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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Flooding devastates Chiang Mai tourism, occupancy drops to 50%
Flooding in northern Thailand has severely impacted tourism in Chiang Mai, with many visitors cancelling their plans, according to the Tourism Council of Chiang Mai. The Ping River recently reached its highest levels since 2011, causing significant flooding in Mueang Chiang Mai, including its key business and tourism districts. Outer districts, such as Mae Rim, known for its natural parks…
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Thailand to introduce carbon tax to curb emissions this year
Thailand is set to implement a carbon tax this year, Deputy Finance Minister Paopoom Rojanasakul announced at the Road to Net Zero 2024: The Extraordinary Green event. The Finance Ministry plans to propose the carbon tax measure to the Cabinet for approval soon, with the goal of rolling it out in the coming months. Paopoom explained that this measure aims to…
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Thailand’s manufacturing index set to drop 1% due to floods
Thailand’s Manufacturing Production Index (MPI) is projected to decline by 1% this year, according to the Office of Industrial Economics (OIE). The contraction is attributed to various economic issues and the severe flooding experienced in recent months. OIE Director-General Warawan Chitaroon indicated that the best possible outcome for MPI growth is to remain flat. The office had previously adjusted its…
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Mortgage growth in Thailand hits 23-year low at 1.2%
Kasikorn Research Center (K-Research) projects a mere 1.2% growth in mortgages within the commercial banking sector this year, marking the lowest expansion rate in 23 years. This subdued growth is largely due to the weakened purchasing power of potential homebuyers. According to Kanjana Chockpisansin, head of banking and financial sector research at K-Research, the second quarter of 2024 saw commercial…
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Thai gold prices poised to break past record amid global surge
Gold prices in Thailand are poised to break past the previous high of 42,150 baht per baht-weight (15.2 grams) as international gold prices hover near record levels, nearing US$2,700 per ounce, according to local traders. Yesterday, September 25, domestic gold prices rose by 200 baht, reaching 41,100 baht for gold bars, as the price of bullion increased by 0.3% to…
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Golden weak: Chinese tourists to Thailand dip as baht bites
Chinese tourist numbers during the upcoming Golden Week holiday are anticipated to be lower than expected, influenced by a strong baht and China’s sluggish economy, which are limiting tourist spending. This trend is also prompting other international visitors to negotiate lower service prices. Thanet Supornsahasrungsi, the Association of Chon Buri Tourism Federation President, highlighted concerns about the appreciating baht’s adverse…
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Flying foreign: Thai aviation industry in a tailspin over pilot proposal
The Thai aviation industry has been stirred by the proposal to allow foreign pilots to operate domestic routes, a move considered unusual as such roles are traditionally reserved for Thai nationals. Thai Vietjet’s request, though temporary, aimed to address an aircraft shortage during peak travel seasons, has met with significant resistance from the Thai Pilots Association. A global shortage of…
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Thai exports up 7% in August, hitting US$26.2 billion
Thai exports saw a significant rise in August, expanding by 7% to reach US$26.2 billion (940 billion baht), fuelled by a surge in demand for agricultural and food products. This growth was attributed to the increased purchasing power of trading partners, alongside support from global climate fluctuations and the recovery of the service sector in key markets, said Poonpong Naiyanapakorn,…
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Charged up: Thailand greenlights 7.12 billion baht EV subsidy
The Thai Cabinet has sanctioned the allocation of 7.12 billion baht (US$218 million) from the central reserve budget to support the electric vehicle (EV) subsidy program. This decision was announced following the weekly Cabinet meeting yesterday, September 24. Jirayu Huangsab, an advisor to the prime minister, confirmed that the allocated budget will subsidise buyers of EVs and motorcycles who have already…
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Thailand’s car industry slams the brakes: August downturn hits hard
Thailand’s automotive industry is hitting the skids, with car manufacturing, domestic sales, and exports all taking a nosedive in August, according to the Federation of Thai Industries (FTI). Surapong Paisitpatanapong, Vice-Chairman and spokesperson for the federation’s Automotive Industry Club, sounded the alarm, pointing to tough times in securing auto loans as a major roadblock for domestic sales. In August, total…
