Thai Airways aims for top 10 global rank by this year
Chansin Treenuchagron, a key figure in Thai Airways, emphasised the airline’s crucial role in national development while aiming to rank among the top 10 airlines globally.
The discussion took place yesterday, February 19 at the Matichon Leadership Forum 2025, held at the Queen Sirikit National Convention Centre in Bangkok.
Chansin, a board member and executive planner of Thai Airways International Public Company Limited, delivered a special lecture on Trust TG: Transforming into the Future.
He highlighted that tourism is essential to Thailand’s economy, with revenues reaching 1.67 trillion baht last year. However, he suggested this figure should ideally be closer to 2 trillion baht.
Chansin stated that the government aims to attract around 40 million passengers annually. Thai Airways plays a vital role in this mission by facilitating passenger entry into Thailand.
Although the airline’s market share currently stands at 15.1%, it transported 9,146,570 passengers in 2023. The target for 2024 is to increase this number to between 12 and 15 million passengers, despite competition from over 30 major airlines worldwide.
“Thai Airways has undergone a period of recovery, establishing a strong foundation.”
Rehabilitation
Before the Covid-19 pandemic, the airline generated nearly 200 billion baht annually, supporting around 1 million jobs. During the pandemic, Thai Airways shifted its focus to cargo transport as passenger services were halted, entering a rehabilitation plan on May 26, 2020.
This involved restructuring, selling assets and reducing the workforce by approximately 7,000 employees, which significantly cut costs.
Despite these challenges, Thai Airways contributed by transporting vaccines from China to Thailand. By October 2022, as vaccination efforts were completed and countries reopened, the airline witnessed a steady increase in sales, reaching 18.041 billion baht by December 2024. Chansin noted that the airline’s improved financial position indicates a return to strength.
Thailand’s strategic location in the Asia-Pacific region, with Suvarnabhumi Airport as a hub, offers Thai Airways an advantage in connecting international flights to domestic destinations like Phuket and Chiang Mai.
Currently, the airline operates 64 routes with 807 flights weekly. Chansin described Thailand as a prime destination due to its pleasant weather, affordable costs, friendly locals, and delicious cuisine.
New start
Entering 2025, Chansin emphasised the importance of rebuilding trust in Thai Airways by enhancing service quality, including improving in-flight food and beverage offerings. The airline aims to ascend from its current 40th position in global rankings to the top ten by 2025.
Expanding routes to new destinations, such as direct flights to Milan, Italy, is part of this strategy, along with integrating Thai Smile into Thai Airways to improve flight connectivity by nearly 30%.
In 2024, Thai Airways achieved a profit of approximately 15 billion baht. However, Chansin acknowledged the need for adaptation in a competitive environment, addressing issues like workforce shortages and rising wages. He advocated for policies to establish Thailand as a hub, collaborating with the entire value chain to ensure happiness and safety.
Thai Airways faces challenges beyond its control, such as natural disasters, political stability, and economic policies. Chansin stressed national unity, urging against internal conflicts to support the aviation industry’s growth.
As part of the rehabilitation plan, scheduled for completion by April 18, the airline must meet four conditions: increasing capital, fulfilling financial obligations, achieving specific financial metrics, and selecting new board members, reported KhaoSod.
Successfully exiting the plan by mid-2025 will enable Thai Airways to resume trading on the stock exchange and operate as a private company, marking a proud milestone for Thailand. Chansin expressed gratitude to all stakeholders, including creditors, the government, customers, media, and employees, for their support.
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