economy
- World News
Singapore hails Thailand a leading digital nation in ASEAN
The Digital Economy and Society Minister, Chaiwut Thanakamanusorn, travelled to Singapore yesterday to sign a digital partnership agreement with Singapore’s Trade and Industry Minister Gan Kim Yong. Chaiwut, together with the Thai ambassador to Singapore, and the Thai PM’s secretary, met with Gan Kim Yong and agreed to promote 8 items on the MoU agenda, including digital transformation, e-commerce policies,…
- World News
Singapore is looking to Thailand and other countries for its chicken supplies
Singapore’s chicken supply is depending on Thailand, plus a few other countries, after Malaysia banned poultry exports last month. Before the ban, about a third of Singapore’s chicken came from Malaysia. In a country that takes its Chicken Rice meal VERY seriously, the situation has become an acute supply chain shortage in the island nation. Singaporean Minister of State for…
- World News
More Laotians travelling to Thailand for business, travel, and fuel?
More Laotians have been travelling to Thailand ever since the Nong Khai border checkpoint reopened. Before travel restrictions lifted, there were about 300 Laotians visiting Thailand per day. Now, that number has soared to about 2,000 Laotians per day, according the the head of customs control at Nong Khai Customs House, Pakin Tiabkam. Pakin said 30,000 foreigners crossed the Nong…
- Economy News
Migrant labour shortage threatens Thai food export industry
The threat of global food shortages due to the ongoing Russia Ukraine war has prompted several countries to buy and stock-pile food from Asia. The Thai food industry has witnessed a surge in larger international orders, but the honeymoon phase could be brief since a major labour shortage in the food sector remains unresolved, according to the Chairman of the…
- Economy News
Now there’s a Pepsi price surge coming to Thailand, too
Amidst Thailand’s skyrocketing prices on fuel, postal services, and palm oil, another item’s price is set to go up- Pepsi. Suntory Pepsico (Thailand) Beverage announced today that Pepsi’s price will rise by up to 2 baht per bottle starting June 1, now that the cost of plastic bottles and aluminium cans has risen. The company noted, however, that the price…
- Bangkok News
Thailand’s annual silk fair in Bangkok helps with ‘soft power’ scheme
The word ‘soft power’ has exploded into Thailand’s lexicon ever since young rapper ‘Milli’ promoted the country’s signature sticky rice and mango dish last month. In its soft power scheme, Thai authorities aim to promote the ‘5 Fs’ to the rest of the world. The 5 Fs are: food, films, fashion, fighting, and festivals. Now, Thai authorities say they will…
- Thailand News
Thailand to borrow 20 billion baht to maintain fuel subsidies
The Office of Fuel Fund plans to borrow 20 billion baht to top up the country’s oil price subsidies as residents and different departments are being increasingly affected by the rising oil price. The fund is seeking inbound loans from the Government Saving Bank and Krungthai Bank. The details are expected to be clear at the end of this month.…
- Crime News
Governor to drain the swamp with Bangkok’s criminal fraternity
Chadchart Sittipunt made over 200 pledges prior to his landslide election victory last Sunday with the economy, environment, and health, high on his list of priorities. And when the Bangkok governor-elect vowed to clean up the metropolis, he wasn’t kidding. The 56 year old’s four-year term as governor began in earnest this week and, his agreement to use criminals to…
- Phuket News
Things looking up in Phuket following return of international tourism
Provincial officials on the southern island of Phuket say the return of tourists has raised income levels and created more jobs. According to a Bangkok Post report, the return of international tourists has started to revive the island’s economy and reduced unemployment across Phuket. Data shared by Phuket governor, Narong Wunciew, reveals that since the launch of the Phuket sandbox…
- Thailand News
Thailand exempts cryptocurrency transfer VAT until 2023
The Royal Thai Government Gazette has formally announced a VAT exemption for transferring cryptocurrency from now until the end of 2023. The cabinet had approved the exemption of the value added tax, or VAT, for transferring cryptocurrency or digital tokens in March. Yesterday, the decision was passed into Thai law and will be in effect from yesterday until December 31,…
