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 business department investigates 439 firms for potential nomination violations
In a move to suppress the ‘grey’ market in the fiscal year 2023, the Business Development Department (BDD) investigated 439 companies, suspecting them of acting as nominees for foreign corporations. Interestingly, legal entities potentially involved in nominee activities were discovered in Chiang Mai and Chon Buri provinces. The BDD Deputy Director-General, Jitakorn Wongkhatekorn, revealed that the agency inspected three targeted…
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Asia-Pacific bond defaults surge amid China’s real estate crisis
Asia-Pacific bond defaults are on the rise, outpacing the global average, amid China’s real estate crisis. A joint study by the Federation of Thai Capital Market Organizations (FETCO) and the Capital Market Development Fund (CMDF) highlighted a concerning uptick in debenture default rates, signalling a potential global crisis. The study revealed that bond defaults occurred at a faster pace in…
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Debt moratorium to benefit 7 million farmers and SMEs
Deputy Finance Minister Julapun Amornvivat announced that no more than seven million farmers and small and medium-sized enterprises (SMEs) will qualify for the initial phase of the debt moratorium. The breakdown of this figure is expected to be around four million small-scale farmers and three million SMEs. The Deputy Finance Minister refrained from providing specifics on the scope and limit…
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Tablet talk: IT companies endorse education ministry’s digital vision, but call for a SMARTer plan
The plan of the Education Ministry to equip every student and teacher across the nation with a tablet has received support from several IT companies. They believe the tablet initiative is a step towards promoting equal educational opportunities. However, they recommend a well-thought-out strategy about device specifications, relevant courseware, and the necessary skills students should acquire. This tablet initiative is…
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Thailand and China’s Guangxi discuss bolstering trade via ILSTC route
Trade discussions took place yesterday between Thailand and China‘s Guangxi Zhuang Autonomous Region, focusing on the potential use of the New International Land-Sea Trade Corridor (ILSTC) to enhance trade cooperation. Guangxi Zhuang, a southern Chinese region adjacent to Vietnam, is the operational hub of the ILSTC, a trade and logistics channel. The route extends from Chongqing to the Beibu Gulf…
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Thailand Consumers Council to bolster consumer protection law with political factions
With an aim to fortify consumer rights, the Thailand Consumers Council (TCC) is set to engage in discussions concerning consumer protection law with multiple political factions. This dialogue is spearheaded by TCC’s deputy secretary-general, Ittaboon Onwongsa. Born from a dire need to address consumer protection issues, the initiative is a strategic move towards ensuring that consumers are adequately shielded from…
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Thailand urges US to restore GSP to give trade protection
Thailand is accelerating discussions with the United States, aiming to reinstate the Generalized System of Preferences (GSP) and eliminate its place on the intellectual property assets watch list. The kingdom is urging the US to expedite the restoration of the GSP programme, which concluded in 2020, to safeguard the benefits of Thai exporters and US importers and give protection to…
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US auto industry strike continues, workers demand 40% wage increase
Remaining defiant in their stand for better pay, employees from the United States’ renowned Big Three auto manufacturers – General Motors, Ford, and Stellantis (the parent company of Dodge and Chrysler in the US) – continued to strike for a second day. The lack of agreement between the United Automobile Workers (UAW) and the companies could potentially destabilise the economy…
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Economic data in China sees Asian stocks surge, Thai shares dip
Asian stocks experienced a significant surge yesterday, a continuation of the global equity rally, following encouraging Chinese economic data that sparked optimism about the imminent culmination of major central banks’ tightening initiatives. Despite the overall momentum, Thai stocks saw a slight dip of 0.3% from the prior week, closing at 1,542.03 on Friday, with an average daily turnover of 46.97…
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Rice prices boil over, stirring inflation concerns for Asian central banks
Central banks across Asia are bracing themselves for the challenge of curbing inflation amid soaring food prices, particularly rice, a dietary staple in the region. The cost of rice surged to its highest since 2008, sparking concern among economists at HSBC Holdings Plc. Frederic Neumann, leading a team of economists at HSBC, referred to the significant impact of the 2008…
