Business News
Stay abreast of the ever-changing Business News in Thailand through our comprehensive coverage of local and international business events, market trends, and economic updates. We provide reliable analysis, in-depth features, and expert insights on the most relevant business stories, including issues affecting Thailand’s stock market, foreign investment, and entrepreneurship. Track the business world’s pulse as we inform you of crucial developments shaping Thailand’s economic landscape.
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Sponsored Tamarind reinvents Southern Thai dishes with an international twist
Epic ocean views and a relaxed yet elegant ambience – there’s probably no dreamier place to enjoy Thai food than Tamarind at Pullman Phuket Panwa Beach Resort. Helmed by Chef Nok, a native of Phuket with over a decade of...
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Jet fuel tax relief losing altitude, says deputy finance minister
The Finance Ministry appears unlikely to extend the jet fuel excise tax reduction, which was initially introduced during the Covid-19 pandemic, stated Deputy Finance Minister Julapun Amornvivat. Julapun addressed a recent proposal by a group of budget airlines seeking further reductions in the jet fuel excise tax. He remarked that such requests are not of immediate importance. Julapun highlighted that…
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Thai hotels seek tax breaks for renovations and EV charger installs
Operators of Thai hotels are advocating for tax deductions or subsidies to support renovation investments, especially those focused on green energy initiatives. The Tourism Authority of Thailand (TAT) also urged hotels in second-tier cities to install electric vehicle (EV) chargers to cater to the increasing number of travellers using EVs. The Thai Hotels Association (THA) is set to meet with…
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Finance Ministry to launch new 100 billion baht investment fund
Plans are underway at the Finance Ministry to establish a new investment fund similar to the previous state-controlled Vayupak Fund, aimed at bolstering Thai shares with strong fundamentals. This initiative is expected to be finalised within two weeks. Finance permanent secretary Lavaron Sangsnit announced that the new fund is projected to attract a minimum of 100 billion baht into the…
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Philippines ranks in top 10 for coal power reliance
The Philippines has emerged among the world’s top ten economies most reliant on coal-fired power, surpassing Indonesia and China. Data from energy think tank Ember highlights the country’s growing challenges in achieving its green energy objectives. In 2023, the Philippines saw its coal share in electricity generation increase for the 15th consecutive year. This rise comes despite the nation’s goal…
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Credit agencies highlight Thailand’s EEC as key to industrial growth
Credit rating agencies underscore the significance of Thailand’s Eastern Economic Corridor (EEC) project in advancing the nation’s industrial sector and boosting competitiveness, according to the Public Debt Management Office (PDMO). The public debt advisor for PDMO, Jindarat Viriyataveekul, indicated that credit rating agencies have been closely observing the EEC project’s progress for years due to its pivotal role in shaping…
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Tuna boom: Thai exports make a splash with double-digit surge
Thai exports of canned tuna have experienced a notable surge, increasing by over 13% in the first five months of this year. According to the Director-General of the Trade Policy and Strategy Office (TPSO), Poonpong Naiyanapakorn, the value of these exports reached US$979 million during this period, reflecting a 13.4% year-on-year growth. Thailand exported 221,092 tonnes of canned tuna this…
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Global bond funds attract 88 billion baht, yield 0.50% return
Global bond funds have seen significant popularity over the past 18 months, drawing investments totalling 88 billion baht and yielding an average return of 0.50% for the year to date, according to Morningstar Research (Thailand). Morningstar stated that global bond funds are capable of producing positive average returns this year, although these returns are modest in comparison to the US…
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Northeast plans NEC to boost economy at mobile Cabinet meeting
Private sector representatives in the northeast are set to present a series of economic stimulation projects, including the establishment of the Northeastern Economic Corridor (NEC), during the mobile Cabinet meeting in Nakhon Ratchasima on July 2. Hatsadin Suwattanapongchet, Secretary of the Northeastern Industrial Federations, announced that the NEC, traversing Nakhon Ratchasima, Khon Kaen, Udon Thani, and Nong Khai, will emulate…
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Shifting gears: Thai interest charges towards hybrids, veers from EVs
Interest in battery electric vehicles (BEVs) among Thai consumers has declined over the past year, while hybrid electric vehicles (HEVs) have gained popularity, according to a survey conducted by Deloitte. The 2024 Global Automotive Consumer Study indicates that the percentage of Thai respondents interested in purchasing a BEV has dropped to 20% this year from 31% in 2023. Conversely, interest…
