growth
- Thailand News
Thailand and Vietnam strategic partnership for mutual growth
Thailand and Vietnam have forged a Comprehensive Strategic Partnership, a relationship focusing on meeting bilateral trade objectives, implementing sustainable development plans, strengthening political-diplomatic and defence security collaboration, and enhancing benefits in people-to-people areas. The announcement was made during the 5th Joint Commission on Thailand-Vietnam Bilateral Cooperation held in Bangkok, co-chaired by Thailand’s Foreign Minister, Parnpree Bahiddhanukara, and Vietnam’s Foreign Minister,…
- Business News
Growth in Thai exports expected in Q1 due to stable freight costs
Thailand is set to experience a 1 to 2% growth in export value during the initial quarter of the year, fuelled by stable freight costs and rising shipments of key commodities such as rubber, rice, pet food, electronics, and automobiles. This positive forecast is shared by Keerati Rushchano, the permanent secretary of commerce, who anticipates a steady growth trajectory as…
- Thailand News
Thai Cabinet grants 300 million baht for northern provinces
A significant financial boost of 300 million baht (US$8.3 million) has been granted by the Thai Cabinet for the development of 13 projects aimed at tourism growth across four northern provinces; Phayao, Chiang Rai, Phrae, and Nan. The decision was made during a mobile meeting in Phayao, overseen by Prime Minister Srettha Thavisin during his two-day visit to the region.…
- Business News
Thailand’s smartphone market to grow 3% in 2024, says report
A 3% growth in Thailand’s smartphone market is anticipated in 2024, fuelled by the need for upgrades and enhanced technology features, says an international research firm. This follows a 2% rise in 2024, when Thailand was the only Southeast Asian nation to experience marginal growth, due to the strong performance of budget smartphones, as per Counterpoint Research’s Southeast Asia Monthly…
- Automotive
Electric dreams: 2024’s game-changing EV innovations
As you delve into the world of electric vehicles (EVs) in 2024, you’re stepping into a rapidly evolving landscape. The shift towards electric mobility is gaining momentum, with used EV sales playing a pivotal role in making green transportation more accessible. This surge in interest is not just about new models hitting the market; it’s about how the availability of…
- Search Engine Marketing (SEM)
SEO myths busted: Why everything you know is wrong
In the ever-evolving world of SEO, it’s easy to get lost in a sea of tips and tricks. Some of these are goldmines, while others are nothing more than fool’s gold. The challenge lies in separating the wheat from the chaff. Without a deep dive into SEO mechanics, distinguishing between effective strategies and prevalent myths can feel like navigating a…
- Business News
New VC funds to boost startup growth in 2024
This year, the growth of startups is anticipated to see a significant boost as several new venture capital (VC) funds emerge, following a period of slowed activity during the pandemic and recent crypto winter. Among these is the Finno Efra Fund, valued at 1.3 billion baht, co-established by EfraStructure and Krungsri Finnovate, with operations set to commence in March. Pawoot…
- Business News
Labour costs outpace revenue growth in Thai tourism sector
Rising labour costs in the tourism sector are outpacing revenue growth, resulting in increased hotel expenses, as revealed by hospitality market analyst STR. Jesper Palmqvist, senior director for Asia-Pacific at STR, warned that the only risk for hotels this year is maintaining cost controls in light of the extraordinary growth of labour costs and room rates. Over the past one…
- Business News
Thailand’s retail sector expects double-digit growth driven by private consumption and online retail
Anticipating a robust year ahead, Thailand’s retail sector is poised for a double-digit expansion. The growth is primarily spurred by a surge in private consumption and the government’s stimulus measures, such as the Easy E-Receipt tax refund scheme and a boom in online retail. However, the rising cost of living is a cause for concern, as stated by the Economic…
- Phuket News
Phuket eyes 50 million baht funding for critical environmental projects
A sense of optimism is in the air as Phuket Governor Sophon Suwannarat expressed confidence that the province would secure funding for two critical environmental projects. These projects are part of the emergency budget deliberations at the mobile Cabinet meeting in Ranong. The governor elucidated that each province has an allocation of 50 million baht under consideration. The funds are intended…
- Business News
Bank of Thailand confident in limited corporate bond rollover risk despite rising interest rates
Despite rising interest rates, the Bank of Thailand has expressed confidence in the limited risk of corporate bond rollover this year, stating that it should not pose a significant threat to systemic risk. The local bond market has remained functional, with private businesses continuing to secure new funds. Sakkapop Panyanukul, the senior director for financial markets at the central bank,…
- Thailand News
Growth for aviation sector predicted for next year
In a recent update, HLIB Research has given a resounding thumbs up to the aviation sector, maintaining its overweight rating and predicting a lucrative 2024 after a robust recovery this year. The research powerhouse predicts a dazzling future for the industry, citing a surge in air travel demand, especially from international segments driven by the behemoths China and India. According…
- Business News
Exports grow for fourth consecutive month in Thailand misses projections
November marked the fourth consecutive month of growth for Thailand’s customs-based exports, which saw a 4.9% rise from the same period last year, according to data from the customs department. However, this fell short of the projected 6.3% year-on-year increase anticipated in a Reuters poll. Last month, October had witnessed an 8% year-on-year rise. In an unexpected turn, imports for…
