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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True Corporation amps up for royal spectacle along Chao Phraya
True Corporation supercharged its 5G, 4G, and WiFi networks ahead of the grand Royal Barge Procession sailing down the Chao Phraya River. This dazzling event journeys from Rama VIII Bridge to Wat Arun, promising top-notch connectivity for everyone eager to catch a glimpse. With extensive network testing already complete, True Corporation ensures they’re ready not just for the recent rehearsal…
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Banking on gains: Thai banks ‘interest’ed in profit uptick for 2024
Thai banking sector profits have seen a modest uptick for the first nine months of 2024, buoyed by rising interest and fee incomes. Yet, the backdrop of swirling economic uncertainties has kept banks on their toes, continuing to stash away hefty reserves for potential loan losses. The pack of 10 Stock Exchange of Thailand (SET) listed banks and their subsidiaries…
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ICONSIAM propels Thailand to the forefront of global destinations
ICONSIAM, the global landmark on the banks of the Chao Phraya River, is employing an Experiential Marketing strategy aimed at creating exceptional experiences and reaffirming its status as a must-visit global destination. In collaboration with partners from all sectors, ICONSIAM is investing up to 300 million baht to launch over 60 marketing campaigns throughout the final quarter of the year, culminating…
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Political unrest impacts Thailand’s stock market performance
Political turbulence, both on the domestic and international fronts, is tempering the growth prospects of the Stock Exchange of Thailand (SET), despite the Thai index briefly surpassing the 1,500-point mark. Analysts note that the Election Commission’s (EC) recent decision to investigate Thaksin Shinawatra for potentially exerting undue influence over the ruling Pheu Thai Party is a significant factor. The political…
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Thai Airways plans rehabilitation exit by mid-2025, banks to benefit
Creditors of Thai Airways International (THAI), particularly Bangkok Bank (BBL) and Krungthai Bank (KTB), are set to benefit from the airline’s planned exit from its rehabilitation scheme by mid-2025. The banks are being provided with several options for debt repayment, according to analysts. In recent reports submitted to the Stock Exchange of Thailand (SET) and the Securities and Exchange Commission,…
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Thailand & Hong Kong aims for ASEAN financial hub status
Thailand is exploring a partnership with Hong Kong to establish a financial hub aimed at connecting ASEAN markets. Deputy Finance Minister Paopoom Rojanasakul announced the initiative after a meeting with Hong Kong’s Financial Secretary, Paul Chan, during the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting in Lima, Peru. The meeting highlighted Thailand’s ambition to become a global financial player, as…
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Thai SMEs boxed in by debt and dwindling demand
Small and medium-sized enterprises (SMEs) in Thailand are on the ropes, grappling with crippling debt and plummeting sales as the country’s economic engine sputters, warns the Federation of Thai Industries (FTI). The financial plight of these crucial businesses is worsening, says the FTI, with government support measures arriving too little, too late. Yet, the federation, the voice of Thailand’s SMEs,…
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Banking stocks set to cash in as BoT preps for another cut
Stock market sleuths are buzzing as banking stocks look set to surge with global interest rates on the slide. All eyes are on the Bank of Thailand (BoT), expected to slash its policy rate again this December. Last week’s unexpected chop of 25 basis points to 2.25% marked the first cut in more than four years, echoing similar moves by…
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Hong Kong urged to innovate for tourist spending boost
Hong Kong businesses need to innovate to attract tourist spending, rather than focusing on the decline in visitor expenditure, a senior official has advised. Warner Cheuk Wing-hing, Deputy Chief Secretary for Administration, highlighted yesterday, October 20, that tourists are still eager to spend but have heightened expectations. “We cannot just complain about why people aren’t spending money. It’s not that…
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Economic waters rise: Thai business sector flooded with challenges
The business sector is facing a stormy crisis this monsoon season as severe flooding batters key economic regions across Thailand. Provinces like Chiang Mai and Chiang Rai have been hit hard, with water levels reaching devastating heights—marking the first time in decades that such catastrophic flooding has occurred. Officials are closely monitoring the Chao Phraya River, issuing early warnings in…
