Thailand

Thailand

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Picture: The land of smiles
 
 
Picture: The land of smiles
 
Picture: An e-commerce market worth US$2.5 billion
 
 
Picture: An e-commerce market worth US$2.5 billion
 
Picture: A rising middle class
 
 
Picture: A rising middle class
 
Picture: Well-defined investment policies
 
 
Picture: Well-defined investment policies
 
Picture: Food and agribusiness: major manufacturing sectors
 
 
Picture: Food and agribusiness: major manufacturing sectors
 
Picture: Booming Chinese investment
 
 
Picture: Booming Chinese investment
 
Picture: A regional logistics hub
 
 
Picture: A regional logistics hub
 
Picture: Thailand 4.0
 
 
Picture: Thailand 4.0
 
Picture: 10 Special Economic Zones
 
 
Picture: 10 Special Economic Zones
 
Picture: Great potential for Hong Kong’s lifestyle products
 
 
Picture: Great potential for Hong Kong’s lifestyle products
 

Thailand: Market Profile

Picture: Thailand factsheet
Picture: Thailand factsheet

1. Overview

Thailand has made remarkable progress in social and economic development, moving from a low-income country to an upper-income country in less than a generation. Thailand's long-term economic goals are laid out in the country's 20-Year National Strategy (2017-2036) for attaining developed country status. According to the plan, the country will seek to achieve this through broad reforms including addressing economic stability, human capital constraints, equal access to economic opportunities, environmental sustainability, competitiveness, and effective governance. The sustained pace and quality of reforms, as well as sound implementation, will be crucial for translating the reform effort into the desired economic outcomes.

Sources: World Bank, Fitch Solutions

2. Major Economic/Political Events and Upcoming Elections

May 2014
The army led by General Prayut Chan-ocha took power in a coup d'état and announced the suspension of "the constitution of 2007 except for the chapter on the monarch".

October 2016
King Bhumibol Adulyadej died after 70 years on the throne and was replaced by his son, Maha Vajiralongkorn. In December, Crown Prince Vajiralongkorn was proclaimed king, replacing his late father.

April 2017
King Vajiralongkorn signed the new, military-drafted constitution that paved the way for a return to democracy.

Sources: BBC Country Profile – Timeline, Fitch Solutions

3. Major Economic Indicators

Graph: Thailand real GDP and inflation
Graph: Thailand real GDP and inflation
Graph: Thailand GDP by sector (2017)
Graph: Thailand GDP by sector (2017)
Graph: Thailand unemployment rate
Graph: Thailand unemployment rate
Graph: Thailand current account balance
Graph: Thailand current account balance

e = estimate, f = forecast
Sources: IMF, World Bank
Date last reviewed: January 23, 2019

4. External Trade

4.1 Merchandise Trade

Graph: Thailand merchandise trade
Graph: Thailand merchandise trade

Source: WTO
Date last reviewed: January 9, 2019

Graph: Thailand major export commodities (2018)
Graph: Thailand major export commodities (2018)
Graph: Thailand major export markets (2018)
Graph: Thailand major export markets (2018)
Graph: Thailand major import commodities (2018)
Graph: Thailand major import commodities (2018)
Graph: Thailand major import markets (2018)
Graph: Thailand major import markets (2018)

Sources: Trade Map, Fitch Solutions
Date last reviewed: February 10, 2019

4.2 Trade in Services

Graph: Thailand trade in services
Graph: Thailand trade in services

e = estimate
Source: WTO
Date last reviewed: January 9, 2019

5. Trade Policies

  • Thailand has been a WTO member since January 1, 1995.

  • Since 2015 all tariffs between Association of Southeast Asian Nations (ASEAN) member states have been removed – (other members are Brunei Darussalam, Cambodia, Indonesia, Laos, Myanmar, Philippines, Singapore, Malaysia and Vietnam). The rewards of lower tariffs within the area have been seen, with regional trade booming in recent years, especially as Malaysia, Singapore, Vietnam, Cambodia and Myanmar are all Thailand's major exporting partners.

