Thai Economy – Evason Phuket http://evasonphuket.com/ Sat, 25 Sep 2021 07:01:24 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://evasonphuket.com/wp-content/uploads/2021/06/icon.png Thai Economy – Evason Phuket http://evasonphuket.com/ 32 32 SMEs receive support amounting to 100 billion https://evasonphuket.com/smes-receive-support-amounting-to-100-billion/ https://evasonphuket.com/smes-receive-support-amounting-to-100-billion/#respond Sat, 25 Sep 2021 03:00:00 +0000 https://evasonphuket.com/smes-receive-support-amounting-to-100-billion/ The government has allocated 100 billion baht to help small and medium-sized enterprises (SMEs) struggling with the effects of the ongoing pandemic, Treasury Secretary Arkhom Termpittayapaisith says. He said the state committee tasked with examining the use of the country’s borrowing to restore the virus-hit economy has approved a 100 billion baht budget and plans […]]]>

The government has allocated 100 billion baht to help small and medium-sized enterprises (SMEs) struggling with the effects of the ongoing pandemic, Treasury Secretary Arkhom Termpittayapaisith says.

He said the state committee tasked with examining the use of the country’s borrowing to restore the virus-hit economy has approved a 100 billion baht budget and plans to seek cabinet approval soon. However, Mr Arkhom declined to go into the details of the scheme.

The government passed its first emergency loan decree last year to approve baht 1 trillion borrowing to fund its stimulus programs to fight the pandemic. A second decree was issued earlier this year to allow the government to borrow an additional 500 billion baht.

In the past two months, the government has introduced new measures to provide financial relief for workers in the social security system. For example, it granted workers registered under Sections 39 and 40 of the Social Security Act a cash payment of 5,000 baht per month for two months. The handout includes workers in 29 provinces that have been declared dark red zones under the government’s Covid-19 controls.

The Fiscal Policy Office is forecasting economic growth of 1.3% this year due to the impact of the pandemic.

The SCB Economic Intelligence Center, the research house of Siam Commercial Bank, forecast the Thai economy would not return to 2019 levels by mid-2023, a downgrade from an earlier forecast made in early 2023.

The Export-Import Bank of Thailand previously estimated that a third of the country’s 3 million SMEs were about to go out of business because of the pandemic.


Source link

]]>
https://evasonphuket.com/smes-receive-support-amounting-to-100-billion/feed/ 0
Thailand’s cybersecurity neglect leads to personal data breaches https://evasonphuket.com/thailands-cybersecurity-neglect-leads-to-personal-data-breaches/ https://evasonphuket.com/thailands-cybersecurity-neglect-leads-to-personal-data-breaches/#respond Fri, 24 Sep 2021 04:26:00 +0000 https://evasonphuket.com/thailands-cybersecurity-neglect-leads-to-personal-data-breaches/ BANGKOK – Thailand’s cybersecurity readiness has been called into question after reports recently leaked tourists’ personal information online, potentially undermining a much-needed recovery in the key sector. According to cybersecurity research firm Comparitech, the information from around 106 million visitors to Thailand was available to everyone on the Internet earlier this week. The database was […]]]>

BANGKOK – Thailand’s cybersecurity readiness has been called into question after reports recently leaked tourists’ personal information online, potentially undermining a much-needed recovery in the key sector.

According to cybersecurity research firm Comparitech, the information from around 106 million visitors to Thailand was available to everyone on the Internet earlier this week. The database was discovered on August 22nd by one of the company’s researchers, Bob Diachenko. The Thai authorities removed the data the next day after being alerted by Diachenko.

The 200 gigabyte database contained each visitor’s full name, gender, passport number, residence status, visa type, Thai arrival card number, and arrival date in Thailand. The data on the record ranged from 2011 through this year.

“We don’t know how long the data was disclosed before it was indexed,” said Comparitech. The National Cybersecurity Agency of Thailand confirmed the violation but said it had found no attempts to sell the data over the internet.

The violation comes at a particularly inopportune time for Thailand as the aim is to gradually reopen it to visitors who have been vaccinated against COVID-19. Phuket, an island in the south, is their so-called sandbox experiment, which has welcomed 35,068 tourists since opening its doors fully to vaccinated visitors in July.

Phuket, an island in southern Thailand, has been open to vaccinated foreign tourists since July, but there are now fears that poor cybersecurity could hamper the sector’s recovery. © Reuters

The government now wants to open five more provinces, including Bangkok, to vaccinated tourists from October. That plan is pending, however, as the vaccination program in Bangkok and these provinces will not expand as much as the government had hoped to make a reopening feasible.