- Business News
Slowing Chinese economy may impact Thailand’s exports, tourism and investment
Economic experts are voicing apprehension over the slowing Chinese economy, citing that the mainland’s deceleration and escalating tensions with the US could potentially affect Thailand in terms of exports, tourism, direct investment, and property. Despite China’s economy surpassing estimates by growing 4.5% in the first quarter, it has since experienced a slowdown. The disappointing figures in terms of investment, consumption,…
- Business News
Electronics firms poised for a shocking surge in the new year
Electronics companies listed on the stock market are set to witness a performance upturn in the new year, owing to a forecasted global recovery across all industry sub-sectors, according to KGI Securities. The firm predicts a higher growth rate in the second half of the year on the back of continuing inventory restocking. The outlook is based on the steady…
- Business News
Export growth: Thailand’s commerce ministry targets US$288 billion by 2024
The Commerce Ministry of Thailand has established an export growth goal for next year, aiming for an increase of 1.99%, which equates to approximately US$288 billion or 10 trillion baht. This information was shared by permanent commerce secretary, Keerati Rushchano, following a meeting attended by Commerce Minister Phumtham Wechayachai, other ministry heads and representatives from the private sector. The gathering…
- Cannabis
Uncovering the controversial world of Plant Growth Regulators
The use of Plant Growth Regulators (PGRs) in agriculture and horticulture has become more controversial in recent years. Because of the possible effects that these chemicals may have on crops, human health, and the environment, there has been much discussion about these substances, which are intended to alter plant growth and appearance. What are Plant Growth Regulators (PGRs)? Plant Growth…
- Thailand News
Cosmetics industry goes global: Thai NSTDA’s empowering touch
The Thai National Science and Technology Development (NSTDA) initiated a comprehensive service to aid cosmetics industry entrepreneurs in their global market expansion. The NSTDA director, Chukit Limpijamnong, indicated that the cosmetics industry is a key sector for the agency and possesses significant expansion potential, both domestically and internationally. Therefore, firms in this sector require robust support in innovation and technological…
- Thailand News
Thailand’s digital economy ministry sparks ‘byte’-sized revolution for national growth
Thailand’s Digital Economy and Society (DES) Ministry, led by Prasert Chantararuangthong, is turning to digital technology in a bid to propel the nation’s development. As outlined in an interview with the Bangkok Post, Prasert revealed the DES Ministry has a policy to position digital technology as the fifth driver of the country’s growth. “I underlined ‘the Growth Engine of Thailand’…
- Business News
Bubbling brilliance: Thai soft drink market fizzes with 16% growth, ending years of flat fizz
The Thai soft drink market has seen a significant upturn, with a growth rate of 16% between September last year and August this year. This surge is a stark contrast to the previous five years’ tepid single-digit growth. The resurgence of food service restaurant operations can be credited for this change. Environmental conditions such as the El Niño phenomenon, which…
- Business News
Liquid dreams: Thailand’s Pilatus Marine charts global growth with 1.05 billion baht vessel acquisition
Pilatus Marine, a SET-listed company and Thailand’s leading liquefied petroleum gas (LPG) transport operator, is set to acquire three large used liquid-carrying vessels for a total cost of 1.05 billion baht. This move is aimed at expanding their services overseas. Operating in both marine and land transport of LPG, Pilatus Marine also leases vessels to other companies. The incoming ships,…
- Business News
EV sales in Thailand to hit 50,000 despite auto loan regulations
The Thailand Automotive Institute (TAI) anticipates a surge in electric vehicle (EV) sales to 50,000 units this year. This comes despite challenges such as diminishing purchasing power, rampant household debt, and the implementation of stricter auto loan regulations by banks. Last year, local EV sales in Thailand saw approximately 20,000 units sold. The popularity of EVs in the country can…
- Business News
Tissue dreams ahead: Kuma Thailand to build dedicated factory in five years
Kuma (Thailand) Co, the parent firm of the Kuma tissue brand, is setting its sights on augmenting its production capabilities by developing a dedicated factory within the next five years. The goal of this ambitious project is to bolster the company’s capacity and pave the way for future product expansion in the consumer goods sphere. The director at the helm,…
- Business News
Thailand sees ten-year high in new business registrations, surpasses projections
The Business Development Department of Thailand’s Commerce Ministry reported an exceedance of its new business registration projections for the first half of the year. The original estimate of 42,000 to 45,000 new registrations translated to a practical figure of 47,286. A positive development which signals a thriving entrepreneurial climate. This buoyant climate has encouraged an upward revision of predictions for…
- Economy News
Thailand sees tourism growth skyrocketing to 3 trillion baht in 2023
Thailand recently experienced a surge in international arrivals, with numbers reaching 15 million within just seven months of this year, encouraging tourism growth, informed Rachada Dhnadirek, a deputy government spokesperson. She acknowledged the substantial contribution of northern hemisphere school summer breaks increasing the influx of international tourists to the vibrant Southeast Asian nation, thereby boosting tourism growth. In response to…
