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 5 ways retirees in Thailand lose money (and how to stop it)
Retiring in Thailand can be affordable and enjoyable, but many retirees lose money due to common mistakes. High living costs, scams, and unexpected expenses can quickly drain savings. There are five ways that retirees in Thailand can lose money and...
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Cyber crime costs Thailand 6.76 billion baht in 70 days
Cyber crime inflicted a devastating blow to Thailand’s economy with losses amounting to 6.76 billion baht (US$192 million) within a span of 70 days, as reported by the Cyber Crime Investigation Bureau (CCIB). Despite a decline in call centre scams, there was a noted surge in scams related to the struggling economy, including those promising additional income and fraudulent loan…
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Bank of Thailand resists calls for policy adjustments amid economic slump
The Bank of Thailand (BoT) countered government calls for monetary policy adjustments to stimulate the country’s slumping economy. Piti Disyatat, BoT Assistant Governor, stated today, January 15, that interest rates, already quite low compared to global standards, are not the solution to an economy being pummelled by external factors like dwindling global demand. Piti emphasised that the country’s lacklustre economic…
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Steady gold prices in Thailand spark call for quick decisions
The Gold Traders Association (GTA) revealed that today’s gold prices remain unchanged from yesterday, urging quick decisions to be made. As of today, the selling price for gold ornaments is stated at 34,350 baht per baht-weight, a steady hold from the final price of yesterday, according to the most recent data from the GTA at 9.03am. Gold bars with 96.5%…
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Taxing choices: Thai Excise Department ponders single rate or weighty decision for cigarettes
Ekniti Nitithanprapas, Excise Department Director-General, announced that the department is deliberating over whether to implement a single tax rate or a weight-based tax for cigarettes. Currently, the tax structure is a two-tier system, with a 25% tax applied to cigarette packs retailing at up to 72 baht (US$2), aimed at reducing the impact on low-income individuals. Packs costing more than…
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Urgent call for faster use of investment budgets to boost the economy of Thailand
Business executives are urging the government to prompt state enterprises and local government organisations to speed up the use of current investment budgets and to roll out more stimulus packages. This is seen as a crucial step to propel the economy while awaiting the fiscal 2024 budget. The executives stress the importance of quick distribution of the 2024 budget once…
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AI surge anticipated in devices following CES reveals
Tech analysts are anticipating a surge in the use of artificial intelligence (AI) assistants in devices such as PCs and smartphones. This follows several AI-related announcements at the recent Consumer Electronics Show (CES) in Las Vegas. The new products include AMD’s Ryzen 8000 series of processors, the complete range of Intel’s 14th Gen processors, and a variety of laptops featuring…
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Boxed milk prices set to rise due to increased raw milk costs
The Internal Trade Department under the Commerce Ministry is poised to consider and approve a potential rise in boxed milk prices, following a request in alignment with increased raw milk production costs. The move comes on the heels of the Milk Board’s recent approval to hike the median ex-factory rates for raw cow’s milk by 2.25 baht (US$0.064) to reach…
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Thailand courts Hungary for investment to boost global influence
Hungary has been courted by Thailand for potential investment opportunities in a bid to broaden the Southeast Asian nation’s global influence or soft power. This strategic call for investment was made by the Deputy Prime Minister of Thailand, Phumtham Wechayachai, in a recent conversation with Sandor Sipos, the Hungarian Ambassador to Thailand. The dialogue, which took place yesterday, comes ahead…
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UBE pivots towards functional food sector for increased revenue
Following its listing on the Stock Exchange of Thailand two years ago, Ubon Bio Ethanol Plc (UBE) is actively pursuing a shift in its corporate branding. The company, originally known for its ethanol business, is now focusing on the development of value-added products, primarily in the functional food sector. This new direction is expected to increase revenue and offer innovative…
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Thai Government plans digital shift for lottery sales
The Government Lottery Office (GLO), under the umbrella of the Finance Ministry, unveiled plans to transition from traditional lottery stalls to digital ones. Lavaron Sangsnit, the permanent finance secretary and chairman of the GLO board, revealed this strategy, which will be initiated from next month. The GLO has been selling digital lottery tickets through the Pao Tang app since 2022…