The revitalization of tourism is vital to the recovery of Southeast Asia’s second largest economy, as the sector and related businesses represented 20% of Thailand’s gross domestic product before the pandemic broke out. Tourists could now be put off by Thailand’s poor cybersecurity.

The data breach is due in large part to the delayed implementation of the Data Protection Act. This law was approved by the former junta government in February 2019 and was due to come into effect in full in May 2020, but has been postponed twice to give the organizations time and financial headroom to intensify their efforts. It is now expected to come into force on June 1st, 2022.

Had the law been introduced as originally planned, both the public and private sectors would have increased their cybersecurity game. According to the law, violations must be reported immediately to the National Cybersecurity Agency or parties face fines of 200,000 baht ($ 5,960). Companies that have been hacked must provide evidence of adequate cyber-attack protection or face legal sanctions.

The urgency of the implementation has been made clear by the recent cyber attacks on companies. CP Freshmart, a retail company owned by Charoen Pokphand Foods, said on Sept. 7 that the user information system was hacked. Around 594,585 items, including passwords, full names, cell phone numbers, emails, and addresses, were put up for sale on a data black market.

The company insisted that no credit card and financial information be stolen. The Charoen Pokphand Group is Thailand’s largest conglomerate.

The regional airline Bangkok Airways has been another recent victim. It emailed some customers on Aug. 28 informing them that passenger names, nationalities, phone numbers, emails, addresses, passport details, historical travel dates and some credit card information had been stolen.

The regional airline Bangkok Airways recently announced that customer data had been stolen. © Reuters

Indonesia has suffered similar embarrassment recently. In early September, Indonesian President Joko Widodo’s COVID-19 vaccine certificate was leaked online, including his national identity number, the type of vaccine he received and the time it was received. The data was accessible through the Pedulilindeni app, the government’s official vaccine monitoring app.

The government tried to downplay privacy concerns on this app by saying that the president’s national identity number was already available on the General Electoral Commission website while his vaccination date was already fully reported.

“The government urges the public to remain calm and not be provoked by inappropriate information related to the PeduliLindei system,” it said.

The leak came just days after encryption provider vpnMentor said it discovered a breach in the Indonesian government’s test-and-trace app for people entering Indonesia. “The app developers failed to implement adequate data protection protocols and disclosed the data of over 1 million people on an open server,” the company said. The leaked data included passenger ID and COVID-19 test results.

“Our team discovered [the app’s] Records without obstacles, “it said.

Additional coverage from Shotaro Tani in Jakarta


Source link

]]>
https://evasonphuket.com/thailands-cybersecurity-neglect-leads-to-personal-data-breaches/feed/ 0
Cambodian migrants facing job shortages at home want to return to Thailand – Radio Free Asia https://evasonphuket.com/cambodian-migrants-facing-job-shortages-at-home-want-to-return-to-thailand-radio-free-asia/ https://evasonphuket.com/cambodian-migrants-facing-job-shortages-at-home-want-to-return-to-thailand-radio-free-asia/#respond Wed, 22 Sep 2021 22:42:00 +0000 https://evasonphuket.com/cambodian-migrants-facing-job-shortages-at-home-want-to-return-to-thailand-radio-free-asia/ Some of the roughly a quarter of a million Cambodian migrant workers who flooded home from Thailand in the past 18 months when the coronavirus pandemic killed their jobs are desperate enough for work that they risk arrest and COVID-19 infection to Sneak back across the Thai border workers and NGOs say. Since they cannot […]]]>

Some of the roughly a quarter of a million Cambodian migrant workers who flooded home from Thailand in the past 18 months when the coronavirus pandemic killed their jobs are desperate enough for work that they risk arrest and COVID-19 infection to Sneak back across the Thai border workers and NGOs say.

Since they cannot find work to feed themselves in Cambodia, which was heavily closed to combat the rising infections, they make risky illegal border crossings and work as scavengers and scrap collectors in Thailand.

“I crossed the border illegally,” said migrant worker Pen Vin to RFA’s Khmer service in Bangkok. She and three others spent a full day wandering through a forest to get to Thailand and were arrested once in Cambodia for trying to sneak across the border and sent home before returning Limit.

“I didn’t have the money to buy food so I decided to go back. I don’t have any rice fields. I have nothing to do, ”said Pen Vin, who has joined legions of garbage collectors who search garbage and collect plastic and other items that can be sold.

