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 Why traders in Thailand are choosing EC Markets for gold and forex trading
Gold and forex trading have long been favourites among investors in Thailand, but why are so many traders now turning to EC Markets? The answer lies in a combination of tight spreads, ultra-fast execution, Thai baht (THB) deposit support, and...
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Netflix expands password crackdown to US and 100+ countries
In an effort to tackle password sharing and increase revenue, Netflix has expanded its crackdown on account sharing to the United States and over 100 other countries, including the United Kingdom, France, Germany, Australia, Singapore, Mexico, and Brazil. The streaming giant has been seeking new ways to generate income as it faces potential market saturation, with measures such as limiting…
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Thailand to ease yuan rules for trade amid rising US dollar volatility
Amid the increasing volatility of the US dollar in relation to other global currencies, regulators are considering loosening restrictions on the utilization of the yuan in yuan-baht trade transactions. The Bank of Thailand, in collaboration with Asian and ASEAN central banks, is actively working toward establishing frameworks for local currency settlements. This initiative aims to encourage the use of local…
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31% of Thais eye battery electric vehicles as next car choice
A recent survey by Deloitte Thailand revealed that 31% of Thai consumers are likely to opt for a battery electric vehicle (BEV) as their next car, the highest percentage in Southeast Asia. Despite this, internal combustion engine vehicles continue to be the preferred choice in the region. The survey, conducted between September and October last year, focused on consumer behaviour…
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Thailand’s state grid to ink 5.2GW renewable deals in Q3
The Energy Regulatory Commission (ERC) anticipates that power purchase agreements (PPAs) will be signed with companies chosen to participate in the 5.2-gigawatt renewable energy scheme during this year’s third quarter. The Office of the Attorney General is currently reviewing the legal aspects of the scheme, which includes power plant construction projects proposed by 175 selected companies. Following the completion of…
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Thailand flight sales soar, searches for outbound trips up 200% in Q1
The first quarter of this year saw international flight sales to Thailand surpass 2019 figures, while searches for outbound Thai flights and overseas accommodation rose by 200%, according to online travel agency Traveloka. Iko Putera, the company’s chief executive of transport, anticipates a positive travel trend for Thailand and the rest of Southeast Asia this year. This is driven by…
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Thai government revenue exceeds target by 112 billion baht amid economic recovery
The Ministry of Finance announced that government revenue collection for the first seven months of fiscal 2023 (October to April) surpassed the target by 112 billion baht, primarily due to contributions from agencies other than the Revenue Department. This information was shared by Pornchai Thiraveja, director-general of the Fiscal Policy Office. The government collected a net revenue of 1.38 trillion baht…
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White House reports progress in talks to avert US debt default
The White House has reported some progress in the ongoing discussions with Republican negotiators to prevent a catastrophic US debt default before the June 1 deadline. White House Press Secretary Karine Jean-Pierre stated that both sides must understand that they won’t get everything they want. The talks between US President Joe Biden and Republicans in Congress are set to continue,…
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Rising interest rates boost mortgage NPLs, Bank of Thailand urges debt restructuring
In the first quarter of this year, non-performing mortgage loans (NPLs) experienced an increase due to rising interest rates, prompting the Bank of Thailand (BoT) to encourage banks to assist borrowers through debt restructuring. The central bank recently revealed a housing loan NPL ratio of 3.16% in the commercial banking system, up from 3.01% in the previous quarter. The primary…
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Sena Development to launch affordable condos amid rising housing prices
Sena Development Plc, a SET-listed developer, plans to develop more affordable condo projects in response to an anticipated decline in purchasing power due to increasing housing prices. Atika Boonrodchoo, Sena Assistant Managing Director, expects housing prices to rise by 5% this year as a result of rising construction costs, including materials and wages. She said… “Purchasing power may not be able…
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NBTC scraps 3.8bn baht telehealth project over budget concerns
