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 to reduce out-of-pocket medical expenses in Thailand?
Managing medical expenses in Thailand is important as healthcare costs continue to rise. The country’s healthcare system includes both public and private options, but even with the Universal Coverage Scheme (UCS) for citizens, many still face high out-of-pocket medical expenses....
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Thailand’s airlines resist price war despite rising operational costs
Despite escalating operational costs, Thailand’s airlines are unlikely to trigger a new price war, while the Civil Aviation Authority of Thailand (CAAT) intends to retain the existing ceiling for ticket prices. This information was shared by Suttipong Kongpool, the CAAT director, during a seminar co-hosted by the Airlines Association of Thailand (AAT) and CAAT this week. Suttipong indicated that with…
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Economic data in China sees Asian stocks surge, Thai shares dip
Asian stocks experienced a significant surge yesterday, a continuation of the global equity rally, following encouraging Chinese economic data that sparked optimism about the imminent culmination of major central banks’ tightening initiatives. Despite the overall momentum, Thai stocks saw a slight dip of 0.3% from the prior week, closing at 1,542.03 on Friday, with an average daily turnover of 46.97…
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Rice prices boil over, stirring inflation concerns for Asian central banks
Central banks across Asia are bracing themselves for the challenge of curbing inflation amid soaring food prices, particularly rice, a dietary staple in the region. The cost of rice surged to its highest since 2008, sparking concern among economists at HSBC Holdings Plc. Frederic Neumann, leading a team of economists at HSBC, referred to the significant impact of the 2008…
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Thai consumer confidence surges as new government takes charge, but high living costs cast a shadow
Last month saw a rise in consumer confidence following the swift establishment of a new government, although concerns about the high cost of living and the sluggish global economy remain. The University of the Thai Chamber of Commerce (UTCC) revealed that the consumer confidence index rose to 56.9 from 55.6 in July. This uplift was attributed to the easing of…
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Apple’s sweet surprise: iPhone 15 lineup set to juice up Thailand’s smartphone sales
Apple Inc’s new line of iPhone 15 models is set to boost Thailand’s smartphone sales in the fourth quarter, say industry analysts and a mobile phone distributor. In the premium smartphone market in Thailand, Apple and Samsung devices continue to reign. Apple debuted the iPhone 15, 15 Plus, 15 Pro, and 15 Pro Max on Tuesday. Thai consumers will be…
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Energizing savings: Government’s cost-cutting shock eases financial pressure
The Employers’ Confederation of Thai Trade and Industry (EconThai) expressed approval for the Thai government’s latest move to slash both electricity and diesel costs. This initiative is aimed at alleviating the financial pressure on households and businesses. The reduction in power tariff was confirmed yesterday, following Prime Minister Srettha Thavisin‘s policy statement announcement in parliament, reports Bangkok Post. The new…
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Bangkok Gems fair dazzles with record-breaking success
The 68th Bangkok Gems and Jewellery Fair, which recently concluded, surpassed all anticipated outcomes. The Fair took place at the Queen Sirikit National Convention Center (QSNCC) from September 6 to 10 and welcomed almost 40,000 attendees hailing from 117 countries, a notable 44% surge compared to the previous event, according to Phusit Ratanakul Sereroengrit, the director-general of the Department of…
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FTI urges Thai PM for definitive strategy, not just lower energy costs
The Federation of Thai Industries (FTI) called for a more definitive strategy and concrete plans from Prime Minister Srettha Thavisin, rather than just a pledge to lower prices. The FTI’s focus is on energy costs, particularly oil and electricity, as they have an impact on both businesses and households. During a two-day parliamentary debate on the Pheu Thai-led coalition government’s…
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Indonesia mulls banning social media merchandise sales, TikTok expresses concern
Indonesia is contemplating prohibitive measures against merchandise transactions conducted via social media platforms such as TikTok as stated by the deputy trade minister during a parliamentary hearing recently. The move is aimed at e-commerce vendors who employ predatory pricing strategies on social platforms, thereby jeopardising traditional marketplaces in Southeast Asia’s largest economy. Social media and social commerce cannot be combined, declared…
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Pattaya’s sunny side: Hotel industry shines amid European gloom
