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 Long-term life in Thailand? 5 reasons private health insurance pays off in the long run
Thailand is a great place for expats and retirees, offering a warm climate, affordable living, and rich culture. However, healthcare can be tricky for foreigners since they aren’t eligible for public health coverage, and private care can be expensive. Private...
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Government extends excise tax cut for entertainment venues to boost tourism
The government has decided to extend the current excise tax reduction for entertainment venues, such as pubs, bars, nightclubs, and cocktail lounges, for another year to bolster tourism. This decision was announced by Deputy Finance Minister Paopoom Rojanasakul following a Cabinet meeting held yesterday, December 24. The extension will see the excise tax rate decrease from 10% to 5% of…
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Thai economy forecast: 109 billion baht boost from consumer spending
Predictions for the new year indicate a robust economic circulation of 109 billion baht, driven by consumer spending, according to findings from the University of the Thai Chamber of Commerce (UTCC). While this suggests a positive economic trend, many individuals remain cautious with their expenditures. The UTCC’s survey, conducted recently, highlights an anticipated 3.2% increase in spending compared to last…
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Thailand considers Bitcoin payment trial in Phuket for tech tourists
Thailand is considering a groundbreaking initiative proposed by former Prime Minister Thaksin Shinawatra to test Bitcoin payments in Phuket, aiming to enhance the country’s appeal to technology-forward tourists. This proposal, however, requires the Bank of Thailand to conduct a detailed examination of the potential risks involved, as highlighted by Gulf Binance, the local division of the global cryptocurrency leader, Binance.…
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Thai Oil may replace contractors over unpaid wages in fuel project
Thai Oil Plc is contemplating altering the contractors for its Clean Fuel Project (CFP) due to unresolved disputes over unpaid wages to construction workers, potentially causing further delays. This development marks a significant moment for the country’s largest oil refinery by capacity. Unincorporated Joint Venture (UJV), which includes Petrofac South East Asia Pte Ltd, Saipem Singapore Pte Ltd, and Samsung…
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Thailand secures South Korean investment in Smart Park project
The Industrial Estate Authority of Thailand (IEAT) has successfully attracted an investment commitment of US$500 million (approximately 17 billion baht) from South Korean investors for the development of Smart Park. The initiative, part of the Now Thailand – The Golden Era campaign, aims to position Thailand as a prime destination for international business ventures. Yuthasak Supasorn, Chairperson of IEAT, welcomed…
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Grab sees 400% growth in Thailand’s ride-hailing-delivery services
Leading super-app Grab released its year-end statistics for on-demand transport and delivery services in Thailand, revealing significant growth and trends in 2024. The company reported an impressive increase in its ride-hailing and delivery services, driven by both local and international demand. Grab’s ride-hailing services have remained a favourite among users, with the GrabCar Saver option experiencing a remarkable growth of…
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Thailand’s credit card industry faces toughest challenge in 20 years
The credit card industry in Thailand is bracing for its most formidable challenge in two decades, a situation attributed to an anticipated weak economy next year, as highlighted by the Thai Bankers’ Association’s credit card club. Atis Ruchirawat, chair of the club, emphasised that the unsecured loan sector, encompassing credit cards and personal loans, has already felt the tremors of…
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Thai baht to fall to 35.50 against US dollar by 2025
Kasikorn Research Centre (K-Research) forecasts that the Thai baht will depreciate, reaching 34.50 to the US dollar by the end of this year and sliding further to 35.50 in 2025. This prediction comes as new US government policies are expected to exert pressure on the Chinese yuan next year. The baht recently hit a three-month low of 34.61 against the…
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Illegal foreign tour guides threaten Thailand’s tourism industry
The growing issue of illegal foreign tour guides in Thailand, exacerbated by extended visa-free stays and lax enforcement, is concerning industry experts. The Professional Tourist Guides Association of Thailand has raised alarms about foreigners illegally managing both tour companies and guide services in major tourist destinations. Recent social media reports highlighted an incident involving an unauthorised Russian guide leading a…
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Thailand targets US$308bn exports by 2025 amid trade optimism
