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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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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Mortgage rejection rates to rise for homes under 3 million baht
Mortgage applications for homes priced below 3 million baht are expected to continue facing high rejection rates for the next two years due to a slowdown in the residential segment. A research centre under the Siam Commercial Bank Economic Intelligence Centre (SCBEIC), reports that house sales priced under 3 million baht in the Bangkok Metropolitan Region (BMR) are likely to…
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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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Thai Union posts 1.2 billion baht Q2 profit, up 14.2%
Thai Union Group Plc has recorded a net profit of 1.2 billion baht in the second quarter of this year, marking an increase of 14.2% compared to the same period last year. Sales for the group rose by 3.6% year-on-year, reaching 35.3 billion baht. The gross profit margin remained at 18.5%, the second-highest in the company’s history. The net interest-bearing…
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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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Thailand boosts export defences amid global recession fears
The Government of Thailand ramped up efforts to counter potential impacts on exports amid concerns of a looming global recession driven by US economic uncertainties. Commerce Minister Phumtham Wechayachai highlighted the continuous monitoring of the US economic landscape, expressing worries about a possible recession that could ripple through global markets. “The government will not let Thai businesses and consumers be…
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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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Thai-ing up the wins: Olympic success set to spike sports sales
The Thailand Sporting Trade Association anticipates a surge in interest in sport among Thais following the successes of Team Thailand at the 2024 Paris Olympic Games, offering a prime opportunity to boost sales of sports equipment. Kitti Charoenpornpanichkul, president of the association, noted that medal-winning events featuring Thai athletes naturally attract significant public attention, fostering a desire among fans to…
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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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Thailand emerges as AI and health tech innovation hub
Venture capitalists are intensifying their focus on investment opportunities in startups centred around artificial intelligence (AI), transformative digital healthcare, and the burgeoning pink technology sector. According to industry experts, Thailand’s robust healthcare, agriculture, and tourism industries, coupled with local companies’ consistent investment in innovation, position the country as a formidable launchpad for startups. Major firms are propelling innovation by investing…
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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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Cotti Coffee gains ground in Thailand with affordable menu
Cotti Coffee, a popular Chinese coffee franchise, is making waves in Thailand with its affordable menu starting at just 55 baht. The franchise currently operates eight branches in Bangkok, contributing to the growing presence of Chinese brands in the country. Chinese products are becoming increasingly common in major Thai cities, with a variety of items such as clothing, food, and…
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Startups to receive up to 50 million baht from BoI initiative
Startups with significant growth potential in targeted industries will receive financial backing, up to 50 million baht each, through a new initiative launched by the Board of Investment (BoI). This initiative, known as the Matching Fund, operates under a larger fund managed by the Competitiveness Enhancement Board, chaired by Finance Minister Pichai Chunhavajira. The Matching Fund aims to collaborate with…
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Bank of Thailand increases outflow limit, eases forex
The Bank of Thailand (BoT) is set to ease foreign exchange regulations further to bolster business operations and enhance the country’s foreign exchange ecosystem. This strategic move aims to provide long-term benefits to Thailand’s economy. The central bank plans to introduce additional relaxations in the fourth quarter, marking the third phase of its foreign exchange ecosystem initiative. This phase will…
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Ford Thailand urges support for ICE car sector amid EV rise
Ford Thailand is urging the government to extend support to companies in the internal combustion engine (ICE) car segment, particularly motorcycle manufacturers, who are struggling to adapt to the rapid expansion of the electric vehicle (EV) market. Despite the implementation of measures such as tax cuts and subsidies to promote the EV industry, ICE sector operators have yet to see…
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AIS, Oracle Alloy unveil Thailand’s first hyperscale cloud service
Advanced Info Service (AIS) announced a partnership with Oracle Alloy to introduce Thailand’s first locally owned and operated hyperscale cloud infrastructure services. This significant collaboration aims to enhance the country’s cloud and artificial intelligence (AI) landscape, currently valued at around 100 billion baht. The newly formed partnership, confirmed to involve a joint investment of up to 8 billion baht by…
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Thailand’s bike boom hits a brake with debt drag
Thailand’s motorcycle manufacturing output is expected to continue its decline in the second half of the year due to high household debt and a weak economy, according to the Federation of Thai Industries (FTI). The FTI Vice-Chairman and spokesperson for the federation’s Automotive Industry Club, Surapong Paisitpatanapong, commented on the challenging economic conditions. He noted that while the motorcycle industry…
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Krungthai Bank loan growth: No contraction in confidence
Krungthai Bank (KTB) remains confident in meeting its loan growth target for this year, despite a lending contraction during the initial six months. The bank focuses on achieving a 3% total loan growth throughout 2024, according to its President, Payong Srivanich. The Thai economy’s uneven recovery in the first half of the year and persistent uncertainties in the latter half…
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What is the current state of Thailand’s casino legislation, and how likely is it to change in the near future?
Thailand stands on the brink of a potentially transformative shift in its approach to gambling. For many years, casinos have been completely banned in the country, reflecting a conservative stance deeply rooted in cultural and legal traditions. However, recent developments suggest that Thailand might be on the path to legalising and regulating casino operations, marking a significant departure from its…
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Thai rice exports forecasted to drop below 8 million tonnes in 2025
Thai rice exports are projected to fall below 8 million tonnes next year, facing several challenges that threaten their competitiveness. Key issues include insufficient research and development (R&D) in rice varieties, a rising global supply of rice, and the potential lifting of India’s rice export restrictions by the end of the year. Charoen Laothamatas, president of the Thai Rice Exporters…
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