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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Concerns over readiness of Thailand’s secondary cities for tourism
The private sector has expressed concerns over the readiness of Thailand’s secondary cities for a major tourism boost, despite Prime Minister Srettha Thavisin’s declaration that 2024 will be “the greatest year for Thai tourism in history.” These concerns were voiced during a recent tourism workshop at the Queen Sirikit National Convention Centre, where the 62 year old Thai PM outlined…
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Tasty travels: Thai SELECT campaign spices up tourism
The Travel, Taste, Eat Thai SELECT campaign, a collaboration between the Commerce Ministry and the Tourism Authority of Thailand, has been unveiled. This initiative is part of a soft power strategy aimed at promoting and bolstering Thai businesses, particularly certified Thai SELECT restaurants. The Deputy Commerce Minister, Napintorn Srisunpang, emphasised that the campaign is designed to ensure these establishments meet…
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Bank of Thailand likely to cut policy rate in April, predicts SCB EIC
Siam Commercial Bank’s research centre, SCB EIC, anticipates that the Bank of Thailand is likely to initiate a decrease in the policy rate in April due to structural economic issues. The research centre predicts that the Monetary Policy Committee (MPC) will slash the policy rate by 50 basis points in the first half of this year. The initial rate cut…
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Visa-free policies boost international travel and economies
The international travel industry experienced a significant rebound last year, following the implementation of visa-free policies by various governments. These policies aimed to rejuvenate their ailing economies through the influx of spending by foreign tourists. Thailand, for instance, witnessed 28 million arrivals in 2023 largely due to the strong performance in the last quarter. This surge was precipitated by visa…
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Gold prices predicted to hit US$2,250 per ounce by year-end
A revision in the global gold prices outlook has been announced by the Gold Traders Association (GTA), projecting an increase to US$2,250 per ounce by year-end from its previous estimate of US$2,100. This adjustment comes in the wake of domestic prices reaching an all-time high of 36,700 Thai baht per baht weight yesterday morning. The President of GTA, Jitti Tangsithpakdi,…
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Italian-Thai development grapples with liquidity crisis amid scandals
Thailand’s leading construction firm, Italian-Thai Development Plc (ITD), is grappling with a liquidity crisis that has alarmed investors, regulators, and rating agencies. This scenario follows a series of local corporate scandals and debt defaults that have already unnerved the market. ITD confirmed yesterday, March 13, that it is seeking new loans from banks to alleviate the current cash crunch that…
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Hong Kong pet owners among top spenders in Asia-Pacific
The pet industry in Hong Kong is witnessing steady growth, with pet owners investing nearly HK$700,000 (3.2 million baht) on average in their pets’ lifetimes. This positions them as one of the top spenders in the Asia-Pacific region’s pet care sector. According to a survey conducted by OneDegree, a pet insurance company, 526 pet owners in Hong Kong were found…
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EA plans expansion in renewable power and EV sector
Renewable energy and electric vehicle (EV) developer, Energy Absolute Plc (EA), is set to expand its power business. The decision comes after a pause in the introduction of new projects since 2019. Currently, the firm’s wind and solar farms generate a capacity of 664 megawatts. The company’s CEO, Somphote Ahunai, noted in a 2020 interview that EA diversified into EV-related…
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Thailand’s smartphone market to grow 3% in 2024, says report
A 3% growth in Thailand’s smartphone market is anticipated in 2024, fuelled by the need for upgrades and enhanced technology features, says an international research firm. This follows a 2% rise in 2024, when Thailand was the only Southeast Asian nation to experience marginal growth, due to the strong performance of budget smartphones, as per Counterpoint Research’s Southeast Asia Monthly…
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US plans to reinstate GSP scheme for Thailand, to help trade relations
The United States signalled its intent to reinstate the Generalised System of Preferences (GSP) scheme for Thailand, as disclosed by Thailand’s Commerce Minister, Phumtham Wechayachai. This development comes after the scheme expired in 2020. Phumtham’s statement emerged following a strategic dialogue with US Secretary of Commerce Gina Raimondo and a representative from the President’s Export Council. The dialogue served as…
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Japan’s visa-free privileges for Thais safe despite overstay concerns
Fears of a potential withdrawal of Japan’s visa-free privileges due to an increased number of Thais overstaying their visas have been dismissed by travel operators. The Department of Consular Affairs brought attention to this issue last December, revealing an increase in the number of Thais overstaying from 8,688 in 2021 to 11,472 in 2023. Reports suggest that the Japanese government…
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Thai industrial sentiment dips despite tourism boost
The Federation of Thai Industries (FTI) reported a minor dip in the industrial sentiment index for February, which fell to 90.0 from 90.6 in the preceding month. This decline was attributed to a slowdown in both domestic demand and exports, despite a boost from the tourism sector. The FTI revealed that household concerns over high living costs and debt issues…
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Delta Electronics to invest US$1 billion in manufacturing and R&D
