Thailand's condominium ownership transfers to foreigners increased 65.6 percent year on year in the first six months of this year, due to increased newly completed projects and eased entry rules, data showed on Monday.

Around 7,338 condominium units worth 35.21 billion baht (about 0.98 billion U.S. dollars) were transferred to foreigners in the January-June period, mostly in the eastern seaside province of Chonburi and the capital of Bangkok, according to the Government Housing Bank's Real Estate Information Centre (REIC).

These transfer figures saw an ongoing recovery, though the overall number of units and unit value remained lower than in pre-COVID 2019, said REIC's acting director-general Vichai Viratkapan.

Source : Xinhua

The Thai stock market has seen the highest market capitalisation and daily trading volume in Asean this year.

Since the beginning of the year, a total of 336 mutual funds have been offered for sale, according to data released last month by the Securities and Exchange Commission (SEC).

As of July 2023, the total net asset value of mutual funds was 4.7 trillion baht, with an average annual growth rate of 0.3% over the past five years.

Since January 1 this year, there have been 22 securities offered for sale through initial public offerings (IPOs), raising 22.71 billion baht. Mutual funds investing in debt securities had the highest net asset value.

This year, 15 securities are ready for an IPO and awaiting approval, 31 securities are under consideration, and 92 securities are in the pre-consultation stage. This indicates a steady trend of fund-raising via the stock market, according to the SEC.

As for digital assets this year, one company has received approval for an initial coin offering (ICO) and 32 companies have ICO requests in the pre-consultation stage, with a cumulative fund-raising value of 2.66 billion baht through digital assets.

ICOs have become a popular way to raise funds for products and services usually related to cryptocurrency. ICOs are similar to IPOs, but coins issued in an ICO also can have utility for a software service or product.

Source : THE NATION THAILAND

Thailand and Laos have initiated discussions aimed at enhancing tourism collaboration, as they explore measures to attract more visitors to the region.

In a meeting held in Loei, Thailand, officials from both countries convened to discuss tourism route connectivity and expediting the construction of a second Thai-Lao friendship bridge in Pak Chom district.

During the 20th Thai-Lao border security meeting, various topics were addressed, including tourism promotion, cultural exchanges and economic, social and security cooperation.

As part of these efforts, Thailand recently approved a free-visa policy for Chinese tourists, prompting Laos to consider the development of its Muen border town in Vientiane to cater to the growing influx of Chinese visitors traveling to Thailand, with the possibility of extending their journeys into Laos.

The proximity of Muen town to Pak Chom district in Laos positions it as a potential gateway for linking popular attractions in both Loei and Vientiane. Plans are in motion to upgrade Laos’ temporary checkpoint to a permanent one, allowing for smoother border crossings and improved accessibility.

Loei also has ambitious plans to construct a second Thai-Lao Friendship Bridge in Pak Chom district. This infrastructure project is expected to have far-reaching benefits, including boosting tourism, trade, investment and logistical efficiency. The first Thai-Lao Friendship Bridge in Loei already connects Tha Li district in Loei to Kenethao City in Laos.

Source : NATIONAL NEWS BUREAU OF THAILAND

Chiang Mai Airport is preparing to unveil its development plan to boost airport capacity and receive more flights domestically and internationally.

Chiang Mai Airport Director Vijit Kaewsaitiam stated that the airport will construct a new terminal as part of its development plan, increasing airport capacity from 8 million to more than 16.5 million visitors per year. Flights will also be doubled to up to 30 flights an hour while operating hours will be extended to facilitate more international flights, especially from Europe.

The terminal project is in line with the Airports of Thailand’s strategic plan and the provincial development plan for Chiang Mai province. The first phase of the terminal construction will take three years to complete, with the terminal expected to be operational by 2029.

Airport officials are expected to report details of its development plan to Prime Minister Srettha Thavisin during his visit to Chiang Mai province this weekend. The premier is scheduled to visit the province on September 15-17 and will meet the airport’s executives to discuss the airport’s expansion plans and the effects it will have on nearby communities.

