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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Middle East tensions may impact OFFO’s debt repayment strategy
Rising tensions in the Middle East, particularly between Israel and Iran are anticipated to push global crude oil prices higher, potentially impacting the Oil Fuel Fund Office’s (OFFO) debt repayment strategy, according to a spokesperson from the Energy Ministry. Uncertainty surrounds whether the United States will back potential Israeli strikes on Iran’s oil infrastructure, raising concerns about oil price volatility,…
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Paw-some event: Bangkok set to unleash Pet Fair South East Asia
Hold onto your leashes! Pet Fair South East Asia is set to fetch a new standard in the pet industry, poised to become the tail-wagging talk of the town from October 30 to November 1, in bustling Bangkok. This year’s extravaganza promises to be the ultimate gathering for industry bigwigs and moggies from Asia, Europe, the US, and the Middle…
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Vietnam records highest GDP growth in two years despite typhoon
Vietnam achieved its highest economic growth in two years during the quarter ending in September, driven by robust exports, industrial production, and an increase in foreign investment. This positive development comes despite the devastating impact of Typhoon Yagi, Asia’s strongest typhoon this year. The General Statistics Office reported a 7.4% year-on-year growth in gross domestic product (GDP) for the third…
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Thailand cash handout to boost Q4 GDP growth despite challenges
The Thai government’s initial cash handout is anticipated to boost the national economy in the upcoming months, according to industrial leaders and brokerages. They recommend that the second phase of the handout target individuals with higher purchasing power to prolong economic stimulation. In the first phase, the government distributed 10,000 baht in cash to each of the 14.5 million welfare…
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Rice to the occasion: Thai prices drop as India returns to the market
Thai white rice prices have started to fall after India decided to resume non-basmati white rice exports. Despite this development, this year’s rice export volume remains unaffected, according to Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association. Chookiat stated that on September 28, the Indian government lifted a ban on non-basmati white rice exports that had been in…
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Banking on transparency: Thailand opens data doors for financial access
The Bank of Thailand unveiled an open data initiative aimed at enhancing access to financial services for Thai citizens and businesses. The Your Data initiative allows individuals and small and medium-sized enterprises (SMEs) to share their data with financial institutions, facilitating improved access to a range of financial services. The central bank’s project, in collaboration with regulatory agencies and financial…
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LINE MAN Wongnai expands food delivery across Thailand
LINE MAN Wongnai is significantly expanding in Thailand’s food delivery market, with over 10 million users monthly and more than 100,000 riders servicing all 77 provinces. Yod Chinsupakul, CEO of LINE MAN Wongnai, highlighted the continuous growth of the food delivery market in Thailand. The platform now caters to over 10 million users each month and has a rider network…
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Finance minister prioritises funding access over rate cuts
Finance Minister Pichai Chunhavajira affirmed the significance of access to funding sources over lowering interest rates. Following discussions with Bank of Thailand Governor Sethaput Suthiwartnarueput, Pichai underscored that interest rate policy remains under the purview of the central bank’s Monetary Policy Committee (MPC), which is set to convene on October 16. Describing the talks as comprehensive, Pichai highlighted various factors…
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Thai businesses gear up for AI-mazing future with tech adoption plans
A recent survey reveals that approximately 17% of Thai organisations are currently utilising artificial intelligence (AI), with 73% planning to adopt the technology in the future. This data comes from the Readiness for the Application of AI Technology for Digital Services in 2024 survey, conducted by the Electronic Transactions Development Agency (ETDA) and the National Science Technology Development Agency (NSTDA).…
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Gold prices in Thailand going for baht-er as market shines bright
Thailand’s gold market is set to sparkle as prices climb to a dazzling 44,000 baht per baht weight, a leap from the previous 41,350 baht. The surge is driven by escalating tensions in the Middle East, a dipping baht, and the US Federal Reserve’s impending interest rate cuts, says the Gold Traders Association (GTA). On October 2, the gold bar…
