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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Thai export growth set to miss target amid global challenges
The anticipated growth in Thai exports this year is poised to fall short of expectations due to a mix of external and internal hurdles, as outlined by a recent assessment from a private sector panel. During its recent meeting, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) upheld its projection for export growth in 2024, estimating it to…
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Thai tourism revenue to hit 3 trillion baht, misses target
Thai tourism revenue is projected to reach 3 trillion baht this year, falling short of the government’s target of 3.5 trillion baht due to economic challenges in key markets, the Tourism Authority of Thailand (TAT) reported. As of today, Thailand has seen 14.9 million foreign arrivals, generating 709 billion baht (US$19.4 billion). This figure represents roughly 30% of the international…
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Thailand predicts 2.7% growth amid slow export recovery, high debt
Thailand’s economy is experiencing a gradual recovery, with projected growth of between 2.2% and 2.7% this year, according to a recent announcement by a prominent joint business consortium. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), which includes key stakeholders from these sectors, has maintained its previous growth forecast. Exports, a crucial component of Thailand’s economic engine, are…
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New tax deductions approved to boost secondary city tourism
The Cabinet yesterday approved measures aimed at boosting tourism in secondary cities during the low season. Deputy Finance Minister Paopoom Rojanasakul announced that the new measures target both companies holding seminars and individuals travelling for leisure. Companies can now deduct expenses from corporate income tax for seminar rooms, accommodation, transport, and other related costs for domestic seminars held for employees,…
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VAT on all imports over 1 baht gets Cabinet approval
A proposal by the Ministry of Finance to impose value-added tax (VAT) on all imported goods valued at over 1 baht has received approval in principle from the Cabinet. This measure aims to curb the influx of inexpensive imported goods, particularly from China, that are saturating the domestic market. Government spokesperson Chai Wacharonke announced that the new threshold will be…
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Thailand to tax residents’ foreign income irrespective of remittance
The Revenue Department of Thailand will amend a law to tax individuals with foreign income, even if that income is not brought into Thailand. Director-General of the Revenue Department, Kulaya Tantitemit stated that the current tax law mandates individuals residing in Thailand for over 180 days per year to pay taxes on foreign income if it is brought into the…
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Thailand to introduce carbon tax by 2025, oil tax burden unchanged
The Excise Department plans to introduce a carbon tax by 2025, with the overall oil tax burden expected to remain unchanged. This move aims to align with the Global Warming Act, which is set to be enacted in 2025. According to the Director-General of the Excise Department, Ekniti Nitithanprapas, the department has examined global practices for implementing a carbon tax…
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Thai digital skies to light up for OneWeb’s Internet services launch
OneWeb’s broadband Internet services, facilitated by low Earth orbit (LEO) satellites, are anticipated to launch in Thailand by the fourth quarter of this year, marking a significant step in expanding digital connectivity across the nation. In a collaborative effort, OneWeb has teamed up with state telecom enterprise National Telecom (NT) to offer these services. NT provides the necessary gateway station…
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AoT to create subsidiary for managing small state airports
Airports of Thailand Plc (AoT) is considering the establishment of a subsidiary to manage small airports that are currently under the financially troubled Department of Airports. This initiative aligns with the government’s strategy to stabilise state finances. AoT President Kirati Kijmanawat announced today, June 4, that the proposed subsidiary would operate directly under AoT, with the parent company and Vayupak…
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Cathay Pacific delays new routes for full capacity takeoff
Cathay Pacific Airways, Hong Kong’s flag carrier, will refrain from expanding into new routes until it achieves full capacity by early next year. Despite reaching 80% of its pre-pandemic capacity, Chairman Patrick Healy stated that speeding up the timeline “is not the right thing to do.” Healy revealed to the South China Morning Post that the airline has no immediate…
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Brewing success: Thai coffee market percolates with growth
