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 assists tourists stranded by tour operator’s bankruptcy
The Tourism Authority of Thailand (TAT) has committed to supporting tourists stranded due to the bankruptcy of major German tour operator FTI Group, while also collaborating with government officials to ensure hotels are compensated by the company. Siripakorn Cheawsamoot, TAT Deputy Governor for Europe, Africa, the Middle East, and the Americas, reported that there have been no reports of stranded…
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Philippines intensifies illegal offshore gambling crackdown
The authorities in the Philippines have intensified efforts to shut down illegal offshore gambling operations amidst growing calls for a complete ban due to alleged connections to criminal syndicates. The country’s gaming regulator revealed approximately 250 to 300 offshore gambling firms are operating without a licence, a significant increase from the 46 legitimate operators. This information was disclosed by Alejandro…
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Budget airlines push jet fuel tax cut to reduce airfare prices
Budget airlines have issued an appeal to the Finance Ministry to reduce the excise tax on jet fuel, to help mitigate their operational costs with the fragile state of the industry. Following a meeting with representatives from low-cost airlines, Deputy Finance Minister Julapun Amornvivat reported that the carriers discussed economic challenges and reiterated their commitment to supporting government measures aimed…
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Thailand to boost computer chip investments for EV industry growth
Thailand is poised to ramp up its investments in computer chips, aligning with the state’s strategy to establish a national semiconductor board, in a bid to bolster the burgeoning electric vehicle (EV) industry. According to the Secretary-General of the Board of Investment (BOI), Narit Therdsteerasukdi, as domestic EV manufacturing gains traction due to increased foreign investment, the development of related…
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TikTok teams up with Thailand’s biz dept to boost SME impact
TikTok Shop has taken a significant step by signing a memorandum of understanding (MoU) with Thailand’s Department of Business Development to boost the contribution of small and medium-sized enterprises (SMEs) to 40% of the GDP by 2027, up from the current 35%. TikTok Live data from Thailand shows that in 2023, there were 700,000 Thai creators live streaming on the…
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Thailand reviews property tax law after five years
The Finance Ministry is currently reviewing the Land and Building Tax Act, which has been in effect for five years, marking a crucial phase in reforming Thailand’s property tax regime. Public hearings have been conducted to gather opinions from the public and stakeholders. Finance Permanent Secretary Lavaron Sangsnit says the amended version of the land and building tax law will…
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Lay’s chips in: PepsiCo to grow revenue by 15% for Thai farmers
Pepsi-Cola (Thai) Trading Co (PepsiCo), the producer and distributor of Lay’s potato chips, has intensified efforts to boost agricultural productivity among its 5,800 contract farmers, aiming to increase revenue by 15% for 35% of these farmers by 2030. General Manager of Indochina Foods and Chief Commercial Officer for Asia-Pacific, Sudipto Mozumdar highlighted the challenges posed by climate change and rising…
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Thailand boosts chip investment to power electric vehicle industry
The Board of Investment (BoI) is set to ramp up investments in computer chips to bolster the burgeoning electric vehicle (EV) industry in Thailand. This initiative aligns with the state’s strategy to establish a national semiconductor board. As domestic EV manufacturing gains traction, driven by increased foreign investment, the development of related industries becomes crucial, stated Narit Therdsteerasukdi, secretary-general of…
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Thailand investment budget hits nearly 40% in third quarter
Government investment budget disbursement in the third quarter of this fiscal year surged to almost 40%, nearly doubling the set target due to accelerated disbursement measures, according to Finance Minister Pichai Chunhavajira. After chairing a meeting of the Budget Disbursement and Public Spending Acceleration Committee, Pichai stated that the swift allocation of the government investment budget has facilitated a quicker…
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Closure of two carmaker’s facilities threatens investor confidence
In a recent announcement, the Federation of Thai Industries (FTI) expressed concerns that the planned closures of Suzuki and Subaru production facilities in Thailand could undermine investor confidence in the auto industry. Last month, Suzuki Motor (Thailand) revealed its decision to cease all factory operations in Thailand by the end of 2025. The company cited declining sales and intense competition…