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Thai business group demand rate cut to keep exports afloat
Thailand’s leading business group called for an urgent reduction in interest rates, reflecting growing concerns about the impact of a rapidly appreciated baht on exports. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) chairman, Sanan Angubolkul, highlighted the urgency for the Bank of Thailand (BoT) to adjust rates, aligning with the government’s repeated calls for monetary easing. Markets…
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Driving change: Thai tax breaks on cars for the elderly, disabled
The Excise Department is set to introduce a new ministerial regulation to waive taxes on cars designed specifically for the elderly or people with disabilities. This regulation would reduce the current excise tax rate of 25 to 40% on such vehicles. Ekniti Nitithanprapas, director-general of the department, explained that vehicles with over 10 seats, such as passenger vans, are currently…
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AIS launches 5G movie package for youths at 299 baht monthly
AIS ZEED 5G launched the AIS ZEED 5G Movie Lover package, catering to youngsters who love watching movies and entertainment content both in cinemas and online. This package offers one free cinema ticket per month and a second ticket for just 50 baht at Major Cineplex theatres nationwide. Additionally, subscribers receive 10 gigabytes of high-speed Internet for streaming premium content…
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Milking it: ThaiBev pours 18 billion baht into dairy, drinks expansion
ThaiBev Group plans to invest 18 billion baht in 2025, more than doubling its annual investment, focusing on strengthening its non-alcoholic beverage and dairy businesses, including establishing a dairy farm in Malaysia. ThaiBev Group, led by CEO Thapana Sirivadhanabhakdi, announced a significant investment increase to 18 billion baht for the fiscal year 2025, which spans from October to September 2025.…
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Thai Airways to issue new shares worth 42 billion baht
Thai Airways International Plc (THAI) is set to issue new shares valued at a minimum of 42 billion baht by December, marking a significant move towards concluding its court-monitored debt restructuring and resuming trading on the Stock Exchange of Thailand (SET). The national airline plans to offer 6.81 billion new shares to creditors as part of a debt-to-equity swap, as…
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Thailand’s bold plan to regulate sex work sparks heated debate
Thailand Prime Minister Paetongtarn Shinawatra’s government is stirring up controversy with a proposal to develop an entertainment complex aimed at formalising underground businesses—sex work included. The plan is designed to bring these industries into the formal economy, making them taxable, and, in the long term, funding welfare programmes in education, public health, and infrastructure. But the proposal has ignited a…
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New action plan to tackle global trade shifts and aid Thai industries
The International Institute for Trade and Development is set to unveil an action plan designed to address shifts in global trade regulations and industry supply chains. The institute aims to present this strategic plan to the Commerce Ministry, the Thai Chamber of Commerce, and the Federation of Thai Industries by November. Suphakit Chareonkul, the executive director, highlighted that recent global…
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Thailand to develop SME-focused industrial estate in EEC
The Industrial Estate Authority of Thailand (IEAT) is planning to develop a new industrial estate tailored specifically for small and medium-sized enterprises (SMEs) within the Eastern Economic Corridor (EEC). Sumet Thangprasert, the acting governor of IEAT, confirmed that a portion of an IEAT-owned industrial estate in the EEC would be utilised for this project. The EEC, encompassing regions like Chon…
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Boost Songkhla tourism with better rail links to Malaysia, says guide
Promoting Songkhla province’s cultural attractions and enhancing rail connections with Malaysia could significantly boost tourism, according to the founder of the Songkhla Tour Guide Association. Wittaya Saelim addressed these suggestions in a proposal recently submitted to Senator Chaiyong Maneerungsakul in the Hat Yai district. The proposal focused on addressing the province’s trade and tourism concerns and identifying ways to increase…
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Strong baht, flooding impact Thailand’s tourism market deficit with Japan
The appreciation of the baht and severe flooding have emerged as pivotal factors for Thailand’s tourism industry, particularly with the High Season fast approaching. The final quarter is crucial in determining if Thailand can rebalance its tourism market deficit with Japan, which outperformed Thailand last year. By August, 706,500 Thais had visited Japan, while 668,221 Japanese tourists had travelled to…
