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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Tesla’s Thailand gamble: EV plans still in the slow lane
Tesla’s investment plans in Thailand remain uncertain as the Government of Thailand awaits confirmation from the United States-based electric vehicle (EV) maker. Government spokesperson Chai Wacharonke highlighted that Tesla is reassessing its global investment strategy, which has been affected by slowing sales growth and intense competition, particularly from Chinese EV manufacturers. Reports suggest Tesla aims to concentrate on its existing…
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Thai PM orders swift action on Chinese goods influx
Prime Minister Srettha Thavisin tasked Commerce Minister Phumtham Wechayachai with fast-tracking measures this month to tackle the surge of Chinese goods into Thailand. Following the weekly Cabinet meeting held yesterday, August 13, PM Srettha announced that the Commerce Ministry would spearhead efforts to prevent substandard goods from entering the country. This initiative will be a collaborative effort with the Finance…
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Thailand govt addresses TEMU’s impact on local SMEs
Thailand’s Deputy Prime Minister and Minister of Commerce raised concerns over the impact of the global e-commerce platform TEMU on Thai SMEs. Immediate protective measures are being discussed with eight agencies to curb the influx of online goods into the country. Phumtham Wechayachai shared his views on Facebook, stating that while international e-commerce platforms bring opportunities, they also present significant…
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Thailand’s tourism boom: Revenue set to soar to 2.8 trillion baht
Hold onto your sun hats! Thailand’s tourism sector is on the brink of a massive surge in the latter half of the year, with an eye-popping revenue forecast of 1.46 trillion baht. That’s set to push the annual total to a whopping 2.8 trillion baht—up a staggering 25% from last year, according to the Tourism Authority of Thailand (TAT). The…
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Thailand aims to be global tech talent hub by 2030
Thailand is on the brink of becoming a global hub hotspot, thanks to its strategic location, abundant resources, and savvy policies aimed at drawing in young professionals, according to industry bigwigs. The strategy, highlighted at the Techsauce Global Summit 2024 Home for Tech Talent panel, seeks to boost knowledge transfer and export future talent. Karndee Leopairote, chief of foresight and…
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MG to produce hybrid electric vehicles in Chon Buri next year
Thailand’s hybrid electric vehicle (HEV) market is set to witness heightened competition as automakers roll out investment plans. The Chinese-Thai joint venture SAIC Motor-CP and MG Sales (Thailand) announced their intention to produce HEVs under the MG brand in Chon Buri by next year. MG is capitalising on a burgeoning domestic market for HEVs, spurred by the Board of Investment’s…
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Thai central bank to cut rates as US economy slows
The US economy is anticipated to face a cyclical slowdown from late next year into 2025, prompting the Bank of Thailand to reduce its policy rate by up to 1.5 percentage points, according to KGI Securities (Thailand). KGI analysts, Rakpong Chaisuparakul and Pragrom Pathomboorn highlight in their report that this slowdown will normalise the labour market and make US consumers…
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Mc Group forecasts 4 billion baht revenue, targets Gen Y and Z
The well-known creator and distributor of Mc Jeans, Mc Group Plc, anticipates its revenue to hit 4 billion baht this year, with a strategic focus on engaging Generation Y and Z to fuel its growth. The Chief Executive James Richard Amatawiwat acknowledged the competitive nature of the market this year but expressed confidence in the company’s ability to stay ahead…
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Thai banks brace for rising credit risk amid global uncertainties
Large local banks foresee their corporate clients grappling with significant challenges in the second half of the year due to global uncertainties and concerns over a potential US recession. Banks aim to manage asset quality to mitigate rising credit risk among certain customer segments. The Chief Executive of Siam Commercial Bank (SCB), Kris Chantanotoke, highlighted that some corporate customers will…
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Thailand targets 1 trillion baht milestone for crop revenue
The Commerce Ministry has urged Thai conglomerates and government bodies to collaborate on purchasing economic and secondary crops, targeting a revenue milestone of 1 trillion baht this year. Commerce Minister Phumtham Wechayachai highlighted that the agriculture sector supports approximately 27 million people, accounting for around 40% of the labour force. This includes 7.4 million households and encompasses key economic crops…
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Bangkok residents urge SRT to allocate Makkasan land for housing