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Vietnam considers ceasing decade long gold import ban
Vietnam may soon allow companies to import gold for the first time in over a decade. Aiming to bridge the gap between local prices and international benchmarks, this development comes as the Vietnam Gold Traders Association (VGTA) continues its extended discussions with the government to address the supply and demand imbalance for gold. Huynh Trung Khanh, vice chair of VGTA,…
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Thai consumers highlight concerns over real-time payment scams
The rise in the use of new, convenient, and fast payment channels has been matched by growing concerns about real-time payment scams, as revealed by a global consumer fraud research study conducted by Fico, the US-based data analytics and credit scoring company. The study reveals that Thai consumers are particularly worried about the risk of being deceived into sending money…
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Thailand’s food delivery apps dish out tasty profits
Thailand’s food delivery and on-demand super apps have demonstrated moderate growth despite economic hurdles, with major players generating significant revenue increases in 2023. Business data provider creden.co reports that total revenue for these apps reached 31.7 billion baht last year, rising from 27 billion baht in 2022. Grab Taxi (Thailand) achieved a profit for the second year running, with revenue…
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Thailand’s manufacturing sector hit by surge in factory closures
A surge in factory closures has heightened concerns over the weakening of Thailand’s manufacturing sector, as indicated by Kiatnakin Phatra Financial Group (KKP). KKP Research revealed that Thailand’s manufacturing production index experienced a decline over a 15-month span from December 2022 to March 2024, despite a global trade recovery commencing late last year. Thailand has seen an increase in factory…
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Thailand urged to upgrade regional airports to boost tourism
The Airlines Association of Thailand (AAT) called upon the government to upgrade more regional airports to international status, aiming to boost tourism and generate more revenue for Thaniland’s 55 second-tier cities. At the Ignite Tourism Thailand event, chaired by Prime Minister Srettha Thavisin, AAT President Puttipong Prasarttong-Osoth highlighted the need for developing regional airport facilities to handle international flights. This…
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Thai stocks hit 4-year low amid political turmoil and court cases
Prime Minister Srettha Thavisin acknowledged today that the ongoing political turmoil is likely impacting the stock market, which dropped to a four-year low yesterday. Analysts pointed to three major court cases affecting the Thai political scene as a primary reason for investor anxiety. “This is about stock market sentiment,” Srettha commented, noting that the individuals involved in these cases, including…
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Thailand takes flight with airlines to boost tourism in 2024
The Tourism Authority of Thailand (TAT) is soaring to new heights, actively courting partnerships with a sky-high count of 11 international airlines to elevate both burgeoning and established markets in the latter part of this year. With the long-haul market expected to fly in at least 770 billion baht from a soaring flock of 10.8 million foreign visitors in 2024,…
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Thailand’s aviation hub dreams delayed by global supply issues
Thailand’s ambition to become the leading aviation hub in the region by 2030 may face significant delays due to global supply chain disruptions, according to the International Air Transport Association (IATA). The country needs to remove unnecessary regulations and accelerate digitalisation efforts to improve aviation efficiency. IATA‘s Director-General, Willie Walsh expressed his views at the group’s annual general meeting in…
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Gold prices expected to rise amid Federal Reserve rate cuts
YLG Bullion International advises investors to accumulate gold as prices consolidate, with expectations of a rise in the medium to long term, particularly after anticipated interest rate cuts by the Federal Reserve later this year. Global gold prices have increased by 13.2% this year as of today, driven by high demand from central banks and institutional investors amidst tightening supply,…
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Thailand trades up: Digital efforts land 32nd spot on global index
Thailand climbed to the 32nd position out of 65 countries on the Global Trade Modernisation Index (GTMI) 2024, highlighting its moderate performance in digital trade. The Kingdom of Thailand ranked 3rd among ASEAN nations and showed a significant improvement in readiness for digital trade. Chairman of the International Chamber of Commerce (ICC), Montri Mahaplerkpong announced yesterday, June 9, that growth…
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Chiang Mai to become digital startup hub with new visa scheme