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Thailand’s household debt dips to 89.6% of GDP in Q2
Thailand’s household debt saw a slight decline in the second quarter as banks tightened lending practices to mitigate bad loans, and borrowers hastened debt repayments amidst the highest interest rates in a decade. Data released by the Bank of Thailand (BoT) yesterday, September 30, revealed that nationwide household debt, as a percentage of gross domestic product (GDP), stood at 89.6%…
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Google to invest 35 billion baht in Thailand, creating 14,000 jobs
Ruth Porat, President and Chief Investment Officer of Alphabet and Google, has unveiled an eye-watering 35 billion baht investment plan in Thailand. This massive cash injection is set to give the nation’s economy a turbo boost, with expectations to create a staggering 14,000 job positions. Porat met with Prime Minister Paetongtarn Shinawatra yesterday, September 30, to discuss the investment project…
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Thai Airways partners with Gulf Air, adding six new destinations
Thai Airways International (THAI) anticipates a boost in revenue following the enhancement of its code-sharing agreement with Gulf Air. THAI announced the expansion of its partnership with Gulf Air yesterday, September 29, to include new destinations: Cairo, Kuwait City, Amman, Casablanca, Athens, and Manchester. This agreement took effect immediately. Previously, the collaboration between the two airlines was limited to routes…
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EEC housing market crashes: It’s a real estate shake-up
Sales of residential units in the Eastern Economic Corridor (EEC) have taken a nosedive, particularly near industrial estates, following a wave of factory closures. Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), pointed the finger at the shuttering of large factories since last year, which has severely impacted housing demand in Chon Buri and Rayong. “New sales…
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Used car market in a jam as electric vehicles spark trouble
The used car market is in dire straits, with a shocking downturn blamed on the economic slump, soaring non-performing loans (NPLs), and the growing allure of electric vehicles (EVs), warns Tris Rating. In a jaw-dropping revelation, used car hire-purchase firms have reported a staggering 93% plunge in profits year-on-year for the first half of 2024. Motorcycle hire-purchase companies haven’t fared…
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Thai rice export prices hit 14-month low amid weak demand
Thai rice export prices have hit a 14-month low due to subdued demand and competition from more affordable suppliers, while Indian rice prices increased slightly owing to a stronger rupee, despite weak demand from Asian and African markets. Thailand‘s benchmark 5% broken rice is now quoted at US$560 per tonne, marking its lowest price since July 20, 2023, and a…
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Flooding devastates Chiang Mai tourism, occupancy drops to 50%
Flooding in northern Thailand has severely impacted tourism in Chiang Mai, with many visitors cancelling their plans, according to the Tourism Council of Chiang Mai. The Ping River recently reached its highest levels since 2011, causing significant flooding in Mueang Chiang Mai, including its key business and tourism districts. Outer districts, such as Mae Rim, known for its natural parks…
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Thailand to introduce carbon tax to curb emissions this year
Thailand is set to implement a carbon tax this year, Deputy Finance Minister Paopoom Rojanasakul announced at the Road to Net Zero 2024: The Extraordinary Green event. The Finance Ministry plans to propose the carbon tax measure to the Cabinet for approval soon, with the goal of rolling it out in the coming months. Paopoom explained that this measure aims to…
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Mortgage growth in Thailand hits 23-year low at 1.2%
Kasikorn Research Center (K-Research) projects a mere 1.2% growth in mortgages within the commercial banking sector this year, marking the lowest expansion rate in 23 years. This subdued growth is largely due to the weakened purchasing power of potential homebuyers. According to Kanjana Chockpisansin, head of banking and financial sector research at K-Research, the second quarter of 2024 saw commercial…
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Japan urged to boost Thai investments, focus on semiconductors
Commerce Minister Pichai Naripthaphan called on Japanese businesses to boost their investments in Thailand, particularly in the semiconductor and high-tech sectors. This appeal comes as the Thai government aims to recover from a significant drop in Japanese investments following the 2014 coup. Investment from Japan plummeted by up to 90% after the coup and has yet to return to previous…
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