Yat Nem, an unemployed migrant from Cambodia’s Pursat province who lives 20 km outside of Bangkok in a town called Chachoengsao, told RFA that she was unemployed and trying to make a living. She said four of her unemployed migrant workers have just recovered from the coronavirus.

The 41-year-old woman, who makes about $ 50 every two weeks selling her finds, said she did not want to return home during the health crisis and would continue to comb through trash, collect plastic, fish or clean houses in hopes Getting a job in Thailand so she can save money before returning to Cambodia.

Other migrant workers said they took many risks to re-enter Thailand without official documents – they paid human traffickers to help them cross the border.

Another worker, Y Pring, who still lives in Cambodia, said he wanted to return to Thailand because he could not find a job months after returning. The 32-year-old said he would rather have a decent job in Cambodia to go to work in another country, but local jobs are not enough to support his family and pay off debts.

“I want to go back [to Thailand]”He said.” I don’t have a job in Cambodia. I want to work there for another two years so I can save up to start a business. “

Unemployed due to COVID

More than 2 million Cambodians – about half of them undocumented – are believed to work in Thailand, where GDP per capita is $ 7,300, about five times that of Cambodia. They work primarily in agriculture, fishing, and construction, where they are vulnerable to human slavery and abuse of labor.

Jobless due to economic shutdowns to fight the coronavirus, nearly 240,000 returned from Thailand from March 2020 to September 8, according to the International Organization for Migration in Cambodia.

By mid-August, around 1,000 Cambodian migrant workers in Thailand had been infected with the virus, as the number of cases in the region rose due to the highly contagious Delta variant.

On Wednesday, Cambodia recorded nearly 106,000 confirmed coronavirus cases since the pandemic began, including 637 new ones, and a total of 2,154 related deaths, including 14 new deaths, according to the Ministry of Health.

The situation is more serious in neighboring Thailand, a nation of 70 million people, with more than 1.5 million confirmed COVID-19 cases, including 11,252 new ones, and nearly 15,800 deaths recorded on Wednesday, according to the Ministry of Health.

Sun Seiha, president of the Cambodian Migrant Workers Foundation, said many workers in the country had called other migrant workers while still in Thailand and tried to find jobs through their contacts so they could return.

He called on the Cambodian government to create more local jobs instead of restricting border crossings between the country and Thailand.

“The government should speed up its vaccination program and open its borders,” he told RFA. “The government also needs to prepare legal documents for workers to avoid being defrauded and trafficked by traffickers [Thai] Immigration Act. “

RFA has failed to determine how many Cambodian migrants have turned around to Thailand after being repatriated during the pandemic. Cambodian Labor Ministry spokesman Heng Sour was unavailable Wednesday for comment.

Cambodian Prime Minister Hun Sen recently ordered Economy and Finance Minister Aun Pornmoniroth to invest $ 5 million to help local and migrant workers get jobs in agriculture and fish farming.

Most workers would rather find better-paying local jobs than work in Thailand, said Dy Thehoya, senior program officer for the Alliance for Labor and Human Rights Center.

While some in Cambodia have found jobs in agriculture and ranching, their incomes are insufficient to make a living and pay off debts, forcing many to return to Thailand, he said.

“The government should invest in vocational training so that migrant workers can find jobs locally after the COVID-19 pandemic,” he said.

Reported by the Khmer Service of RFA. Translated by Samean Yun. Written in English by Roseanne Gerin.


Source link

]]>
https://evasonphuket.com/cambodian-migrants-facing-job-shortages-at-home-want-to-return-to-thailand-radio-free-asia/feed/ 0
Thailand’s c.bank says the public debt ceiling will be raised to support the economy https://evasonphuket.com/thailands-c-bank-says-the-public-debt-ceiling-will-be-raised-to-support-the-economy/ https://evasonphuket.com/thailands-c-bank-says-the-public-debt-ceiling-will-be-raised-to-support-the-economy/#respond Tue, 21 Sep 2021 11:47:36 +0000 https://evasonphuket.com/thailands-c-bank-says-the-public-debt-ceiling-will-be-raised-to-support-the-economy/ Adds details everywhere BANGKOK, September 21 (Reuters) – Thailand’s increased national debt ceiling will give flexibility in implementing policies to cope with the coronavirus and support the economy as fiscal measures continue to be required, the central bank said on Tuesday. The government on Monday raised the debt ceiling from 60% to 70% of gross […]]]>

Adds details everywhere

BANGKOK, September 21 (Reuters)Thailand’s increased national debt ceiling will give flexibility in implementing policies to cope with the coronavirus and support the economy as fiscal measures continue to be required, the central bank said on Tuesday.

