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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Second Thai airline hit by Covid fallout as Nok Air to prepare rehab plan
The Central Bankruptcy Court has approved Nok Air’s petition to begin a rehabilitation process, as the low-cost airline struggles with losses incurred due to the Covid-19 economic fallout. The Bangkok Post reports that Nok Air has debts of up to 26 billion baht, with 23 billion baht in assets. In the first half of 2020, it reported revenue of 3.4…
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Thai cabinet approves extension of jet fuel levy holiday
Whilst the current cheapest domestic air fares have been around the same prices they were before local airlines were grounded, there is a possibility of some more drops in your seat prices. Thailand’s budget carriers could be offering lower seat prices after the cabinet yesterday approved an extension of the jet fuel tax holiday. Thailand’s low-cost carriers have been slowly…
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Hotels reluctant to apply for ASQ status due to government’s cap on tourist arrivals
With the number of foreign arrivals who can enter Thailand on the special tourist visa limited to just 1,200 a month, hotel owners say they’re reluctant to apply for alternative state quarantine status. Hoteliers say a lack of tourists in sufficient numbers, coupled with the number of quarantine facilities already in existence, means the investment required to gain ASQ approval…
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Thai Airways to launch one-off flight over sacred Buddhist sites
Thai Airways has announced a special flight on November 30 that will give passengers the opportunity to chant Buddhist mantras while flying over 99 sacred sites in the Kingdom. Wiwat Piyawiroj, executive vice-president at the struggling national carrier, says passengers will fly over Bangkok and 31 provinces, taking in 99 holy sites, over which they will be able to chant…
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Free Trade Agreement talks continue between Thailand and EU
Thailand is resuming trade talks with the European Union on the long-delayed Thai-EU free trade agreement. The 15th Thai-EU Senior Officials’ conference was held virtually between leading Thai and European trade officials this week. The push was on to have the Free Trade Agreement signed and sealed by the end of this year. Discussions were held regarding the ongoing affects…
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Approval sought for multi-billion-baht Phuket medical hub
Industry officials are seeking the go-ahead for a project to transform over 140 rai of government land in Phuket into a world-leading medical hub. The project is budgeted at 3 – 4 billion baht, depending on which report you read. Kitkong Tantijaraswarodom, from the Federation of Thai Industries, believes the development of a medical and wellness hub in the sub-district…
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Thailand’s media spend shrinks as brands shy away from ‘bad’ news
Young protesters, who use social media and messaging intuitively vs Thai officials and police who try and track those messages to keep up with the plans of the protest movement. Although Thai police have water cannons and brute force, the Thai youth at the core of the current protest movement also have a valuable weapon. And it’s being used more…
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Foreign investors and businesspeople seek clarity about the current “situation” in Thailand
With Thailand battling to come up with a safe and sustainable manner of re-opening its borders, and the footage of the street protests reaching out to a world audience, foreign investors are saying they need more details of what they can or cannot do in Thailand under the new State of Emergency. The Thai Chamber of Commerce is calling for…
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Thai Airways seeks to conserve finances by offering unpaid leave, early retirement
Thailand’s long-suffering national carrier is trying to conserve what cash it has by offering staff early retirement or unpaid leave. Thai Airways says it’s seeking to reduce its workforce in an attempt to stretch its finances to April 2021. According to a Bangkok Post report, acting president Chansin Treenuchagron says 80% of the airline’s employees have agreed to salary cuts…
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Mr ‘Phuket Seasted’ is back with his Crypto Cruise Ship
From the man who was chased away from the Phuket offshore ‘Seasted’ by the Royal Thai Navy, along with his Thai girlfriend, the very same Chad Elwartowski is now launching a Crypto Cruise Ship. The company he was representing at the time, Ocean Builders, is again behind the new venture. Just to recap from April last year… “A couple has…
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Expat shift drives changes in Bangkok’s condo market
Thailand’s dominant working expat nationality in past decades has been Japanese, currently making up 18% of expatriates in the country. But, while Japanese expatriate numbers are decreasing, a CBRE report notes that Chinese and Filipinos are on the rise. There were 28,560 Japanese expats in Thailand as of Q3 2020, just ahead of the Chinese expat contingent at 25,811. As China’s manufacturing has…
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Thai Airways to provide flights to some international destinations this month
Thai Airways, the beleaguered national carrier currently undergoing a “rehabilitation” process (code for bankruptcy and restructure proceedings), says it’s laying on a number of special flights to destinations outside the Kingdom this month. Nation Thailand reports that the airline is introducing flights to Hong Kong, Taipei, London, Copenhagen and Stockholm. Executive Vice President Wiwat Piyawiroj says the flights are being…
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Thailand’s first cancer medicine factory expected to cut drug costs in half
The government just sealed the deal to build Thailand’s first factory to produce cancer-treating medicine and chemicals, a move that is expected to cut treatment drug costs in half. Buying imported cancer-treating drugs is expensive. Thailand spends about 21 billion baht per year on imported cancer medicine, according to Deputy PM and Public Health Minister Anutin Charnvirakul. The local factory is intended…
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Air Asia seeks to mitigate economic losses with launch of “super app”
Air Asia is introducing a super app, in an attempt to off-set – at least partially – the significant financial losses brought about by the Covid-19 pandemic. The mobile application shuffles Air Asia’s model as a flight and accommodation provider, to a broader platform of complimentary services. The app will offer users a variety of options, including digital payment services,…
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Thailand’s Social Security Office forced to explain investment in Sri Panwa Phuket Resort trust fund
The Social Security Office, a department under the direction of Thailand’s Ministry of Labour, is being asked to explain its investment in the trust fund of Phuket’s Sri Panwa Phuket Resort. The demand comes as members of the opposition and political activists call for an investigation into the property’s land rights. The owner of Sri Panwa Phuket, Vorasit Issara, has…