The National Broadcasting and Telecommunications Commission (NBTC) board members have voted against the development of a 3.8 billion baht telehealth project, citing misalignment with the objectives of the Universal Service Obligation (USO) project budget. The majority of board members argued that the USO project’s focus should be on supporting telecom network installation and expansion to bridge the digital divide, while…
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Thai foreign investment outlook positive amid political shift
The Industrial Estate Authority of Thailand (IEAT) and prominent business leaders expressed optimism about foreign investment in the country this year, despite delays due to the formation of a new government. IEAT Governor Veeris Ammarapala stated that foreign investors are expected to understand the evolving political landscape in Thailand, including the transition towards a Move Forward Party-led coalition government. At a…
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Thailand investment value surges 77% with South Korea as top foreign investor
Investment in Thailand experienced a significant surge in the first quarter of the year, with a 77% year-on-year increase to 185.7 billion baht, primarily driven by 397 project proposals. The Board of Investment (BoI) revealed that South Korea emerged as the leading foreign investor during this period. Foreign investment constituted 155.2 billion baht of the total investment, marking a 115%…
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Thai Oil predicts equal oil demand and supply, boosted by Asian refineries
Thai Oil Plc (TOP), a subsidiary of the PTT Plc conglomerate, anticipates a more favourable outlook for oil trading in 2023, with global oil demand and supply projected to be nearly balanced. Crude oil demand is predicted to reach 101 million barrels per day (MBD), a 1.6 MBD increase from 2022, while supply is expected to be 101.3 MBD, a…
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Dyson aims to double product range, expand beyond home innovations by 2025
Dyson, renowned for its innovative household appliances, has been focusing on making everyday tasks more efficient and convenient for users. The development of such cutting-edge products often takes years and numerous prototypes, with Dyson’s bagless vacuum cleaner taking over five years and 5,127 prototypes to perfect. The company’s entrance into the beauty market with its hair dryer involved four years…
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EU regulators apply old laws to control AI as new rules take years to enforce
The rapid development of artificial intelligence (AI) services like ChatGPT has led regulators to rely on existing laws to control a technology that could transform societies and businesses. The European Union is working on new AI rules to address privacy and safety concerns associated with generative AI technology, such as OpenAI’s ChatGPT. However, it will take several years for the…
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China bans US Micron chips, escalating global chip industry risks
China’s recent ban on certain sectors using chips from United States-based Micron Technology has highlighted the potential risks faced by the global chip industry amidst rising Sino-US trade tensions. The move against Micron, the largest US memory chipmaker, is widely perceived as retaliation for Washington’s attempts to limit Beijing’s access to crucial technology. This comes as the Group of Seven…
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China cybersecurity watchdog fails Micron, urges halt on chip purchases
China’s cybersecurity watchdog has announced that US semiconductor company Micron failed its national security review, urging operators of “critical information infrastructure” to cease purchasing its products. This marks a new development in the ongoing chip dispute between the US and China, with the US seeking to limit Beijing’s access to advanced semiconductors. In March, Chinese authorities initiated a review of…
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Singapore leads Southeast Asia with 97% cashless payment adoption rate
In Singapore, a growing majority of people are opting for cashless payment methods, with the country’s adoption rate of such payments being the highest in Southeast Asia at 97%. This trend has been accelerated by the Covid-19 pandemic and an ongoing national drive for a less-cash society. Digital wallets are expected to overtake credit cards as the most popular online…
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Thai pro-democracy coalition faces obstacles amid conservative backlash
Pro-democracy parties in Thailand are facing resistance in their efforts to form a government following their historic win in the recent general election. The Move Forward Party (MFP), led by prime ministerial candidate Pita Limjaroenrat, has expanded its coalition to eight parties with 313 members. However, to form a government without relying on the military-appointed Senate, the bloc needs 376…
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Meta reveals in-house AI chip family for data centre upgrades
Meta Platforms recently unveiled its in-house custom chip “family” aimed at enhancing artificial intelligence (AI) work. The company developed its first-generation chip in 2020 as part of the Meta Training and Inference Accelerator (MTIA) programme, to improve efficiency for recommendation models used in serving ads and other content in news feeds. The first MTIA chip was designed exclusively for an…