The government on Monday raised the debt ceiling from 60% to 70% of gross domestic product (GDP) so it can raise more funds to help a flagging economy while the vital tourism sector still struggles.

The risk to budget stability is low, as the new debt ceiling is not too high and most of the national debt is associated with borrowing costs, said Deputy Governor Mathee Supapongse in a opinion.

“Raising the debt ceiling does not mean that the government has to borrow to meet the ceiling, but rather to increase flexibility in implementing measures,” he said.

“Tax measures must still play a key role in supporting people’s lower incomes and helping the economy recover quickly.”

The government’s existing plan is to borrow 500 billion baht ($ 14.98 billion) to help the recovery so that the debt ratio will be above 60% by next year, up from 55.6% today, said he.

However, the system has sufficient liquidity to support future government bond issuance, and the central bank will work closely with the Treasury Department to ensure smooth and effective fundraising, Mathee said.

The central bank predicts that Southeast Asia’s second largest economy will grow 0.7% this year, after a 6.1% decline last year.

($ 1 = 33.38 Baht)

(Reporting by Orathai Sriring and Satawasin Staporncharnchai Editing by Ed Davies, Martin Petty)

((orathai.sriring@tr.com;))

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.


Source link

]]>
https://evasonphuket.com/thailands-c-bank-says-the-public-debt-ceiling-will-be-raised-to-support-the-economy/feed/ 0
Thailand’s SCG Packaging plans to expand in Vietnam by $ 353 million https://evasonphuket.com/thailands-scg-packaging-plans-to-expand-in-vietnam-by-353-million/ https://evasonphuket.com/thailands-scg-packaging-plans-to-expand-in-vietnam-by-353-million/#respond Mon, 20 Sep 2021 11:36:00 +0000 https://evasonphuket.com/thailands-scg-packaging-plans-to-expand-in-vietnam-by-353-million/ BANGKOK, Sept. 20 (Reuters) – Thailand’s SCG Packaging Pcl (SCGP) (SCGP.BK) announced on Monday that it would expand its packaging paper business in Vietnam by 11.8 billion baht ($ 353.93 million), an increasing one Expected demand. A new plant is being built in the north Vietnamese province of Vinh Phuc, which is scheduled to go […]]]>

BANGKOK, Sept. 20 (Reuters) – Thailand’s SCG Packaging Pcl (SCGP) (SCGP.BK) announced on Monday that it would expand its packaging paper business in Vietnam by 11.8 billion baht ($ 353.93 million), an increasing one Expected demand.

A new plant is being built in the north Vietnamese province of Vinh Phuc, which is scheduled to go into operation in early 2024 and will increase the total production capacity from 500,000 to 870,000 tons of packaging paper per year, SCGP said in a statement.

It is operated by Vina Kraft Paper, a joint venture between SCG Packaging and the Japanese Rengo Company (3941.T), in which SCGP holds 70%.

“Vietnam has a strong domestic consumption and is an important export base in the region, a great attraction for multinational companies to invest their businesses there,” said CEO Wichan Jitpukdee.

Wichan expected Vietnamese demand to grow by 6% to 7% annually through 2025.

SCGP, a unit of Thailand’s largest industrial conglomerate Siam Cement Pcl (SCC.BK), said it will use cash and debt to fund expansion.

The establishment is the latest move by a Thai company to expand into Southeast Asia, with Vietnam, a fast-growing country of 98 million people, one of the most sought-after.

Lender Bank of Ayudhya Pcl (BAY.BK) announced last month that it would acquire the consumer finance company SHB Finance in Vietnam for $ 155 million.

The pandemic hit Thailand hard. In August, the government lowered its economic growth forecast for 2021 from 1.5 to 2.5% to 0.7 to 1.2%, the third time.

The Thai economy slumped 6.1% last year.

Vietnam’s outlook was better as the government expected growth of up to 4% read more

(This story corrects paragraph 2 to show that the total production capacity will be increased to 870,000 tons, not the capacity of the new facility)

Reporting by Chayut Setboonsarng; Editing by Martin Petty

Our standards: The Thomson Reuters Trust Principles.