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Struggling airlines to get reprieve through small loans, extension to fuel tax cut
Airlines in Thailand are being offered a financial lifeline, as the Government Savings Bank announces soft loans for carriers left struggling as a result of the current Covid-19 ‘disruption’. Nation Thailand reports that the GSB is offering the loans over a 60 month period, with an annual interest rate of 2%. Chairman Patchara Anuntasilpa says the proposal will shortly be…
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Foodpanda joins online grocery delivery movement
Get your latest dinner or snack, or now a delivery from your supermarket. Foodpanda is the latest player to join the online grocery delivery movement as it is now operating under Pandamart. The German-based delivery app is the latest establishment to shift its focus on capitalising from “quick commerce” which sees items being delivered faster than traditional grocery stores. However,…
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Bangkok expo planned to fill 1 million job vacancies
Thailand has a lot of job opportunities. About a million. The Labour Ministry is hosting an expo to connect job seekers, especially recent university graduates, with companies. For recent graduates, a new government initiative co-payment system will take care of half the salary. Job Expo Thailand 2020 will run from September 26 to 28 at Bangkok International Trade and Exhibition Centre,…
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Pattaya hotel chases up Chinese businessmen for 7 million in rent
The Chinese directors of a company, who had rented a 54 room hotel in Pattaya, and not paid rent for 7 months, will now have to pay an estimated 40 million baht compensation to the owners. It appears that the Thai ‘shelf’ company that signed the contract, is still responsible for completing the contract, leaving 2 Thai nominees potentially liable…
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Thai Kra Canal – numbers don’t stack up
OPINION The possibility of Thailand being sliced into 2, with a canal running east to west through the middle of the Isthmus of Kra (the Thai section of the Malay Peninsula), is back on the table. There’s a lot of heated response from readers, for and against the plans. Is there an economic model to support the new canal? How…
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A new CEO for Phuket’s Thanyapura Sports & Health Resort
Thanyapura Sports & Health Resort in Thalang, Phuket, has named Edgar Toral Hernandez as its new CEO, effective from last week. He joined the company back in 2017 as an executive vice president. Before joining Thanyapura he worked in various senior operational roles in the hospitality and healthcare industries across Latin America, Europe and Asia. The appointment was announced by Thanyapura’s…
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Splitting atoms in the Big Bang – a day in the Big Mango
OPINION by Bill Barnett of c9hotelworks.com Despite the global pandemic, Bangkok’s rapid-fire megacity growth trajectory has remained largely in place. While life in Covid-19 times is a bit like sparring with wild gangs of chaos monkeys in a dead-end ally, thankfully one of the singular guilty pleasures of these strange times is the ability to at least travel domestically. Last…
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Rise of food delivery apps in Thailand exposes rights disparity
The owners of the highly popular food-delivery apps are facing growing calls to improve welfare rights for their workers, as more people opt to take on a full or part-time job as a “rider”. Speaking at the online seminar, “When Riders Strike Back”, Akkanut Wantanasombut from Chulalongkorn University says employment law needs to be expanded to cover new roles such…
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Pattaya businesses say they desperately need foreign tourists to stay open
“If borders stay closed to international tourists for another 6 months, nearly the entire tourism industry in Pattaya could collapse.” Pattaya needs tourists. The city’s famous Walking Street could go under if international tourists aren’t let back in the country, according to the resident business owners. Many shops have already closed, after re-opening in June when the restrictions were lifted,…
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Thailand’s Health Minister optimistic about admitting business travellers
The Thai Public Health Minister, Anutin Charnvirakul, admits Thailand is caught between a rock and a hard place and can’t go on locking all foreigners out forever, in an effort to prevent a resurgence of the Covid-19 virus. “We will either die of the disease or of hunger, so we have to face the challenge.” He adds that the Kingdom…
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Evidence of Thai Airways’ corruption, mismanagement, sent to Finance Ministry
The Finance Ministry has received 18 documents that show evidence of corruption and mismanagement at Thai Airways. The evidence was submitted by a Transport Ministry panel on corruption, pending a full investigation into “shady dealings” at the battered national carrier. The airline is currently undergoing a rehabilitation process, having filed for bankruptcy protection earlier this year. It’s understood the former…
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Thai condo developers clearing inventory rather than starting new projects
“With waves of uncertainty and financial stress crashing into the market from the COVID-19 pandemic, most residential property developers have decided to postpone their plans.” CBRE, the international property consultants, reports that most Thai developers are postponing the launch of new condo projects to focus on clearing existing stock. Discounting completed projects to generate quick revenue as a financial lifeboat…
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Facebook responds to proposed media laws in Australia with a threat to ban sharing of news posts
The media wars are heating up in Australia as a battle between Facebook and other tech platforms line up against traditional media providers and the Australian Government. Facebook is now threatening to block both the users and media organisations in Australia sharing news stories, if the Australian government’s plan to demand Facebook, Instagram, Google, etc to pay for content goes ahead.…
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TikTok CEO quits amid pressure to sell
Kevin Mayer, the high flying CEO of TikTok, quit today under US pressure for the platform’s Chinese owner Bytedance to sell popular video app, which Washington says is a national security threat. In a letter to employees, Mayer said his decision to leave comes because the “political environment has sharply changed.” Mayer, a former Disney executive, joined TikTok as CEO…
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GrabFood hungry for more customers
The lockdown boosted food delivery sales, but GrabFood is still hungry for more customers. They’ve launched a major marketing campaign called “Feed Your Hunger” with discounts and deals to get more people ordering food through the mobile application. The campaign goes from now until October 4. They’re offering free delivery service for those in a 3 kilometre radius. Many of…
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