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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PTT Plc amplifies renewable energy drive with hydrogen fuel advancement
National energy titan PTT Plc is bolstering initiatives to harness additional renewable power sources and progress its hydrogen fuel enterprise, as part of a strategy for sustainable company growth. Cherdchai Boonchoochauy, Senior Executive Vice President for Innovation and New Ventures, specified that PTT’s existing blueprint is to create 12 gigawatts of renewable electricity and restrict power generated from non-renewable fuels…
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Thailand’s foreign direct investment skyrockets with focus on EV industry
Investment attraction to Thailand has seen a remarkable surge in the first half of this year. The nation registered a 70% year-on-year increase to an impressive 364 billion baht, according to the Board of Investment (BoI). This boost, particularly contributed by an astonishing 141% soar in foreign direct investment, serves as a testament to Thailand’s status as a preferred manufacturing…
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DES ministry set to combat cybercrime with new AI registry
The Ministry of Digital Economy and Society (DES) in Thailand is gearing up to introduce the Central Fraud Registry, a technological solution designed to combat scams and tackle illegal transactions. This innovation stems from the National Interbank Transaction Management and Exchange, a collaboration between the Thai Bankers’ Association (TBA) and the Bank of Thailand. As stated by notable DES figures,…
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Thai rice exports poised to hit 9 million tonnes amid climate anxieties
Thailand stands on the cusp of a hugely promising year in terms of rice exportation, which, forecasts suggest, could reach up to 9 million tonnes. Making the most of a climate-induced market fervour, the Thai industry gleefully anticipates shipping masses of what is an integral commodity to many. The increase in demand is believed to be rooted in anxieties about…
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Japanese tourism numbers in Thailand threatened by weak yen and slow Japan flight reintroduction
In light of Japan’s hesitant return to tourism and a faltering yen, Thailand’s Tourism Authority (TAT) admitted there may be difficulty in meeting the year’s target of 850,000 Japanese arrivals. The figure reflects 50% of the Japanese tourism figures reported in 2019, considered an optimistic scenario by the Tokyo office director of TAT, Kajorndet Apichartrakul. As enclosed by Kajorndet, the…
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TikTok’s popularity shaping e-commerce’s future in Southeast Asia
In the feverish hive of activity within a Northeast Jakarta shophouse, a myriad of salespeople takes turns advertising products ranging from cosmetics and contact lenses to hair accessories. While one individual gives guidance on choosing optimum lipstick shades, another trumpets the most recent price drop in vitamin supplements. However, far from the chaotic scene of a bustling market, this is…
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TTB to tackle household debt and promote ESG standards
Piti Tantakasem, Chief Executive of TMBThanachart Bank (ttb), insists that tackling high levels of household debt should be a priority on the national agenda. Piti made known that he is poised to tackle the issue, given his leading role within the household debt resolution team set up by the Thai Bankers’ Association (TBA). Alongside the central bank and other pertinent…
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Thailand’s potential as international events hub questioned amidst Taylor Swift tour snub
The exclusion of Thailand from the itinerary of Taylor Swift‘s world tour has prompted the denizens to reconsider the nation’s global standing as a viable hub for international exhibitions and events. Bringing the country’s potential into question, it was revealed that the total revenue from meetings, incentives, conferences and exhibitions (MICE) industry for the final quarter of last year was…
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Thai SEC seizes Stark Corporation’s assets amidst false accounting claims
The Securities and Exchange Commission (SEC) of Thailand seized the assets of Stark Corporation and some of its key personnel due to accusations of false accounting. Excessive damages have ensued following this misconduct with Stark’s debts rising above 38 billion baht as believed by the regulators. The SEC has also frozen the assets of Vonnarat Tangkaravakoon, formerly the acting chief executive…
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GAC Aion to invest 6 billion baht in Thai EV market expansion
China‘s third-largest electric vehicle (EV) producer, GAC Aion, is gearing up to expand its operations in the Thai market. In an ambitious plan, the automaker pledged to pour over 6 billion baht into the establishment of manufacturing and sales facilities in Thailand. This noteworthy market penetration comes as the result of the Board of Investment’s (BoI) careful arrangement involving seven…