Source link

]]>
https://evasonphuket.com/thailands-scg-packaging-plans-to-expand-in-vietnam-by-353-million/feed/ 0
New money for residence regulations from 2022 https://evasonphuket.com/new-money-for-residence-regulations-from-2022/ https://evasonphuket.com/new-money-for-residence-regulations-from-2022/#respond Sun, 19 Sep 2021 16:27:35 +0000 https://evasonphuket.com/new-money-for-residence-regulations-from-2022/ There are concerns that the new program could be used by wealthy Chinese investors as a vehicle to buy hotel and tourism businesses and real estate currently in dire straits as the government’s planned revival of the sector has stalled and the outbreak of the pandemic crisis in March 2020 is unlikely to reach the […]]]>

There are concerns that the new program could be used by wealthy Chinese investors as a vehicle to buy hotel and tourism businesses and real estate currently in dire straits as the government’s planned revival of the sector has stalled and the outbreak of the pandemic crisis in March 2020 is unlikely to reach the levels previously reached.

The government intends to start operating its long-term visa program, which will allow wealthy people investing in the kingdom and high earners with advanced skills to reside early next year. Discussions are underway between the Home Office and the Treasury Department on the sensitive issue of changing property regimes to provide rights to up to 1 million people around the world that the government hopes to live, invest and be part of in Thailand as part of the economy work.

Government spokeswoman Ratchada Thanadirek told reporters on Saturday that talks are already underway between senior officials to bring into play the new long-term visa and residency option for wealthy investors and high-income foreigners who want to live in Thailand. She indicated that the new visas may be available for January 2022.

A government spokeswoman confirmed Saturday that officials are accelerating implementation of a program that will see 1 million wealthy foreigners living in Thailand by 2026.

According to Ratchada Thanadirek, the new long-term visa will be offered to people around the world from the beginning of 2022.

This includes actions being taken immediately to change Thailand’s extremely restrictive property laws, which currently prohibit foreigners from owning land or having more than 50% control over condominiums and limited companies.

Package of measures aims to generate ฿ 1 trillion GDP per year for the economy

The measures passed in principle by the cabinet last Tuesday are expected to generate more than 1 trillion yen per year by the end of 2026 and are overseen by the National Council for Economic and Social Development (NESDC).

A new plan for the Thai economy could result in an elite overseas visa generating up to 6% of GDP

Four groups will be eligible for the new visas, including wealthy investors, retirees moving to Thailand, highly skilled and skilled workers working in the Kingdom, and skilled entrepreneurs with skills, knowledge or valuable intellectual property.

Discussions are ongoing between top officials on how to enable licensed aliens to acquire land and property

The government spokeswoman said talks between the interior and finance ministries had already started to allow these specially designated foreigners to acquire land and to attach the necessary conditions to the proposal.

Ms. Ratchada appeared to suggest that the program could continue in January 2022, at which point the land ownership issue is advanced but not yet finalized.

She told reporters that she could not provide any further details, despite speculation that some concessions might also be made to spouses of Thai nationals under this new regime.

A national strategy to transform the Kingdom’s economy into a high-income economy plans to stimulate foreign investment and expand the tax base

The program also aims to generate additional investment in the kingdom of 800 billion yen per year on top of the new residents’ additional income tax revenue of 270 billion yen per year.

The government spokeswoman told reporters that this was part of the National Strategy outlined in 2018, which aims to make Thailand a high-income economy by 2037.

Central bank cuts GDP growth forecast as it turns to private sector debt management

The problem with this goal is that after last year’s catastrophic decline in the economy of 6.1%, which is expected to be followed this year by a further decline or, at best, a GDP gain of less than 1%, the Kingdom is increasing its annual GDP- Growth needs to increase rapidly. .

Rising private sector indebtedness is the main concern of the Bank of Thailand, and real estate in the tourism industry is at the core of the problem that many are in need of

The country also has a chronic problem with rising household debt and increasing private sector borrowing, which the Bank of Thailand identified as its top priority earlier this year.

The response from bank officials includes plans to put in place an asset storage system and an effective support mechanism to deal with entrepreneurs in the devastated overseas tourism industry, where many real estate and asset-backed loans are still in debt moratorium and need to be restructured. .

Many tourism-related businesses and real estate are currently in financial distress.

Dysfunction affects Thailand’s reopening to tourism as Health Minister dismisses the October 1st date

This has long been viewed as dependent on the kingdom reopening before the end of 2021 for foreign tourism at a sustainable level, which is becoming increasingly unlikely in the wake of the ongoing pandemic crisis.

The reopening for foreign tourism is stalling

This week, the country’s planned reopening looked increasingly fragile as Health Minister Anutin Charnvirakul warned that October’s planned reopening may have to be postponed while the Phuket Sandbox takes place amid a mounting virus crisis on the island itself.

