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 Why retirees in Thailand are choosing long-term health insurance over quick fixes
Retirees in Thailand are increasingly seeing the importance of health insurance in protecting their well-being during retirement. With insurance requirements for retirement visas and rising healthcare costs, many are moving away from short-term plans and choosing long-term coverage. Long-term health...
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Thailand urged to increase renewable power target beyond 50%
A call for an increase in renewable power generation beyond the target of 50% outlined in the Power Development Plan (PDP) has been issued to the government. The PDP is due to be finalised in the second quarter of this year. This rise is essential since Thailand has pledged to achieve carbon neutrality, a balance between carbon dioxide emissions and…
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Plant-based meat popularity fuels new ventures in Thailand
The appeal of plant-based meat production continues to rise as companies recognise the lucrative potential of this burgeoning sector. The opportunity to tap into a new revenue stream and cater to health-conscious consumers has led to collaborations between local entrepreneurs, scientists, and international firms, said Buranin Rattanasombat, the senior executive vice-president for new business and infrastructure at PTT Plc. “In…
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Singapore introduces flexible work options from December 1
Singapore employees are set to enjoy a new level of workplace flexibility starting from December 1, with the ability to request four-day work weeks, increased remote working days, and varied work timings. This move is part of a broader global shift as governments and companies loosen traditional office structures to retain skilled staff. The Ministry of Manpower has revealed that…
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Sweet sorrow: Thailand’s sugarcane harvest takes a hit
A significant reduction in Thailand’s sugarcane yield in the 2023–24 crop year has been reported by the Office of the Cane and Sugar Board (OCSB). This decrease in production is attributed to severe drought conditions and is expected to have an impact on the worldwide sugar supply. Thailand is the second-largest exporter of sugar globally, following Brazil. Therefore, any decrease…
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Dip in Pattaya hotel occupancy despite Songkran festivities
Pattaya’s hotels and those in neighbouring provinces have seen a dip in occupancy rates during the Wan Lai Songkran festival. This downturn has prompted hoteliers to critique the promotional strategy for the extended 21-day Songkran celebration. Morrakot Kuldilok, head of the eastern chapter of the Thai Hotels Association (THA), projected that the occupancy rate in Pattaya would touch 70% over…
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Asian shares plunge over 2% amid rising Middle East tensions
Asian shares experienced a significant plunge of over 2% as tensions rose in the Middle East, according to MSCI’s broadest index of Asia-Pacific shares. This was in response to reported Israeli missile attacks on Iranian sites, which also caused US stock futures to drop by 1.3%. The escalation in hostilities has driven the bond yields to tumble, with US long-term…
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Food for thought: Thai restaurant operators adopt new strategies
The increasingly competitive nature of Thailand’s food industry has spurred restaurant operators to adopt inventive strategies. They are now focusing on adapting to shifts in consumer preferences and lifestyle changes, ensuring their businesses remain competitive and continue to grow, as noted by the leader of a prominent conglomerate. Nath Vongphanich, who heads Central Restaurants Group, estimated the restaurant market in…
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Thai and Taiwanese firms join to build medical products plant
Aiming to capitalise on the government’s initiative to make Thailand a medical hub in Southeast Asia, Thai firm Namwiwat Medical Corporation (Nam) and Taiwanese company Somnics Inc have joined forces to construct a new manufacturing plant. The facility, intended to serve as an export base, will produce a wide range of medical products, including sleep-enhancing devices. Nam, a local sterilised…
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Thailand advances its bid for OECD membership to boost economy
Thailand is forging ahead with its application to become a member of the Organisation for Economic Cooperation and Development (OECD), a move that is anticipated to significantly enhance the country’s economic growth. The Thai Foreign Affairs Minister, Parnpree Bahiddha-Nukara, took a proactive step on Tuesday, April 16, by submitting an official letter of intent to Mathias Cormann, the secretary-general of…
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Thailand Post considers becoming virtual banking agent