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Mall Group resumes Gourmet Market expansion as consumer spending rebounds
The Mall Group Co, a leading retail operator in Thailand, is set to resume the expansion of its Gourmet Market branches this year, as consumer spending shows signs of recovery in the wake of the pandemic. The company has invested 100 million baht in opening a stand-alone Gourmet Market branch at Design Village Bangna on May 7, after a three-year…
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China commerce minister to meet US officials amid tense relations
China‘s Commerce Minister Wang Wentao is set to visit the United States next week to meet with US Commerce Secretary Gina Raimondo and US Trade Representative Katherine Tai, according to Liu Pengyu, a spokesperson for China’s embassy in Washington. The visit comes as the US aims to engage with Beijing to repair strained relations. Liu announced the plans during an…
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True Axion, TV Tokyo join forces to boost Thai gaming industry globally
A strategic partnership between True Axion Interactive and TV Tokyo Corporation aims to propel the Thai gaming industry onto the international stage. True Axion Interactive, a joint venture between True Corporation and Canada’s Axion Ventures, will collaborate with the Japanese TV station renowned for its anime content to develop anime-style games, a genre gaining global popularity. The first project under…
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Vimut Hospital expands services targeting elderly as Q1 revenue surges 69%
Vimut Hospital witnessed a remarkable 69% year-on-year increase in revenue, reaching 412 million baht in this year’s first quarter. The revenue growth was driven by 186 million baht from hospital operations and an additional 226 million baht from their share in Theptarin Hospital. According to Somsak Akksilp, Vimut Hospital’s chief executive, revenue from non-Covid-19 treatments saw an increase of over 90%.…
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Thailand aims for 80% global trade coverage with new FTAs by 2027
Thailand is aiming to expand its free trade agreements (FTAs) to cover 80% of its global trade with over 50 countries by 2027, according to Auramon Supthaweethum, director-general of the Trade Negotiations Department. The department is exploring the feasibility of establishing new FTAs with various countries and trade blocs, including Israel, Bhutan, South Korea, the Pacific Alliance, the Southern African…
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Move Forward Party policies to boost retail, banking, and tourism stocks
The new coalition government led by the Move Forward Party is expected to have a positive impact on retail, banking, and tourism stocks, as per analysts. The party’s policies aim to enhance the economy’s efficiency by reducing monopolies and increasing welfare for all, says Asia Plus Securities (ASPS). The sectors likely to benefit from these policies include retail, tourism, transport,…
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Tourism boom shields Thailand’s economy amid political uncertainty
As political uncertainty continues to loom over Thailand, the country’s economy is receiving a much-needed boost from the significant increase in foreign tourists. In the first quarter of 2023, Thailand welcomed 6.5 million visitors, a stark contrast to the 498,000 recorded in the same period a year earlier. This surge in tourism is expected to help bolster the nation’s economy,…
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Thai Airways – Thai Smile merger gets green light
Debt-ridden Thai Airways International (THAI) will merge its subsidiary Thai Smile into its main company as part of its overall restructuring plan. The merger is set to be completed this year. THAI reported that their creditor’s committee gave the merger the green light yesterday. Now, the plan will be put before Transport Minister Saksayam Chidchob and the Civil Aviation Authority…
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Micron to invest £3.7bn in Japan’s EUV tech for advanced chip production
Micron Technology revealed planned yesterday to invest up to 500 billion yen (US$3.7 billion) in extreme ultraviolet (EUV) technology in the coming years, supported by the Japanese government. The advanced EUV lithography chip-making machines will be utilised to manufacture 1-gamma chips, which are essential for the mass production of materials used in complex applications such as image processing networks. The…
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Sony considers spinning off financial arm to focus on entertainment, sensors
Sony Group Corporation announced today that it is exploring the possibility of a partial spin-off of its financial business, Sony Financial Group, just three years after obtaining full control. The move comes as the conglomerate focuses on strengthening its entertainment and image sensor sectors. Sony is considering a two to three-year timeline for the spin-off, with plans to list the…
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