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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Thailand to develop SME-focused industrial estate in EEC
The Industrial Estate Authority of Thailand (IEAT) is planning to develop a new industrial estate tailored specifically for small and medium-sized enterprises (SMEs) within the Eastern Economic Corridor (EEC). Sumet Thangprasert, the acting governor of IEAT, confirmed that a portion of an IEAT-owned industrial estate in the EEC would be utilised for this project. The EEC, encompassing regions like Chon…
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Boost Songkhla tourism with better rail links to Malaysia, says guide
Promoting Songkhla province’s cultural attractions and enhancing rail connections with Malaysia could significantly boost tourism, according to the founder of the Songkhla Tour Guide Association. Wittaya Saelim addressed these suggestions in a proposal recently submitted to Senator Chaiyong Maneerungsakul in the Hat Yai district. The proposal focused on addressing the province’s trade and tourism concerns and identifying ways to increase…
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Strong baht, flooding impact Thailand’s tourism market deficit with Japan
The appreciation of the baht and severe flooding have emerged as pivotal factors for Thailand’s tourism industry, particularly with the High Season fast approaching. The final quarter is crucial in determining if Thailand can rebalance its tourism market deficit with Japan, which outperformed Thailand last year. By August, 706,500 Thais had visited Japan, while 668,221 Japanese tourists had travelled to…
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Thai baht surge hits exporters and tourism revenues
Thailand’s exporters and tourism sector are feeling the squeeze as a rapid appreciation of the Thai baht continues to impact revenue. The central bank attributed this surge to a weak US dollar and stronger regional currencies, such as the Chinese Yuan and Japanese Yen. Yesterday, September 30, the baht reached a 31-month peak at 32.235 against the US dollar, marking…
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Google to invest 35 billion baht in Thailand, creating 14,000 jobs
Ruth Porat, President and Chief Investment Officer of Alphabet and Google, has unveiled an eye-watering 35 billion baht investment plan in Thailand. This massive cash injection is set to give the nation’s economy a turbo boost, with expectations to create a staggering 14,000 job positions. Porat met with Prime Minister Paetongtarn Shinawatra yesterday, September 30, to discuss the investment project…
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Thai Airways partners with Gulf Air, adding six new destinations
Thai Airways International (THAI) anticipates a boost in revenue following the enhancement of its code-sharing agreement with Gulf Air. THAI announced the expansion of its partnership with Gulf Air yesterday, September 29, to include new destinations: Cairo, Kuwait City, Amman, Casablanca, Athens, and Manchester. This agreement took effect immediately. Previously, the collaboration between the two airlines was limited to routes…
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EEC housing market crashes: It’s a real estate shake-up
Sales of residential units in the Eastern Economic Corridor (EEC) have taken a nosedive, particularly near industrial estates, following a wave of factory closures. Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), pointed the finger at the shuttering of large factories since last year, which has severely impacted housing demand in Chon Buri and Rayong. “New sales…
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Thailand’s local businesses get a global boost: It’s time to trade up
Strengthening Thailand’s local businesses to compete on the global stage could be a game-changing strategy for revitalising the national economy, according to Bank of Thailand Governor Sethaput Suthiwartnarueput. Sethaput is advocating for the implementation of “globally competitive localism,” a concept that leverages the strengths of local entrepreneurs, such as cultural assets, to create value-added products and services. This, he believes,…
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Thai rice export prices hit 14-month low amid weak demand
Thai rice export prices have hit a 14-month low due to subdued demand and competition from more affordable suppliers, while Indian rice prices increased slightly owing to a stronger rupee, despite weak demand from Asian and African markets. Thailand‘s benchmark 5% broken rice is now quoted at US$560 per tonne, marking its lowest price since July 20, 2023, and a…
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Flooding devastates Chiang Mai tourism, occupancy drops to 50%
Flooding in northern Thailand has severely impacted tourism in Chiang Mai, with many visitors cancelling their plans, according to the Tourism Council of Chiang Mai. The Ping River recently reached its highest levels since 2011, causing significant flooding in Mueang Chiang Mai, including its key business and tourism districts. Outer districts, such as Mae Rim, known for its natural parks…