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Thai consumer confidence surges as new government takes charge, but high living costs cast a shadow
Last month saw a rise in consumer confidence following the swift establishment of a new government, although concerns about the high cost of living and the sluggish global economy remain. The University of the Thai Chamber of Commerce (UTCC) revealed that the consumer confidence index rose to 56.9 from 55.6 in July. This uplift was attributed to the easing of…
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Thai tourism aims sky-high: 3 trillion baht revenue target unveiled
The Thai tourism and sports minister announced an ambitious new target for foreign tourism revenue: an unprecedented 3 trillion baht. The minister, Sudawan Wangsuphakijkosol, revealed the goal, which marks a considerable increase from the 1.9 trillion baht recorded in 2019, is part of a broader strategy to position the nation as a leading hub for sports and entertainment. Sudawan acknowledged…
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Energizing savings: Government’s cost-cutting shock eases financial pressure
The Employers’ Confederation of Thai Trade and Industry (EconThai) expressed approval for the Thai government’s latest move to slash both electricity and diesel costs. This initiative is aimed at alleviating the financial pressure on households and businesses. The reduction in power tariff was confirmed yesterday, following Prime Minister Srettha Thavisin‘s policy statement announcement in parliament, reports Bangkok Post. The new…
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Bangkok Gems fair dazzles with record-breaking success
The 68th Bangkok Gems and Jewellery Fair, which recently concluded, surpassed all anticipated outcomes. The Fair took place at the Queen Sirikit National Convention Center (QSNCC) from September 6 to 10 and welcomed almost 40,000 attendees hailing from 117 countries, a notable 44% surge compared to the previous event, according to Phusit Ratanakul Sereroengrit, the director-general of the Department of…
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FTI urges Thai PM for definitive strategy, not just lower energy costs
The Federation of Thai Industries (FTI) called for a more definitive strategy and concrete plans from Prime Minister Srettha Thavisin, rather than just a pledge to lower prices. The FTI’s focus is on energy costs, particularly oil and electricity, as they have an impact on both businesses and households. During a two-day parliamentary debate on the Pheu Thai-led coalition government’s…
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Ericsson Thailand’s 5g vision: Auctioning spectrum for king-sized connectivity
To boost 5G development in the kingdom, Ericsson Thailand advises the auctioning of the 3,500-megahertz spectrum by 2025, thus ensuring the best economic value and meeting consumer and enterprise needs. If the National Broadcasting and Telecommunications Commission (NBTC) fails to allocate the 3,500MHz spectrum range by then, it may have to reallocate the 2,300MHz spectrum after 2025 when the National…
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Pattaya’s sunny side: Hotel industry shines amid European gloom
Despite Europe’s deteriorating economic forecast, Pattaya’s hotel industry remains robust, backed primarily by Asian and domestic tourists, says the Managing Director of LH Mall and Hotel (LHMH). Pattaya, traditionally known for its nightlife, has successfully rebranded itself as a family and business-friendly destination. As the European Commission revises the Eurozone’s growth outlook and Germany faces a potential recession this year,…
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El Niño’s unexpected twist: Industries in hot water as mining and livestock hit hard
El Niño’s weather anomaly is triggering a ripple effect on industries beyond just agriculture with mining and livestock sectors also feeling the pinch. This is according to a new study by the Trade Policy and Strategy Office, which warns that the phenomenon may lead to a surge in prices for consumer goods, energy, and inflation, compounded by an increase in…
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Thai businesses ride China’s e-commerce wave, reveals ministry study
The rapid expansion of the e-commerce sector in China offers substantial benefits for Thai businesses, as revealed in a recent study by Thailand’s Ministry of Commerce. The study, released yesterday, highlights the potential gains from the surge in China’s cross-border e-commerce (CBEC) trade. In a bid to streamline the cross-border sale of goods, the Chinese government has established 165 pilot…
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Oil price surge stokes investor fears of further US interest rate hikes
Equity markets demonstrated uncertainty as investors awaited a critical United States inflation report. Their apprehension stemmed from the fear that the recent oil price surge might push consumer prices upward, pressuring the Federal Reserve to increase interest rates once more. The Federal Reserve asserted that its monetary policy decisions will be driven by data, considering a variety of figures. Throughout 2023,…