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I’m hiring it: McDonald’s Thailand adds Texas Chicken crew to menu
McDonald’s Thailand is welcoming employees from Texas Chicken, which is set to close at the end of this month. Yesterday, September 23, McDonald’s Thailand’s Recruitment Facebook page posted a message specifically inviting Texas Chicken employees to apply for positions at McDonald’s, which operates over 230 branches across the country. “To our friends at Texas Chicken, we are saddened to hear…
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Thailand’s virtual banking sector faces competition for licences
Thailand’s emerging virtual banking sector is seeing intense competition as the number of applications has surpassed the available licences. The Bank of Thailand (BoT) announced it received five applications for virtual banking licences before the deadline, with plans to grant a maximum of three licences. The successful bidders are expected to be announced by mid-2025. The BoT has not disclosed…
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Domestic tourism makes tracks but misses 1 trillion baht mark
Domestic tourism is on track to achieve 200 million trips this year, though revenue is anticipated to fall short of the 1 trillion baht (US$30 billion) target, reaching only 965 billion baht (US$29.3 billion). The private sector is urging for the promotion of second-tier cities through a loyalty programme to bolster local tourism. From January to July, domestic tourism receipts…
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Thailand delays minimum wage hike to 400 baht by two weeks
Thailand’s decision to delay the planned increase in the minimum wage to 400 baht per day will extend the wait by about two weeks, according to a senior labour official. This postponement, initially set for October 1, is due to the committee responsible for the hike not meeting quorum requirements in its recent sessions. The committee, comprising representatives from employers,…
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Activist questions Paetongtarn’s resignation from family firms
Political activist Ruangkrai Leekitwattana has pressed the Election Commission (EC) to investigate whether Prime Minister Paetongtarn Shinawatra properly resigned from executive positions in 20 family-owned companies before her election. Ruangkrai questioned if Paetongtarn adhered to the Department of Business Development’s procedures when stepping down from roles in firms associated with her family. Failure to resign appropriately would violate Section 187…
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Thailand car makers must shift into gear for EV production by 2026
In a bold move that’s set to shift gears in the automotive world, the Excise Department declared that car manufacturers cashing in on the government’s electric vehicle (EV) incentives must start cranking out key components right here in Thailand by 2026. That’s the word from Excise Department Director-General Ekniti Nitithanprapas. Ekniti has laid down the law, insisting that the electric…
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Baht-boom fallout: Thai economy in choppy waters after Fed slash
The economy is teetering on the edge as the surging Thai baht causes ripples across the nation. In the wake of a significant rate cut by the US Federal Reserve (Fed), local industries are now urging the Bank of Thailand’s Monetary Policy Committee (MPC) to take swift action. For over a year, the MPC has held interest rates steady, but…
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ETDA unveils new rules to combat subpar e-commerce products
The Electronic Transactions Development Agency (ETDA) implemented new guidelines to tackle the issue of substandard products on digital platforms, particularly focusing on the influx of inferior imported items. The agency aims to bolster regulatory frameworks to boost consumer confidence. Titled Management of the Sale of Products Requiring Standards on Digital Platform Services, these guidelines took effect yesterday, September 22, under…
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Throttle trouble: Thai motorists hit the brakes on new car buys
Thai motorists are hitting the brakes on new car purchases due to economic jitters, revealed in a new report by Differential (Thailand) Co Ltd, a data analytics, technology, and research firm. The 2024 Customer Experience Report, which polled over 2,500 Thai car buyers from November 2020 to December 2022, found that a whopping 70% of respondents intend to buy a…
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Mama noodles maker supports 400 baht minimum wage hike
Thai President Foods PLC, the producer of Mama instant noodles, expressed no opposition to the proposed minimum wage increase to 400 baht, according to Managing Director Phan Phaniangwet. He urged the Thai government to finalise the decision promptly, citing the recent volatility of the Thai baht. The baht’s rapid appreciation in recent weeks has had mixed effects on the company.…
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Thailand jumps to 7th in global cybersecurity index