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Thailand to introduce carbon tax to curb emissions this year
Thailand is set to implement a carbon tax this year, Deputy Finance Minister Paopoom Rojanasakul announced at the Road to Net Zero 2024: The Extraordinary Green event. The Finance Ministry plans to propose the carbon tax measure to the Cabinet for approval soon, with the goal of rolling it out in the coming months. Paopoom explained that this measure aims to…
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Thailand’s manufacturing index set to drop 1% due to floods
Thailand’s Manufacturing Production Index (MPI) is projected to decline by 1% this year, according to the Office of Industrial Economics (OIE). The contraction is attributed to various economic issues and the severe flooding experienced in recent months. OIE Director-General Warawan Chitaroon indicated that the best possible outcome for MPI growth is to remain flat. The office had previously adjusted its…
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Japan urged to boost Thai investments, focus on semiconductors
Commerce Minister Pichai Naripthaphan called on Japanese businesses to boost their investments in Thailand, particularly in the semiconductor and high-tech sectors. This appeal comes as the Thai government aims to recover from a significant drop in Japanese investments following the 2014 coup. Investment from Japan plummeted by up to 90% after the coup and has yet to return to previous…
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Thai gold prices poised to break past record amid global surge
Gold prices in Thailand are poised to break past the previous high of 42,150 baht per baht-weight (15.2 grams) as international gold prices hover near record levels, nearing US$2,700 per ounce, according to local traders. Yesterday, September 25, domestic gold prices rose by 200 baht, reaching 41,100 baht for gold bars, as the price of bullion increased by 0.3% to…
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Golden weak: Chinese tourists to Thailand dip as baht bites
Chinese tourist numbers during the upcoming Golden Week holiday are anticipated to be lower than expected, influenced by a strong baht and China’s sluggish economy, which are limiting tourist spending. This trend is also prompting other international visitors to negotiate lower service prices. Thanet Supornsahasrungsi, the Association of Chon Buri Tourism Federation President, highlighted concerns about the appreciating baht’s adverse…
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Flying foreign: Thai aviation industry in a tailspin over pilot proposal
The Thai aviation industry has been stirred by the proposal to allow foreign pilots to operate domestic routes, a move considered unusual as such roles are traditionally reserved for Thai nationals. Thai Vietjet’s request, though temporary, aimed to address an aircraft shortage during peak travel seasons, has met with significant resistance from the Thai Pilots Association. A global shortage of…
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Bangkok delists more than 10,000 inactive companies
The Department of Business Development (DBD), under the Ministry of Commerce, announced the removal of 11,515 companies from the Bangkok business registry. The announcement, dated September 2 and 16, cited two primary reasons for this action. The first reason involves 8,420 companies that have not submitted their financial statements for three consecutive years, leading to the assumption that these companies…
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Charged up: Thailand greenlights 7.12 billion baht EV subsidy
The Thai Cabinet has sanctioned the allocation of 7.12 billion baht (US$218 million) from the central reserve budget to support the electric vehicle (EV) subsidy program. This decision was announced following the weekly Cabinet meeting yesterday, September 24. Jirayu Huangsab, an advisor to the prime minister, confirmed that the allocated budget will subsidise buyers of EVs and motorcycles who have already…
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Thailand’s car industry slams the brakes: August downturn hits hard
Thailand’s automotive industry is hitting the skids, with car manufacturing, domestic sales, and exports all taking a nosedive in August, according to the Federation of Thai Industries (FTI). Surapong Paisitpatanapong, Vice-Chairman and spokesperson for the federation’s Automotive Industry Club, sounded the alarm, pointing to tough times in securing auto loans as a major roadblock for domestic sales. In August, total…
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I’m hiring it: McDonald’s Thailand adds Texas Chicken crew to menu
McDonald’s Thailand is welcoming employees from Texas Chicken, which is set to close at the end of this month. Yesterday, September 23, McDonald’s Thailand’s Recruitment Facebook page posted a message specifically inviting Texas Chicken employees to apply for positions at McDonald’s, which operates over 230 branches across the country. “To our friends at Texas Chicken, we are saddened to hear…