The Thai coffee market is experiencing significant growth, driven by evolving consumer lifestyles and increased demand for both domestic consumption and export processing. The Director-General of the Trade Policy and Strategy Office, Poonpong Naiyanapakorn underlined Thailand’s potential to process raw coffee into finished coffee products for export, a key value-adding practice. From 2021 to 2023, the Thai coffee market expanded…
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La Niña weather phenomenon likely to further fuel food inflation
The Commerce Ministry is closely observing the transition from the El Niño to La Niña weather phenomenon, which could impact Thailand’s inflation, especially concerning food items like fresh vegetables and fruit due to their water sensitivity. Director-General of the Trade Policy and Strategy Office (TPSO), Poonpong Naiyanapakorn stated that data from the Thai Meteorological Department (TMD) shows that El Niño…
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Thailand’s GPSC secures 1,050MW solar project in India
The power generation division of Thailand’s PTT Plc, Global Power Synergy Plc (GPSC), is making significant strides in expanding its renewable energy footprint in India. Its subsidiary, Avaada Energy, has secured a contract to construct a massive 1,050-megawatt solar farm aimed at boosting clean energy production, reducing carbon emissions, and serving millions in India. Avaada Energy emerged victorious in a…
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HR leaders urged to align vision for strategy success
Aligning every member of an organisation with a unified vision has become essential in today’s fast-changing business environment. The recent HR Talk, titled E=AMC: Unlocking the Code — How HR Can Turn Strategy into Action, delved into this theme, offering significant insights into how Human Resources teams and leaders can transform strategic visions into concrete results. Distinguished speakers at the…
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Government to advance 47 billion baht in PPP projects this year
Government investment projects under public-private partnerships (PPP) are set to advance this year, nearing the target of 47 billion baht, as projected by the State Enterprise Policy Office (Sepo). Sepo’s director-general, Tibordee Wattanakul, mentioned that the PPP investments are expected to alleviate the government’s fiscal responsibilities. By February, the PPP Committee had sanctioned 18 billion baht for fiscal 2024, focusing…
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Ethereum ETFs approved, crypto prices to surge this year
Cryptocurrencies are having a golden year, with the US Securities and Exchange Commission (SEC) recently approving eight funds set to launch spot Ethereum exchange-traded funds (ETFs). Analysts predict the bull run will persist into the second half of the year, driven by strong interest from institutional investors. The SEC’s approval on May 23 for rule changes allowing ETFs to buy…
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Thai eCommerce rivalry set to surge
Thailand has recently plunged into the eCommerce market, spurring job creation and economic fortification. The country has a predicted eCommerce growth rate of between 5 and 7% between 2025 and 2027. What does the Thai eCommerce surge mean for US businesses? The eCommerce world is changing, and US businesses must adopt the latest tools and technologies to stay ahead of…
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Thailand urged to support major theme parks
Thailand should offer robust support, including investment incentives and infrastructure development, to attract major theme park brands like Disney, according to the International Association of Amusement Parks and Attractions (IAAPA). IAAPA Board Chairman Wuthichai Luangamornlert emphasised that investors are inclined to develop attractions in destinations providing substantial support. China’s rail transport system was completed a year before the opening of…
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Thailand leads in fresh durian exports to China, 121 tonnes by April
Thailand firmly established itself as the top exporter of fresh durians to China, with over 121,398 tonnes shipped in 2024, according to Global Trade Atlas (GTA) data. Additionally, mango exports to South Korea have surged, influenced by favourable trade agreements. Government spokesperson Chai Wacharong announced that Thailand’s Ministry of Commerce revealed new data showing the country exported fresh durians to…
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Thailand’s smartphone market set to grow 3% to 5% in 2024
Thailand’s smartphone market contracted by 2% in the first quarter due to slow economic recovery, a research paper revealed. However, the government’s digital wallet scheme is projected to stimulate industry growth by 3% to 5% in 2024, according to Counterpoint Technology Market Research’s Thailand Smartphone Tracker report. 5G smartphone shipments accounted for 52% of total smartphone sales in the first…
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Thailand to issue US$1.1 billion sustainability-linked bonds
