News – Thailand Business Directory

Since January, Thailand has Received One Million Chinese Tourists

Thailand has welcomed one million Chinese tourists in the first four and a half months of 2023, according to a government official. This is a sign of recovery for the tourism sector, which was hit hard by the COVID-19 pandemic.

In 2019, before the pandemic, Thailand received 11 million Chinese tourists, who accounted for 28% of the total foreign arrivals. In 2022, only 274,000 Chinese tourists visited Thailand, due to travel restrictions and quarantine measures.

The government spokesperson Anucha Burapachaisri said that the number of Chinese visitors is expected to reach five million by the end of the year, with a total spending of 446 billion baht ($13.18 billion). He added that this would boost the economy and create jobs for Thais.

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US and Chinese Trade Negotiators Fail to Reach Accord

U.S. Commerce Secretary Gina Raimondo met with her Chinese counterpart Wang Wentao on May 25. The two traded complaints but failed to break new ground in the floundering Sino-American trade relationship.Raimondo “raised concerns” about the Chinese Communist Party’s (CCP) actions against U.S. companies in China, according to a statement released by the Commerce Department.Wang, likewise, expressed concerns about U.S. efforts to prevent the regime from obtaining advanced semiconductors and other critical technologies, a statement from the CCP’s Commerce Ministry said.The Commerce Department’s readout added that the talks included “candid and substantive discussions on issues relating to the U.S.-China commercial relationship.” These included discussion of areas of trade and investment ripe for “potential cooperation,” but neither side gave any indication that such discussion bore fruit, nor did they specify what areas cooperation might take place in….

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Members of the Federation of Thai Industries (FTI) are concerned about the Move Forward party’s policy to increase the minimum wage to 450 baht/day.

The Move Forward Party’s proposal to increase the minimum wage to 450 baht per day has sparked mixed reactions from businesses and workers. While some see it as a way to boost the purchasing power of low-income earners and stimulate the economy, others fear it will lead to higher costs, layoffs and closures of small and medium enterprises (SMEs).

According to Move Forward, the current minimum wage is not enough to cover the basic needs of workers, especially in light of the rising cost of living and the economic fallout from the COVID-19 pandemic. The party argues that raising the minimum wage will boost domestic consumption, stimulate economic growth, and reduce social problems such as crime and drug abuse.

The party also cites international studies that show that increasing the minimum wage does not necessar…

The Department of Justice Charges Two Individuals for Allegedly Taking Technology to China Illegally

The Justice Department has charged two men for their alleged roles in separate schemes to steal and reproduce 3D modeling and autonomous vehicle technology for communist China. The two cases were announced with three others on May 16, as part of a tranche of prosecutions aimed at squashing crimes related to export violations, smuggling, and thefts of trade secrets.

Each of the cases was brought by the Disruptive Technology Strike Force, a joint program led by the Commerce and Justice departments and intended to counter efforts by hostile nations to illicitly acquire sensitive……

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Election Outcome Expected to Boost Retail, Banking, and Tourism Sectors

Retail, banking and tourism sectors are expected to benefit from the policies of the new coalition government in Thailand, which is led by the Move Forward Party.

The party won the most seats in the general election held on May 14, 2023, ending nine years of pro-military rule.

The retail sector is likely to benefit from the proposed cash handouts, lower electricity and fuel costs, and increase in minimum wages that will increase the purchasing power of the Thai people. Some of the leading retailers in Thailand include Central Group, The Mall Group, Robinson Department Store and Big C Supercenter.

The banking sector is also expected to see an improvement in loan demand and asset quality, as the new government will likely ease some of the restrictions imposed by the previous military regime. The banking sector has been struggling with high levels of non-performing loans and low profitability due to the sluggish economy and political uncertainty. Some of the …

Tesla Increases Prices in North America and East Asia

Tesla Inc. has raised prices in a range of up to $290 in Canada, China, Japan, and the United States, its website showed on Monday, after the company slashed prices of its top-selling vehicles since the start of the year.The hike was the first on its two top-selling models at the same time in multiple markets, although prices across its lineup are much lower than in January, after a round of discounts.Last month Chief Executive Elon Musk said the company would prioritize sales growth ahead of margins and look to profit later on its rollout of self-driving software for a larger fleet of vehicles….

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Bank of Thailand Eases Yuan Usage Regulations

The Bank of Thailand (BoT) has announced that it will relax the rules on the use of China’s yuan for trade transactions this year.

This move is aimed at helping Thai exporters and importers reduce the impact of currency volatility and promote the use of local currencies in bilateral trade.

According to BoT deputy governor Mathee Supapongse, the BoT is in talks with the People’s Bank of China (PBoC) on how to facilitate and encourage the use of the yuan for trade settlements. He said that China is Thailand’s major trade partner, accounting for about 12% of Thailand’s total trade value in 2022, but the payments in local currencies are still low, at around 2%.

Mathee added that there will be no problem with the supply of yuan for trade purposes, as both countries have a swap line agreement that allows them to exchange up to 70 billion yuan or 370 billion baht. He also said that the use of yuan should not be seen as a threat by the US, as the Chinese currency …

Philippines Allows 100% Foreign Investment in Public Services Sector

The amended Public Service Act, which was signed into law by President Rodrigo Duterte in March 2023, aims to attract more foreign capital and technology to improve the quality and efficiency of public services in the country.

Public services are activities that serve the common good of the people, such as transportation, communication, water supply, electricity, and postal services. Under the previous law, public services were considered as public utilities, which were subject to constitutional restrictions on foreign ownership. Only Filipino citizens or corporations with at least 60 percent Filipino equity could operate public utilities.

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Thailand’s CCI Reaches 38-Month Peak

Thailand’s consumer confidence index (CCI) reached a 38-month high in April 2023, according to a survey conducted by the University of the Thai Chamber of Commerce (UTCC).

The survey, which interviewed 2,238 respondents across the country, revealed that consumers’ outlook on current and future economic conditions, job prospects and income expectations improved significantly, thanks to several factors such as:

A rebound in tourism, as Thailand beat its target for tourist arrivals in the first quarter, recording 6.15 million visitors in the January to March period. The Tourism Council, an industry body, said at least 30 million tourists were expected to visit the country this year and spend 1.5 trillion baht (USD 43.74 billion). A reduction in petrol prices, which eased consumers’ cost of living and boosted their purchasing power. A hotel subsidy scheme, which encouraged domestic travel and stimulated spending on accommodation and related services. …