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Thai baht hits 19-month high as US dollar weakens
The Thai baht has soared to its highest level in 19 months against the US dollar, driven by a weaker American currency and profit-taking in gold markets. Opening at 32.92 per dollar today, the baht marked a significant rise from September 20’s closing rate of 33.60 baht. This appreciation follows the dollar’s depreciation, which was triggered by the US Federal…
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Domestic tourism makes tracks but misses 1 trillion baht mark
Domestic tourism is on track to achieve 200 million trips this year, though revenue is anticipated to fall short of the 1 trillion baht (US$30 billion) target, reaching only 965 billion baht (US$29.3 billion). The private sector is urging for the promotion of second-tier cities through a loyalty programme to bolster local tourism. From January to July, domestic tourism receipts…
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Thailand delays minimum wage hike to 400 baht by two weeks
Thailand’s decision to delay the planned increase in the minimum wage to 400 baht per day will extend the wait by about two weeks, according to a senior labour official. This postponement, initially set for October 1, is due to the committee responsible for the hike not meeting quorum requirements in its recent sessions. The committee, comprising representatives from employers,…
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Activist questions Paetongtarn’s resignation from family firms
Political activist Ruangkrai Leekitwattana has pressed the Election Commission (EC) to investigate whether Prime Minister Paetongtarn Shinawatra properly resigned from executive positions in 20 family-owned companies before her election. Ruangkrai questioned if Paetongtarn adhered to the Department of Business Development’s procedures when stepping down from roles in firms associated with her family. Failure to resign appropriately would violate Section 187…
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Thailand seeks ITU extension for satellite orbital slot until 2025
Thailand’s National Broadcasting and Telecommunications Commission (NBTC) is seeking a one-year extension from the International Telecommunication Union (ITU) to continue using the 50.5° East satellite orbital slot beyond its expiration on November 27. The request is part of a broader effort to finalise the awarding of rights for two unsold orbital slot packages, including the 142° East slot and a…
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Baht-boom fallout: Thai economy in choppy waters after Fed slash
The economy is teetering on the edge as the surging Thai baht causes ripples across the nation. In the wake of a significant rate cut by the US Federal Reserve (Fed), local industries are now urging the Bank of Thailand’s Monetary Policy Committee (MPC) to take swift action. For over a year, the MPC has held interest rates steady, but…
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ETDA unveils new rules to combat subpar e-commerce products
The Electronic Transactions Development Agency (ETDA) implemented new guidelines to tackle the issue of substandard products on digital platforms, particularly focusing on the influx of inferior imported items. The agency aims to bolster regulatory frameworks to boost consumer confidence. Titled Management of the Sale of Products Requiring Standards on Digital Platform Services, these guidelines took effect yesterday, September 22, under…
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Throttle trouble: Thai motorists hit the brakes on new car buys
Thai motorists are hitting the brakes on new car purchases due to economic jitters, revealed in a new report by Differential (Thailand) Co Ltd, a data analytics, technology, and research firm. The 2024 Customer Experience Report, which polled over 2,500 Thai car buyers from November 2020 to December 2022, found that a whopping 70% of respondents intend to buy a…
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DES Ministry to hold banks, telecoms accountable for online scams
The Digital Economy and Society Ministry (DES) is set to amend regulations to hold banks and telecom operators accountable if they are found negligent in addressing online scams, according to DES permanent secretary Wisit Wisitsora-At. Wisit made the new regulation announcement, yesterday, September 19, during the 60 Years of Excellence: Creating Great Leaders, Designing the Future seminar hosted by the…
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Thailand jumps to 7th in global cybersecurity index
Thailand has leapt to seventh position in the Global Cybersecurity Index (GCI) this year, a significant rise from 44th place in 2020, as reported by the National Cyber Security Agency (NCSA). The index, which evaluates 194 countries, is administered by the International Telecommunication Union (ITU). The GCI, with 46 countries, including Thailand, classified as tier 1, measures cybersecurity commitment across…
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