Residents near the railway in Bangkok’s Phaya Thai district are calling on the State Railway of Thailand (SRT) to allocate 10% of its 500-rai Makkasan land to them before commencing a high-speed rail project connecting three airports. The high-speed rail will link Don Mueang Airport in Bangkok, Suvarnabhumi Airport in Samut Prakan, and U-Tapao Airport in Rayong. Last March, the…
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Hyundai’s 1-billion-baht ‘charge’ lights up Thailand’s electric future
Hyundai Mobility Manufacturing (Thailand) is set to produce battery electric vehicles (BEVs) and batteries in Thailand by 2026, following the approval of its 1-billion-baht project by the Board of Investment (BoI). The announcement came after the project received approval under the second-phase electric vehicle (EV) incentive package, known as EV3.5, which was confirmed yesterday, August 8. The Thai government offers…
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VietJet to receive ten Airbus jets amid aircraft shortages
VietJet, the Vietnamese budget airline, will receive up to ten Airbus jets this year, as revealed today. The delivery comes as local airlines grapple with aircraft shortages driven by engine recalls and elevated leasing costs. VietJet announced the upcoming arrival of new jets, specifically the A321neo ACF model, starting this month. This move is part of a significant expansion, with…
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Mother’s Day tourism in Thailand to generate 9.39 billion baht
Tourism income from 2.6 million domestic trips during the Mother’s Day holiday this year is expected to reach 9.39 billion baht, according to the Tourism Authority of Thailand (TAT). This figure shows a slight decline from the 9.58 billion baht revenue recorded during the back-to-back long holidays in July. TAT Governor Thapanee Kiatphaibool attributed the weaker projection for the Mother’s…
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Thai ministry tackles substandard imports threatening SMEs
The Commerce Ministry has partnered with ten government agencies to implement measures aimed at reducing the influx of low-priced, substandard imported goods, which pose safety risks to consumers purchasing from both online and offline vendors. The Commerce Permanent Secretary, Vuttikrai Leewiraphan, highlighted that the rise of Chinese e-commerce platforms using a direct-to-customer model allows buyers direct access to inexpensive products…
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WHA Corporation invests 60 million baht in AI for green logistics
WHA Corporation, Thailand’s leading developer of built-to-suit logistics facilities, is intensifying its investment in artificial intelligence (AI) to enhance its green logistics operations and ultimately transition into a tech company. This year, WHA plans to allocate 60 million baht to AI technology, which is expected to significantly boost business efficiency, according to the Group Chief Executive and Chairman of the…
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Bank of Thailand to hold rate at 2.5% amid rising inflation
The Bank of Thailand is expected to maintain the policy rate at 2.5% during its upcoming meeting, influenced by the gradual rise in inflation back to the target range. Economists are advocating for additional government stimulus measures, alongside the digital wallet scheme, to boost the sluggish economy. Headline inflation increased to 0.8% last month, surpassing the consensus forecast of 0.7%…
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AI and supply chain attacks top cyber threats, warns Kaspersky
Supply chain attacks, vulnerabilities in artificial intelligence (AI), and the infiltration of trusted communities are emerging as significant cyber threat trends, according to Russian security firm Kaspersky. Ransomware remains the most prevalent form of cybercrime globally, with perpetrators operating it as a business model known as ransomware as a service. Igor Kuznetsov, Director of Kaspersky’s Global Research & Analysis Team,…
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Thai gear shift: BOI revs up JV incentives for global auto partners
Thailand announced incentives to encourage joint ventures (JV) between Thai and foreign companies to produce automotive parts for various propulsion systems, the Board of Investment (BOI) revealed yesterday. Recognised as Southeast Asia’s leading automotive production hub, Thailand also serves as a significant export base for prominent global car manufacturers. The government is keenly promoting investments in electric vehicles (EVs), offering…
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Thai-ing up: China’s industrial trade reshapes Southeast Asia
Chinese industrial products are increasingly penetrating the Southeast Asian market, significantly impacting Thailand’s trade dynamics. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) reports that this influx has diminished Thailand’s market share and contributed to a trade deficit with China amounting to nearly US$20 billion. Chinese online retailer Temu’s recent entry into Thailand is poised to exacerbate this…
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Thai banks team up to boost halal exports with low-interest loans