Despite Europe’s deteriorating economic forecast, Pattaya’s hotel industry remains robust, backed primarily by Asian and domestic tourists, says the Managing Director of LH Mall and Hotel (LHMH). Pattaya, traditionally known for its nightlife, has successfully rebranded itself as a family and business-friendly destination. As the European Commission revises the Eurozone’s growth outlook and Germany faces a potential recession this year,…
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El Niño’s unexpected twist: Industries in hot water as mining and livestock hit hard
El Niño’s weather anomaly is triggering a ripple effect on industries beyond just agriculture with mining and livestock sectors also feeling the pinch. This is according to a new study by the Trade Policy and Strategy Office, which warns that the phenomenon may lead to a surge in prices for consumer goods, energy, and inflation, compounded by an increase in…
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Thai businesses ride China’s e-commerce wave, reveals ministry study
The rapid expansion of the e-commerce sector in China offers substantial benefits for Thai businesses, as revealed in a recent study by Thailand’s Ministry of Commerce. The study, released yesterday, highlights the potential gains from the surge in China’s cross-border e-commerce (CBEC) trade. In a bid to streamline the cross-border sale of goods, the Chinese government has established 165 pilot…
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Koh Samui tourism seeks extended stays for European travellers amidst water crisis
Koh Samui’s tourism sector called for the government to extend stays for European travellers, arguing that the proposed visa-free travel for Chinese tourists will not significantly benefit the island. This comes from Ratchaporn Poolsawadee, the president of the Tourism Association of Koh Samui, who noted that Chinese nationals only make up a small percentage (10%) of the island’s foreign tourist…
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Thailand’s car rental sector shifts gears: 2023 growth outlook takes a modest dip of 2-3%
Thailand’s car rental sector is anticipated to witness a modest growth of 2-3% this year, as per Krungthai Car Rent & Lease Plc (Kcar). This is a step down from the previous annual growth of 4-5%, a dip attributed to numerous elements such as a stagnating economy, slow resurgence of tourism, diminished buying power, and escalating household debt. Pichit Chantarasereekul,…
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Thai-EU FTA talks set to roll, aiming for a trade-tastic deal within two years
Talks on a free-trade agreement between Thailand and the European Union (Thai-EU FTA) are set to kick off next week, to finalise the deal within a two-year timeframe. The Department of Trade Negotiations, under the Thai Commerce Ministry, is spearheading the negotiations. Auramon Supthaweethum, the department’s director-general, revealed that a team from various state agencies is being prepped for the…
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Charged up and rolling: GAC Aion sparks production of maiden battery EVs by June 2024
GAC Aion New Energy Automobile, the electric vehicle (EV) wing of Guangzhou Automobile Corporation (GAC), China’s second-largest EV purveyor, outlined plans to initiate the assembly of its maiden battery EVs by June 2024. The production is slated to occur at the brand’s nascent factory within the Eastern Economic Corridor (EEC). Gu Huinan, GAC Aion’s managing director, anticipates the assembly of…
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CPN plans 3 billion baht expansion of Phuket condos
Central Pattana (CPN), a company listed on the Stock Exchange of Thailand (SET), announced its intentions to introduce two additional phases to its condominium project, Phyll Phuket, near Central Phuket Floresta. The Phuket condos expansion, which includes nearly 700 units worth a total of 3 billion baht, is set to launch in the forthcoming year. This decision is motivated by…
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Suvarnabhumi Airport’s SAT-1 terminal to soft-launch boosting capacity by 33%
Suvarnabhumi International Airport, governed by Airports of Thailand (AoT), is set to soft-launch its Satellite 1 (SAT-1) terminal on September 28, following a successful full-scale trial involving 180 mock passengers and their luggage. The trial aimed to evaluate operations at both the SAT-1 satellite passenger terminal and the primary terminal, with Thai Airways offering assistance by supplying cabin crew and…
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Australian Chevron LNG workers’ strike unsettles global gas markets
Following unsuccessful negotiations, liquefied natural gas (LNG) workers at Chevron Corp’s key sites in Australia initiated partial strikes yesterday, a move that has unsettled global gas markets. This news spurred gas futures in Europe, causing them to leap by as much as 13%, illuminating the region’s susceptibility in the aftermath of last year’s energy crisis. Spot LNG in Asia also…
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Bangkok Airways eyes investment in proposed Phangnga airport to boost tourism
Bangkok Airways has expressed keen interest in an investment in the proposed airport in Phangnga if the government chooses to shift from a public scheme to a collaborative public-private partnership. The fresh investment is seen as a strategic move, as the new airport holds immense potential to become Thailand’s next tourist hotspot. The Thai government’s contemplation over investment into the…
