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.
-
Sponsored Why retirees in Thailand are choosing long-term health insurance over quick fixes
Retirees in Thailand are increasingly seeing the importance of health insurance in protecting their well-being during retirement. With insurance requirements for retirement visas and rising healthcare costs, many are moving away from short-term plans and choosing long-term coverage. Long-term health...
-
Charged up: Thai finance chief sparks debate on EV development
Thailand’s finance permanent secretary stressed the need for the country to continue developing its electric vehicle (EV) sector, despite concerns about the arrival of the Chinese EV supply chain in the local automobile industry. Lavaron Sangsnit warned that without active policies to encourage EVs, Thailand may be overlooked as a locale for factory establishment due to the lack of essential…
-
Thailand grapples with surge in illegal foreign workers in tourism
The Labour Ministry of Thailand has expressed worries over the persistent issue of foreigners being unlawfully employed within the country’s tourism sector. Labour Minister Phiphat Ratchakitprakarn revealed that the ministry has been vigilantly tracking the situation and has reported a steady increase in the number of illegal foreign workers. From October 2023 to February 2024, as many as 13,424 foreigners…
-
Japan experiences surge in qr code transactions amid push for digitalisation
Across Japan, a surge in electronic payment drives has been noted, as municipalities aim to encourage digitalised consumption through QR code transactions. These campaigns, often run in collaboration with local businesses, have seen increasing popularity, despite resistance from certain demographics, particularly the elderly and those less adept with digital devices. The country’s significant elderly population, a group that has been…
-
Chao Phraya Princess enhances cruise services to boost tourism
Thailand’s tourism industry is witnessing a revival, with operators enhancing their services to attract the global inflow of tourists. A sought-after experience for many first-time visitors in Bangkok is a scenic cruise along the Chao Phraya River, the country’s main thoroughfare. Chao Phraya Princess, among the largest river cruise operators, has weathered several crises, including the Covid-19 pandemic. To survive…
-
Unveiling Thailand’s cultural heritage through mini-dramas
The Department of Commerce is encouraging business owners to utilise mini-dramas as a means of enhancing the global market’s awareness of the nation’s cultural heritage, traditions, and tourism opportunities. Commerce Minister Phumtham Wechayachai recently introduced actors to Prime Minister Srettha Thavisin, demonstrating the government’s commitment to promoting local products worldwide through the Y-Yuri Series. The department teamed up with well-known…
-
Powering down to unplug overhead chaos for underground gain
Four major organisations, namely the Metropolitan Electricity Authority (MEA), the Provincial Electricity Authority (PEA), the National Broadcasting and Telecommunications Commission (NBTC) and the Bangkok Metropolitan Administration, have joined forces to replace overhead cables with underground ones along 116 routes. This substantial project, spanning across both Bangkok and other provinces, will cover a total distance of 213 kilometres. Originally slated for…
-
MR. D.I.Y. undeterred by Thai wage hike, continues expansion
MR. D.I.Y., a leading home improvement retailer, persists in its expansion plans in Thailand, unperturbed by the recent escalation in the daily minimum wage. The CEO of MR. D.I.Y. Thailand, Andy Chin, acknowledges that while this wage increase may raise the company’s costs slightly, it will be advantageous for the economy. Chin predicts a positive surge in the retail sector…
-
Deputy foreign minister backs Mekong region trade
To revitalise cross-border commerce, the Thailand deputy foreign minister made a pivotal visit to Chiang Saen Port on Monday, accentuating its pivotal role in the lower Mekong region. With cross-border trade in Chiang Rai soaring to an estimated 100 billion baht last year, according to the Foreign Ministry, the port’s strategic location where the Kok and Mekong Rivers converge offers…
-
Political unrest fuels growth in Thailand Privilege Card membership
Political unrest and geopolitical conflicts worldwide have propelled the Thailand Privilege Card’s membership count to a staggering 3,871, according to the card’s operator. The card’s operator, Thailand Privilege Card Co (TPC), noted that the long-stay visa, spanning from five to 20 years across four membership categories, has been a significant draw for individuals in countries facing severe political challenges. Russia,…
-
Thailand targets diverse travel groups to boost tourism revenue
