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 Why retirees in Thailand are choosing long-term health insurance over quick fixes
Retirees in Thailand are increasingly seeing the importance of health insurance in protecting their well-being during retirement. With insurance requirements for retirement visas and rising healthcare costs, many are moving away from short-term plans and choosing long-term coverage. Long-term health...
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Thailand urged to reform high tax rates to match global standards
Thailand’s tax system requires comprehensive integration, as its current personal and corporate income tax rates exceed international standards, stated Finance Minister Pichai Chunhavajira. During his keynote speech at the ACMA Business Forum 2024 on Shaping Tomorrow, Pichai highlighted that Thailand’s personal and corporate income tax rates are relatively high compared to competing nations. He noted that there is a global…
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Baht volatility surpasses regional currencies amid US rate cut speculation
The baht has shown notable volatility against the US dollar, surpassing its regional counterparts primarily due to market expectations of a US policy rate cut and Thailand’s substantial gold imports. Year-to-date, the baht’s volatility rate is 7.3%, just below the Korean won’s 7.4%. However, it exceeds other regional currencies, with the Malaysian ringgit and Indonesian rupiah at 5.5%, the Philippine…
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Thailand champions game-changing tax scheme for low earners
Finance Permanent Secretary Lavaron Sangsnit has thrown his weight behind the daring negative income tax (NIT) scheme, championing welfare payments for workers when their income dips below a certain threshold. Dubbed “workfare,” this initiative is geared to incentivise employment while offering crucial financial support. Lavaron made his case clear: the NIT system encourages people to stay employed by guaranteeing state…
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Cathay soars again: A350 fleet back in action after fiery setback
Cathay Pacific Airways triumphantly re-launched its Airbus A350 aircraft, after a dramatic engine fire grounded the fleet and caused the cancellation of 90 flights over the past week. The fiery incident uncovered a rare issue with fuel hoses, triggering an urgent, large-scale inspection and repair operation across the airline’s A350 lineup. With 48 of these widebody jets under Cathay’s wing,…
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Thailand rice is on the rise with global GI glamour
The Thailand Rice Department is on a mission to put Thai rice in the global spotlight by promoting its distinctive strains with certified Geographical Indication (GI) labels to a wider audience. Farming communities in Phatthalung and Trang in the south, along with Phayao in the north, have crafted premium rice products that command top prices. These farmers are betting on…
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Thailand’s gold prices drop like a rock, baht’s the culprit
Gold prices in Thailand have taken a nosedive, plummeting by 2,000 baht per baht weight in just over a month. This dramatic drop is attributed to the Thai baht’s impressive 7% rise during the same period. The Gold Traders Association (GTA) warns that prices could fall further if the baht continues to strengthen. Jitti Tangsithpakdi, President of the GTA, explained…
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Thailand’s economy feels the squeeze as Q3 wraps up
Thailand’s economy is under severe strain, grappling with both internal and external pressures as the end of the third quarter looms. The kingdom is fighting to stabilise its financial footing while China, a vital trading partner, wrestles with its economic troubles. The Thai baht took a hit earlier this month, mirroring the ongoing turmoil in the world’s second-largest economy. The…
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Digital TV operators sink or swim with licence deadline drama
Digital TV operators are in hot water as they face a raft of industry troubles and the looming expiry of their licences in 2029. The sector is grappling with rapidly changing viewer habits, a surge in streaming services, and nagging worries about dwindling viewership figures. Back in 2013, the National Broadcasting and Telecommunications Commission (NBTC) auctioned off 24 digital TV…
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Thailand’s new transport centre boosts regional logistics hub status
Airports of Thailand Ground Aviation Services (AOTGA) anticipates that its newly inaugurated Multimodal Transportation Centre at Suvarnabhumi Airport will bolster Thailand’s position as a regional logistics hub, enhancing goods transportation among Cambodia, Laos, Myanmar, and Vietnam (CLMV). The new centre is designed to integrate various transportation modes, including land, rail, sea, and air, with the added benefit of consolidating customs…
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Floods drive August inflation up 0.35% due to rising food prices