  • Although Thailand has abolished most tariffs, this mainly benefits regional (members of ASEAN) investors and a few other countries with which it has free trade agreements (FTAs). Consequently, high tariffs in many sectors and non-tariff barriers such as licencing requirements and excessively burdensome import requirements remain an impediment to market access. Price controls and excise taxes, often based on an exceedingly complex tax structure, also negatively impact trade in some sectors. Thailand is not a signatory to the WTO Agreement on Government Procurement.

  • Under Article 27 of the Customs Act of 1926 and subsequent amendments, certain items are prohibited by law from passing into or out of Thailand. Habit forming narcotics and other illicit drugs are banned. The same article of the Customs Act of 1926, allow the Ministry of Commerce to designate certain classes of goods as subject to import controls, generally, in the form of licensing or government permissions.

Sources: WTO – Trade Policy Review, Fitch Solutions

6. Trade Agreements

6.1 Multinational Trade Agreements

Active

  1. ASEAN-China: The ASEAN-China FTA covers goods and services. The FTA for goods came into force on January 1, 2005, and the FTA for services came into force on July 1, 2007. The agreement aims to eliminate tariffs, encourage investment and address the barriers that impede the flow of goods and services. The ASEAN-China Free Trade Area came into force on January 1, 2010, and was upgraded in 2014. In 2017 ASEAN was the recipient of 12.3% of China's exports and the source of 12.8% of imports. Total merchandise trade between ASEAN and China grew by 215% between 2005 and 2016 (latest data available).

  2. ASEAN-India: The ASEAN-India trade in goods agreement came into force on January 1, 2010 for goods and on July 1, 2015 for services with the aim of minimising barriers and deepening economic linkages between the parties. The agreement will lead to the progressive elimination of tariffs on all goods. ASEAN accounted for 10.2% of India's imports and 12% of India's total exports in 2017.

  3. ASEAN-South Korea: The ASEAN-South Korea FTA (AKFTA) came into force in June 2007 and May 2009 for goods and services respectively. The investment agreement entered into force in June 2009. AKFTA aims to create more liberal, facilitative market access and investment regimes between South Korea and ASEAN. A business council was set up in December 2014 to enhance economic cooperation between parties and boost total trade to USD200 billion by 2020. ASEAN was the recipient of 11.2% of South Korea's exports in 2017 and the source for 16.6% of imports. Total trade between ASEAN and South Korea grew by 68% between 2007 and 2017.

  4. ASEAN-Japan FTA: Japan provides a huge market for a wide range of goods, with tariff-free trade. This benefits a number of important sectors, including manufacturing, agriculture, mining and chemicals production.

  5. ASEAN-Australia-New Zealand: The ASEAN-Australia-New Zealand FTA and Economic Integration Agreement for goods and services came into force on January 1, 2010.

  6. ASEAN-Hong Kong FTA (AHKFTA): Hong Kong and ASEAN commenced negotiations of an FTA and an Investment Agreement in July 2014. After 10 rounds of negotiations, Hong Kong and ASEAN announced the conclusion of the negotiations in September 2017 and forged the agreements on November 12, 2017. The agreements are comprehensive in scope, encompassing trade in goods, trade in services, investment, economic and technical co-operation, dispute settlement mechanism and other related areas. The agreements will bring legal certainty, better market access and fair and equitable treatment in trade and investment, thus creating new business opportunities and further enhancing trade and investment flows between Hong Kong and ASEAN. The agreements will also extend Hong Kong's FTA and Investment Agreement network to cover all major economies in South East Asia. The agreement came into force on January 1, 2019, but will take time for all members of ASEAN to comply as implementation is subject to completion of the necessary procedures. Hong Kong is a key export market and the reduction of tariffs will ease the trading process; Hong Kong's potential as a key export market increases the importance of AHKFTA.

Under Negotiation

Negotiations for an EU-Thailand FTA started in March 2013. The negotiations aim to conclude a comprehensive FTA in the short-to-medium term.

