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 New in July: Save 10% for life on family health plans in Thailand
Cigna has a special offer this July for families in Thailand. When you sign up three or more people on a family health plan, you will save 10% on your premiums for life. This deal helps you get affordable, high-quality...
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Digital economy minister urged to support SMEs and combat online scams in Thailand
The newly appointed Digital Economy and Society (DES) Minister is being urged by industry leaders to combat online scams, bolster cross-border e-commerce for small and medium-sized enterprises (SMEs), and provide additional incentives to businesses for technological investments. The National Broadcasting and Telecommunications Commission (NBTC) is also looking to collaborate with the minister, Prasert Chanthararuangthong, on various initiatives to bridge the…
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Bangkok Governor Chadchart to attract growth from multinationals
In a bid to stimulate economic growth, Bangkok Governor Chadchart Sittipunt intends to transform the city into a base for multinational corporations. This initiative, according to Chadchart, should dovetail with the government’s strategies as it would bolster the city’s economy and generate employment opportunities. “Urban centres are essentially labour markets. The reason people reside in such areas is the availability of…
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Phuket Airport expansion to double capacity, costing 6 billion baht
Phuket International Airport is set to undergo a significant expansion, as approved by the Airports of Thailand (AoT). The project, which is currently in the design stage, is estimated to have a price of upwards of 6 billion baht. AoT’s President, Kerati Kijmanawat, highlighted the expansion as a primary agenda during Prime Minister Srettha Thavisin’s recent visit. The proposed airport…
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Chinese developer Country Garden secures bond repayment delay amid liquidity crisis
Chinese developer, Country Garden, has successfully secured creditor approval to postpone a critical bond repayment deadline, narrowly dodging a potential default. This agreement provides temporary relief amidst a liquidity crisis that has significantly impacted the nation’s financial markets. Country Garden gained enough support in a vote concluded yesterday to extend payments on the 3.9 billion yuan (18 billion baht) outstanding…
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15 years of escrow legislation: 867 billion baht in transactions
Data released by the Fiscal Policy Office (FPO) has shed light on the impact of escrow legislation over a 15-year span. According to an anonymous FPO source, escrow service transactions during this period totalled a hefty 867 billion baht, the majority of which were linked to capital market transactions. The Escrow Account Act came into effect in 2008, and from…
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Thai rice body urges government to focus on new rice strains
The Thai Rice Exporters Association is calling on the new government to avoid manipulating rice market prices and instead focus on the strategic production of new rice varieties. Chookiat Ophaswongse, the association’s honorary president, emphasised the importance of developing new rice strains to maintain competitiveness with other exporting nations. “This is crucial for the future of Thai rice. Following roadshows…
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Bangchak acquires Esso Thailand bolstering network and refining capacity
In a significant move in Thailand’s petroleum sector, Bangchak Corporation secured a resounding acquisition of Esso Thailand. ExxonMobil Asia Holdings’ relinquishing of a 65.99% majority stake to Bangchak marks the completion of this transaction. As a consequence of this development, around 700 Esso petrol stations throughout the country will commence operations under Bangchak’s brand, starting tomorrow. Chaiwat Kovavisarach, the Group…
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Thailand’s free visa initiative to boost Chinese tourist influx by 700,000
Thailand‘s government’s initiative to issue free visas to visitors from China is expected to boost visitor figures by 700,000 during the high season, according to the Tourism Authority of Thailand (TAT). TAT governor Thapanee Kiatphaibool noted that Thailand typically receives between 350,000 and 400,000 Chinese visitors monthly, totalling 2.1 million in the first eight months of this year. Thailand accounted…
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Ratch Group earmarks 35 billion baht for business expansion
Thailand’s leading private power producer, Ratch Group Plc, remains steadfast in its decision to allocate a capital expenditure of 35 billion baht for the expansion of its operations in both the power and non-power sectors this year. Chief Executive Choosri Kietkajornkul said that out of this capital allocation, 29 billion baht is for investments in power generation. She further revealed…
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AIS withdraws lawsuit against NBTC over True-DTAC merger approval