Thailand‘s aim of generating 3.5 trillion baht (US$97 billion) in tourism revenue this year requires a broader appeal beyond just leisure travellers to be competitive with other destinations, as per Dusit International. Suphajee Suthumpun, the CEO of Dusit Group, pointed out that while the new visa-free scheme is likely to ease travel, it alone would not suffice to boost revenue.…
-
Northern Thailand braces for severe air pollution crisis
Northern Thailand, specifically the provinces of Chiang Mai, Chiang Rai, and Mae Hong Son, are bracing for severe PM2.5 air pollution. These areas, surrounded by mountains and hills, have previously been rated as the most polluted globally. The pollution crisis has strained the public healthcare system and forced locals to invest in air purifiers and face masks for protection. While…
-
Q-Con’s land acquisition set to boost southern Thailand’s economy
The Industrial Estate Authority of Thailand (IEAT) anticipates its recent land sale to Quality Construction Products Plc (Q-Con), a lightweight brick manufacturer, to bolster the increasing demand for bricks and endorse the government’s economic upliftment plan for the southern region. Situated in the Southern Region Industrial Estate, the 35-rai land was acquired by Q-Con, which had committed to a purchase…
-
Thai workers anticipate 41% pay rise due to AI skills acquisition
A recent report reveals that Thai workers anticipate a significant salary increase of over 41% through the acquisition of artificial intelligence (AI) skills. This surge also promises to catalyse career advancement. The report reveals that by 2028, AI will be embedded in approximately 98% of Thai organisations. These statistics underscore the growing importance of AI-skilled employees, with 94% of employers…
-
Thai economy falters as high interest rates impact major sectors
The Thai economy has taken a hit, with government revenue collections falling short of the target. Lavaron Sangsnit, the permanent finance secretary, attributed the shortfall to high interest rates, which have significantly reduced the purchasing power of consumers, impacting major sectors such as automobiles and real estate. Consumers, particularly those interested in purchasing cars or homes, have found their ability…
-
Thailand anticipates American tourism influx due to Songkran
The Tourism Authority of Thailand (TAT) is anticipating a robust tourism influx from North and South America this year, with a projection of at least 1.5 million tourists – a figure that mirrors the 2019 statistics. This surge is attributed to the confluence of the Songkran celebrations and the Easter holiday in April. Deputy Governor for Europe, Africa, the Middle…
-
Thailand enforces ban on maize imports from field burning regions
The Government of Thailand has given the green light to a ban on maize imports from regions notorious for field burning, a practice contributing to the annual smog crisis. This legislation is slated to come into force within the year. This action is part of a broader strategy to mitigate the recurring smog issue, which the government primarily attributes to…
-
Bitcoin: Binance CEO predicts crypto surge beyond US$80,000
The value of Bitcoin could surpass the projected US$80,000 by year-end, due to increased investment in crypto-backed exchange-traded funds (ETFs) and an upcoming supply cut, according to Binance CEO Richard Teng. During his recent visit to Bangkok, Teng reiterated this optimistic outlook was his personal view, but he pointed to the January launch of spot Bitcoin ETFs in the US…
-
Feast your eyes: CRG plans to serve up 100-120 new eateries
Central Restaurants Group (CRG) has set its sights on launching between 100 and 120 new dining establishments this year, in anticipation of the restaurant sector’s broadening scope. The industry’s worth is projected to approach a substantial figure of nearly 500 billion baht by 2024. Nath Vongphanich, CRG President, anticipates an overall market growth of 5-7% this year, pushing its value…
-
Index Living Mall targets low-income success defies mortgage setbacks
Index Living Mall (ILM), a Stock Exchange of Thailand (SET)-listed company, has observed rapid growth in the low-income segment, despite soaring mortgage rejection rates. This trend led to a strategic shift in the company’s approach, expanding its product range to include non-branded furniture and budget-friendly products imported from China. Kridchanok Patamasatayasonthi, ILM Managing Director, highlighted the exceptional 100% growth within…
-
Comptroller-General Department tackles budget disbursement delay
The Comptroller-General’s Department is working to resolve the impediment in hastening budget disbursement, with a focus on speeding up budget funding into the economy for the fiscal year 2024. Director-General of the department Patricia Mongkhonvanit revealed that the delay in budget disbursement is majorly due to the high volume of appeals submitted by unsuccessful bidders for government projects. Each appeal,…