The Commerce Ministry has ambitious plans to boost Thailand’s export sector, setting a target of 2% to 3% growth for 2025. The goal, projected to bring in US$305 to US$308 billion, follows a robust performance in 2024, where export growth is expected to reach 5%, generating a record US$300 billion. These figures reflect optimism driven by the electronics, agricultural, and…
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Thailand GDP set for 3% growth despite global economic challenges
The Tisco Economic Strategy Unit (ESU) forecasts a 3% growth in Thailand’s GDP for the coming year, aligning this growth with a projected 3.2% expansion of the global economy. This comes amidst concerns over potential trade wars and rising inflation, which may pose challenges to these optimistic forecasts. Economist Methas Rattanasorn highlighted that the anticipated growth for Thailand is driven…
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Thai Cabinet approves increase in foreign worker quotas
The Thai Cabinet has given the green light to a proposal aimed at addressing the current shortage of foreign workers in businesses by increasing their numbers. This initiative comes in response to the outdated laws that have been in place since 1979, which limit foreign workers to 100 per business and stateless workers to 50. Government spokesperson Jirayu Huangsab stated…
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Thailand urged to cut interest rates amid low inflation concerns
Finance Minister Pichai Chunhavachira has reiterated his call for a reduction in Thailand’s policy interest rate to boost inflation. He urged the Monetary Policy Committee (MPC) to announce another rate cut, citing the current low inflation rate as a driving factor. The Finance Ministry continues to provide economic data and engage in discussions with the Bank of Thailand, although the…
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Thailand’s SET ESG Ratings 2024 hits milestone with 228 companies
The Stock Exchange of Thailand (SET) reported a significant achievement with its ESG Ratings 2024, as 228 listed companies have been recognised, marking a new milestone in sustainable investments both locally and globally. This year’s ratings awarded AAA status to 56 companies, AA to 80, A to 71, and BBB to 21. These firms together account for 82% of the…
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Chinese tourists set to keep Thailand’s travel market cruising
The outlook for the Chinese inbound market to Thailand next year is expected to remain steady, with projected arrivals hovering between seven to eight million, according to the Association of Thai Travel Agents (ATTA). This forecast arises amidst China’s persistent economic difficulties and the anticipated tariff hikes from the incoming Trump administration. ATTA President Sisdivachr Cheewarattanaporn expressed scepticism about Thailand…
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Thai SMEs to boost exports to China via e-commerce
The International Institute for Trade and Development (ITD) plans to propose a strategic initiative to the Ministry of Commerce, focusing on cross-border e-commerce (CBEC) to aid small and medium-sized enterprises (SMEs) in expanding their exports to the Chinese market. This move aims to provide SMEs with new opportunities to enhance their presence in China through CBEC channels. Wimon Punkong, Deputy…
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Living the Thai life: Kingdom rolls out red carpet for big spenders
Thailand is upping the ante in its tourism game, spotlighting the allure of luxury and high-spending travellers to power up the economy post-pandemic. Known for its warm hospitality, stunning landscapes, and world-class attractions, the nation is seeing a surge in plush hotels and branded properties to cater to this elite crowd. The Tourism Authority of Thailand (TAT) set its sights…
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Gold rush: Prices dip, enthusiasts dig in for a buying spree
Gold enthusiasts are on high alert as the Gold Traders Association (GTA) announced a dip in prices, sparking a potential buying frenzy. Today, December 16, the price of gold jewellery has slipped to 43,400 baht per baht-weight, a 50 baht drop from yesterday’s closing. At 9.03am, the GTA updated their website, revealing the domestic buying price for gold bullion at…
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Excise Department to reassess retail prices for higher tax revenue
The Excise Department is set to reassess the recommended retail prices that form the foundation for calculating excise taxes. This revision comes as many products’ current prices are estimated to be 5% to 10% below the actual selling prices. According to Bangkok Post, a source from the department indicated that setting recommended retail prices too low results in reduced revenue…
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Thailand unveils tax reform: Corporate tax cut, VAT hike rejected
Finance Minister Pichai Chunhavajira unveiled a bold tax reform plan to supercharge state revenue, drive national development, and level the economic playing field in Thailand. The announcement was made at the Sustainability Forum 2025, an event championing sustainable economic growth. Central to the plan is slashing the corporate income tax rate to 15%, aligning with OECD guidelines to keep Thailand…