AIS, the telecommunications giant, recently took a surprising turn as it withdrew its case against the National Broadcasting and Telecommunications Commission’s (NBTC) decision, which recognised the merger between True Corporation and Total Access Communication (DTAC), its two direct competitors. The lawsuit contended that the NBTC board had failed to exercise its authority to regulate the deal according to existing regulations.…
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Media meltdown: JKN global struggles as shares drop amid debenture dilemma
JKN Global Media Plc’s shares plummeted to 1.67 baht during early trade as the company acknowledged its inability to fully repay the 609 million baht debenture due that day. This debenture is part of a seven-series set, totaling 3.36 billion baht. After the disclosure on the Stock Exchange of Thailand (SET), JKN Global Media’s shares tumbled by 29.8%, a drop…
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Pheu Thai Party’s digital handout scheme could boost Thailand’s GDP by 3%
The Pheu Thai Party‘s proposed digital handout scheme, requiring around 500 billion baht, could potentially boost Thailand’s GDP growth by 3% in the next year, according to the Bank of Thailand. Sakkapop Panyanukul, the central bank‘s director of the economic and policy department, mentioned the digital handout contribution depends on the economic multiplier. The 3% GDP projection uses a cash…
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Rice and shine: Thailand sets sights on 8 million tonnes export mark
The director-general of the Department of Foreign Trade, Ronnarong Phoolpipat, announced that Thailand’s rice exports are expected to achieve the target of 8 million tonnes this year. This forecast comes after the recorded shipments through to August 29 reached 5.29 million tonnes, reflecting a year-on-year increase of 11.9%. This upswing in rice exports aligns with the rising concerns over drought…
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ATTA doubts efficacy of free visa plan for Chinese tourists
The Association of Thai Travel Agents (ATTA) has expressed scepticism about a government proposal to offer free visas to Chinese tourists as a means of stimulating demand. ATTA cites economic difficulties and a weak currency as challenges that could render this initiative ineffectual, particularly in the face of flight and staff shortages. The Federation of Thai Tourism Associations and the…
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Global investors navigate high interest rates amid inflation control efforts
Amid recession concerns, inflation, and high interest rates, investors seek promising investment avenues. Stock enthusiasts believe global interest rates are close to peaking, while central banks watch inflation. The US Federal Reserve raised the federal funds rate to 5.25-5.50% in July, the highest in decades. The European Central Bank increased rates by 0.25%, and the Bank of Japan hints at a…
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Grain gain: Thailand’s rice exports sprout an impressive 12% surge
The Commerce Ministry reported a significant increase in Thailand’s rice exports. Data reveals an 11.91% rise in exports from January to August 29, compared to the same duration last year. During this period, Thailand managed to export a hefty 5.29 million metric tonnes of rice. Despite the impressive rice export figures, the agricultural sector in Southeast Asia has been grappling…
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NBTC developing nationwide streaming platform for digital TV by 2025
The National Broadcasting and Telecommunications Commission (NBTC) is set to develop a nationwide streaming platform, aiming to streamline all real-time streaming content from existing digital TV channels. The platform is anticipated to be fully operational by 2025, aligning with the NBTC’s online migration plan and catering to the increasing number of online content consumers. This initiative is also expected to…
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Thai government considers utility tokens to boost digital wallet initiative
The Pheu Thai-led government is anticipated to roll out utility tokens to bolster its digital wallet initiative, a move pending approval from the Bank of Thailand as the regulator currently bans using tokens as payment, according to Asia Plus Securities (ASPS). The financial services company projects that the government will issue Type 1 utility tokens, each valued at 10,000 baht,…
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Oil corporations slickly tap influencers, sparking eco-conscious uproar
Top oil corporations are increasingly utilising social media influencers to advertise their products, a move that has provoked criticism from environmentally conscious followers. The influencers, typically known for sharing lifestyle content, are now endorsing petrol stations, fuel rewards, and club cards. Instances of such promotions were identified by AFP across India, Mexico, South Africa, and the United States on platforms…
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Thailand’s PM plans to boost tourism revenue to US$100 billion by easing visa rules
Thailand Prime Minister Srettha Thavisin has proposed a plan to boost tourism revenue to nearly US$100 billion next year. This involves loosening visa regulations for travellers from China and India and extending the duration of stay for tourists from all nations. Chinese travellers, who accounted for the most significant proportion of visitors pre-Covid-19, have been subjected to a taxing visa…