The Export-Import Bank of Thailand (Exim Bank) has partnered with the Islamic Bank of Thailand (IBank) to provide loans at interest rates lower than the prime rate, aiming to establish Thailand as ASEAN’s halal hub by 2028. Representatives from Exim Bank, IBank, the Sheikhul Islam Office (Chularatchamontri), and various sectors involved in supporting halal products, yesterday, August 6, signed an…
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Thai exports to grow by 1 to 2% amid global uncertainties
The Thai National Shippers’ Council (TNSC) expects a modest expansion in export value this year, projecting a growth rate of 1 to 2%. TNSC Chairman Chaichan Chareonsuk confirmed the council’s forecast for 1 to 2% export growth this year, as of August 2024. Despite this optimistic outlook, the TNSC remains cautious due to several unpredictable factors expected in the second…
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Bitcoin climbs above US$56,000 amid market turmoil
Bitcoin experienced a brief resurgence today, climbing back above US$56,000 amid a wider downturn in global markets that had caused significant losses across major cryptocurrencies. The leading digital asset saw an increase of up to 3.48% today, August 6, attempting to recover from a sharp selloff that had driven its value below US$50,000. Ether, the second-ranked cryptocurrency, also faced substantial…
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Thai hotels face 111 million baht loss after FTI Group collapse
The collapse of German tour company FTI Group has resulted in significant financial losses for Thai hotels, totalling over 111 million baht. Hotel operators in Thailand are now seeking assistance from the German Embassy through coordination with the Tourism and Sports Ministry. FTI Group, the third-largest tour operator in Europe, filed for insolvency in June, impacting tourists and operators across…
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Thailand energy plan: ‘Current’ contracts for a brighter future
The Government of Thailand is poised to approve a plan involving the Metropolitan Electricity Authority (MEA) and Provincial Electricity Authority (PEA) to manage energy conservation projects in state agencies under long-term contracts. This initiative aims to accelerate energy-saving efforts within the state sector, according to the Department of Alternative Energy Development and Efficiency. The impending approval will bolster campaigns across…
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Thai publishing ‘chapter’ of decline amid spending woes
The Thai publishing market faces a predicted decline this year due to economic challenges affecting consumer spending, according to the Publishers and Booksellers Association of Thailand (PUBAT). However, booksellers remain optimistic, identifying potential growth in niche markets. Nattakorn Vuttichaipornkul, Vice-President of Internal Affairs at PUBAT, reported a modest decrease in book sales during the first half of the year. “The…
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Thailand’s labour woes: A ‘lawsuit’ of unexpected disputes
Labour disputes in Thailand have surged, contrary to the country’s generally non-litigious reputation. According to the Thai Office of the Judiciary’s Annual Statistical Report, more than 10,000 labour dispute cases have been recorded annually over the past five years. Employers in Thailand frequently face claims of unfair termination, a significant source of financial and operational issues for both local and…
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Temu enters Thai market, intensifies e-commerce competition
Temu, China’s e-commerce giant, recently entered the Thai market, stirring up competition across both online and offline sectors in Thailand. The move, according to industry experts, is set to intensify cross-border competition, challenging existing players and local businesses alike. Thailand’s e-marketplace has long been dominated by foreign giants like Lazada (owned by Alibaba), Shopee (under Singapore’s SEA), and China’s TikTok…
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Pattaya rebranding as family-friendly destination to boost tourism
Pattaya’s tourism operators have put forth a proposal to the tourism minister, aiming to transform the city’s image into a family-friendly destination, distancing it from associations with sex tourism and illegal gambling. The Association of Chon Buri Tourism Federation (ACTF) recently convened with Tourism Minister Sermsak Pongpanit to discuss the initiative. The meeting also included insights from a workshop that…
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PM Srettha orders Temu to comply with Thai tax laws
Prime Minister Srettha Thavisin directed the Revenue Department and the Ministry of Digital Economy and Society (DES) to ensure the new Chinese online retailer Temu adheres to Thai regulations and meets tax obligations. The directive aims to address concerns from local industries about the potential influx of inexpensive Chinese products affecting Thai manufacturers. The introduction of Temu, a Chinese e-commerce…
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