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US bitcoin ETFs make splash in debut, marking crypto milestone
The long-awaited launch of the first United States exchange-traded funds (ETFs) investing directly in Bitcoin has finally taken place. This event has been marked as a significant milestone in the digital-asset industries over a decade-long campaign for recognition and mainstream acceptance. The nearly a dozen ETFs come from investment heavyweights like BlackRock Inc. and Fidelity Investments. On the first day…
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Thai-llywood lights, camera, baht! 2023 sees record of 6.6 billion baht roll in from film shoots in Thailand
A record-breaking 6.6 billion baht was generated by over 466 film shoots in Thailand in 2023, marking an impressive 40% increase in revenue from the previous year. This remarkable upturn was largely credited to the production of high-budget films, including a blockbuster with a budget of 3 billion baht. Jaturon Phakdeewanit, the head of the Tourism Department, noted the significant…
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SET foresees market recovery with return of foreign investment
The Stock Exchange of Thailand (SET) anticipates a recovery in return on investment this year, mirroring trends in regional markets due to an influx of foreign capital since 2023’s final quarter. Last year, foreign investors sold off Thai stocks amounting to US$5.51 billion, contrasting with 2022’s net purchase of US$5.96 billion. Nevertheless, foreign long-term investors held steady, owning around 30%…
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Finance Ministry proposes joint venture asset management companies to aid debtors
The Finance Ministry is advocating for collaborative investments between Specialised Financial Institutions (SFIs) and Asset Management Companies (AMCs), proposing the formation of joint venture asset management companies (JV-AMCs). This initiative aims to aid debtors who collectively hold three million accounts amounting to a total value of 230 billion baht, stated Paopoom Rojanasakul, the secretary to the finance minister. Rojanasakul explained…
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2C2P expands merchant partnerships under Alibaba’s Ant Group to boost SMEs
Aiming to enable offline small and medium-sized enterprises (SMEs) to accept e-wallet payments from Chinese visitors, 2C2P (Thailand) has been expanding its merchant partnerships under Alibaba’s Ant Group. The global payment platform predicts a substantial rise in revenue, from 3.2 billion baht last year to a projected 3.7-3.9 billion by 2024, representing a growth of 30% over 2022. Piyachart Ratanaprasartporn,…
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Thai Automotive Institute boosts EV industry with new test track
The Thailand Automotive Institute (TAI) is set to boost Thailand’s electric vehicle (EV) industry, constructing a test track to provide manufacturers with a range of testing services, subsequently becoming a new revenue stream for the country. This track, under construction in Chachoengsao, is designed to facilitate a broad spectrum of tests including braking and parking brake performance, speed, distance and…
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Malaysia and Singapore unite to boost trade with special economic zone
Major trading partners Malaysia and Singapore agreed on a collaborative effort to establish a special economic zone. This endeavour aims to enhance trade between the neighbouring countries, which consider each other as their second most significant trading partner. The proposed economic zone is slated to be located in Johor, a southern state of Malaysia. This zone will allow businesses to enjoy…
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Em District sees retail growth amid economic uncertainty in Thailand
Despite the economic uncertainty, Em District, the retail operator, witnessed growth from high-spending customers at its three malls in the final quarter of 2023. The chief executive, Kriengsak Tantiphipop, confirmed that Thailand continues to attract foreign tourists, leading to increased footfall from both local and international visitors, particularly high-spending independent tourists. Kriengsak observed that while the influx of Chinese tourists…
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CPN predicts 20% retail sales surge due to Chinese New Year and tax scheme
Central Pattana (CPN), a SET-listed firm, is forecasting a 20% surge in retail sales for the first quarter, attributing the anticipated boost to the Chinese New Year festival and the Thai government’s Easy E-Receipt scheme. The company predicts a cash flow of 15 billion baht across all Central shopping mall branches. Nattakit Tangpoonsinthana, the chief marketing officer of CPN, expressed…
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JSCCIB urges BoT to cut high interest rates amid economic threats
As the economy grapples with internal and external threats, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) called on the Bank of Thailand (BoT) to reduce interest rates. The high interest rates are causing a surge in borrowing costs, amidst a volatile recovery due to the global economic downturn. These views were expressed by Sanan Angubolkul, chairman of…
