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 How one hospital visit in Thailand could cost more than your whole trip
Thailand is a favourite spot for travellers who want to enjoy more while spending less. From cheap street food to low-cost hotels and fun attractions, it’s easy to stretch your budget here. But there’s one thing many people don’t think...
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Thailand gamble: Locals to roll the dice on new casino complex
Thailand’s proposed entertainment complex project, which includes a casino, is set to draw primarily Thai gamblers, with up to 90% of customers expected to be locals, as per the Finance Ministry. Public hearings are currently being held for the draft law related to the entertainment complex, in accordance with constitutional requirements. A special House committee, led by caretaker Deputy Finance…
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Thai bus firms under siege as Chinese rivals drive them up the wall
The Thai bus industry is under siege with Chinese bus operators flooding the market with cut-rate prices and dodgy tactics, leaving Thai companies struggling to keep up. The Thai Transportation Operators Association has sounded the alarm on this cut-throat competition. Wasuchet Sophonsathien, the association’s president, laid bare the ongoing crisis. Illegal foreign bus operators are muscling in on the market,…
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Food Republic to close last Thai branch on November 22
Food Republic’s final branch in Thailand, located at Central Plaza Grand Rama IX, will close its doors on November 22. The company expressed gratitude to its loyal customers in a Facebook post, marking the end of an era for the popular food court chain. Food Republic has been a well-known name in the food court industry, originally hailing from Singapore.…
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Commerce Ministry promotes Thai SELECT restaurants
The Commerce Ministry launched prototype Thai SELECT restaurants to boost Thailand’s soft power on a global scale. Celebrating its 104th anniversary, the ministry hosted the Driving the Thai Economy with Soft Power exhibition, led by caretaker Commerce Minister Phumtham Wechayachai, on the forecourt of its building. Phumtham emphasised the ministry’s dedication to enacting policies aimed at accelerating economic recovery. These…
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19 firms request SEC approval for investment tokens
Nineteen companies, primarily in real estate and software, notified the Securities and Exchange Commission (SEC) of their intent to secure funding through investment tokens as per the Digital Asset Act. The Deputy Secretary-General of the SEC, Jomkwan Kongsakul, confirmed that these 19 firms are currently in pre-consultation with the commission to explore fundraising via investment tokens. Three companies have already…
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Thailand unveils National Cyber Academy to enhance cybersecurity
The National Cyber Security Agency (NCSA) has introduced the Thailand National Cyber Academy in a bid to enhance cybersecurity literacy across the nation. Caretaker Digital Economy and Society Minister Prasert Jantararuangtong emphasised that the academy will significantly contribute to the development of IT professionals at all age levels, thereby bolstering national cybersecurity. This initiative is part of the second phase…
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EV battery boom: Can AI help Thailand drive to the top?
Thailand is revving up for a major geopolitical boost by focusing on electric vehicle (EV) batteries and auto components, including integrated circuit packaging and testing. According to Taiwan’s Profet AI, the key to speeding up product delivery, slashing costs, and raising standards lies in adopting cutting-edge artificial intelligence (AI) amid ongoing economic headwinds. Jerry Huang, co-founder and CEO of Profet…
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Baht hits 13-month peak as Bank of Thailand holds rates
The baht is poised to strengthen further, potentially reaching 34 per US dollar or even higher, following a 13-month peak attained yesterday. This surge occurred as the Bank of Thailand opted to keep the policy rate steady at 2.5%, encouraging potential inflows ahead of the US Federal Reserve’s upcoming September meeting. Closing at 34.21 on August 20, the Thai currency…
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Canada-ASEAN free trade agreement expected by next year
A free trade agreement (FTA) between Canada and the Association of Southeast Asian Nations (ASEAN) is anticipated to be finalised by next year, according to officials from Canada and Thailand involved in the discussions. Surin Thanalertkul, the Canadian embassy trade commissioner, along with Martin Sullivan, senior market development officer of the Canada Indo-Pacific Agriculture and Agri-Food Office (IPAAO), discussed the…
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Thai Airways soars to new heights with RateGain partnership