Scheme would be for a trial period of 5 years

At the cabinet meeting on Tuesday it was agreed that the investment plan would be reviewed every 5 years by the National Council for Economic and Social Development.

This would include all accompanying legal measures including the proposed relaxation of the property ban.

Warning from the head of the hotel industry in Pattaya of a Chinese takeover and loss of income for the entire Thai economy

Details of the new program came just days after a senior hospitality leader, Phisut Sae-khu, urged a suspension of debt repayment for Pattaya hotel owners until the overseas tourism industry recovered, warning that Chinese investors are waiting in the wings, to move in.

Thailand’s tourism industry could go the same route as Cambodia and Sihanoukville, where 90% of the hotels and businesses in the resort are Chinese-owned

It is clear that the new program would be beneficial to such investors and could result in Thailand’s strategically important and valuable tourism economy following that of Cambodia, where Chinese investors dominate the development of the industry.

A 2019 survey and information revealed by the provincial authorities of Preah Sihanouk in Cambodia showed that 90% of the business enterprises in the popular tourist resort of Sihanoukville, including hotels, casinos, restaurants and massage parlors, were owned by Chinese investors.

Join the Thai News Forum, follow Thai Examiner Facebook here
Receive all of our stories as soon as they come out telegram here
follow Thai examiner here

Continue reading:

A new plan for the Thai economy could result in an elite overseas visa generating up to 6% of GDP

Economic plan to bring smiles back to Thailand’s appeal to foreigners to live and work

Economic fears mount as Thailand faces a bigger crisis than 1997, with rising job losses and debt

The baht is falling with confidence in Thailand waning as overseas tourism closes and viruses drive out funds

Central bank cuts GDP growth forecast as it turns to private sector debt management

Loan bill passes, but the Thai economic outlook is not bright with forecast GDP growth of 1.8% for 2021

According to the head of the advertising agency, Thailand is to be reopened as a cryptocurrency-friendly haven for tourists with “big fish”

The IMF urges the government to ease the nation’s wallets as finances are tightened with the tax cut

The government is preparing a plan to attract millions more expats to come and live in Thailand to stimulate the economy

The World Bank is downgrading growth prospects as the Thai economic recovery in 2021 still looks uncertain

Plan to enable high tech and skilled foreigners to live and work in Thailand for up to four years

Thailand has to bite the bullet and reopen to foreign tourists from October 1st to save the industry

The minister called not to be afraid of credit in 2021 as fears of a quick revival in overseas tourism mount

The economy recovers as the year progresses, driven by exports and a return of foreign mass tourism

Doors close for quick return of overseas tourism as economic recovery is delayed until late 2022

Foreign tourism resurgence in the 2nd half of 2021 with vaccines promoted by ministers and industry for the sector

Fact – only 6,556 visitors arrived in Thailand last month, compared to 3.95 million in December 2019

Desperate overseas tourism companies cling to straws as they try to survive the crisis

Finance minister says the economy must turn away from tourism with a move to S-Curve industries

Continuously moving economy driven by exports and public investment, with a growth rate of 3.3% for 2021

Thailand’s tourism boss is targeting thousands instead of millions as public health is paramount

Thailand will likely only reopen its doors to mass tourism after a full vaccination before the end of 2021

Baht forecast to strengthen as investors bet on Thailand to reopen to mass tourism in 2021


Source link

]]>
https://evasonphuket.com/new-money-for-residence-regulations-from-2022/feed/ 0
A player in the southern Thai tourism industry proposes “Danok Sandbox” to revitalize the economy https://evasonphuket.com/a-player-in-the-southern-thai-tourism-industry-proposes-danok-sandbox-to-revitalize-the-economy/ https://evasonphuket.com/a-player-in-the-southern-thai-tourism-industry-proposes-danok-sandbox-to-revitalize-the-economy/#respond Fri, 17 Sep 2021 14:02:00 +0000 https://evasonphuket.com/a-player-in-the-southern-thai-tourism-industry-proposes-danok-sandbox-to-revitalize-the-economy/ SADAO (southern Thailand), September 17 (Bernama): Danok, a city in the province of Sadao in southern Thailand, is only a shadow of itself after the border between Thailand and Malaysia was closed in March last year due to the Covid-19 pandemic. Popular with Malaysians who love travel, entertainment, and shopping, Danok has been severely affected […]]]>

SADAO (southern Thailand), September 17 (Bernama): Danok, a city in the province of Sadao in southern Thailand, is only a shadow of itself after the border between Thailand and Malaysia was closed in March last year due to the Covid-19 pandemic.