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Innobic divests Alvogen Malta shares, refocuses on Asia-Pacific pharmaceutical market
In a strategic move to refocus its pharmaceutical sector, Innobic (Asia) Co, the life sciences division of the PTT Plc national oil and gas conglomerate, has entirely divested its shares in Alvogen Malta (Out-licensing) Holding (AMOLH). The shares were acquired by Floki Holding Société à Responsibilité Limitée, a healthcare and pharmaceutical firm based in Luxembourg. The transaction is expected to…
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Thai PM and central bank clash over interest rates amid low inflation
The clash between Prime Minister Srettha Thavisin, who also holds the Finance Minister portfolio, and the Bank of Thailand (BoT) intensified. The prime minister has been vocal about his belief that the central bank should lower its interest rates as inflation rates have decreased. On a social media platform, PM Srettha blamed the BoT for causing harm to the economy…
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EGCO finalises Compass Portfolio acquisition, boosting US power capacity
Electricity Generating (EGCO), the power generation subsidiary of Thailand’s Electricity Generating Authority, has finalised the purchase of the Compass Portfolio in the US, a move that boosts the company’s overseas earnings from the energy sector. The acquisition bolsters EGCO’s total power generation capacity to 652 megawatts, a figure determined by its stake in the Compass Portfolio. Thepparat Theppitak, EGCO President,…
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Thai bond market set for 890 billion baht redemption this year
This year, bonds worth an estimated 890 billion baht (US$25,406,794,400), primarily investment-grade, are slated for redemption, according to the Thai Bond Market Association (ThaiBMA). Around 73 billion baht (US$ 2,083,928,080) of these are set to mature within this month. The association’s president, Somjin Sornpaisarn, anticipates Thai private enterprises to float long-term bonds of approximately 1 trillion baht (US$ 28,546,960,000) throughout…
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Finance ministry’s vigilant watch over corporate debenture repayments
Corporate debenture repayments are under the watchful eyes of the Finance Ministry, according to a statement by Lavaron Sangsnit, its permanent secretary. The ministry, along with the Bank of Thailand (BoT) and the Securities and Exchange Commission (SEC), are vigilantly monitoring potential defaults on maturing debentures. In a recent evaluation, it emerged that only a single company was struggling to…
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Samsung’s operating profit takes a hit amidst subdued demand for tech
South Korean giant Samsung Electronics Co reported its sixth consecutive quarter of falling operating profits, underlining subdued consumer demand and fuelling uncertainty about a broader tech recovery timeline. The company witnessed a 35% decline in operating income to 2.8 trillion won (US$2.1 billion), falling short of estimates by 24%. Moreover, revenue slid to 67 trillion won, a steeper plunge than…
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IMF predicts six top global economies in 2024 to be from Sub-Saharan Africa
Six of the top-performing global economies in 2024 will be from Sub-Saharan Africa, predicts the International Monetary Fund (IMF). Despite the limited scale of these economies, they’re contributing positively to a region plagued by poverty and inequality. The economic growth of this region is set to rise from 3.3% in 2023 to 4% in 2024, with standout performances from Ivory…
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Thailand’s exports predicted to see slight rise in 2024
The Thai National Shippers’ Council anticipates a slight upturn in Thailand’s exports, predicting an increase of 1%-2% for 2024, as per today’s disclosure. This estimate aligns with a prior forecast, underscoring the critical role exports play in the economic health of Southeast Asia’s second-largest economy. However, the current global demand climate has resulted in sluggish trade in recent times. Chaichan…
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Electric vehicle market faces risk from non-performing loans
The rising popularity of electric vehicles (EVs) is facing a new challenge as concerns over non-performing loans (NPLs) seep into the EV market. The rapid surge in EV sales has led to worries about whether buyers, many of whom are considered new-generation people with weaker financial standing, will be able to meet their instalments. This could lead to an increase…
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Bank of Thailand forecasted to initiate rate cuts later this year
Leading economists anticipate that the Bank of Thailand will initiate rate cuts in the second half of this year, potentially reducing the policy rate to 2%. This prediction aligns with the current economic status of the country and the assumption of an impending rate cut by the US Federal Reserve in the second quarter. Amonthep Chawla, the chief economist at…
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