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Thailand’s car rental sector shifts gears: 2023 growth outlook takes a modest dip of 2-3%
Thailand’s car rental sector is anticipated to witness a modest growth of 2-3% this year, as per Krungthai Car Rent & Lease Plc (Kcar). This is a step down from the previous annual growth of 4-5%, a dip attributed to numerous elements such as a stagnating economy, slow resurgence of tourism, diminished buying power, and escalating household debt. Pichit Chantarasereekul,…
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Thai-EU FTA talks set to roll, aiming for a trade-tastic deal within two years
Talks on a free-trade agreement between Thailand and the European Union (Thai-EU FTA) are set to kick off next week, to finalise the deal within a two-year timeframe. The Department of Trade Negotiations, under the Thai Commerce Ministry, is spearheading the negotiations. Auramon Supthaweethum, the department’s director-general, revealed that a team from various state agencies is being prepped for the…
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Charged up and rolling: GAC Aion sparks production of maiden battery EVs by June 2024
GAC Aion New Energy Automobile, the electric vehicle (EV) wing of Guangzhou Automobile Corporation (GAC), China’s second-largest EV purveyor, outlined plans to initiate the assembly of its maiden battery EVs by June 2024. The production is slated to occur at the brand’s nascent factory within the Eastern Economic Corridor (EEC). Gu Huinan, GAC Aion’s managing director, anticipates the assembly of…
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SET falls as Thai government’s new policies fail to convince investors
The Stock Exchange of Thailand (SET) experienced a slight decline yesterday as the newly elected government‘s policy statement failed to impress investors. Analysts have raised concerns about the lack of specific timelines and the feasibility of implementing these policies. The Srettha Thavisin administration’s key policies include a 10,000 baht digital wallet to stimulate domestic demand, energy price reductions, tourism promotion,…
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Suvarnabhumi Airport’s SAT-1 terminal to soft-launch boosting capacity by 33%
Suvarnabhumi International Airport, governed by Airports of Thailand (AoT), is set to soft-launch its Satellite 1 (SAT-1) terminal on September 28, following a successful full-scale trial involving 180 mock passengers and their luggage. The trial aimed to evaluate operations at both the SAT-1 satellite passenger terminal and the primary terminal, with Thai Airways offering assistance by supplying cabin crew and…
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Australian Chevron LNG workers’ strike unsettles global gas markets
Following unsuccessful negotiations, liquefied natural gas (LNG) workers at Chevron Corp’s key sites in Australia initiated partial strikes yesterday, a move that has unsettled global gas markets. This news spurred gas futures in Europe, causing them to leap by as much as 13%, illuminating the region’s susceptibility in the aftermath of last year’s energy crisis. Spot LNG in Asia also…
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Bangkok Airways eyes investment in proposed Phangnga airport to boost tourism
Bangkok Airways has expressed keen interest in an investment in the proposed airport in Phangnga if the government chooses to shift from a public scheme to a collaborative public-private partnership. The fresh investment is seen as a strategic move, as the new airport holds immense potential to become Thailand’s next tourist hotspot. The Thai government’s contemplation over investment into the…
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Thai tourist numbers set to soar with anticipated visa exemption for China
The Thai tourism industry is poised for a significant boost, as an anticipated visa exemption for Chinese travellers could trigger a surge in foreign tourists, according to Chinese government-owned Thai brokerage, CGS-CIMB Securities (Thailand). However, the firm predicts that the arrival figures for tourists from China will still lag behind the 2019 statistics due to the economic challenges faced by…
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Bangkok’s condo market: Buyers rush for ‘ready-to-move’ amid sales slump
The second quarter of this year witnessed a significant slump in sales for newly launched condominiums in Bangkok. Buyers, gripped by mortgage rejection fears, exhibited a strong preference for ready-to-transfer units. Tritecha Tangmatitham, Managing Director at Supalai, highlighted that a staggering 70% of condo sales in the current year have been for completed units, underscoring a marked shift in consumer…
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Recruitment adventures: When job hunting in Thailand feels like a blind date
Navigating the waters of a job interview can often feel akin to treading the unpredictable path of a blind date. The entire process can be punctuated by uncertainty, ambiguity, and occasionally, a lack of respect and courtesy from the hiring party. An interviewee’s experience can be marred by a lack of information about the interview process: from the number of…
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