Source : NATIONAL NEWS BUREAU OF THAILAND

Nan Airport has announced an expansion project to extend its runway from its current 2,000 meters to 2,500 meters, aiming to support short-haul international flights in the future, particularly from China, and facilitate domestic flights between Nan and Phuket.

The plan is in response to the airport’s growing passenger numbers, with at least 1,000 passengers per day, showing signs of recovery from the COVID-19 pandemic.

During the first five months of this year, Nan Airport handled 1,240 flights, serving a total of 185,541 passengers, surpassing the figures from the same period of the previous year. To accommodate larger aircraft and prepare for future growth, studies have indicated the necessity of the runway extension.

The Department of Airports (DOA) is now seeking a 40-million-baht budget from the government to conduct an Environmental Impact Assessment (EIA) for the extension, which is required for runways between 1,000m and 3,000m in length.

The EIA study began in June and is expected to conclude by April next year. Construction of the extended runway is scheduled to commence in 2027, with an anticipated completion timeline of 2030.

Source : NATIONAL NEWS BUREAU OF THAILAND

The Royal Thai Embassy in the United States recently shared on its Facebook page that Thailand has secured the ninth spot among 87 countries listed as the most business-friendly in 2023.

The annual ranking, known as the Best Countries for Business in 2023, is organized by the U.S News and World Report and takes into account a weighted average of five factors including bureaucracy, low production costs, corruption, tax-friendly environment, and transparent government regulations.

Switzerland tops the list as the most business-friendly country, followed by Luxembourg and Finland. On the other end of the spectrum, Russia is ranked as the least business-friendly country, followed by Iran and Belarus. The top 10 countries for business-friendliness in 2023 are Switzerland, Luxembourg, Finland, Sweden, Norway, Denmark, Singapore, Panama, Thailand, and New Zealand.

Source : Thailand Business NewsTHAILAND

The Board of Investment (BoI) in Thailand has approved 20 new investment projects worth 30 billion baht from Taiwan-based electronics companies.

These companies are looking to use Thailand as their new export base to avoid the impact of geopolitical conflicts, such as the China-Taiwan tensions. The move is expected to fuel growth in the electronics industry and make Thailand a major printed circuit board (PCB) manufacturing base in ASEAN.

The BoI plans to invite more electronics firms, particularly from Taiwan, to invest in Thailand as part of its five-year investment promotion strategy. Taiwan is a target country for investment to boost the high-tech industry hub in the Eastern Economic Corridor (EEC) in Thailand.

Taiwan has established itself as a prominent player in the electronics industry, contributing to over 65% of the global semiconductor market and 35% of the PCB market.

Thailand has become an attractive destination for Taiwanese manufacturers due to its infrastructure, investment policies, space for expansion, and skilled labor. The Board of Investment (BOI) has also played a role in boosting Thailand’s appeal by inviting members of the PCB manufacturing association for a field trip, resulting in increased PCB investment projects.

Taiwanese manufacturers also see Thailand’s potential in becoming a manufacturer of upstream electronic components. Thailand is already the largest PCB manufacturing hub in ASEAN, ahead of competitors like Vietnam and Malaysia.

Source : Thailand Business News

The Tourism Authority of Thailand (TAT) is taking a sustainable approach to tourism by promoting low-carbon travel routes along Bangkok’s historic Phadung Krung Kasem Canal. The goal is to encourage tourists to engage in environmentally responsible tourism behaviors that minimize their carbon footprints.

TAT, in collaboration with the Bangkok Metropolitan Administration (BMA), organized a familiarisation trip on August 19, to showcase an enjoyable and eco-conscious way for tourists to explore local attractions and participate in activities along the Phadung Krung Kasem Canal. The event was attended by Japanese media, bloggers, and representatives from Destination Management Companies (DMCs).

The journey starts with an electric boat cruise from Hua Lamphong Station Pier to the historic Wat Thewarat Kunchon Worawihan temple. This temple, which dates back to the Ayutthaya period, holds significance as a royal temple since King Rama IV’s reign and is well-known for its mural paintings and famous Buddha images.

