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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Businesses warned of risks of not adopting AI, says Stanford professor
Stanford University Graduate School of Business Professor Amir Goldberg stressed the urgency for businesses to actively engage with artificial intelligence (AI), according to a conversation with a former corporate executive. Highlighting the vital role AI plays in today’s competitive market, Professor Goldberg warned businesses of the risks of not adopting AI, likening it to a fast-moving train that cannot be…
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Japanese firms urge Thai government to simplify customs and boost infrastructure
Japanese businesses based in Thailand have urged the government to simplify customs duty rules and enhance transport infrastructure, in addition to introducing economic strategies to increase public spending. The Japanese Chamber of Commerce (JCC) in Bangkok recently communicated with the press to share insights from its newest survey assessing the business outlook amongst Japanese firms and investors in Thailand. The…
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Thailand set to sign free trade agreement with Sri Lanka
Prime Minister Srettha Thavisin is set to sign a free trade agreement (FTA) with Sri Lanka during his upcoming visit to the island nation this week, according to spokesperson Chai Watcharonke. This marks the 15th FTA for Thailand and the first since PM Srettha assumed office the previous year. PM Srettha’s visit comes at the invitation of Sri Lanka’s Premier,…
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Thailand’s rice exports expected to drop 14.4% amid global competition
A projected drop of 14.4% in Thailand’s rice exports is anticipated for this year, due to a combination of reduced production and increased global competition, as reported by the Foreign Trade Department. The department’s director-general, Ronnarong Phoolpipat, revealed that the estimate of 7.5 million tonnes of rice exports this year was jointly made with the Thai Rice Exporters Association. This…
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Thai government aims to boost cross-border trade despite 2023 contraction
The Thai government is aiming to reinvigorate its cross-border trade, including transit trade, this year following a 2.6% contraction in 2023, which saw the value fall to 1.7 trillion baht (US$48 billion). The Foreign Trade Department’s director-general, Ronnarong Phoolpipat, stated that the Commerce Ministry would expedite cross-border and transit trade according to the government’s investment promotion strategy for 2024-27. To…
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China surpasses Japan as world’s largest car exporter in 2023
China has seized the title of the world’s largest car exporter in 2023, according to recent industry figures. This marks a significant shift, seeing Japan’s reign topple for the first time since Germany’s lead in 2016. This new data, released yesterday, January 31, by a Japanese trade organisation, indicates a 16% increase in Japan’s car exports from the previous year,…
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Student Loan Fund recalculates debt repayment to reduce 100 billion baht bad debts
With a staggering 100 billion baht (US$2.8 billion) in bad debts, the Student Loan Fund (SLF) is set to see a decline in its debt pile following the implementation of a new debt repayment calculation method, according to SLF manager, Chainarong Kajchapanan. This change is a result of the recent amendment of the Student Loan Fund Act (No.2) 2023, which…
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Thailand’s steel industry suffers as cheap imports from China flood market
Steel industry capacity utilisation in Thailand is on a downward spiral, with Tata Steel Thailand Plc (TSTH), a subsidiary of India’s largest steelmaker, attributing this trend to the sluggish economic recovery and the influx of inexpensive steel from China. The postponement of the fiscal 2024 state budget planning as a consequence of the 2023 general elections and the protracted process…
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Thailand’s manufacturing production sees steep fall due to car output drop
The Industry Ministry reported a year-on-year fall of 6.27% in Thailand’s manufacturing production index for December, attributed to a downturn in car production. This figure was notably steeper than the anticipated 3.2% decrease, according to a Reuters poll. This followed the 4.71% drop in November, rounding out a year in which overall output shrank by 5.11%. In addition to the…
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Thai government and central bank clash over interest rates
The ongoing discord between government officials and central bankers regarding interest rate adjustments is creating uncertainty for local banks and could potentially trigger further foreign investor withdrawals. Thailand Prime Minister Srettha Thavisin, along with key advisors, is advocating for a reduction in rates by the Bank of Thailand (BoT) to stimulate an economy the Thai PM describes as being in…