Popular with Malaysians who love travel, entertainment, and shopping, Danok has been severely affected as it relies on the presence of foreigners, particularly from Malaysia and Singapore, to succeed.

Although the government allowed business to operate, the absence of visitors resulted in many restaurants, food stalls, entertainment centers and massage parlors being closed.

The advisor to the Danok Entrepreneurs Association, Dr. Suthiphong Sitthipataraprapha, proposed a program – “Danok Sandbox” – that would allow the city to open specifically to visitors from Malaysia who have completed two doses of the COVID-19 vaccine.

Dr. Suthipong’s inspiration for the plan came from the success of the “Phuket Sandbox,” which allows tourists vaccinated with two doses of vaccine to visit the island without quarantine.

“Visitors must undergo an RT-PCR test within 72 hours of arriving in Danok. They are only allowed to move within 2.7 kilometers of the border), ”he told Bernama.

Last June, Thai Prime Minister Prayut Chan-O-Cha announced that Thailand would reopen its borders to international visitors within 120 days or by mid-October.

As part of the “Phuket Sandbox” program, Phuket welcomed 26,400 visitors from July 1 to August 31, and achieved sales of 1.63 billion baht.

Thailand has also introduced “Samui Plus”, where tourists have had the opportunity to visit Koh Samui, Koh Pha-ngan and Koh Tao since July 15th. The Tourism Authority of Thailand (TAT) said the program had received 918 visitors and 6,329 room bookings as of August 31, and sales of 37.6 million baht.

To revitalize the tourism industry, Thailand is also planning to reopen other popular tourist destinations like Bangkok and four other provinces – namely Chonburi, Phetchaburi, Prachuap Khiri Khan and Chiang Mai – in October.

Meanwhile, Songkhla Province Tourism Industry Council Vice President Aida Oujeh hoped the Thai government could accelerate the vaccination campaign in Songkhla Province, particularly Danok, so that group immunity could be achieved in the near future.

“So far, the Covid-19 vaccine injection (rate) in Danok is only 30 to 35 percent,” Aida said, adding that tourist guides, taxi drivers, tuk-tuks and coaches should be vaccinated. – Bernama


Source link

]]>
https://evasonphuket.com/a-player-in-the-southern-thai-tourism-industry-proposes-danok-sandbox-to-revitalize-the-economy/feed/ 0
Japanese companies are trying to reduce their reliance on Chinese manufacturing https://evasonphuket.com/japanese-companies-are-trying-to-reduce-their-reliance-on-chinese-manufacturing/ https://evasonphuket.com/japanese-companies-are-trying-to-reduce-their-reliance-on-chinese-manufacturing/#respond Fri, 17 Sep 2021 06:22:17 +0000 https://evasonphuket.com/japanese-companies-are-trying-to-reduce-their-reliance-on-chinese-manufacturing/ AT THE END of the month, the production line of a Toshiba factory in Dalian will be ready, 30 years after the Japanese electronics giant opened it in the northeastern Chinese city. Once a totemic example of global supply chains expanding into China, the closure illustrates how these are being reconfigured. The short answer is: […]]]>


Source link

]]>
https://evasonphuket.com/japanese-companies-are-trying-to-reduce-their-reliance-on-chinese-manufacturing/feed/ 0
Thailand’s new rules for retiree visas are ringing the alarm bells https://evasonphuket.com/thailands-new-rules-for-retiree-visas-are-ringing-the-alarm-bells/ https://evasonphuket.com/thailands-new-rules-for-retiree-visas-are-ringing-the-alarm-bells/#respond Wed, 15 Sep 2021 01:49:16 +0000 https://evasonphuket.com/thailands-new-rules-for-retiree-visas-are-ringing-the-alarm-bells/ How will the new visa regulations affect him? The Thai cabinet has agreed the framework of a new visa policy that will be reviewed by the government committees for most of 2021. The general idea is to lure well-heeled foreigners to a base in the Kingdom while enjoying a range of perks including a 10 […]]]>
How will the new visa regulations affect him?

The Thai cabinet has agreed the framework of a new visa policy that will be reviewed by the government committees for most of 2021. The general idea is to lure well-heeled foreigners to a base in the Kingdom while enjoying a range of perks including a 10 year residence permit, end of 90 day coverage, attractive income tax structure and direct land ownership. However, the devil – or the devils – lurk in the details. As always.