Thailand has leapt to seventh position in the Global Cybersecurity Index (GCI) this year, a significant rise from 44th place in 2020, as reported by the National Cyber Security Agency (NCSA). The index, which evaluates 194 countries, is administered by the International Telecommunication Union (ITU). The GCI, with 46 countries, including Thailand, classified as tier 1, measures cybersecurity commitment across…
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Thai hotels back new co-payment scheme amid fraud cases
Hotel operators in Thailand have embraced a proposal to revive the co-payment scheme for hotel expenses, viewing it as a potential boost for domestic spending. However, concerns have been raised regarding 1,400 unresolved fraud cases from the scheme’s previous phases. Tourism and Sports Minister Sorawong Thienthong discussed the matter with Prime Minister Paetongtarn Shinawatra, who agreed in principle to reintroduce…
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Malaysia and Cambodia launch cross-border QR payment system
Malaysia and Cambodia have collaboratively launched a cross-border quick response (QR) payment linkage, enabling consumers and merchants to conduct instant retail payments via mobile applications. This initiative, announced by Bank Negara Malaysia and the National Bank of Cambodia (NBC), aims to enhance the payment experience and expand market reach for over 5 million merchants in both countries, primarily small businesses.…
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Virtual bank brawl: Thailand’s money movers make their pitch
Competition for virtual bank licences in Thailand is reaching fever pitch, with five heavyweight business groups stepping forward just before the application deadline. The Bank of Thailand and the Ministry of Finance are set to issue an undisclosed number of licences, with the winners announced in the first half of next year. Successful applicants will have a year to kick-start…
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Thailand’s consumer cashflow set to rise above 2019 levels
Thailand’s consumer spending is set to smash past 2019 levels for the first time, fuelled by expected interest rate cuts from the Bank of Thailand and a booming tourism sector, leading analysts reveal. In spite of sky-high household debt, consumer confidence is riding high thanks to a surge in foreign tourist arrivals—a key lifeline for Thailand’s economy, according to BMI,…
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Thailand’s golden rice grain faces storm from strong baht and India
Thailand’s rice exports are teetering on the edge of crisis with looming threats from a strong baht and potential policy changes in India. The Thai Rice Exporters Association has cast a shadow over next year’s outlook, predicting exports might flop below the eight million tonnes mark. Chookiat Ophaswongse, the association’s honorary president, revealed the unsettling news despite unabated flooding wreaking…
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Bangkok Bank gives a healthy boost to Siriraj with 70 million baht
Bangkok Bank Public Company Limited (PCL) made a healthy contribution of more than 70 million baht to Siriraj Hospital through its Bangkok Bank-Siriraj Card Project, reinforcing the bank’s dedication to social responsibility and community support. On Mahidol Day, Pochanee Kongkalai, Executive Vice President and Assistant VP of Customer Banking, proudly presented the cheque for 70,315,053.39 baht to Professor Dr Apichat Asavamongkolkul,…
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Thailand to borrow 2.59 trillion baht for 2025 budget
The Government of Thailand announced a borrowing plan of 2.59 trillion baht for the 2025 fiscal year, assuring that this will not hinder the private sector’s fundraising efforts, a Ministry of Finance official stated yesterday. Jindarat Viriyataveekul, public debt adviser at the ministry, said the debt plan, which begins on October 1, should not cause concern in the markets. She…
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Entry Thailand: The portal to paradise
The Tourism and Sports Ministry has rolled out a brand new web portal designed to revolutionise the way foreign tourists access essential services in Thailand. Dubbed “Entry Thailand,” this innovative platform not only features an electronic travel authorisation (ETA) system but also prepares for a future 300-baht fee for incoming visitors. Mongkon Wimonrat, the Tourism and Sports Ministry Deputy Permanent Secretary,…
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Waste not, want not: Thailand tightens reins on dirty paper imports
Thailand’s Foreign Trade Department is cracking down on dirty deals—literally. Stricter import controls on waste paper are in the works to safeguard public health and protect the environment. Ronnarong Phoolpipat, Foreign Trade Department Director-General, dropped the bombshell. The Commerce Ministry has been inundated with reports all year from concerned entrepreneurs. These tip-offs revealed that imported waste paper is ending up…
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