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Cupid stunt: Matchmaking service finds heart of Bangkok economy
Bangkok’s leading matchmaking service is tuning its heartstrings to the economic beat as whispers of a slowdown loom large on the horizon. With the tourism season in full swing, Bangkok Matching is rolling out a suite of strategies to woo foreign travellers hoping to find love while enjoying their Thai escapades. At the helm is the dynamic Kulchulee Subsinudom Nylander,…
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Lost world found: Centara’s splash-tacular revamp makes waves in Pattaya (video)
Centara Hotels & Resorts is pulling out all the stops with a sensational upgrade to its famed Lost World-themed haven, Centara Grand Mirage Beach Resort Pattaya. This month sees a dazzling debut of new attractions designed to captivate guests of all ages, promising a holiday like no other. Making a splash are four newly unveiled water park zones. Get ready…
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ADB revises Thailand GDP forecast, warns of slower Asia growth
The Asian Development Bank (ADB) revised its economic forecasts today, upgrading Thailand’s Gross Domestic Product (GDP) projection for this year while maintaining next year’s estimate. However, the bank warns that developing Asia is set to experience slower growth than anticipated, with potential challenges looming due to possible changes in US trade policies under President-elect Donald Trump. Developing Asia, encompassing 46…
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Thai food for thought: Restaurant sector set for festive tourism feast
The Thai restaurant sector is set to experience a significant boost during the new year festive season, largely driven by an increase in holiday travel and tourism. Despite this optimistic outlook, the Thai Restaurant Association expressed concerns regarding a potential decline in total spending on food and beverages due to weakened purchasing power and the concentration of activities in popular…
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Thailand targets luxury and niche tourism for growth boost
The Tourism Authority of Thailand (TAT) is setting its sights on four niche tourism markets for the upcoming year: wellness, luxury experiences, sports tourism, and honeymoons. This strategic focus aims to tap into the burgeoning trend of high-spending and luxury tourism, with the agency planning to introduce exclusive events across the country. According to Chiravadee Khunsub, the Deputy Governor for…
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Thailand throws ‘baht’ at impact study of 10,000-baht handouts
In a bid to decipher the ripple effects of Thailand’s 10,000-baht cash handout scheme, the Finance Ministry launched an exhaustive survey. This deep dive, spanning 40,000 participants, aims to unravel the true impact of this financial initiative on the economy and society as a whole. Finance Permanent Secretary Lavaron Sangsnit promises findings by the month’s end. “This survey uses a…
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Thailand’s business community urges govt for festive financial jolt
As the new year approaches, Thailand’s business community is pulling no punches in calling for urgent government intervention to jump-start the economy. With suggestions ranging from tax breaks to debt relief, industry leaders are clamouring for robust stimulus measures to invigorate growth. Nath Vongphanich, President of the Thai Retailers Association, is at the forefront of this push, advocating for a…
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Hong Kong hotel bills pile up: Tourism takes a hit amid dollar drama
As Hong Kong’s hospitality sector braces for the new year, a perfect storm of challenges threatens to sour the city’s tourist appeal. With a new lodging tax set to dent visitors’ wallets and geopolitical tensions on the rise, thanks to Donald Trump’s upcoming presidency, the city’s once-thriving tourist industry could face an uphill battle. From January, a 3% hotel guest…
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Crypto hits new heights: Bitcoin Trumps US$100k amid election buzz
In a staggering leap that has set the crypto world ablaze, bitcoin shattered the US$100,000 mark for the first time, skyrocketing from around US$69,000 just a month ago. This meteoric rise comes hot on the heels of the US presidential elections, fuelling frenzied speculation among crypto investors about the impact of Donald Trump’s return to prominence. With crypto enthusiasts on…
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Thailand’s VAT hike: Restaurant and hotel sectors’ suggestions
A proposed increase in the value-added tax (VAT) rate from 7% to 15% has sparked significant concern among Thailand’s restaurant and hotel industries. Although the plans for the VAT hike are now reportedly scrapped, Sorathep Rojpotjanaruch, who leads the Thai Restaurant Business Association, expressed alarm over the potential consequences this tax hike could have on the already struggling restaurant sector.…
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