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Starbucks Thailand advances expansion, eyes 800 outlets by 2030
Starbucks Thailand unveiled a bold expansion plan for the 2023 to 2030 period. The plan aims to increase the current number of Starbucks outlets in the country from 465 to a whopping total of 800 by the end of 2030. As per this agenda, the addition of 335 stores is projected across Thailand over the specified span. Nednapa Srisamai, the…
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Marketing 6.0: MAT reveals trends shaping customer behaviour and tech influence
Changes in customer expectations prompted by digital disruption and evolving consumer behaviour indicate that the world is entering a new marketing era. Postmodern methodologies such as multiverse marketing – which fuses the physical and digital realms into a seamless buying experience – are at the forefront of Marketing 6.0, declared the Marketing Association of Thailand (MAT). According to the association’s…
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Bank of Thailand considers interest rate cuts to address household debt
A senior executive at the Bank of Thailand hinted at the possibility of interest rate slashes, which could provide a lifeline to struggling debtors, desperate to escape from their worsening debt cycles. In talks with the Thai Bankers’ Association (TBA) and other related groups, the central bank is exploring various methods to curb the nation’s escalating household debt. According to the…
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Minor Food Group launches new Chinese restaurant in Bangkok
Spurred by the recent rise in popularity of Chinese cuisine, Minor Food Group Plc debuted its first Riverside Grilled Fish & Mala restaurant in the heart of Bangkok today. Thunyachate Ekvetchavit, occupying the role of the top-ranking executive in the company, announced a 10-12 million baht budget allocation for the inauguration of the first branch of the renowned dining venue.…
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Thai political truce sparks hopeful business and economic recovery prospects
Thailand‘s business leaders anticipate a more positive path for the Move Forward Party (MFP) and its seven ally political parties to constitute a government and address economic challenges, following the agreement on a House speaker. The MFP had earlier been engaged in disputes with the Pheu Thai Party over this significant role in the House of Representatives. The conflict was resolved…
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UK public sector adopts blockchain for transparent government auctions
The UK public sector made a groundbreaking leap towards improving transparency and fairness in governmental auctions, by adopting the use of blockchain technology. Giving credence to this, the Controller General’s Department (CGD) confirmed the measures they’ve started to undertake since April this year. The CGD, an authority under the Finance Ministry, is renowned for its role in managing procurement processes. The…
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Thai tourism unaffected by political unrest unless airports shut, says ex-minister
In times of political upheaval, Thailand’s foreign tourists would not be significantly impacted, unless there was an incident akin to 2008’s airport disruption, according to former tourism and sports minister, Weerasak Kowsurat. Back in 2008, protesters had shut down Bangkok’s airports leading to a drop in tourist visits, impacting Thai tourism. Weerasak, now serving as a senator, insists that tourists…
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Export growth remains uncertain amid high global interest rates in Thailand
In a recent development, the Thai National Shippers’ Council (TNSC) has adjusted its export growth outlook to fall between a negative 0.5% and a positive 1%. This stark revision from the previously projected 0 to 1% growth range primarily attributes to looming global uncertainties, particularly concerning key trading counterparts in the US, the EU, and China. High international interest rates…
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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…
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LGBTQ+ tourism revenue boom fuels drive for legalised same-sex marriage in Thailand
Thailand is witnessing a surge in the burgeoning LGBTQ+ community, as diversity takes centre stage worldwide, boosting LGBTQ+ tourism in the country. As per estimates by LGBT Capital, an asset management company serving the LGBTQ community, 5 to 10% of the world’s population identifies as LGBTQ+. This demographic represented around 3.6 million residents in Thailand in 2019. During Pride Month…
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Customs facilitation reform urged by Thailand’s finance minister to boost automotive sector
