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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Minimum wage hikes unlikely to impact Thai goods pricing significantly
The Commerce Ministry’s planning unit has weighed in on the ongoing debate regarding the impact of minimum wage increases on domestic goods and services, suggesting that such hikes are unlikely to significantly influence the pricing landscape. Poonpong Naiyanapakorn, the director-general of the Trade Policy and Strategy Office (TPSO), has argued that a rise in the daily minimum wage by an…
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Thailand’s tourism authority plans strategy revamp to boost visitor spending
The Tourism Authority of Thailand (TAT) is setting its sights on revamping its strategies to rejuvenate tourist spending, which has experienced a notable decline since the onset of the pandemic. Foreign tourists’ expenditure has dipped from an average of 50,000 baht to 42,000 baht. Prime Minister Srettha Thavisin yesterday urged TAT executives and domestic offices to reignite tourism expenditure. He…
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Thai stock market could sink below 1,300 amid foreign investor exodus
In a worrying development, analysts signalled that the Stock Exchange of Thailand (SET) index, which plummeted to a three-year trough yesterday, could continue its descent to below 1,300 points in the short term as foreign funds persist in their exodus. The Thai stock market appears unaffected by the recent resurgence of other equity markets, despite encouraging indicators emerging since last…
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Japanese car makers risk lagging behind in EV production, warns Thai PM
Srettha Thavisin, the Prime Minister and Finance Minister, issued a cautionary note to Japanese car manufacturers, warning that they risk falling behind in the industry unless they accelerate the production of electric vehicles (EVs). This comes as Chinese competitors continue to gain a substantial market share in Southeast Asia. The business mogul turned political figure voiced his concerns during an…
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Thai business bounces back: Surprising catalysts revealed by FTI
The Federation of Thai Industries (FTI) explained the significant rise in Thailand’s Industry Sentiment Index (TISI) after a five-month slump including a tourism boom and strategic government measures. Breaking through the economic gloom, the TISI soared to 90.9 points in November, marking a triumphant comeback after five consecutive months of decline, according to the FTI. In stark contrast to October’s…
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Malaysia and Singapore lure Chinese travellers with visa-free policies
The Chinese traveller market could see a significant rise to 7 million arrivals next year as Malaysia and Singapore become increasingly attractive due to reciprocal visa-free policies. Thailand, however, has yet to secure such an agreement with China. Following the introduction of a visa exemption for Malaysians, Beijing is speculated to extend a 30-day visa exemption to Singapore in the…
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Thai businesses navigate bankruptcy via national rehabilitation process
The Thai economy has weathered numerous challenges recently, including the Covid-19 pandemic, a worldwide economic downturn, repercussions from international conflicts, declining exports, and persistent domestic political upheaval. This has led to a surge in bankruptcies, and many other Thai businesses have sought to navigate the business rehabilitation process under Thailand’s Bankruptcy Act. The Bankruptcy Act allows a creditor, debtor, or…
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Sarath Ratanavadi remains wealthiest shareholder in Thai market for fifth year
For the fifth year running, Gulf Energy Development Plc‘s Chief Executive, Sarath Ratanavadi, tops the list as the wealthiest shareholder in the Thai capital market. Despite a 12.9% dip from the previous year, his shares were valued at a whopping 190 billion baht, according to a recent survey. The annual assessment, a joint effort between Money & Banking magazine and…
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PTT’s OR diversifies with budget hotels and community malls at petrol stations
PTT Oil and Retail Business Plc (OR) is renewing its focus on diversifying its non-oil business ventures, with plans to construct budget hotels within its petrol stations and incorporate community malls catering to tourists. The company’s President and Chief Executive, Disathat Panyarachun, shared these developments. The next quarter will see OR onboarding a business consultant to oversee the hotel project.…
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Thai outbound tourism recovery slower than expected due to high costs
This year has been bleak for both inbound and outbound tourism in Thailand, with a weaker recovery than anticipated. Only 60-70% of Thais who travelled abroad in 2019 are expected to do so present year. High living costs, household debt, and a slump in the stock market have made most Thais prefer saving over spending on outbound trips, which usually…