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Thailand’s drought and pests slash coconut yields, prices soar
The Agriculture Ministry revealed that the country’s mature coconut yield is expected to plummet to just 0.86 million tonnes this year, a sharp drop from last year’s 0.94 million tonnes. Blame it on a double whammy of prolonged drought and pesky infestations ravaging the country’s coconut trees. The knock-on effect is already being felt in the markets. Commerce Minister Pichai…
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NBTC partners with Facebook for digital marketing training
The National Broadcasting and Telecommunications Commission (NBTC) has partnered with Facebook and Kenan Foundation Asia to offer digital marketing training through 1,836 USO Net public Internet centres across the country. The Meta’s SME Academy and Seller Education course is designed to help individuals in remote areas increase their income through digital marketing skills. NBTC board chairman Sarana Boonbaichaiyapruck explained that…
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China’s economy grows 4.6% in Q3 amid property downturn
China’s economy experienced a marginally better-than-expected growth in the third quarter, according to data released today. However, the persistent property downturn and weak consumer spending continue to weigh heavily on economic activity, compelling policymakers to contemplate further stimulus measures to invigorate growth. The world’s second-largest economy expanded by 4.6% year-on-year in the July-September period, surpassing the 4.5% forecast in a…
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CIMB Thai Bank targets 200 billion baht in sustainability loans
CIMB Thai Bank (CIMBT) aims to capitalise on the burgeoning demand for sustainability-linked loans, projected to be worth 200 billion baht (US$6 billion) among major local corporate clients within the next two years, particularly targeting the oil, gas, and energy sectors. Jason Lee, CIMBT’s head of sustainability, projects that around 300 large Thai corporations will seek transition financing over this…
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Thailand, US bolster trade ties with focus on high-tech investments
Commerce Minister Pichai Naripthaphan and US Ambassador Robert F. Godec yesterday engaged in discussions focusing on trade tariffs and investment in high-tech sectors, aiming for strategic alignment. During their meeting yesterday, October 17, Pichai emphasised that the talks were crucial for establishing a strategic partnership and bolstering economic ties between Thailand and the US, enhancing both bilateral and investment relations.…
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Gearing down: Thai auto parts makers face shock as EVs speed ahead
Thai auto parts manufacturers for internal combustion engine (ICE) vehicles face significant disruption due to the rising popularity of electric vehicles (EVs), according to Tru Automotive, a supplier of auto parts under the TRW brand. Pornsak Ariyapongpairoj, Managing Director of Tru Automotive, stated that sales of parts for ICE cars are expected to decline as EV makers do not use…
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All aboard: Vietnam charts a 7.2 billion baht track to China
Vietnam announced an estimated cost of 179 trillion dong (US$7.2 billion) to build a new railway connecting it with China‘s Yunnan province. The proposed 427-kilometre railway will traverse from Lao Cai province, through Hanoi, and extend to the port city of Haiphong and Ha Long City, according to the Vietnam News Agency. The country is actively pursuing the upgrade of…
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Billion-baht investment boosts Pattaya’s Terminal 21 mall
The bustling beachside retreat of Pattaya is about to see its shopping scene taken to new heights. Land and Houses (LH), one of the country’s largest property developers, announced a massive 5.7 billion baht investment in its Terminal 21 Pattaya shopping mall, proving that the city’s economic potential is glowing as bright as its beaches. Terminal 21 Pattaya, which opened…
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High-end hotels check in higher rates amid rising tourist numbers
High-end hotel operators are poised to increase room rates during the High Season as tourist numbers are anticipated to rise in the coming months, while mid-tier and lower-tier hotels continue to face challenges. The hotel operator sentiment index reveals this trend. Thienprasit Chaiyapatranun, President of the Thai Hotels Association (THA), reported that the average occupancy rate in September was 55%,…
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Cash ‘n’ climb: Thailand GDP rises but 2026 could be a steep drop
Thailand’s GDP forecast has been upgraded for this year and next to 2.8% and 3%, respectively, due to the government’s cash handout boosting the economy. However, analysts warn of an economic cliff in 2026 if no new growth engines are introduced. Kiatnakin Phatra Research (KKP) and BofA Global Research have both raised their Thai GDP outlooks for 2024 from 2.6%…
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Powering on: Thailand energy plan sparks a 2.9 trillion baht boost