-
Thai cardiothoracic surgeon launches air ambulance service
Dr Kornprom Saengaram, known for his dual expertise as a cardiothoracic surgeon and a professional pilot, announced the launch of an air ambulance service, AirAMB, in Thailand. Aligned with the nation’s vision of becoming a regional medical hub, the service aims to capitalise on the scarcity of similar facilities across Indochina, explained Dr Kornprom. “The opportunities for an air ambulance…
-
Virtual banks to revolutionise Thailand’s financial landscape
The Royal Gazette announced that virtual banks are set to become a reality in Thailand, with the Bank of Thailand (BoT) accepting applications from March 20 to September 19 this year. The aim is to stimulate competition and ensure the stability of the financial system, without limiting the number of licences available. Virtual banks are expected to cater to customers…
-
Scent-sational: Thailand set for foreign investment surge in fragrance oil
A surge in foreign investment in Thailand’s fragrance oil and aroma compound production is anticipated, which could boost the nation’s cosmetics industry, according to the Federation of Thai Industries (FTI). This follows a decision by a French firm to produce fragrance oil from Thai flowers, a move that showcases the country’s potential as a hub for the health and beauty…
-
Rising crypto prices invite hackers, Thai Digital Asset Association warns
The Thai Digital Asset Association (TDAA) warned of an increased threat from hackers targeting cryptocurrencies, as soaring prices are attracting both investors and fraudsters to the market. The alarm comes after digital assets in Thailand suffered a staggering US$24.2 billion loss to hackers in the previous year. Suppakrit Boonsat, a founder of Bitcast, a digital asset education firm, and the…
-
Thai Drinks targets Gen Z in Asia for est Cola expansion
Keen on broadening its reach in Asia, Thai Drinks, the company managing est Cola, is targeting the Gen Z market for expansion. Forecasting a growth of 25% in the Thai carbonated soft drink market due to warmer weather and intensive marketing campaigns, Suporn Denpaisarn, the non-alcoholic beverages division head at Thai Drinks, reveals their growth plans. According to Nielsen IQ…
-
Concerns over readiness of Thailand’s secondary cities for tourism
The private sector has expressed concerns over the readiness of Thailand’s secondary cities for a major tourism boost, despite Prime Minister Srettha Thavisin’s declaration that 2024 will be “the greatest year for Thai tourism in history.” These concerns were voiced during a recent tourism workshop at the Queen Sirikit National Convention Centre, where the 62 year old Thai PM outlined…
-
Tasty travels: Thai SELECT campaign spices up tourism
The Travel, Taste, Eat Thai SELECT campaign, a collaboration between the Commerce Ministry and the Tourism Authority of Thailand, has been unveiled. This initiative is part of a soft power strategy aimed at promoting and bolstering Thai businesses, particularly certified Thai SELECT restaurants. The Deputy Commerce Minister, Napintorn Srisunpang, emphasised that the campaign is designed to ensure these establishments meet…
-
Bank of Thailand likely to cut policy rate in April, predicts SCB EIC
Siam Commercial Bank’s research centre, SCB EIC, anticipates that the Bank of Thailand is likely to initiate a decrease in the policy rate in April due to structural economic issues. The research centre predicts that the Monetary Policy Committee (MPC) will slash the policy rate by 50 basis points in the first half of this year. The initial rate cut…
-
Driving economic growth: Thailand’s quest for clean energy
The call to action resonates through Thailand’s corridors of power as demands surge for the nation to lead the clean energy revolution across the region, igniting economic growth. Burin Adulwattana, the managing director and chief economist at Kasikorn Research Centre (K-Research), underscores the urgency of this endeavour, stressing its pivotal role in ensuring competitive pricing for clean energy within Thailand.…
-
Gold prices predicted to hit US$2,250 per ounce by year-end
A revision in the global gold prices outlook has been announced by the Gold Traders Association (GTA), projecting an increase to US$2,250 per ounce by year-end from its previous estimate of US$2,100. This adjustment comes in the wake of domestic prices reaching an all-time high of 36,700 Thai baht per baht weight yesterday morning. The President of GTA, Jitti Tangsithpakdi,…
Don't forget to check out some other things to do in Thailand - get help starting a business or finding a job in Thailand, buy Thailand property, rent a yacht or book a medical procedure worldwide.