Rising prices of fresh vegetables and fruit, influenced by flood-damaged production areas, have driven up inflation by 0.35% in August. Director-General of the Trade Policy and Strategy Office (TPSO), Poonpong Naiyanapakorn, reported that headline inflation in August saw a 0.35% year-on-year increase. The surge in food prices, particularly fresh vegetables and fruit, was primarily due to flooding in agricultural regions,…
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Thailand mandates foreign e-commerce offices under new law
Thailand will soon require foreign e-commerce operators to establish registered offices within the country, as stipulated by the new digital platform service law. The Electronic Transactions Development Agency (ETDA) announced this move following consultations with the Department of Trade Negotiations to ensure compliance with international trade agreements, according to executive director Chaichana Mitrpant. The initiative is part of broader efforts…
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Thailand mandates VAT registration for online sales platforms
The Ministry of Finance is set to integrate online sales platforms into Thailand’s tax system, following a Cabinet decision mandating these platforms to register for value-added tax (VAT). An anonymous ministry source confirmed that the Revenue Department will amend the Revenue Code in line with the Cabinet’s resolution. Online sales platforms will now be required to register for VAT in…
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Thai content creator market valued at 45 billion baht in 2024
Tellscore Co Ltd, a Thai influencer marketing platform, has valued the local content creator market at 45 billion baht (US$1.3 billion) for this year, marking a 25 to 30% increase compared to last year. This growth is driven by surges in news, science, education, and family content. Suvita Charanwong, Chief Executive and co-founder of Tellscore, highlighted that despite Thailand’s sluggish…
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Bank of Thailand to appoint new chairman amid government push
The Bank of Thailand (BoT) board is set to appoint a new chairperson by early October, as announced by the head of the selection committee. This move comes as the government aims to exert more influence over the central bank following a prolonged public dispute over interest rates. Although the BoT chairperson does not have the authority to set interest…
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SCB predicts Bank of Thailand to lower rates by 0.25%
Siam Commercial Bank (SCB) anticipates the Bank of Thailand (BoT) will initiate a series of policy rate cuts starting later this year, potentially continuing into early next year. This move is expected to trigger a reduction in interest rates across the banking sector. SCB’s Chief Executive Kris Chantanotoke predicts the central bank’s Monetary Policy Committee will reduce the policy rate…
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Villa thrill-a: Russian buyers drive Phuket’s 2024 villa surge
Phuket’s villa market has seen a remarkable surge in the first half of 2024, surpassing the total launches for the entirety of 2023. For the first time in 15 years, the value of new villas has exceeded that of condominiums, driven primarily by robust demand from Russian buyers. Phattarachai Taweewong, director of the research department at property consultancy Colliers Thailand,…
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Temu’s impact on Thailand’s e-commerce market remains uncertain
Chinese e-commerce giant Temu‘s potential to impact the e-commerce market in Thailand and the region remains uncertain, according to market analytics firm Cube Asia. Sellers may need to brace for another price war if Temu sustains strong incentives and a low-price strategy, similar to the shifts seen with Shopee, Lazada, and TikTok Shop focusing on profitability. Simon Torring, co-founder of…
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Major Udon Thani pub to reopen after partners resolve dispute
A major pub in Udon Thani will reopen by the end of this month following a negotiation between its partners. Over 100 employees, left jobless by the sudden closure, can now look forward to returning to work. Employees from a prominent pub in Udon Thani municipality filed a complaint yesterday, September 2, with the Udon Thani Governor through the Damrongdhama…
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Phuket hotels see steady service charges and rising room rates
Phuket’s hotel industry will see stable service charge income and rising room rates during the upcoming peak season, according to the Phuket Hotels Association (PHA). PHA President Bjorn Courage noted that employment levels in Phuket’s 95-member hotels have fully rebounded post-pandemic. Typically, service charges account for 10% of paid room nights and are distributed monthly among all staff members. With…
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Central Fraud Register curbs mule accounts in Thai banking sector
The banking industry has taken a significant step towards curbing financial fraud by introducing a Central Fraud Register (CFR) system, designed to facilitate data-sharing and clamp down on mule accounts. In a joint effort with the Thai Bankers’ Association (TBA), the Bank of Thailand (BoT) began implementing this system last month, targeting the prevention and eradication of financial fraud related…