Thai Airways (THAI) is set to revolutionise its pricing strategies with a multi-year partnership with RateGain Travel Technologies, leveraging its cutting-edge platform, AirGain. This collaboration marks a significant move for the national flag carrier of Thailand as it aims to maintain its competitive edge in the global aviation market. Operating out of its central hub at Suvarnabhumi Airport in Bangkok,…
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Thailand to hold policy rate at 2.5% amid economic uncertainties
The Bank of Thailand (BoT) is poised to maintain the policy rate at a decade-high level of 2.5% during its meeting tomorrow, although analysts anticipate a greater probability of a rate cut later this year due to increasing economic challenges. Kasikorn Research Centre (K-Research), the research arm of Kasikornbank (KBank), concurs with equity analysts that the central bank’s Monetary Policy…
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Thailand launches anti-dumping probe on Chinese aluminium extrusions
Thailand’s Foreign Trade Department initiated an anti-dumping investigation into the import of aluminium extrusions from China. This move follows complaints from local steel manufacturers who claim that the surge in imports is detrimental to domestic production. Caretaker Commerce Minister Phumtham Wechayachai stated that the investigation is part of a broader strategy by the ministry to address the influx of Chinese…
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B.Grimm Power play: Profits surge with plans to expand in future
Multinational conglomerate B.Grimm Power Plc (BGRIM) reported a robust performance with a significant increase in normalised net profit for the first half of this year, alongside ambitious plans to enhance investment partnerships and expand its renewable energy portfolio. BGRIM President Harald Link highlighted that the normalised net profit attributable to the parent company rose by 2.3% year-on-year, reaching 1.09 billion…
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TikTok Shop live commerce surges: 500% growth goes viral
TikTok Shop has achieved over 500% growth in gross merchandise value (GMV) in live commerce over the past eight months, despite economic challenges, the social media platform revealed. The platform plans a substantial investment in discount promotional campaigns to boost domestic consumer spending in the final quarter of this year. This investment will surpass last year’s efforts to compete with…
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Thailand urged to expand tax cuts for rooftop solar panels
The IEEE Power and Energy Society in Thailand is urging the government to expand its new tax reduction scheme for rooftop solar panel installations, aiming to boost the adoption of clean energy. Designed to offer tax incentives to 90,000 households from this year to 2027, the scheme is awaiting final approval within the second half of the year. Households purchasing…
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Cryptos surge as BNB leads with 89.6% gain in 2024
Cryptocurrencies are experiencing a resurgence despite global economic challenges and geopolitical uncertainties, emerging as top-performing assets in the first seven months of 2024. Nvidia, one of the Magnificent 7 tech stocks on the US stock exchange, also ranks highly. Binance Coin (BNB) led the cryptocurrency returns this year with an impressive 89.6% gain as of July 22. Bitcoin followed with…
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Thai Vietjet takes off: Targets nearly 8 million passengers this year
Low-cost airline Thai Vietjet aims to attract nearly eight million passengers this year by enhancing aircraft utilisation and increasing flights on existing routes, with plans to introduce new Boeing 737 Max jets next year. Thai Vietjet Chief Executive Woranate Laprabang highlighted that the visa-free scheme has significantly boosted demand on international routes, particularly to China. The airline operates flights to over…
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Thai baht rally faces threats amid political drama and bank policy
Thailand’s recent baht rally faces a rocky road as the country dives into political chaos just before the central bank’s policy meeting this week. Since July, the baht has been a star performer, climbing up the ranks as tourism bounced back from a near two-year low against the US dollar in May. But this impressive upswing could be at risk…
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Thailand’s food exports to rise by 8.8%, hitting 1.6 trillion baht
Thailand’s food exports are set to rise by 8.8% year-on-year, reaching 1.6 trillion baht this year, according to the National Food Institute (NFI). This growth is largely attributed to increasing global demand and a decline in raw material prices, said the President of the NFI, Supawan Teerarat. “Raw materials such as tuna, sugar, soybeans, and wheat have seen a price…
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Thailand aims to become global financial hub
Thailand is making strides towards becoming a global financial hub by focusing on five key industries: banking, securities, derivatives, digital assets, and insurance. This move comes in the wake of the 1997 Asian financial crisis, as the nation aims to build a resilient financial infrastructure and elevate its status on the global stage. Caretaker Finance Minister Pichai Chunhavajira highlighted the…