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Thailand tourism spending to miss 1.2tn baht target, rising costs
Thailand’s domestic tourism spending is projected to fall short of the government’s ambitious target of 1.2 trillion baht amid economic concerns and rising travel costs, as the Tourism Authority of Thailand (TAT) indicates. TAT Deputy Governor for Domestic Marketing, Somradee Chitchong, expressed confidence that domestic trips would reach 210 million this year, surpassing the initial target of 200 million. Despite…
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SCB denies UN claims of aiding Myanmar military transactions
Siam Commercial Bank (SCB) firmly denied any involvement in irregular transactions with Myanmar, challenging claims made in a recent United Nations report concerning the bank’s alleged role in financing military procurement. Tom Andrews, the UN special rapporteur on human rights in Myanmar, released a report this week detailing how Myanmar’s military regime continues to acquire weapons used against civilians. The…
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Baht to hit 37.25 per US dollar amid global currency slump
The Thai baht is expected to plummet to 37.25 against the US dollar in the near future, as Asian currencies have weakened to their lowest levels since 2022. This decline is driven by ongoing global volatility and outflows from Thai stock and bond markets amid uncertainty surrounding US interest rate cuts, according to economists. The Thai currency yesterday dropped to…
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Thailand factory closures surge as cheap imports hit local industries
Factory closures in Thailand have surged this year, with local electronics, steel, and plastics manufacturers bearing the brunt as demand declines and cheap imports inundate the domestic market, according to the Industry Ministry. The closures were evaluated based on the investment value of the affected factories. Electronic parts and printed circuit board factories topped the list with an investment value…
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Thai firms urged to boost cybersecurity with AI-threat prevention
Investment in preventive measures against internal threats is crucial for Thai organisations to enhance cybersecurity measures and avoid financial losses and reputational damage, according to Bluebik Titans, a cybersecurity consultancy. The rise of artificial intelligence (AI) is driving the trend of data detection and response (DDR) in data security, with DDR potentially becoming a more powerful tool than data loss…
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Thailand raises Indian target to 2.4 million with visa-free policy
The Tourism Authority of Thailand (TAT) has revised its target for Indian tourist arrivals from 2.3 to 2.4 million this year, driven by the recently introduced visa-free policy for Indian nationals. This visa waiver programme, which allows 60-day visa-free stays, extends to citizens of 93 countries and will last until November 2024. TAT Governor Thapanee Kiatphaibool announced that Indian arrivals…
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Bank of Thailand predicts slower third and fourth quarter growth
The Bank of Thailand anticipates slower economic growth in the upcoming third and fourth quarters, attributing this to a high base effect. According to Piti Disyatat, secretary of the central bank’s Monetary Policy Committee (MPC), second-quarter GDP is expected to grow by 1% from the previous quarter, a decline from the 1.5% growth observed in the first quarter. These projections…
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Gulf partners with Google to boost Thailand’s cloud services
Gulf Energy Development Plc (Gulf) has entered into a strategic partnership with Google Asia Pacific (Google) to operate its cloud services in Thailand. This collaboration focuses on leveraging the growth in data storage and processing within a secure environment that meets local regulatory requirements. Gulf informed the Stock Exchange of Thailand (SET) that its fully-owned subsidiary, Gulf Edge Co, has…
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Finance Ministry to launch 500 billion baht fund to boost shares
Stock analysts are backing the Finance Ministry’s initiative to establish a new fund aimed at boosting investment in Thai shares, predicting a surge in trading activity in the fourth quarter. To revitalise the sluggish stock market, Finance Minister Pichai Chunhavajira announced that the ministry is exploring the creation of a new fund similar to the Vayupak Fund, a former state-managed…
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Robinhood app to cease operations on July 31, SCB announces
Thailand’s beloved Robinhood application will cease operations on July 31, as announced by Siam Commercial Bank (SCB) yesterday. Offering commission-free food delivery, hotel booking and various other services, Robinhood announced that they have fulfilled their mission of supporting riders and small businesses during difficult times. SCB X Plc, the holding company for SCB and its affiliates, stated that Robinhood had…
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International visitors boost Thailand’s MICE sector by 5%