Passengers continued their journey to Nakhon Sawan Pier, where they visited the century-old Nang Loeng Market, one of Thailand’s earliest inland markets. In addition to enjoying street cuisine, visitors to Ban Narasin participated in a Khon costume embroidery session. This workshop focuses on the ancient Khon theatrical company during the reign of King Rama VI.

The journey then transformed into a walking tour and caf? exploration along Nang Loeng and Nakhon Sawan Road. Notable stops included Mamueng Caf?, Bangkok 1899 House, Na Caf?, Nang Loeng Art, and Buddha & Pals Caf? & Jazz. The journey concluded at the Thai Railway Museum, which caters to railroad enthusiasts and is located near MRT Hua Lumphong.

For those interested in taking this eco-friendly journey along the canal, the BMA electric boat operates daily and is free of charge. It runs every 20 minutes from 06:00-09:00 and 16:00-19:00 on weekdays. Meanwhile, the boat runs every hour from 08:00-19:00 on weekends and holidays.

Source : NATIONAL NEWS BUREAU OF THAILAND

Poonpong Nainapakorn, director of the Commerce Ministry’s Trade Policy and Strategy Office (TPSO), sees plenty of potential for Thai exporters in China's fast-growing e-Commerce market, based on a recent study by the TPSO on the growth of Cross-border e-Commerce (CBEC).

The growth is due to the increasing number of internet users, which rose to 1.07 billion people in 2022, an increase of 35.49 million over 2021. The Covid-19 pandemic also encouraged many more consumers to shop online.

Additionally, the Chinese government has implemented measures and policies to support CBEC including the establishment of 165 pilot cross-border e-commerce integrated development zones in 33 cities, including Hangzhou, Beijing, Shanghai, Kunming, and Chengdu. These zones connect by land and sea, both domestically and internationally, promoting exports of Chinese SME products to online platforms abroad and encouraging the import of foreign products for sale on Chinese online platforms.

Businesses in these zones benefit from tax incentives and simplified customs procedures compared to traditional cross-border trade. They also enjoy simplified customs processes and lower operational costs. However, regulatory challenges remain, such as increased customs procedures for storing goods in the zones and limitations on storage and operational costs.

CBEC imports into China are divided into two categories:

1. Bonded warehouse import: Businesses worldwide can import goods into bonded warehouses without going through customs procedures or paying taxes until consumers order the products. This method reduces waiting times for consumers, with deliveries typically taking 3-7 days.
2. Direct mailing: Businesses can directly send products from the source country to consumers in China through logistics systems, payment, and taxation cooperation with the platform. This offers convenience to both consumers and businesses in terms of logistics.

Worth noting, however, is that while the collaboration between e-commerce platforms and logistics companies reduces costs by avoiding bonded warehouse expenses in China, there is a trade-off in terms of time. It may take approximately 1-2 weeks to pass through customs procedures, far longer than the 1-2 days required for importing through bonded warehouses.

Whichever category they choose, Thai businesses have a significant opportunity in the growing Chinese CBEC market, given the high demand for various Thai products such as processed foods, ready-to-eat meals, snacks, health products, fresh fruits, cosmetics, and natural skincare products.

By increasing their presence in CBEC and focusing on products with a Thai identity that have the potential to appeal to Chinese consumers, Thai entrepreneurs can expand their sales and market share in China.

Trading through CBEC offers tax benefits too. If the value is below 5,000 yuan (24,380 baht) per order and the total annual value does not exceed 26,000 yuan per person, businesses can enjoy exemptions from customs duties and pay only 70% of the regular value-added tax and consumption tax.

The TPSO recommends that entrepreneurs conduct thorough market research in China, including legal, geographical, and cultural aspects of their target audience. Choosing the right platform to align with the product's characteristics is essential for effective communication.

Currently, China's Customs Administration reports that the value of imports and exports through CBEC in 2022 reached 2.06 trillion yuan (US$283 billion), with a 7.1% increase. In the first half of 2023, the value of imports and exports through CBEC amounted to a significant 1.1 trillion yuan (U$150 billion), showing a 16% increase.

Source : THE NATION THAILAND