Chinese online retailer Temu adheres to Thai regulations and meets tax obligations. The directive aims to address concerns from local industries about the potential influx of inexpensive Chinese products affecting Thai manufacturers. The introduction of Temu, a Chinese e-commerce…
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Startups to receive up to 50 million baht from BoI initiative
Startups with significant growth potential in targeted industries will receive financial backing, up to 50 million baht each, through a new initiative launched by the Board of Investment (BoI). This initiative, known as the Matching Fund, operates under a larger fund managed by the Competitiveness Enhancement Board, chaired by Finance Minister Pichai Chunhavajira. The Matching Fund aims to collaborate with…
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Bank of Thailand increases outflow limit, eases forex
The Bank of Thailand (BoT) is set to ease foreign exchange regulations further to bolster business operations and enhance the country’s foreign exchange ecosystem. This strategic move aims to provide long-term benefits to Thailand’s economy. The central bank plans to introduce additional relaxations in the fourth quarter, marking the third phase of its foreign exchange ecosystem initiative. This phase will…
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Thai tourists favour China and Japan over South Korea
A marked decline in the number of Thai tourists travelling to South Korea has been observed over the past seven months, with many opting instead for trips to China and Japan. The Korea Tourism Organisation (KTO) reported that 20,150 Thais visited South Korea in June, a significant drop from the 25,023 recorded during the same period last year. This downward…
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Ford Thailand urges support for ICE car sector amid EV rise
Ford Thailand is urging the government to extend support to companies in the internal combustion engine (ICE) car segment, particularly motorcycle manufacturers, who are struggling to adapt to the rapid expansion of the electric vehicle (EV) market. Despite the implementation of measures such as tax cuts and subsidies to promote the EV industry, ICE sector operators have yet to see…
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Thailand’s bike boom hits a brake with debt drag
Thailand’s motorcycle manufacturing output is expected to continue its decline in the second half of the year due to high household debt and a weak economy, according to the Federation of Thai Industries (FTI). The FTI Vice-Chairman and spokesperson for the federation’s Automotive Industry Club, Surapong Paisitpatanapong, commented on the challenging economic conditions. He noted that while the motorcycle industry…
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Krungthai Bank loan growth: No contraction in confidence
Krungthai Bank (KTB) remains confident in meeting its loan growth target for this year, despite a lending contraction during the initial six months. The bank focuses on achieving a 3% total loan growth throughout 2024, according to its President, Payong Srivanich. The Thai economy’s uneven recovery in the first half of the year and persistent uncertainties in the latter half…
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Thailand invests 1 billion baht to boost AI skills and startups
Thailand is poised to harness the momentum of the global artificial intelligence (AI) trend, aiming to transition from an AI user to an AI application creator, as stated by the National Electronics and Computer Technology Center (NECTEC). The country’s strategy involves leveraging its robust ecosystem, which includes high-performance computing infrastructure, thriving data centres, and ongoing development of skilled employees, research…
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What is the current state of Thailand’s casino legislation, and how likely is it to change in the near future?
Thailand stands on the brink of a potentially transformative shift in its approach to gambling. For many years, casinos have been completely banned in the country, reflecting a conservative stance deeply rooted in cultural and legal traditions. However, recent developments suggest that Thailand might be on the path to legalising and regulating casino operations, marking a significant departure from its…
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Thai baht may appreciate to 35.30 per dollar amid BoJ rate hike
The Thai baht could experience further appreciation to 35.30 per US dollar in the short term, following a four-month high of 35.72 reached early yesterday. Political instability and deteriorating fiscal conditions due to the government’s populist policies, however, may hinder a significant rebound of the Thai currency. Asian currencies, including the baht, surged after the Bank of Japan (BoJ) raised…
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Thailand targets 8 million Chinese tourists in 2024 amid diverse strategies
The Tourism Authority of Thailand (TAT) has set an ambitious target of 8 million Chinese tourist arrivals for 2024 and is diversifying its focus to niche markets with significant purchasing power, such as young travellers, small meeting groups, and caravan tours. “Demand among Chinese is not enough to entice Chinese airlines to increase flights to Thailand,” said Nonglux Yooyendee, director…
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Thailand, China boost trade alliance amid investment opportunities
Thailand and China have engaged in discussions to enhance trade cooperation, focusing on expanding the market for Thai livestock products and fruits in China, while also welcoming Chinese investment in emerging industries within Thailand’s Eastern Economic Corridor (EEC). Deputy Commerce Minister Suchart Chomklin, appointed by Commerce Minister Phumtham Wechayachai, participated in the third meeting of the Sub-Committee on Trade and…
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Thailand to export 8.2 million tonnes of rice amid strong demand
Thailand anticipates exporting 8.2 million tonnes of rice this year, an increase from the previously forecasted 7.5 million tonnes, driven by strong demand from major markets and a depreciating baht, according to the Commerce Ministry. Ronnarong Phoolpipat, Director-General of the Foreign Trade Department, reported that rice exports in the first half of the year reached 5.08 million tonnes, valued at…
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SCB X delays end of Robinhood food delivery service
Siam Commercial Bank (SCB) X PCL has made a significant decision to delay the termination of its Robinhood food delivery service, initially planned for the end of this month. The company yesterday, July 29, submitted a formal request to the Stock Exchange of Thailand (SET) to extend the service’s operation. Manop Sangiambut, Chief Financial Officer of SCB X, revealed the…
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Experts seek public backing for 2024 SMR nuclear plan
Energy experts urge a shift in public perception of nuclear technology to support the Energy Ministry’s push for small modular reactor (SMR) projects in the 2024 power development plan. SMRs, defined by the International Atomic Energy Agency (IAEA) as nuclear power technology with capacities up to 300 megawatts per unit, offer about one-third of the generating capacity of traditional nuclear…
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Pickup truck loan defaults surge 39% in May, NCB reports
The National Credit Bureau (NCB) reported a significant 39% increase in bad debt for pickup truck loans in May, highlighting an alarming trend in the auto finance sector. Banks have also seen a contraction in car loans during the first half of this year, corresponding with a nationwide decline in car sales. By May 2024, non-performing loans (NPLs) for pickup…
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Effective mentorship fuels Gen Z’s career growth and innovation
Generation Z’s growing presence in the workforce necessitates innovative strategies to support their development. Mentorship programmes have emerged as a powerful tool, creating dynamic and mutually beneficial relationships across generations. These programmes address Gen Z’s unique professional aspirations, fostering continuous learning and growth. Effective mentorship programmes for Gen Z extend beyond traditional models where senior employees impart wisdom to junior…
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Thailand’s walking tourism boosts local culture, sustainability
Walking tourism is increasingly popular as travellers seek to immerse themselves in local cultures and explore neighbourhoods more intimately. The United Nations Tourism Organisation (UNWTO) notes that walking tourism fosters a deeper connection with local communities, nature, and culture. This growing trend aligns with the global push for sustainable tourism and satisfies the rising demand for outdoor activities. However, the…
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Thailand’s steel sales drop 8.7% amid cheap Chinese imports
Thailand’s steel industry faced sluggish sales in the first five months of this year due to reduced spending on construction projects and the influx of cheap imports from China, according to Tata Steel (Thailand) Plc (TSTH), a subsidiary of India’s largest steelmaker. Long steel product consumption fell by 8.7% year-on-year to 2.47 million tonnes as stated by Tarun Kuma Daga,…
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