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Slowing Chinese economy may impact Thailand’s exports, tourism and investment
Economic experts are voicing apprehension over the slowing Chinese economy, citing that the mainland’s deceleration and escalating tensions with the US could potentially affect Thailand in terms of exports, tourism, direct investment, and property. Despite China’s economy surpassing estimates by growing 4.5% in the first quarter, it has since experienced a slowdown. The disappointing figures in terms of investment, consumption,…
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Electronics firms poised for a shocking surge in the new year
Electronics companies listed on the stock market are set to witness a performance upturn in the new year, owing to a forecasted global recovery across all industry sub-sectors, according to KGI Securities. The firm predicts a higher growth rate in the second half of the year on the back of continuing inventory restocking. The outlook is based on the steady…
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Thai companies seek dynamic leadership amid challenging times
The need for a dynamic, collaborative and empowering leadership style is paramount in today’s business environment, particularly for Thai companies navigating unpredictable challenges. Leadership development has become a critical issue for companies as they strive to integrate Generation Z into the workforce, reskill older generations, and cultivate a diverse pool of leaders who can inspire innovation and high performance, whilst also…
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Thai high-value sectors to boost economy, exports in 2024 says FTI
The Federation of Thai Industries (FTI) forecasted that the country’s high-value sectors such as agriculture, food, automotive, and bio-, circular and green (BCG) manufacturing will bolster the economy and exports in the coming year. The BCG initiative, launched as a national agenda in 2021, aligns with global environmental campaigns, encouraging manufacturers to adopt environmentally friendly technologies. Kriengkrai Thiennukul, FTI chairman,…
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Festive hamper market heats up as retailers vie for consumer spend
The festive hamper and gift market is witnessing a surge in competition, with major supermarket chains and beauty brands leveraging aggressive campaigns and attractive offers to boost consumer spending during the Christmas holiday season. Following a full recovery from the pandemic’s impact on the retail sector, a substantial budget has been set aside this year to mark the inauguration of…
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Plastic predicament: Thailand faces a ton(ne) of trouble with a 62% surge in waste
Plastic waste in Thailand has witnessed a surge of 62%, escalating from 2.12 million tonnes in 2019 to 3.4 million tonnes in 2020, according to the Thailand Environment Institute. This increase has been largely attributed to lifestyle changes induced by the pandemic, such as an increased reliance on food delivery services. The Prayut Chan-o-cha government initiated a policy in 2018…
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Surat Thani’s hidden gems captivate American tourists
Tourism operators within the southern province of Surat Thani are pivoting their attention to the US market, showcasing the distinctive local attractions. Atirat Danpattaraworawat, who heads the Cheow Lan Lake Tourism Promotion Association, disclosed on Sunday that their recent networking expedition to the United States, spearheaded by the Tourism Authority of Thailand (TAT), garnered considerable interest from the US market.…
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Bangkok’s mobile grocery stores to ease living costs
The Ministry of Commerce remains steadfast in its mission to operate mobile grocery stores across Bangkok and its neighbouring provinces, to alleviate the cost of living. Goranij Nonejuie, the Deputy Director-General of the Internal Trade Department, confirmed the continuation of the mobile grocery store initiative, now entering its fifth year of operation. The initiative will see deployment in over 100…
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Vietnam attracts soaring Chinese investment as US trade dwindles
With a surge in Chinese investment, Vietnam has become a hotspot for economic activity this year, as figures indicate a decline in US trade and spending. Vietnam’s strategic location along the South China Sea makes it a vital link in global supply chains, particularly for Chinese components and American consumers. September saw United States President Joe Biden elevate diplomatic relations…
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KFC invests 500 million baht for digital transition in Thailand
KFC, overseen by Central Restaurants Group (CRG), unveiled plans to invest 500 million baht in the transition to digital stores in the coming year. Piyapong Chitchumnong, who oversees quick-service restaurants & Western cuisine, as well as the KFC brand, revealed that the budget is allocated for the inauguration of 15-20 new KFC digital outlets, and the transformation of a similar…