Delta Electronics (Thailand), the nation’s premier electronics firm by market capitalisation, is primed to inject between US$500 million and US$1 billion in a bid to enhance its manufacturing and research and development (R&D) capabilities over the next five years. A significant portion of this investment is earmarked for Thailand, disclosed CEO Victor Cheng. Cheng revealed that the capital expenditure surpassing…
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Cryptomind group aims to triple AUM to 3 billion baht amid crypto rebound
Cryptomind Group Holdings announced its aim to triple its assets under management (AUM) to 3 billion baht (US$83 million) this year, following a robust rebound in the cryptocurrency market. This projection is based upon the performance of Merkle Capital Co Ltd, the group’s digital asset fund manager and Thailand’s first licensed entity in this field. The group’s confidence bolsters following…
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Thailand risks losing satellite orbit rights at 50.5° East due to vacancy
Thailand’s entitlement to utilise the satellite orbit at 50.5° East may be revoked following its expiration in 2025 due to its prolonged vacancy. There’s speculation in the industry that the upcoming auctions for the unclaimed orbit slots at 50.5° and 142° E by the National Broadcasting and Telecommunications Commission (NBTC) might not be successful. This is due to the expectation…
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Songkran festival projected to generate 24.4 billion baht in revenue
The Songkran festival, one of Thailand’s most anticipated events, is projected to yield an impressive 24.4 billion baht (US$682 million) in revenue. This figure is a result of an estimated 510,000 international visitors and 4.29 million domestic trips, as stated by the Tourism Authority of Thailand (TAT). In a bid to attract more international tourists, the government unveiled plans for…
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Thailand to boost rice exports to Hong Kong and China
An upward trend in rice exports from Thailand to Hong Kong and China is anticipated this year, with a particular demand for riceberry and brown rice. This expectation is driven by the global economic recovery and a discerning preference for high-quality rice grains. Thailand is also aspiring to establish a distribution centre in Shenzhen to bolster its market presence. The…
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Krungsri Auto predicts minimal growth in new auto loans despite EV boom
Krungsri Auto, Thailand’s leading auto loan provider, predicts a mere 0.4% increase in its new auto loans for 2024, despite the anticipated boom in electric vehicle (EV) sales at the upcoming 45th Bangkok International Motor Show. This forecast was shared by Congsin Congcar, the head of Krungsri Auto Group, after the company issued over 223 billion baht in new auto…
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Government revenue falls short due to dip in oil taxes
There’s been a shortfall in the government’s revenue collection for the first four months of the 2024 fiscal year, largely due to a sharp drop in oil taxes. This data was disclosed by the Fiscal Policy Office (FPO) director-general, Pornchai Thiraveja, who highlighted that the government’s net revenue for the period of October 2023 to January 2024 was 824 billion…
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Pilatus Marine to expand LPG marine transport across Asia
Pilatus Marine, Thailand’s leading liquefied petroleum gas (LPG) marine transport operator, is set to expand its services throughout Asia. The move forms part of a strategic initiative to increase its customer base and cater to the rising demand for marine transport of LPG and olefins, a crucial ingredient in plastic production. According to Chief Executive, Varawit Chimtawan, the expansion is…
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Citi Thailand’s transformative era under Narumon’s leadership
The bustling financial landscape of Thailand is witnessing a transformative era under the leadership of 52 year old Narumon Chivangkur. With an enviable career spanning 28 years at Citi, she currently holds the esteemed positions of Citi Country Officer (CCO) and Banking Head of Citi Thailand. Her journey reflects not only her professional dedication but also her unique blend of…
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Foreign funds return to SET amid Federal Reserve expectations
Foreign funds made a return to the Stock Exchange of Thailand (SET) in February, despite a 3.2% shrinkage of the SET index in the first two months of 2024. The investors’ return was driven by a decrease in expectations of the Federal Reserve’s policy rate cut, which was predicted to happen only thrice this year. Soraphol Tulayasathien, the SET’s senior…
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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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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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Thai industries federation urges stringent checks on imported produce
The Federation of Thai Industries (FTI) urged the government to intensify scrutiny of agricultural imports, particularly fruits and vegetables, from neighbouring nations and China, following the detection of pesticide contamination in some produce. Kriengkrai Thiennukul, the FTI chairman. stated that Thailand continues to import fruit and vegetables contaminated by chemicals banned in many countries. He emphasised the need for a…
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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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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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Thai AirAsia opposes airfare reductions due to operational costs
Thai AirAsia weighed in on the issue of high airfares which prompted calls for price reductions, arguing that slashing ceiling prices is not a feasible solution due to increased operational costs borne by airlines since the onset of the pandemic. The airline’s Chief Executive, Santisuk Klongchaiya, suggested increasing flights during the Songkran festival as a potential strategy to decrease average…
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