Finance Minister Arkhom Termpittayapaisith recently issued an appeal to the Customs Department of Thailand to streamline the customs facilitation formalities for both exports and imports. His appeal is aimed especially at boosting the activity of the automotive field. Following a discussion held with a group of investors from Japan in the core of June, Arkhom instructed the department to better…
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Airport capacity at Suvarnabhumi to increase with new terminal and tech upgrades
Influential airport operator, Airports of Thailand (AoT), is set to inaugurate a new satellite passenger terminal at the famed Suvarnabhumi Airport come this September. This addition is expected to bolster the airport’s passenger handling capacity significantly, managing an impressive 15 million extra passengers annually, which effectively raises the total capacity to a staggering 60 million per annum, revealed AoT’s president.…
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Experienced consultant analyses dramatic shift in Thai online shopping trends
In Thailand, online shopping appears to have become the desired norm, with a proportionate increase in consumer expectations, per a survey by advertising consultancy Wunderman Thompson. The data suggest that Thai patrons are willing to increase their online spending provided their experience includes faster delivery schedules among other factors, according to digital and customer relationship management director at Wunderman Thompson, Puvadon…
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Digital infrastructure to revolutionise Thailand’s capital market
A revolutionary digital infrastructure has been established in Thailand’s capital market, following collaborative efforts by the Stock Exchange of Thailand, the Association of Thai Securities Companies, and the Thai Bankers’ Association. The state-of-the-art system, aimed at fully electronic end-to-end bond offerings, was presented in an attempt to enhance the Thai market’s efficacy and transparency. This dynamic solution covers a broad…
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Thai industries call for government aid to stimulate export growth amid falling rates
Industry leaders are soliciting governmental assistance in a bid to boost export growth, following steady declines observed over a streak of eight months, according to recent insights sourced from the Federation of Thai Industries (FTI). Discussions with 210 executives from 45 sectors of the industry revealed that an overwhelming 80% of respondents were in favour of government initiatives to trim…
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Thailand, UK strengthen ties towards strategic economic partnership
Thailand and the United Kingdom (UK)are looking to fortify their economic ties now the toxic dust of Brexit has settled. With the next Joint Economic and Trade Committee (JETCO) meeting on the horizon this November, it’s believed that both countries are ready to elevate their relationship to a potential strategic economic partnership. JETCO Director-General Auramon Supthaweethum spoke at length about…
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Thai tourism federation FETTA plans transformative change for streamlined operations
Faced with a long-standing need for agile operations and goal-directed development, the Federation of Thai Tourism Associations (FETTA) is set to drive transformative change in Thailand’s tourism landscape. This follows the recent realignment of seven local tourism associations that have transitioned from the Tourism Council of Thailand (TCT) to become part of FETTA. According to Adith Chairattananon, a FETTA representative…
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GPSC set to invest 8.28 billion baht in India’s Avaada Energy
Embarking on a mission to bolster its renewable energy portfolio, Global Power Synergy Plc (GPSC), the power production offshoot of PTT Plc – the national oil and gas conglomerate, is looking at investing upwards of 19.1 billion rupees (roughly 8.28 billion baht) in India-based Avaada Energy Private. This investment is aimed at leveraging the upswing in electricity demand in the…
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Business uncertainty fuels Thai Baht dip amid political unrest and Asian currency devaluation
Embroiled in political and business uncertainty, the Thai baht plummeted to a low unseen since last November, a seven-month dip, agitating investor confidence. This occurred alongside a universal lowering in the value of various emergent Asian currencies versus an emboldened dollar, fuelled by robust US data allaying recession fears. Stock markets in the region largely painted a bleak picture, with…
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King’s Bangkok to unveil 1 billion baht teaching complex by 2024
A new chapter beckons for King’s College International School Bangkok, with an estimated completion date of 2024 for its advanced teaching and learning complex. This ground-breaking venture surfaces on the heels of the successful inauguration of the senior school in 2021. Rendering a substantial investment tally projected above 1 billion baht, King’s Bangkok carries the intent of birthing a learning…
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