International visitors are set to drive Thailand’s MICE (meetings, incentives, conferences, and exhibitions) sector beyond its annual target by 5%, helping to offset a sluggish domestic market. Chiruit Isarangkun Na Ayuthaya, President of the Thailand Convention and Exhibition Bureau (TCEB), reported a robust recovery in the international market during the first three quarters of the 2024 fiscal year, spanning from…
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Rising travel costs hinder Asia-Pacific corporate travel, Visa reports
Rising travel costs and economic uncertainties are impacting business travel across the Asia-Pacific region, according to Visa. Companies are increasingly investing in digitalisation to manage their travel budgets more effectively. Chavi Jafa, Head of Commercial and Money Movement Solutions for Asia-Pacific at Visa, noted that while business travel may increase in the coming years, current high travel costs and economic…
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Weak economy and loan restrictions further plummets pickup sales
Domestic car sales are facing significant challenges as pure pickup sales dropped by 40.8% in the first five months of 2024, primarily due to a weak economy and difficulties in accessing loans, according to the Federation of Thai Industries (FTI). From January to May, sales of pickup trucks fell by 40.8% year-on-year to 75,510 units. While sales of pickup passenger…
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Thailand’s plant-based foods market to hit 45 million baht
Thailand’s plant-based food market is on track for significant growth, with projections from a recent workshop indicating a 10% increase in value, reaching 45 billion baht this year. This promising forecast was highlighted during a recently held workshop titled The Future of Essential Agricultural Products of Thailand: A Case Study of Plant-Based Food. The event was co-organised by the Trade…
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Thai hotels oppose plan for 75% foreign condo ownership
The Thai Hotels Association (THA) expressed strong opposition to the government’s plan to allow foreigners to own up to 75% of condominium units, warning that it could lead to intense price competition and market disruption. Concerns were raised during a meeting where members discussed significant issues impacting the hospitality industry. During the meeting, Tourism and Sports Minister, Sermsak Pongpanich delivered…
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Post-pandemic airfares to remain high amid travel surge
Despite a slight relief due to declining jet fuel prices and increased flight capacity, airfares are expected to remain high in the post-pandemic travel surge and are unlikely to revert to pre-pandemic levels soon. AirAsia Aviation’s CEO Bo Lingam spoke on the changes in travelling patterns post-pandemic in an interview. “[The aircraft] load factor is around 90%, this was unheard…
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Thailand’s TV market scores big with global sports events
Thailand’s TV market is poised for significant growth this year, driven by major global sports events, according to LG Electronics (Thailand). The head of marketing at LG Electronics (Thailand), Amnaj Singhachan, highlighted that the UEFA Euro 2024 football tournament, which runs from June 14 to July 14, and the Summer Olympics in Paris from July 26 until August 11, followed…
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Harman hits the gas with Thailand factory for electronic auto boost
Harman, a subsidiary of Samsung Electronics based in the United States, has announced the establishment of its first factory in Southeast Asia, selecting Thailand as the location for its production hub aimed at exporting electronic automotive products. Harman’s head of operations, Sami Krimi, stated his excitement at the project. “Thailand’s extensive experience in the automotive and related industries has encouraged…
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Commerce Ministry monitors 18 categories as transport costs surge
The Commerce Ministry launched a comprehensive monitoring initiative for prices across 18 categories as transport costs for the logistics sector surged by up to 9%. The Director-General of the Internal Trade Department, Wattanasak Sur-Liam, stated that the categories under scrutiny include instant noodles, fresh food, canned food, bagged rice, seasoning sauce, vegetable oil, carbonated drinks, milk and dairy products, electrical…
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US equity funds attract record inflows amid Thai market decline
US equity funds have seen the largest inflows this year, spurred by the US economic recovery and expectations of interest rate cuts, while mutual fund investments in Thai stocks have dropped by nearly 10 billion baht, according to Morningstar Research (Thailand). Nearly 7.8 billion baht has been invested in US equity funds this year, marking a 5.04% increase from 2023,…
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AI to impact less than 4% of Thailand’s service sector jobs
Artificial intelligence (AI) is projected to have a limited impact on employment in Thailand, with fewer than 4% of service sector workers at high risk of being replaced by the technology, according to Kasikorn Research Center (K-Research). A study conducted by Microsoft and LinkedIn revealed that 74% of Thai business leaders, compared to 66% globally, stated they would not hire…
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