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Elon Musk’s US$55 billion pay deal under threat after judge’s ruling
Having spent several years as the wealthiest person globally, Elon Musk, CEO of Tesla, faces the potential of falling to the third position following a Delaware judge’s ruling on his US$55 billion pay deal. The judge, Kathaleen St. J. McCormick, sided with a Tesla investor who argued that the 2018 remuneration package lacked clarity on Musk’s performance expectations and that…
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Free visa policy to boost Thai tourism stocks amid Chinese arrivals
An agreement for a free visa policy between Thailand and China is set to greatly boost seven Thai tourism-related stocks, as projected by brokerages. This policy, signed earlier this week, is anticipated to cause a significant uptick in Chinese arrivals in Thailand this year. The Tourism Authority of Thailand (TAT) set a target of attracting 8.2 million Chinese tourists in…
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Cabinet gives preliminary approval to revamp Fisheries Act of 2015
The proposed revision to the Fisheries Act of 2015 yesterday received preliminary approval from the Cabinet. The government aims to ease the challenges encountered by the fishing industry and foster more efficient and sustainable fishing practices. The proposed changes are expected to provide relief to over 600,000 small-scale coastal fishing households in 20 provinces, many of whom were compelled to…
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Taiwanese tourism in Thailand set to hit one million mark
The Taiwanese tourism market in Thailand is projected to reach a milestone of one million visitors this year, provided that Thailand’s government prolongs its visa-free scheme until the end of the year. Sisdivachr Cheewarattanaporn, president of the Association of Thai Travel Agents (ATTA), stated that despite the delayed visa exemption approval for Taiwanese tourists in November last year, the total…
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Indorama Ventures turns PET recycling into a fun learning experience
Indorama Ventures Plc (IVL), the chemical manufacturing firm, has taken a fun-filled approach to address the issue of a limited supply of waste polyethylene terephthalate (PET) bottles which has been affecting its recycling business. The company has taken to educating young students, encouraging them to see used PET bottles as a source of enjoyment and creativity while also promoting the…
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Thai gold prices drop at market open, gold bars at 34,050 baht
Gold prices in Thailand saw a decline at the opening of the market, comparing the last price from January 29. The Gold Traders Association (GTA) reported the selling rate for gold ornaments at 34,550 baht per baht-weight (a traditional Thai unit of measurement for gold, equating to 15.16 grammes) for today, marking a decrease of 100 baht from the previous…
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Thailand and China’s visa-free policy not boosting tourism yet
Despite the recent permanent visa-free policy between Thailand and China, airlines and hotels are not anticipating an immediate rise in demand. This is largely due to the gradual increase in demand and the seating capacity that is yet to fully recover. The agreement was reached during China’s Foreign Minister Wang Yi’s four-day official visit to Thailand, where he met with…
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SET index may drop below 1,300 due to digital wallet handout
The Stock Exchange of Thailand (SET) index could potentially plummet below the 1,300-point mark this year, warns the CEO of One Asset Management (ONEAM), Pote Harinasuta. This alarming projection is associated with the government’s proposed digital wallet handout which could result in Thailand’s credit rating being downgraded and a subsequent hike in corporate borrowing costs. Key factors that could influence…
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Thailand govt pushes for 500-billion-baht loan to boost economy
Deputy Finance Minister Julapun Amornvivat underlined the government’s prerogative to deem the current economy as crisis-ridden, a pivotal aspect for sanctioning the 500-billion-baht loan bill to propel its digital wallet disbursement scheme. According to him, the definition of an economic crisis is subjective, hinging on individual perception. Nonetheless, the government’s assessment paints the picture of an economy in dire need…
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Bank of Thailand urged to slash interest rates amid economic struggle
Pressure is mounting on the Bank of Thailand to ease the economic strain on small and medium-sized enterprises (SMEs) by slashing interest rates on commercial bank loans. Pichai Naripthaphan, deputy chairman of the Pheu Thai Party‘s strategies and politics committee and an advisor to Prime Minister Srettha Thavisin, argued that the central bank needs to acknowledge the real-world challenges people…