Sources: WTO Regional Trade Agreements database, Fitch Solutions

7. Investment Policy

7.1 Foreign Direct Investment

Graph: Thailand FDI stock
Graph: Thailand FDI stock
Graph: Thailand FDI flow
Graph: Thailand FDI flow

Source: UNCTAD
Date last reviewed: January 9, 2019

7.2 Foreign Direct Investment Policy

  1. The Thai business climate continues to be positive and welcoming to foreign investment though local laws favour domestic companies in many aspects. All businesses operating in Thailand must register and obtain a Foreign Business License from the Ministry of Commerce. Manufacturing firms must also register with the Ministry of Industry, and the Ministry of Labour and Social Welfare.

  2. The Foreign Business Act (FBA) of 1999 is the primary piece of legislation with respect to foreign business activities. In spite of some reforms, company ownership restrictions remain in place and foreign nationals may own 49% of a company while it remains majority-Thai owned.

  3. Certain types of business activities are reserved for Thai nationals only according to the FBA. Generally, foreign investment in these areas cannot comprise more than 50% of share capital unless specifically permitted. Some exemptions can be obtained, such as permission by the director general of the Department of Business Development, with approval of the Foreign Business Committee together with obtaining a foreign business license.

  4. Foreign ownership of wireless/mobile telecommunications services; banking, accounting, bookkeeping and auditing services; tax consultancy; agriculture and forestry; transportation; tourism capped at 49%; mining, oil and gas, waste management and water supply is capped at 75%.

  5. Under the Land Code, the Condominium Act and the Property Leasing Act, foreigners are not allowed to own land in Thailand – save for government industrial estates or Special Economic Zones (SEZs). In addition, foreign investments in excess of THB40 million are entitled to own 1,600sq m of land for residential use with the permission of the Ministry of Interior. Rather than purchasing, many foreign businesses instead sign long-term leases and then construct buildings on the leased land.

  6. Under the Condominium Act of 2007, foreign ownership in a condominium building cannot exceed 49%. Property can be expropriated under Thai law, but the risk of asset seizure is low.

  7. The Alien Employment Act prohibits foreign nationals from working in 39 occupations and professions including but not limited to labourer, goldsmith, farmer, accountant, auditor, engineer, architect, among others. Additionally, companies need to have certain minimum amount of fully paid up capital in order to qualify to employ specific numbers of foreign nationals in Thailand. Other conditions include having at least fifty local employees per expatriate.

  8. Businesses that are wholly foreign owned and incorporated in Thailand in terms of Thailand's Board of Investment (BOI) are allowed to employ foreign nationals on a ratio of local to foreign national of 4:1.

Sources: WTO – Trade Policy Review, ITA, US Department of Commerce, Fitch Solutions

7.3 Free Trade Zones and Investment Incentives

Free Trade Zone/Incentive ProgrammeMain Incentives Available
There are 12 Special Free Zones reserved for the location of industries to manufacture only in Thailand. These zones are located in Chonburi, Lampun, Pichit, Songkhla, Samut Prakarn, Bangkok (at Lad Kragbang), Ayuddhya, and Chachoengsao.- SEZs are reserved for the location of industries manufacturing for export only, to which businesses may import raw materials and export finished products free of duty (including value-added tax (VAT)).

- Enterprises located in Thailand's SEZs are eligible for the following additional incentives:

  • A reduction of 50% of corporate income tax for five years after the termination of a 'normal' income tax holiday period or from the date on which income is earned.

  • Entitlement to claim double tax deductions for the cost of transportation, electricity and water supply expenses, and entitlement to deduct from the taxable corporate income up to 25% of the investment costs of installing infrastructure facilities for 10 years from the date of income derivation.

  • A double deduction for transportation, electricity and water utility cost and up to a 25% deduction for utility construction costs.

  • Foreign ownership of land and foreign expert employment.