Thailand’s new National Energy Plan (NEP) aims to drive significant investment and promote clean energy, with a projected 2.9 trillion baht in capital spending over the next 13 years. Central to this initiative is the emphasis on solar energy to reduce carbon dioxide emissions. The NEP 2024, scheduled for implementation from this year until 2037, integrates a comprehensive power development…
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Sky’s the limit: TC Space Connect orbits to victory in satellite bid
The National Broadcasting and Telecommunications Commission (NBTC) has selected TC Space Connect, a subsidiary of Thaicom, as the winning bidder for the two remaining satellite orbit packages. This decision follows an extensive review by the bid selection committee, which concluded that TC Space Connect was the sole contender for the licences. NBTC’s timeline was slated yesterday, October 16, for finalising…
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Nok Air takes off again: Ready to ‘baht’ back in business
Nok Air is plotting a major comeback, with a 5 billion baht cash injection on the cards for 2025. The Thai low-cost airline, which entered business rehabilitation in 2021, is now eyeing an exit in 2026, as CEO Wutthiphum Jurangkool outlines a path to financial recovery. In an interview with Bangkok Business, Wutthiphum revealed the funds will be used to…
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Thailand’s stock market sees a ‘baht’ of foreign interest
Foreign investors have increased their holdings of Thai shares by 1.37% in the first eight months of 2024, reaching a total of 5.18 trillion baht, based on data from the Stock Exchange of Thailand (SET). This rise highlights the growing interest in the technology, financial, and services sectors. By August 2024, foreign investors held over 5.18 trillion baht (US$155 billion)…
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Tax exemption for corporate insurance payouts amid flood recovery
The Cabinet has sanctioned a tax exemption for corporate income derived from insurance payouts for policyholders impacted by this year’s floods. Government spokesman Jirayu Houngsub announced after the Cabinet meeting that companies in flood-affected areas with insurance coverage against floods will have their insurance payouts exempted from income tax, as per the Finance Ministry’s directive. For business operators needing loans…
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Commerce Ministry launches economic recovery plan to aid SMEs
The Commerce Ministry is collaborating with government agencies in Thailand to roll out a nationwide economic recovery initiative over five months, aimed at assisting small businesses, easing expenses, and reducing the cost of living. Commerce Minister Pichai Naripthaphan convened with over 150 representatives from private sector organisations to jointly launch the project. The discussions incorporated cooperation from both public and…
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Brick by brick: ONEAM builds investor excitement with TIREIT launch
ONE Asset Management (ONEAM) is digging foundations in the investment world, launching the Thai Industrial Real Estate Investment Trust (TIREIT) for investors seeking fresh opportunities amidst a shifting financial landscape. With high interest rates finally shifting into the rear-view mirror, savvy investors are turning to alternative assets like TIREIT to spread their risk. Chief executive Pote Harinasuta has revealed that…
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KBank ‘assets’ itself with new ventures amid rising NPLs
Kasikornbank (KBank) is shaking things up and eyeing new profits by tackling its bad assets head-on via joint venture asset management companies (JV-AMCs), as non-performing loans (NPLs) climb higher across the banking scene. Rungruang Sukkirdkijpiboon, KBank’s co-President, spilt the beans that the bank is launching a fresh JV-AMC in partnership with Bangkok Commercial Asset Management (BAM), adding to its current…
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Fuel’s gold: Bangchak to fry high with sustainable jet fuel from cooking oil
Bangchak Corporation, one of the big dogs on the Stock Exchange of Thailand (SET), is turbocharging its efforts to collect used cooking oil, aiming to transform it into sustainable jet fuel (SAF) by next year—a first-class upgrade for greener skies. BSGF, Bangchak’s SAF-producing brainchild, has penned a memorandum of understanding (MoU) with New Biodiesel to scoop up used cooking oil…
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Thai execs ‘gen’-erate buzz, placing big bets on AI for success
In a bold business move, executives in Thailand are betting big on generative artificial intelligence (GenAI), catapulting it to the top of their corporate agendas, reveals a sizzling study by global CRM giant Salesforce. Amidst economic turbulence, Siddharth Rastogi, Salesforce’s vice-president for the ASEAN, insists it will work. “We’ve got the magic mix for AI adoption, thanks to the nation’s…
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