One of the eligible groups is “wealthy” retirees over the age of 50 with an annual income of $ 40,000 or $ 250,000 in recent government bonds or real estate. Currently, the rules for retirees are very different. Ownership of property or government assets does not count while the income rule is 800,000 baht in the bank or in monthly mailed overseas income. That equates to only about $ 25,000 and can sometimes be avoided by having a friend loan you the money.

The immediate question is whether the current pensioners will have to switch to the new regulations or whether they will be protected under the rules as they are. It is possible, but by no means certain, that they will become “grandfathered” who can keep one year renewable stay extensions, but without the new perks promised to the wealthier group. In an earlier government statement last June it was suggested that “all” pension visas and residence extensions issued by Thai embassies abroad and by the immigration authorities here would require comprehensive insurance as well as Covid-related insurance. Many details on these issues are yet to come.

The Cabinet decision also aims to encourage the migration of wealthy foreigners – essentially those with assets of $ 1 million – by adding a ten-year visa to an automatic work permit and a particularly reduced income tax rate for those who work in the Eastern Economic Corridor, is currently based in the Rayong region. These ideas seem to be based on the current four-year smart visa for hi-tech experts and some digital nomads that doesn’t require a work permit or 90-day reporting anyway. Although not very well known, the smart visa has already entered new visa territory.

The government says it is now determined to allow “some” wealthy foreigners to own land. This should be understood to mean a new building on specially approved plots, with the proviso that the apartment is purchased directly from the developer. That benefit was released as an opportunity last June when it was suggested that some elite visa holders could qualify, provided they keep investing over a five-year period. But there is no mention of elite in the latest cabinet statement.

The overall goal is to boost the Thai economy and the Thai Ministry of Finance by attracting around a million wealthy foreigners to avoid the traditional disadvantages in the long run. The proposals will primarily appeal to Chinese and other Asian investors who already dominate the market for condominiums bought abroad and the multi-billion dollar import and export complex (in each currency) dominated by the eastern economic corridor. The English-speaking social media keyboard warriors are already making fun of the idea that Thailand can attract hundreds of thousands of really wealthy guys and gals. However, the proposals are not aimed primarily at the current expat population.



Source link

]]>
https://evasonphuket.com/thailands-new-rules-for-retiree-visas-are-ringing-the-alarm-bells/feed/ 0
The Thai industrial sector expects exports to rise by the end of the year https://evasonphuket.com/the-thai-industrial-sector-expects-exports-to-rise-by-the-end-of-the-year/ https://evasonphuket.com/the-thai-industrial-sector-expects-exports-to-rise-by-the-end-of-the-year/#respond Tue, 14 Sep 2021 09:03:03 +0000 https://evasonphuket.com/the-thai-industrial-sector-expects-exports-to-rise-by-the-end-of-the-year/ Kriengkrai Thiennukul, vice chairman of FTI, said that of the 10 industries, food and auto exports have a strong correlation with global economic conditions, while a stronger global market will increase demand for food and automobiles from Thailand. The Federation of Thai Industries (FTI) expects 10 export sectors to gain momentum if there are no […]]]>
Kriengkrai Thiennukul, vice chairman of FTI, said that of the 10 industries, food and auto exports have a strong correlation with global economic conditions, while a stronger global market will increase demand for food and automobiles from Thailand.

The Federation of Thai Industries (FTI) expects 10 export sectors to gain momentum if there are no serious disruptions to the COVID-19 spread in the industrial sector that could lead to a shortage of raw materials.

Kriengkrai Thiennukul, vice chairman of FTI, said that of the 10 industries, food and auto exports have a strong correlation with global economic conditions. A stronger world market will increase the demand for food and cars from Thailand. Medical devices, herbal medicines, and nutritional supplements should also have good export prospects as people are concerned about COVID-19 infections and have become more health conscious.


In the food segment, he said market supply and demand, as well as manufacturers’ attempts to contain COVID-19, are critical to the outlook. The growth in the food industry results from higher prices for agricultural products as well as strict measures to protect food processing from contamination, especially from COVID-19.

Mr Kriengkrai said exports are healthy and will continue to grow, adding that trade is the key driver of the economy for the rest of the year. The global economic recovery should also drive the export segment this year, particularly the US and China, as many developed countries have vaccinated a significant portion of their populations against the highly contagious virus. (NNT)



Source link

]]>
https://evasonphuket.com/the-thai-industrial-sector-expects-exports-to-rise-by-the-end-of-the-year/feed/ 0