Thailand Post, the government-owned logistics firm, is examining the possibility of becoming a neutral virtual banking agent to supplement the functions of emerging virtual banks, according to Chief Executive Dhanant Subhadrabandhu. The national organisation plans to use its extensive network of 1,600 branches and a delivery workforce of 25,000 to support this initiative. Serving as a neutral virtual bank agent…
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Hyundai’s electrifying dismay: Thailand EV sales spark low
Hyundai Mobility Thailand, the Korean automaker’s subsidiary, warns that this year’s electric vehicle (EV) sales in Thailand may fall short of the predicted 130,000 units. The company cites an ongoing price war amongst Chinese EV manufacturers as the primary obstacle, leading to unstable car prices and discouraging potential buyers. The managing director of Hyundai Mobility Thailand, Wallop Chalermvongsavej, noted the…
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Thailand’s revenue department ups tax amid economic slowdown
The Revenue Department faces a challenging year in meeting its tax collection targets, owing to a slowdown in economic activities. Despite this, five sectors have been identified as promising. The department, led by director-general Kulaya Tantitemit, has increased its revenue collection target to 2.27 trillion baht (US$61.7 billion) for the fiscal year 2024, up from 2.02 trillion baht (US$55 billion)…
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Revving up: Rever Leasing to drive BYD EV financing in Thailand
Rever Leasing, a vehicle finance subsidiary of Rever Automotive Co, the exclusive distributor for BYD electric vehicles (EVs) in Thailand, is set to launch operations next month. The firm has set a high target to become the top electric vehicle loan provider in Thailand within the next few years. Isara Wongrung, the CEO of Rever Leasing, expressed confidence in the…
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Thai IT service demand surges due to digital transformation and AI
Global managed service provider Kyndryl believes the demand for information technology (IT) services in Thailand is being driven by factors such as digital transformation, artificial intelligence (AI), smart cloud, and the modernisation of IT infrastructure. Kyndryl was born out of the spin-off of IBM’s infrastructure service business in 2021. Kittipong Asawapichayon, the managing director of Kyndryl Thailand and Vietnam spoke…
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Thai trial shows railway’s agricultural haul potential
A recent trial by Thailand Science Research and Innovation (TSRI) has demonstrated the vast potential of railway logistics for long-distance transportation of agricultural products. The experiment resulted in a 13-fold reduction of carbon emissions compared to air freight, as well as significant cost savings. Running the trial with high-efficiency mobile refrigerated container trains, TSRI transported the Royal Project’s fresh produce…
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Oil prices surge amid Middle East tensions and Russia-Ukraine war
Tensions in the Middle East and ongoing conflicts between Russia and Ukraine have elevated crude oil prices. Notwithstanding the fragile global economic climate, crude oil prices experienced a dip in the first quarter of the year, as the OPEC+ group of producers continued to restrict supply. Near the start of April 2024, the ICE Brent crude oil price has reached…
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Thailand likely to house major EV battery factory within two years
The Board of Investment (BoI) anticipates the establishment of a substantial facility for the manufacturing of battery cells for electric vehicles (EVs) in Thailand within a two-year timeframe. This projection follows a promotional roadshow conducted by the BoI in China just last week. Narit Therdsteerasukdi, the BoI Secretary-General, explained that this roadshow emphasised the benefits and incentives being offered to…
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Global oil prices dip over China’s economic slowdown
With the ongoing economic slowdown in China and diminishing hopes for imminent US interest rate reductions, global oil prices saw a decline in the early trade today. These concerns outweighed supply apprehensions triggered by escalating tensions in the Middle East. Trading at US$89.16 a barrel, Brent futures for June delivery experienced a minor decrease of 7 cents or 0.1%. Similarly,…
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Thai banks set for expansion amid ASEAN economies’ growth
A surge in regional business expansion is forecasted for major local banks in Thailand due to the growth potential of ASEAN economies. This outlook has been provided by Fitch Ratings Thailand, indicating promising revenue prospects for these banks through increased regional operations. In 2023, a noticeable upturn in the regional business of large local banks was observed, primarily due to…
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Tourism sector divided over elected versus appointed governors
The debate over elected provincial governors versus appointed heads is intensifying, revealing a divide among tourism operators. This issue gained momentum during last year’s general election, when several political parties, including Pheu Thai, proposed allowing locals to elect their governors, a practice already in place in Bangkok and Pattaya. Pheu Thai’s coalition government, during its policy announcement, introduced a CEO-governor…