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Commerce captain charts cost of living course: Cost-cutting and export-boosting ahoy
New Commerce Minister Phumtham Wechayachai aims to address the cost of living and align product prices with production costs. He plans to expedite efforts to discover new export markets and enhance Thai shipping opportunities through increased trade negotiations. On his first day, Wechayachai emphasized his commitment to Prime Minister Srettha Thavisin‘s policies and assured prompt attention to public concerns, especially…
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Bangkok’s condo market: Buyers rush for ‘ready-to-move’ amid sales slump
The second quarter of this year witnessed a significant slump in sales for newly launched condominiums in Bangkok. Buyers, gripped by mortgage rejection fears, exhibited a strong preference for ready-to-transfer units. Tritecha Tangmatitham, Managing Director at Supalai, highlighted that a staggering 70% of condo sales in the current year have been for completed units, underscoring a marked shift in consumer…
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Recruitment adventures: When job hunting in Thailand feels like a blind date
Navigating the waters of a job interview can often feel akin to treading the unpredictable path of a blind date. The entire process can be punctuated by uncertainty, ambiguity, and occasionally, a lack of respect and courtesy from the hiring party. An interviewee’s experience can be marred by a lack of information about the interview process: from the number of…
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Ticket turbulence: Thai airlines aim to price things right amid rising costs
Thai airlines plan to explain the accusations of raising ticket prices amid higher jet fuel costs. The Airlines Association of Thailand (AAT) announced it will host a seminar to clarify airfare structures and CAAT price regulations following consumer complaints. Nok Air CEO Wutthiphum Jurangkool stated that price increases mainly occurred during extended holidays due to high demand, impacting last-minute bookings.…
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JSCCIB to discuss Chinese goods influx and revise Thai economic forecasts
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is preparing to discuss new economic challenges such as the influx of Chinese merchandise. The committee aims to formulate a fresh economic proposal for the Srettha Thavisin Pheu Thai Party-led government. The subjects are set to be discussed in the committee’s today’s meeting. The JSCCIB intends to confer with the new…
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Baht-ing for growth: Pheu Thai Party’s digital policy to boost Thai economy
The 10,000-baht digital currency policy handout by Pheu Thai is expected to inject an estimated 2 trillion baht into the country’s economy, according to Deputy Finance Minister Julapun Amornvivat. This initiative aims to contribute to a growth of at least 5% in the GDP by 2024. Julapun Amornvivat stated that the economy would get a boost from the widespread use…
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Cash crackdown: Thai government’s e-payment pledge to curb corruption
Prime Minister Srettha Thavisin revealed yesterday that the Thai government is set to implement e-payments across the state sector as a pivotal strategy to tackle the rampant issue of corruption. The announcement was made at an Anti-Corruption Day event organised by the Anti-Corruption Organization of Thailand (ACT), which the prime minister chaired. This event marked Srettha’s first public forum since…
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Thai-dal wave: Taiwanese electronics firms spark 30 billion baht boom in Thailand
The electronics industry of Thailand is set to experience significant growth as 20 new investments, amounting to 30 billion baht, have been approved by the Board of Investment (BoI). These investments are from Taiwan-based electronics firms that have shown intent to establish Thailand as their new export base. The BoI indicated that this move is particularly noteworthy for manufacturers of…
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Bangkok gems and jewellery fair targets 3 billion baht in trade value
The 68th Bangkok Gems and jewellery Fair, a global hotspot for buyers, importers, and visitors, kicked off yesterday with an anticipated attendance of over 30,000 international guests. The fair, held at the Plenary Hall of the Queen Sirikit National Convention Center (QSNCC) until Sunday, is projected to amass a trade value surpassing 3 billion baht, stated Phusit Ratanakul Sereroengrit, Director-General…
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Thai shippers’ council forecasts export decline amid sluggish global demand
The Thai National Shippers’ Council (TNSC) predicts a 1% decline in exports for the current year, down from their previous estimate of a contraction between 0.5% and a 1% increase. This revision is due to ongoing sluggish global demand. TNSC Chairman Chaichan Chareonsuk stated that Thailand’s export sector is expected to decline by -1% or more this year due to…
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