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Thai Lion Air expands fleet, aims for 7 million passengers
Thai Lion Air is expanding its fleet and reinstating routes in response to rising tourism demand, aiming for 6-7 million passengers and achieving its first post-pandemic profit. Thai Lion Air chief Nuntaporn Komonsittivate made known that domestic and international routes have recovered by 60%, supported by an increase in operational jets to 20 from 11 in recent years. The average…
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Le Pan’s big rise: CPRAM factory to bake up 20% market share
A leading ready-to-eat food manufacturer CPRAM Co Ltd, and owner of the Le Pan Bakery brand under the Charoen Pokphand Group inaugurated a new factory in Chon Buri in a bid to capture a 20% market share in the Thai bakery sector this year. CPRAM President Wisade Wisidwinyoo announced that the new facility, valued at 2 billion baht, boasts a…
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Soaring high: Thai AirAsia’s stunning turnaround in 2024
Asia Aviation (AAV), the proud sole shareholder of Thai AirAsia, unleashed its operational results for the first half of 2024, boasting an impressive financial recovery. The figures are staggering, with revenue from sales and services soaring to 25,279 million baht, marking a 32% year-on-year increase. AAV’s profit from core operations skyrocketed by a jaw-dropping 1,015%, reaching 1,950 million baht from…
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Japan invited to supercharge Thailand’s Red Line railway network
In a strategic move to bolster Thailand’s railway infrastructure, the Ministry of Transport extended an invitation to Japanese companies to invest in the extension networks of the Red Line electric train system. Transport Minister Suriya Jungrungreangkit welcomed the newly appointed Japanese ambassador, Otaka Masato, during a media briefing yesterday, August 14, highlighting the potential for enhanced transport cooperation between the…
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Mercedes-Benz shifts into high gear with ByteDance partnership
Mercedes-Benz is revving up its tech game by teaming up with ByteDance’s cloud division, Volcano Engine, to explore cutting-edge large language models (LLMs), generative artificial intelligence (AI), and big data. This turbocharged collaboration aims to supercharge Mercedes-Benz’s in-car systems in China with ByteDance‘s advanced LLM technology, giving their virtual assistants a full-throttle upgrade. According to both companies, ByteDance’s LLMs will…
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GMM Music partners with Warner Music Asia in massive deal
GMM Music announced a strategic investment partnership with Warner Music Asia (WMA), one of the world’s leading music industry giants. WMA will invest 370 million baht in cash and provide a minimum guarantee payment of 315 million baht to accelerate GMM Music’s growth and expand the Thai music industry, the largest in Southeast Asia, to a global market. Chief Executive Officer…
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Bridge Alliance and Deutsche Telekom spark a new IoT connection
Bridge Alliance, the heavyweight coalition of telecom giants, has just struck a blockbuster deal with Deutsche Telekom AG, Europe’s telecom titan. This game-changing partnership aims to turbocharge growth in the booming Internet of Things (IoT) sector. With Deutsche Telekom on board, Bridge Alliance’s roster balloons to 35 operators, now covering over 100 markets and reaching more than a billion customers…
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Thailand bank loan growth forecast cut to 1.5% for 2024
Kasikorn Research Centre (K-Research) reduced its overall loan growth projection for the banking industry in 2024 to 1.5%, down from the earlier forecast of 2.5-3.5%. This adjustment reflects borrowers’ diminished ability to access credit amid slower economic growth. K-Research’s updated assessment, released yesterday, August 13, indicates that banks’ lending expansion this year will be primarily driven by business loans, with…
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Wallet watch: Thai restaurants hungry for details on digital handout
Restaurant owners are on tenterhooks, waiting for vital details on the government’s digital wallet handout scheme. The Thai Restaurant Association reveals that operators are eagerly anticipating specifics on how they can use and convert digital cash. President Thaniwan Kulmongkol says restaurateurs are frustrated by the delay, as the Commerce Ministry has scrapped the August 5 press conference meant to explain…
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Thailand poised to profit amid US-China trade war
Thailand might be about to cash in on the US-China trade war. According to the Office of Industrial Economics (OIE), the ongoing clash between Washington and Beijing could see a major boost in Thai exports as American buyers look to replace Chinese shipments that are in jeopardy. OIE Director-General Warawan Chitaroon stated that Thailand is a key manufacturing nation in…
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