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 Do foreigners get free healthcare in Thailand?
Thailand’s healthcare system is well-regarded across Southeast Asia, with options ranging from public hospitals to world-class private facilities. But when it comes to foreign residents or tourists, healthcare access isn’t as straightforward. So, do foreigners get free healthcare in Thailand?...
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EGAT to add 110 EV charging outlets in Thailand this year
The Electricity Generating Authority of Thailand (EGAT) is intensifying its electric vehicle (EV) solution services, notably by expanding charging outlets, to capitalise on the burgeoning EV market and support Thailand’s carbon reduction goals. EGAT’s expansion follows its pilot-scale operations in collaboration with state agencies and building owners. With 50 years of expertise in electricity supply and transmission system development, EGAT…
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AI storm: Brands brew up digital ‘spell-utions’ for savvy shoppers
In the world of marketing, there’s a storm brewing with artificial intelligence (AI) at its eye. Brands are diving into digital wizardry to craft campaigns that click with today’s choosy consumers, according to digital agencies and tech analysts. The challenge? Reaching and resonating with audiences when marketing budgets are tighter than ever amid economic uncertainty. Leading the charge is marketing…
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Potential Trump return haunts global finance leaders at IMF meeting
Amidst the typical chatter of low growth, high debt, and conflicts flaring up, the real buzz at the annual IMF and World Bank meetings was the possible political comeback of Donald Trump. This was the hot topic for finance leaders in Washington last week, overshadowing the usual suspects on the agenda. According to some sources, Trump’s alleged leap in the polls…
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Thailand establishes semiconductor board to boost industry
Thailand aims to bolster its standing in the regional semiconductor industry, with significant efforts underway to prepare a skilled workforce for escalating demands. This move is marked by the formation of the National Semiconductor and Advanced Electronics Industry Policy Committee, also known as the National Semiconductor Board, chaired by Prime Minister Paetongtarn Shinawatra. Paetongtarn signed an order to establish the…
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Thailand’s card payments to hit 3.3 trillion baht by 2028
Thailand’s card payments market is projected to achieve a compound annual growth rate (CAGR) of 9.2% from 2024 to 2028, reaching 3.3 trillion baht (US$94.5 billion) by 2028. This growth is driven by a consistent consumer shift towards electronic payments, according to data and analytics firm GlobalData. Data from GlobalData’s Payment Cards Analytics indicates that card payment value in Thailand…
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Thailand’s vehicle production hits the brakes in a sharp downturn
The automotive industry in Thailand has experienced a significant downturn in vehicle production, with September 2024 seeing a total of 122,277 units produced, marking a 25.48% decrease from the same period last year. This decline reflects a 15.78% reduction in vehicles manufactured for export, totalling 87,666 units, and a 42.31% drop in vehicles produced for domestic sales, amounting to 34,611…
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Golden glow fades: Thailand’s gold prices take a baht-tle dive
After a dazzling run, gold prices have taken a nosedive in Thailand, with gold ornaments now pegged at 44,100 baht per baht weight. The Gold Traders Association (GTA) reports a 300 baht drop from yesterday, October 23, putting an end to the recent upward streak. As of 9.06am today, gold bullion is fetching 43,500 baht to buy and 43,600 baht…
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Bond voyage: Political risks drive foreign exodus from Thai bonds
Increased political risks and the central bank’s reluctance to further cut interest rates are prompting the selling of Thai government bonds. Foreign investors have withdrawn over US$850 million from baht bonds this month, marking the largest monthly outflow since August last year, according to the Thai Bond Market Association. This trend is expected to continue, with investment firm Abrdn plc…
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Thai deep tech startups generate over 965 million baht
The Higher Education, Science, Research and Innovation Ministry’s Programme Management Unit for Competitiveness (PMUC) has successfully fostered over 90 Thai deep tech startups, generating an economic value exceeding 965 million baht. PMUC Director Thongchai Suwansichon highlighted the unit’s role in leveraging university research to commercialise products that benefit the national economy. “The PMUC sees the potential of research work in…
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Transport, industrial stocks may gain if Trump wins US election
Transport and industrial estate stocks are poised for gains if Donald Trump secures victory in the US presidential election, according to Asia Plus Securities (ASPS). Conversely, manufacturers of petrochemicals, electrical equipment, steel products, and auto parts may face stiffer competition from Chinese exports. With the US presidential election just weeks away, the race between Democrat Kamala Harris and Republican Trump…
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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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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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FTI calls for fair e-commerce platform playing field
The Federation of Thai Industries (FTI) is urging the government to enforce stricter regulations on foreign e-commerce platforms and control the influx of low-cost products into Thailand. This call to action comes after a recent survey revealed that 35.1% of local entrepreneurs experienced a decline in sales due to inexpensive imports sold online. Vice-Chairman of the FTI, Peekthong Thongyai spoke…
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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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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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Bangkok gets a taste of Seoul: Korean food fest stirs up a culinary coup
In a culinary coup, South Korea’s Ministry of Trade, Industry and Energy teamed up with Kotra to dish out Seoul Food in Bangkok 2024, in the nation’s biggest food extravaganza yet. This mouth-watering event isn’t just about savouring the flavours, it’s a powerhouse meeting for food bigwigs eager to cook up new business deals, starting with Bangkok before taking the…
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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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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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Gold hits record US$2,698.50 amid Middle East tensions
Gold prices surged to a new record high as heightened Middle East tensions drove investors towards the safe-haven asset, despite mixed economic data from the United States tempering expectations for significant interest rate cuts by the Federal Reserve this year. Bullion increased by 0.2% to US$2,698.50, surpassing the previous all-time high set yesterday by approximately one dollar. This rise came…
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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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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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Thailand’s domestic tourism revenue to hit 970 billion baht
Festive events and new stimulus campaigns are set to boost domestic tourism revenue in Thailand to between 950 billion and 970 billion baht (US$28.6 and US$29 billion) this year, according to the Tourism Authority of Thailand (TAT). Despite these efforts, the target of 1 trillion baht (US$30 billion) will likely be missed due to a sluggish economy and the impact…
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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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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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Thailand and Laos spark cross-border renewable energy scheme
Thai officials are set to engage in discussions with the Laotian government to enhance the utilisation of renewable energy across borders, aiming to expedite the reduction of carbon dioxide emissions. The plan involves encouraging Thai businesses to purchase renewable power from Laos through a cross-border energy attribute certificate scheme, according to an official from the Energy Ministry who requested anonymity.…
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