- Economy News
As fuel prices climb, Thailand’s delivery workers struggle
As Thailand’s fuel prices climb, some delivery drivers are saying the country’s attempts at subsidies aren’t helping them much. One motorcycle taxi driver told Thai PBS World that, even though the government offers a 250 baht discount per month on benzene or gasohol, it’s not worth it when he has to travel a long distance for it. The driver added that…
- Economy News
Unemployment rate dropped with removal of Covid-19 restrictions
Thailand’s unemployment rate dropped significantly since the coronavirus outbreak. The quota fell to 1.53% from 1.64% since the beginning of 2022 meaning just over 600,000 people are currently unemployed. Before the Covid-19 pandemic the unemployment rate was at 1% in Q1 of 2020, according to the National Economic and Social Development Council (NESDC). But the good news is that the…
- World News
Thai AirAsia X becomes third airline in Thailand to file for bankruptcy
Thai AirAsia X, the international low-cost carrier under the AirAsia umbrella, has had its bankruptcy claim accepted by a Thai court. This makes it the third airline in Thailand, along with Nok Air and Thai Airways, to file for bankruptcy since the start of the Covid-19 pandemic. TAAX director, Tassapon Bijleveld, says all existing bookings will be honoured, including flights…
- Phuket News
Thai officials vow to solve household debt problem at Phuket event
Thai officials held a ‘Household Debt Reconciliation Fair’ in Phuket yesterday. At the event, Thailand’s Minister of Justice Somsak Thepsutin said the government has designated 2022 as the “Year of Solving Household Debt”. He said that 2,810 people had registered for the event. Somsak said that several government departments have organised events to “facilitate the mediation process of household debts…
- World News
Thailand’s PM Prayut invites US to invest in supply chains
As part of his visit to the US, Thailand’s PM Prayut Chan-o-cha has attended the 2nd ASEAN-US Special Summit in Washington last week. Now, he is inviting the US to invest or set up supply chains in Thailand to fill gaps created by the Russia-Ukraine crisis. And not the least the ongoing disruption of China’s part in the supply chain…
- Economy News
New wages for Thailand’s skilled workers
Thailand’s cabinet has approved new wages for construction workers, industrial arts workers and service workers. The new wages are expected to come into effect 90 days after the announcement was made on Tuesday. In the construction industry, tilers considered ‘level 1’ will earn 465 baht per day. Those considered level 2 will earn 550 baht a day. Level 3 tilers…
- World News
After Indonesia’s export ban, palm oil producers promise price cap in Thailand
In the midst of the global palm oil crisis following Indonesia’s export ban, palm oil farmers, extractors, and producers are promising Thailand’s Internal Trade department that they will cap the price on the product. The Internal Trade Department’s chief said the 3 groups were told that an export ban may be considered if palm oil stocks fall below 300,000 tonnes.…
- Bangkok News
New Japanese food export platform launched in Bangkok
Following Japanese PM Fumio Kishida’s visit to Thailand, Japan has launched a new platform in Bangkok. The platform, called Japan Food Export Platform, is meant to help boost exports of Japanese farm products and foodstuffs. At a meeting yesterday, Thailand’s Agriculture and Cooperatives Minister Chalermchai Sri-on said that talks between the countries are “a good opportunity” to strengthen their agricultural…
- Thailand News
Thailand borrows 50 billion yen from Japan to cope with Covid aftermath
The Thai government has signed a loan contract to borrow 50 billion yen or about 13 billion baht (US$385 million) from Japan International Cooperation Agency or JICA to cope with costs of handling the Covid pandemic in Thailand. Thai PM and Defence Minister Prayut Chan-o-cha urged Thais not to criticise the government borrowing money again because the amount was included…
- China News
Strict Covid-19 rules make companies in China think about moving investments