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Second-hand tsunami: Used car flood drives Thai sellers to despair
A torrent of high-quality used cars flooding the market might sound like a bargain hunter’s dream but it’s turning into a nightmare for sellers. While buyers drive off with the deals, automakers in Thailand are hitting potholes trying to move new stock, and used car dealers are struggling to keep sales engines running. The second-hand car market skidded to a…
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Rising tourism in Thailand to boost sluggish motorcycle market
Increased tourism activity later this year is anticipated to boost Thailand’s domestic motorcycle market, which has experienced sluggish sales in the first seven months of 2024, according to the Federation of Thai Industries (FTI). Surapong Paisitpatanapong, Vice-Chairman of the FTI and spokesperson for its Automotive Industry Club, stated that the number of foreign tourist arrivals is on the rise and…
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Aircraft shortage delays launch of Thailand’s Really Cool Airlines
The worldwide aircraft shortage has led to a delay in the launch of Really Cool Airlines in Thailand. The airline, headed by chief executive Patee Sarasin, is finalising a lease agreement for two Airbus A330 aircraft, with delivery now expected by the end of this year rather than the initially planned first half. Commercial airlines are struggling to acquire aircraft…
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Thai steel firms request BoI incentives for eco-project
Thai steel manufacturers G Steel and GJ Steel are actively seeking investment incentives from the Board of Investment (BoI) to support a 4.5 billion baht development project. This initiative aims to tackle the challenges plaguing the local steel market while minimising carbon dioxide emissions. The founder and honorary chairman of both companies, Somsak Leeswadtrakul, revealed that despite employing over 1,000…
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Malaysia Airlines cuts network capacity by 20% amid shortages
Malaysia Aviation Group (MAG), the parent company of Malaysia Airlines, announced a 20% reduction in network capacity across its airlines for this year due to shortages in planes, labour, and parts. This decision affects domestic flights and routes in Southeast Asia, North Asia, Australia, New Zealand, mainland China, South Asia, and the Middle East. The group, which also includes Firefly…
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Central Pattana reveals global expansion strategies at key event
Central Pattana (CPN) has showcased its strategies for business expansion on a global platform. The Head of Business Development Strategy at CPN, Kunayudh Dej-udon, presented at a session titled, A Playbook to Scale Up Beyond Borders. “Our core strength in developing physical space goes beyond merely developing new projects in prime locations. We consistently meet the needs of people and…
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Commerce Ministry cracks down on hidden foreign ownership
The Commerce Ministry intensifies its scrutiny of businesses allegedly using Thai nominees to hide foreign ownership, focusing on sectors like tourism, real estate, and logistics. Auramon Supthaweethum, director-general of the Department of Business Development, stated that under the Foreign Business Act of 1999, foreign firms must secure permission as outlined in specific lists before starting operations. A Thai limited company…
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Krungsri’s card charge: Loan surge despite economic strain
The unsecured loan arm of Bank of Ayudhya, Krungsri Consumer, is predicting a spike in credit card loans in the second half of the year, despite the economy limping along and new rules raising the minimum payments. Currently, Krungsri’s non-performing loan (NPL) rate is a lowly 1.4%, far better than the industry average of 2.9%. Atis Ruchirawat, head honcho at…
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Thailand’s trade deficit with China rises 15.7% to US$20 billion
Thailand’s Trade Policy and Strategy Office (TPSO) raised alarms about the expanding trade deficit with China. Imports from China surged by 7.12% year-on-year in the first half of 2024, reaching US$37.6 billion (approximately 1.33 trillion baht). This spike resulted in a trade deficit of US$20 billion (around 720 billion baht), marking a 15.7% increase compared to the previous year. Smartphones,…
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SET unveils sustainable growth strategies amid global challenges
The Stock Exchange of Thailand (SET) has unveiled three core strategies to foster sustainable growth within the Thai capital market amid challenging global financial conditions and political uncertainties. This initiative aims to enhance inclusivity within the market. SET chairman Kitipong Urapeepatanapong, addressing the Thailand Focus 2024: Adapting to a Changing World seminar, highlighted the strategic pillars: bolstering reliability and trust,…
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