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Thai government seeks interest rate cut as household debt fuels recession
Thailand’s economy is currently grappling with a recession triggered by soaring household debt, as reported by the Deputy Finance Minister, Julapun Amornvivat, today. This intensified the call for the central bank to reduce interest rates. Julapun also expressed the government’s commitment to the 500 billion baht distribution plan, which aims to allocate 10,000 baht per person to 50 million Thai…
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Thailand’s car production hits brakes, sees 15.75% drop in December
Thailand’s car production experienced a significant drop of 15.75% in December, compared to figures from the previous year, marking the fifth consecutive month of decline, according to the Federation of Thai Industries (FTI). The downturn resulted in only 133,621 units being produced, largely due to a reduction in pickup truck output. This figure is a stark contrast to November’s year-on-year…
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Hong Kong court orders liquidation of China’s indebted developer Evergrande
China’s most indebted property developer, China Evergrande, was ordered to liquidate by a Hong Kong court today, a move that could potentially destabilise the already trembling Chinese capital and property markets. The liquidation process could be intricate due to the multiple authorities involved and the potential political implications. Following the order for liquidation, a provisional liquidator will be appointed, followed…
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Thai jewellery industry urged to focus on sustainable manufacturing
The Gem and Jewellery Institute of Thailand (GIT) urged Thai jewellery producers to bolster their focus on sustainable manufacturing. The call to action comes amid growing customer interest in the ethical and environmental considerations of the industry. GIT, an agency of the Commerce Ministry, emphasised that while the industry primarily centres around design and the ability to refine uncut jewels,…
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Thai baht heads for poorest January since 2020
The Thai baht, after experiencing a nearly 4% loss compared to the US dollar, is on track for its poorest January performance since 2020. The currency’s downfall signals further challenges ahead, given the significant outflows. Emerging Asia’s top-performing currency in the fourth quarter turned into this year’s biggest loser as global funds avoid Thai assets. This comes amid a dispute…
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Thailand gold prices take a slight tumble
Gold prices in Thailand saw a slight decrease at the start of the week. According to the latest figures from the Gold Traders Association (GTA), the price of gold jewellery is now set at 34,550 baht per baht weight as of Monday, representing a 50 baht drop from the previous day’s close. The domestic gold market experienced a minor adjustment…
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Bitcoin ETFs surge after US SEC approval boosts annual ROI
Having received approval from the US Securities and Exchange Commission (SEC) for 11 Bitcoin exchange-traded funds (ETFs), the cryptocurrency is seeing a resurgence, boosting its annual return on investment by over 150%. This surge has been aided by a predicted Bitcoin halving in April, leading to the cryptocurrency reclaiming its top position for asset annual ROI. The decision by the…
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Thailand’s Land Bridge project eyed for boosting economy amid local concerns
Thailand’s Land Bridge project, a major infrastructure initiative resembling a proposed shortcut through Southeast Asia, dominated the recent mobile Cabinet meeting in Ranong. Residents expressed apprehensions to Prime Minister Srettha Thavisin, highlighting potential environmental damage and disruptions to their lifestyle. In the face of forecasted stagnant GDP growth, the government views the Land Bridge project as a promising solution for…
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Italian scientist receives Thai honour, boosting Thailand-Italy relations
The Prince Mahidol Award 2023, a distinguished Thai honour in the medical field, has been conferred upon Prof Dr Napoleone Ferrara, an Italian medical scientist. The award’s presentation underscores the over 156 year old bond between Thailand and Italy. The Italian Embassy in Thailand celebrated this honour, hosting a ceremony for Professor Dr Ferrara. Distinguished Thai figures with notable Italian…
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NocNoc leverages AI for personalised consumer experiences with IPO planned for 2028
NocNoc, the e-marketplace specialising in home products and services, leverages artificial intelligence (AI) to deliver personalised online and offline consumer experiences. The platform is expanding into new lifestyle categories to tap into the home and living market, estimated to be valued at around 450 billion baht. Better Bee Marketplace Co, the firm behind the platform, anticipates an initial public offering…
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