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Thai govt plan for energy cost surge amid Israel-Iran conflict
Thailand’s Ministry of Commerce issued directives to state bodies to devise strategies to mitigate potential surges in energy costs in the event of an escalation in the Israel-Iran conflict. The directive follows Iran’s missile and drone assault on Israel, a retaliatory move against Israel’s alleged attack on Iran’s consulate in Damascus earlier this month. This marked the first direct attack…
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Southeast Asia lags in green investments
Southeast Asia is significantly lagging in green investments aimed at reducing emissions, according to a report by Bain & Company, a global consultancy. The region’s energy consumption is projected to increase by 40% within this decade, leading to a continued rise in carbon dioxide emissions due to its heavy reliance on fossil fuels. The report, produced in collaboration with green…
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Thai government profits from increasing Philippine rice imports
As the Philippines’ demand for rice imports swells, the Thai government is capitalising on this increasing requirement. The Southeast Asian country is set to import more rice this year than previously estimated, providing a lucrative opportunity for Thailand’s rice export market. Commerce Minister Phumtham Wechayachai has thus instructed the Department of Foreign Trade (DFT) and the commercial attaché in the…
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Bitcoin rebounds amid Middle East military escalation uncertainty
Bitcoin, the largest cryptocurrency, recently bounced back from its steepest drop in over a year, marking the beginning of potential volatility across asset markets as investors grapple with the looming prospect of a military escalation in the Middle East. Bitcoin yesterday rose by a maximum of 5.9% and was traded at around US$64,600 as of 11.40am in London. Smaller cryptocurrencies…
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Thailand aims to transform local festivals into renowned attractions
The National Soft Power Strategy Committee of Thailand is setting its sights on transforming traditional events into world-renowned festivals throughout the country’s 77 provinces. This objective will be achieved through comprehensive research and festival organisation training. The committee’s vice president, Dr Surapong Suebwonglee, highlighted the need to better manage the country’s numerous attractions. He opined that the country’s festivals, if…
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April alcohol sales set to double, spiking road accidents feared
The CEO of Carabao Group, Sathien Sathientham, predicts that April’s alcohol sales are set to double, except for December. This increase is anticipated due to the prolonged Songkran festival and the extension of bar and pub opening hours in several areas, including Bangkok and Phuket. Nuttapong Boontob, a board member and assistant secretary of the ThaiRoads Foundation, expressed concerns about…
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Songkran expected to boost Thailand’s economy with billions
The Songkran festival in Thailand this year is anticipated to bring between 140 and 200 billion baht into the country’s economy. The festival, which has been recognised as an Intangible Cultural Heritage event by Unesco, is predicted to attract 10 million international visitors who will contribute 11.8 billion baht to the total spending. In light of the festival’s recognition, the…
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Thai property stimulus measures to boost SET and lower costs
The Stock Exchange of Thailand (SET) is set to benefit from the newly sanctioned Thai property stimulus measures, which are expected to significantly lower costs for homebuyers. The reductions in transfer and mortgage fees apply to up to 70% of units available in the property market. The Cabinet this week approved measures for homes priced up to 7 million baht.…
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Thailand’s cybercrime problem persists despite efforts
Thailand’s digital economy and society (DES) minister, Prasert Jantararuangthong, revealed that despite efforts to curb cybercrime, the problem remains rampant with damages averaging 100 million baht daily. The Anti-Online Scam Operation Centre (AOC), set up to address this issue, is yet to see a decline in the number of cases. The ongoing scams are attributed to the scammers’ increasingly sophisticated…
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Thai industries fear trade slump due to Myanmar conflict
The Federation of Thai Industries (FTI) voiced concerns over the escalating armed conflict in Myanmar, predicting a further slump in border trade and a surge in illegal workers from Myanmar into Thailand. The Thailand-Myanmar border trade, valued annually at 100 billion baht (US$2.7 billion), tends to suffer whenever conflict escalates, according to Kriengkrai Thiennukul, chairman of the FTI. “There are…
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