Chiang Mai is poised to become a digital startup hub in Southeast Asia, with the government pledging support to achieve this goal, Prime Minister Srettha Thavisin announced during a visit to the northern province yesterday. PM Srettha highlighted Chiang Mai City as an established haven for digital nomads and one of the world’s leading creative cities. “Late last year, Tim…
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Thai car sales plunge; luxury market hit amid economic woes
Mercedes-Benz (Thailand) reports a significant decrease in domestic car sales, affecting even the typically robust premium car sector. The struggling Thai economy and banks’ stricter auto lending policies due to high household debt, are impacting car manufacturers across all sectors. This includes the luxury market, which generally leverages higher purchasing power. “The automotive industry has been hard hit by this…
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3,900 Thai community radio stations to cease under new digital scheme
Approximately 3,900 community radio stations will be forced to cease broadcasting after this year due to the transition from analogue to a licensing regime and a digital audio broadcasting (DAB) scheme. The National Broadcasting and Telecommunications Commission (NBTC) has been working on the digital radio regulatory framework, aiming to implement it by September. This significant change is set to happen…
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Thailand’s steel sales slump 11 to 12% due to weak car market
Thailand’s sluggish car sales prompted an 11 to 12% decline in premium-grade steel sales during the first four months of 2024, raising concerns about reduced steel consumption this year, according to the Federation of Thai Industries (FTI). FTI Iron and Steel Industry Club Vice-Chairman Nava Chantanasurakon stated that local steel manufacturers are bracing for a tough period, with expectations of…
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Baht hits two-week high but faces long-term depreciation risks
The Thai baht surged to a two-week high yesterday, surpassing 36.5 to the dollar, marking a strong short-term gain. However, Kiatnakin Phatra Financial Group (KKP) has issued a cautionary note about the potential depreciation of the currency, attributing it to persistent structural issues in Thailand’s economy. Yesterday, the baht led gains among Asian currencies, appreciating by 0.3% to its highest…
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How Thailand’s consumer behaviour is being affected by cryptocurrency
Many investors believe that cryptocurrencies have significant potential as investment assets. To cater to this interest, financial products related to traditional asset classes have been introduced in various countries. These products include futures contracts, exchange-traded funds (or more commonly referred to as ETFs), and micro futures contracts, which allow for smaller-scale investments. Furthermore, several major banks now offer their clients…
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Extend-a-signal: NT tunes in for spectrum band extension
National Telecom (NT) is poised to seek an extension from the National Broadcasting and Telecommunications Commission (NBTC) to continue utilising three spectrum bands beyond their expiration in September 2025. The requested extension, spanning 90 days, aims to ensure a seamless transition for NT’s current customers to alternative bands. NT intends to maintain operations on the 850MHz, 2100MHz, and 2300MHz bands,…
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Bonding issues: Political turmoil shakes Thai investor confidence
Thailand’s escalating political risks are making foreign investors hesitant about the nation’s bond market, despite a cautious return in May after a six-month break. In May, global funds bought US$511 million worth of Thai bonds, a notable difference compared to larger acquisitions in Indonesia, India, and South Korea. Comparative indicators of foreign investment show Thailand lagging behind its regional counterparts.…
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Vintage vibes: Public hearing revs up classic car imports
The Foreign Trade Department has initiated a public hearing on a proposed amendment to a notification that would allow the import of certain classic cars for promotional events. The department’s Director-General, Ronnarong Phoolpipat, announced that a new notification has been drafted for the Commerce Ministry concerning this category of used vehicles. The amendment addresses restrictions on specific used vehicle imports,…
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SET unveils plan to boost foreign and family business investments
The Stock Exchange of Thailand (SET) unveiled a strategic business plan targeting foreign industries operating in Thailand and family businesses, aiming to boost market capitalisation. SET executives highlighted the shift in investment trends, particularly post-pandemic, with technology stocks rising as traditional businesses adapt to the digital age. SET officials noted that the Thai market has faced trust and confidence issues…
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