- Business News
Foodland pivots strategy targeting younger generations with Grocerant convenience outlets
Established supermarket chain Foodland Supermarket Co implements fresh business tactics to allure the younger generations whilst partnering with property developers to inaugurate convenience outlets on housing and condominium sites. Embracing this revamped strategy, the firm has tied up within SC Asset Corporation subsidiaries, leasing out space and debuting two novel ‘Grocerant’ outlets, a subsidiary retail label within the Foodland Group,…
- Business News
EV Market soars as Thailand and Indonesia take the lead in Asia
In a global trend, electric vehicles (EVs) are steadily gaining traction in the worldwide automobile market, with significant growth realised in Asia-ASEAN countries, specifically Thailand and Indonesia. This comes as per a study undertaken by the BloombergNEF research agency. Ideally placed at the forefront of Asia-Pacific transportation, Senior Analyst of BloombergNEF, Allen Tom Abraham, projected a sharp increase in the…
- Business News
Business diversification: Susco Beyond explores EV market amidst fluctuating oil prices
Susco Beyond, an auxiliary affair of Susco Plc, a prominent Thai oil retailer, persists to diversify. While an integral part of their business still revolves around the oil industry, they seek to mitigate the risks associated with fluctuating oil prices through business diversification. To this end, they have turned their attention to non-oil businesses, an example of which includes their…
- Business News
Post-pandemic business growth: CMG aims for 20% revenue boost relying on beauty trends
In an era marked by a surge in consumer-based beauty industry trends, Central Marketing Group (CMG), a key Central Retail Corporation subsidiary and renowned distributor of over forty top-notch global brands, targets a 20% revenue business growth for their beauty segment this year. The company’s president, Edwin Yap Hawson, notes that the anticipated business growth can be credited to inventive…
- Pattaya News
Pattaya officials discuss opening Dongtan Beach Road to 24-hour vehicle access
In Pattaya, a recent meeting took place to discuss the possibility of opening Dongtan Beach Road to vehicle traffic 24 hours a day. This road, which connects Jomtien Beach to Pratumnak Soi 5, has been closed to traffic overnight for quite some time. However, due to significant growth in the area over the past year, particularly in the number of…
- Business News
Thai future food industry targets 5% growth amid health and eco trends
The Thai future food industry is expected to see a 5% growth this year, as the demand for healthier and more environmentally friendly food options rises. Visit Limlurcha, president of the Thai Future Food Trade Association, highlights the potential for export growth due to global trends that are bringing about significant changes in production, economies, lifestyle, society, and behaviour. From…
- Thailand News
Thai travel agent group says travel restrictions hamper tourism growth
The Thai Travel Agents Association is recognising some countries’ travel restrictions as hampering tourism growth. Charoen Wangananont, president of the TTAA, says that outbound tourism in the last two months of this year remains strong despite concerns about an economic recession. Such outbound tourism is holding steady, particularly to those destinations that currently have no travel restrictions. According to Bangkok…
- Health
How to combat mould in humid climates like Thailand
The most humid parts of the world include Thailand and all of South and Southeast Asia. For those who live or travel to these countries, combatting mould becomes a mainstay task of tropical living, especially during the rainy season. According to Dr Cameron Jones, a mould problem occurs when water vapour from the humid air can condense onto surfaces, providing…
- Hot News
IMF says world economy about to hit recession
The International Monetary Fund (IMF) warns the world economy will be in a recession as it downgraded global growth projections for next year. The IMF warned policymakers that a worldwide recession will occur if the fight against inflation is mishandled. The IMF’s bleak assessment comes after reviewing the World Economic Outlook report. According to The Straits Times, the report was…
- Thailand News
Vending machine industry sees resurgence thanks to pandemic
While Covid-19 resulted in Thailand’s overall economy suffering, a few select industries actually saw some impressive growth. The vending machine business is booming, and with demand rising companies like Sun Vending Technology Plc (SVT) are experiencing renewed popularity. The company reported massive growth this year and is making plans to expand. Senior vice president of SVT Pitsnu Chokwatana explained that…
- Entertainment
Thailand’s creative industry to grow by over 3% next year
Thailand’s Creative Economy Agency says the creative industry is expected to grow by 1.51 trillion baht in 2022, which is about 3.55%. The CEA says the growth demonstrates Thailand’s soft power and international cultural influence. But, some experts say more can be done to increase its growth, as Thailand has long been know for its exceptional tourism, cuisine, traditional medicine,…
- Sponsored
“No Place Like Home” – New Online Care Marketplace SAIJAI Launches Digital Start-Up in Thailand
Press Release A new digital on-demand online marketplace named SAIJAI has launched in Thailand and is setting its sights on democratizing home care in the country. Borne from a dynamic consumer behaviour shift over the past sixteen months to home-based lifestyle needs, the start-up brand is eyeing the Care From Home (CFH) marketplace, Thailand is the first market in its…