Now that 43 cities in China are under either full or partial lockdown, more and more European companies in the country are seeking to move their investments. The European Chamber of Commerce in China announced today that nearly a quarter of respondents on a survey were considering moving current or planned investments out of China. 92% of the respondents say…
- Economy News
Federation of Thai Industries concerned about plans for minimum wage hike
Thailand’s Federation of Thai Industries has expressed concern about the impact a rise in the minimum wage could have on small and medium-sized businesses. The federation says if a proposal to increase the minimum wage to 492 baht goes ahead, it will have a severe impact on such firms. According to a Bangkok Post report, the FTI was responding to…
- World News
Ships caught trying to smuggle palm oil out of Indonesia after export ban
Following a move by Indonesia’s government to ban crude palm oil from being exported from the country, 2 ships were caught trying to smuggle the product to India and the United Arab Emirates. There has been a palm oil shortage in Indonesia for the past month since the Russia-Ukraine crisis has impacted the supply of vegetable oil in the country,…
- Food
New seafood festival debuts in Pattaya
It’s not just Phuket having a seafood festival to reboot tourism – a seafood festival is happening in Pattaya! The festival, called the ‘Squid Fair’ debuted yesterday in front of the Terminal 21 Pattaya shopping centre. Just like Phuket’s Roi Rim Lay and ‘Tastival‘ festivals, Squid Fair aims to boost the local economy by bringing in income to vendors. It…
- Economy News
Employers in Thailand object to raising minimum wage
In the midst of Thailand’s worst worker’s debt in 14 years, Thai employers are opposing a new proposal to increase the country’s daily minimum wage. The currrent minimum daily wages range from 313 baht to 336 baht, depending on which part of the country you’re in. In Bangkok it’s 331 baht. Earlier this week, the Thai Labour Solidarity Committee and…
- Economy News
Survey says Thailand’s worker’s debt has hit a high after over a decade
A survey by the University of the Thai Chamber of Commerce says the average debt of each worker’s household in Thailand is 217,000 baht this year. This is a 14 year high for Thailand. At the end of 2021, the country’s overall household debt was 14.6 trillion baht, one of the highest in Asia, per capita. Most service sector workers…
- Thailand News
Suicide among young people in Thailand has increased ‘alarmingly’
Suicide rates among Thai teenagers and young adults in Thailand have increased ‘alarmingly’ over the past five years, according to Thailand’s Department of Mental Health. The department’s director-general blames the high rates of suicide on increased stress caused by impacts of the Covid-19 pandemic. Thailand, the Land of Smiles, has the highest suicide rate in Southeast Asia. In 2021, there…
- Thailand News
Price of ‘Mama’ noodles to increase
One of the cheapest ways to satisfy your hunger in Thailand is to eat instant ‘Mama’ noodles, which have cost an affordable 6 baht per packet since 2014. However, Mama’s producer said they plan to increase the price of their instant noodles next month to compensate for rising costs of transport and raw materials. Thailand’s Minister of Commerce said he…
- Transport News
Thailand officials say diesel will be 32 baht per litre from May 1
Get ready to say goodbye to Thailand’s 30 baht per litre price cap on diesel on May 1. Starting on Sunday, the price will be 32 baht per litre, according to the Oil Fuel Fund Office. Thailand’s permanent secretary for energy said the current 11 baht subsidy per litre is falling to 9.6 baht per litre. Officials from Thailand’s energy…
- Pattaya News
Hundreds queue for free food handouts in Pattaya
Images of hundreds of residents queuing up to receive free bags of rice and other dried foods on April 23 2022 in Pattaya suggest that Thailand’s economy still has a long way to go on the road to recovery. During “lockdown” in Pattaya in 2020, huge crowds of people queuing for 200 baht food and drinks handouts from Rom Pho…
- Economy News
Price of Thai consumer goods might increase due to diesel price hike
The price of diesel in Thailand is set to increase next month, beyond the 30 baht per litre cap, but the Commerce Ministry has promised to do everything it can to keep consumer goods costs under control. The public is now worried about the products being more expensive due to the increase in diesel price. The diesel prices, connected to…