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Thai industry calls for retention of current power tariff amid hike fears
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is urging the Thai government to retain the current power tariff of 3.99 baht per kilowatt-hour. The request comes amid concerns that a proposed hike to 4.68 baht could escalate operational costs for manufacturers, leading to a 5 to 10% increase in product prices. The Energy Regulatory Commission previously suggested…
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NBTC plans to boost Internet connectivity for impoverished Bangkok communities
In a bid to bridge the digital divide, the National Broadcasting and Telecommunications Commission (NBTC) has announced plans to increase Internet connectivity for impoverished communities in Bangkok. The initiative also includes the provision of WiFi service for districts nationwide. This move forms part of the NBTC’s fourth universal service obligation (USO) plan. In line with the draft USO 4.0 scheme,…
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Thai executives warn against fiscal burden increase: SET survey
The Stock Exchange of Thailand (SET) has published a survey in which top executives from Thai listed firms have urged the government to avoid amplifying the nation’s fiscal burden and distorting markets. The executives also proposed more involvement from the private sector in policymaking. The survey, titled Economic Outlook 2023 to 2024, was the work of the SET’s research department…
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Thailand’s clean air bill targets PM2.5 dust menace
Thailand’s Cabinet has given preliminary approval to the Clean Air Bill, a bold initiative designed to combat the annual scourge of PM2.5 ultra-fine dust. This is a major move that gives authorities the necessary tools to manage sources of air pollutants effectively, particularly the minuscule dust particles that become a significant issue in the country each cool season. The Clean…
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High depreciation of EVs raises loan concerns says National Credit Bureau
The National Credit Bureau (NCB) raised concerns about the high depreciation rates of electric vehicles (EVs) and the associated loan risks. As the popularity of EVs, particularly Chinese brands, continues to rise, so does the volume of loans attributed to their purchase. However, EVs depreciate faster than traditional internal combustion engine (ICE) cars, which has heightened the risk for auto…
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Thailand’s smartphone market to recover in 2024 boosted by AI and 5G
The smartphone market in Thailand is projected to recover in 2024, following an expected slump this year. The rebound is attributed to artificial intelligence (AI) features on smartphones, increased availability of affordable 5G devices, and replacement demand from 2021, according to Canalys, a global tech market analyst firm. Canalys analyst Sheng Win Chow indicated that the AI features on these…
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Isaan illuminates: Thai govt sparks tourism surge in the northeast for economic radiance
The northeast region of Thailand, known as Isaan, is set to become a new focal point for tourism growth. It is part of the government and the Tourism Authority of Thailand (TAT) initiative geared towards stimulating economic activity in secondary cities. The plan was unveiled last month during the China International Travel Mart 2023 where TAT promoted Isan to Chinese…
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Thailand’s revised GDP growth forecast met with caution due to global slowdown risks
Analysts expressed caution over the Bank of Thailand’s revised GDP growth forecast of 3.2 to 3.8% for the upcoming year, highlighting potential risks from an economic slowdown in China and the US. Doubts have also been raised about the efficacy of government stimulus to revive the economy. Nattaporn Triratanasirikul, the deputy managing director of Kasikorn Research Centre (K-Research), deemed the…
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Thailand’s SET index forecasted to rise due to return of foreign investments
Asia Plus Securities (ASPS) forecasted a potential rise in the Stock Exchange of Thailand (SET) index to the 1,500-point level by year’s end, up from approximately 1,380 points last month. This optimistic prediction stems from the expected return on foreign investments and the impact of the recently approved Thailand ESG Fund (TESG) on trading. ASPS anticipates the index to climb…
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BCPG to divest its nine solar farms in Japan for strategic reinvestment
BCPG Plc, Bangchak Group’s power generation subsidiary, is planning to divest all its nine solar farms in Japan, in a strategic move to revamp its long-term investment in renewable energy. The assets on sale include equity worth 6.93 billion baht and net debt totalling 3.44 billion baht. The company has entered into an asset purchase agreement with Danish renewable energy…
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