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CKP and BEM partner for Thailand’s first solar-powered mass transit rail
CK Power Plc (CKP) Bangkok Expressway and Metro Plc (BEM) have forged a partnership to bring the first solar-powered mass transit rail systems to Thailand. The collaboration aims to utilise solar energy to power the MRT Chalerm Ratchamonkol Line (MRT Blue Line) and the MRT Chalong Ratchadham Line (MRT Purple Line) which, combined, span over 71 kilometres and have 54…
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Thai tourism faces strain from sluggish Chinese, Japanese economies
Tourism operators in Thailand are facing significant challenges due to the sluggish economies of China and Japan and an uneven recovery in Thai tourism that benefits larger operators. A recent survey by the Thai Hotels Association (THA) and the Bank of Thailand revealed that 29% of three-star or lower-rated hotels have been severely impacted by interest rate hikes and may…
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Siam Cement delays SCGC IPO citing adverse economic climate
The initial public offering (IPO) of Siam Cement Group‘s subsidiary, SCG Chemicals Plc (SCGC), has been delayed. Citing the company’s large size and the current adverse economic and investment climate, the parent company, Siam Cement Group (SCG), did not provide a new timeline for the IPO. This announcement was made by Roongrote Rangsiyopash, the President and Chief Executive of SCG.…
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Sand and smiles: Nearly 18 million tourists make waves in Thailand this year
With the close of this year on the horizon, Thailand’s Tourism and Sports Ministry reported that almost 18 million overseas tourists have laid a beach towel in the Land of Smiles. Thailand, which heavily leans on tourism as a significant economic pillar, is setting its sights on welcoming around 28 million visitors by the end of the year. The statistics…
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Thailand’s Q2 economic recovery slows, full-year 2023 growth forecast revised
Thailand’s second quarter of 2023 saw a slowdown in economic recovery, with GDP growth falling from 2.6% year-on-year in the first quarter to 1.8%, as reported by the National Economic and Social Development Council on August 21. The figures fell significantly short of consensus estimates of 3.1% and growth projections of 2.9%. The economy’s quarter-on-quarter growth was a mere 0.2%,…
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Thailand’s household debt soars as auto loans and cooperative debts spike
The secretary-general of the National Economic and Social Development Council (NESDC) issued a warning over the steady increase in Thailand‘s household debt. The critical areas requiring stringent monitoring were identified as auto loans and debt originating from savings cooperatives. During a press conference outlining the nation’s social outlook for the second quarter of 2023, Danucha Pichayanan revealed that household debt…
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Banking on change: Kasikornbank unveils shakeup with fresh faces and spin-off plans
Kasikornbank (KBank), Thailand’s second-largest lender by total assets, revealed a significant restructuring of its business operations. This includes the introduction of a new president, co-president, and a spin-off strategy. KBank notified the Stock Exchange of Thailand (SET) yesterday about the appointment of Chongrak Rattanapian to the position of president and executive director, effective from August 29. Chongrak, with over 20…
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Liquid dreams: Thailand’s Pilatus Marine charts global growth with 1.05 billion baht vessel acquisition
Pilatus Marine, a SET-listed company and Thailand’s leading liquefied petroleum gas (LPG) transport operator, is set to acquire three large used liquid-carrying vessels for a total cost of 1.05 billion baht. This move is aimed at expanding their services overseas. Operating in both marine and land transport of LPG, Pilatus Marine also leases vessels to other companies. The incoming ships,…
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Siriraj Hospital partners with Cariva to bolster Thailand’s medical AI ecosystem
Siriraj Hospital‘s Faculty of Medicine, under Mahidol University, is partnering with local artificial intelligence (AI) start-up, Cariva (Thailand), to utilise AI technology in enhancing medical treatment and developing innovative medical products and services. This collaboration is aimed at solidifying Thailand’s reputation as a medical hub and facilitating the export of AI-driven healthcare innovations to the Asia-Pacific region. Dr Apichat Asavamongkolkul,…
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Thai exports suffer 10th month of decline amid global economic challenges
In July, Thai exports decreased more than anticipated for the 10th successive month. The drop is primarily due to a decline in global commodity prices since their peak in the early months of the Russia-Ukraine conflict last year. High interest rates and stringent lending conditions, compounded by weak global demand, have led to a slowdown in consumer spending, explained Keerati…
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