Thailand will issue up to US$1.1 billion (40 billion baht) in baht-denominated sustainability-linked bonds (SLBs) in the coming months, marking the first such offering by an Asian government. This initiative aims to address both the nation’s budget deficit and its environmental commitments. According to the public debt advisor at the Ministry of Finance, Jindarat Viriyataveekul, the proceeds from the bond…
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Thailand tourism thrives despite slow GDP growth
Thailand’s tourism sector demonstrates resilience, maintaining momentum despite a GDP growth of only 1.5% in the first quarter, which trails behind its regional counterparts. The Tourism Authority of Thailand (TAT) attributes this robustness to a quicker rebound in tourism compared to other industries and is planning to sustain this through the ongoing promotion of festivals. Reports have shown that large…
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Thai banks urged to ‘transact green’ by BoT to aid local businesses
The Bank of Thailand (BoT) urges large commercial banks in Thailand to provide transition finance to aid local businesses in shifting from carbon-intensive operations to more sustainable practices. During the seminar EARTH JUMP 2024: The Edge of Action organised by Kasikornbank, Ronadol Numnonda, deputy governor of the central bank, revealed that last year, large local banks reported a total of…
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Thailand tackles fraud with mobile bank account name verification
Mobile bank account holders can continue using their services uninterrupted as authorities work to ensure the names of account holders match those of phone subscribers, according to the Ministry of Digital Economy and Society (DES). This initiative aims to tackle the misuse of bank accounts by fraudsters. The crackdown, launched at the beginning of the week, has caused some concern…
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Massive positive changes to Thailand’s visa system from June 1
5-year visas available for digital nomads, boxers and chefs students The cabinet has approved a number of new visa initiatives aimed at attracting more tourists. This includes visa-free and visa-on-arrival schemes, extended stays for students, and a decrease in mandatory health insurance for retirees. The Foreign Ministry suggested these actions due to the country’s significant reliance on tourism, according to…
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Chinese investors show strong interest in Thailand at RCEP-tion
Chinese investors eagerly engaged with Thailand’s business landscape at a recent matchmaking event held under the Regional Comprehensive Economic Partnership (RCEP) agreement. Marking its debut in Thailand, the event seeks to draw interest towards emerging S-curve industries and facilitate the transfer of technology from China. At the helm of the 1st RCEP Business Opportunities Matchmaking Conference (China-Thailand) was Commerce Minister…
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Thailand Cabinet boosts 2024 fiscal budget by 122 billion baht
The Thai Cabinet approved a plan to increase the 2024 fiscal budget by 122 billion baht to support its delayed household stimulus scheme, Deputy Finance Minister Paopoom Rojanasakul today announced. This adjustment will raise the new budget to 3.6 trillion baht, representing a 13% increase from the previous year, with the deficit swelling to 805 billion baht. The government’s decision…
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Ezy Airlines ready for Hat Yai-Betong takeoff, expect turbulence
Ezy Airlines announced plans to take flight on the currently unserviced Hat Yai-Betong route by late next year, experiencing a slight delay from its original schedule. Chatchavee Sakornvisai, senior director of business development and international liaison, confirmed Ezy Airlines’ intention to establish Hat Yai Airport as its operational hub, with aspirations to start flights to Betong by the third quarter…
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Mobile banking to operate normally during verification
The National Broadcasting and Telecommunications Commission (NBTC) clarified today that mobile banking services will continue to operate as usual on May 27. The NBTC, in collaboration with the Anti-Money Laundering Office (AMLO) and commercial banks, aims to ensure that mobile numbers linked to bank accounts are properly verified to tackle issues related to fraudulent SIM cards and mule accounts. The NBTC…
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Finance Ministry to reassess stock holdings worth 1.19 trillion baht
The Finance Ministry plans to reassess its shareholdings in various stocks to optimise its asset portfolio and generate additional revenue for the state. Deputy Finance Minister Paopoom Rojanasakul instructed the State Enterprise Policy Office to evaluate the ministry’s stock holdings. According to sources, this review aims to identify which assets the government should retain and which could be sold. A…
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