Sources: US Department of Commerce, Fitch Solutions

8. Taxation – 2019

  • Value Added Tax: 10%
  • Corporate Income Tax: 20%

Sources: Thailand Revenue Department, Fitch Solutions

8.1 Important Updates to Taxation Information

  • On March 14, 2018, Thailand's cabinet passed two provisional royal decrees aimed at regulating the cryptocurrency market. The finance ministry recived a royal decree outlining new tax guidelines for the cryptocurrency market. According to Thai regulatory authorities, the measures taken are to protect traders from losing their money. The VAT on cryptocurrency came in at 7% on all traders, while the capital gains tax came in at 15%.
  • In November 2018, Thailand introduced the specific transfer pricing provisions into the income tax law. New provisions will apply to accounting periods starting on or after January 1, 2019.

8.2 Business Taxes

Type of TaxTax Rate and Base
Corporate Income Tax
20%
Capital Gains Tax20%; For personal income, most capital gains are treated as personal income with a few exceptions
VAT10% (but reduced to 7% until September 30, 2018); A decree passed in 2018 also introduces a 7% VAT on all cryptocurrency trades
Petroleum Income TaxPetroleum companies under a concession are taxed at the rate of 50% of their annual net profit from petroleum operations; a production sharing producer is taxed at the rate of 20%
Property Tax12.5% of assessed rental value
Employer paid - Workmen compensation fund0.2-1% of gross salaries
Social security contributions – payable by employer5% of gross salaries

Sources: Thailand Revenue Department, World Bank Ease of Doing Business 2019, Fitch Solutions
Date last reviewed: February 11, 2019

9. Foreign Worker Requirements

9.1 Foreign Worker Permits

Prior to starting employment, all non-Thai nationals are required to obtain a work permit under the Alien Employment Act of 2008. Foreign nationals first need to secure an initial non-immigrant visa, which must be obtained before entering Thailand. The duration of the work permit is generally the same as the applicant's visa. Generally, work permits are issued for one year but are renewable. Foreign nationals are not allowed to perform work that is not permitted by their visa. To change occupations, they need to obtain authorisation from the Ministry of Labour.

9.2 Localisation Requirements

The Alien Employment Act prohibits foreign nationals from working in 39 occupations and professions (such as labourers, goldsmiths, farmers, accountants, auditors, engineers and architects).

Companies need to have a certain minimum amount of fully paid up capital in order to qualify to employ specific numbers of foreign nationals in Thailand. Other conditions include having at least 50 local employees per expatriate. Businesses that are wholly foreign owned and incorporated in Thailand in terms of Thailand's Board of Investment are allowed to employ foreign nationals on a ratio of local to foreign national of 4:1.

9.3 Visa/Travel Restrictions

In general, Thailand has an open visa policy. The country has bilateral agreements with a number of other countries which award preferential treatment to nationals of these countries in terms of the number of days granted to stay in Thailand visa free. Nationals from five countries have visa free access into Thailand for 90 days, five others have access for 30 days and 45 nations are granted 30 days visa free access as well as being allowed to enter Thailand through other means than through the country's airports. Many other countries' nationals can get a visa on arrival, whereas only a few need to apply for a visa before departing for Thailand.

Sources: Government websites, Fitch Solutions

10. Risks

10.1 Sovereign Credit Ratings


Rating (Outlook)Rating Date
Moody'sBaa1 (Stable)18/07/2017
Standard & Poor'sBBB+ (Stable)21/12/2015
Fitch RatingsBBB+ (Stable)07/12/2018

Sources: Moody's, Standard & Poor's, Fitch Ratings

10.2 Competitiveness and Efficiency Indicators


World Ranking
201720182019
Ease of Doing Business Index
46/19026/19027/190
Ease of Paying Taxes Index
69/19067/19059/190
Logistics Performance Index
N/A32/160N/A
Corruption Perception Index
96/18099/180N/A
IMD World Competitiveness27/6330/63N/A

Sources: World Bank, IMD, Transparency International

10.3 Fitch Solutions Risk Indices


World Ranking
201720182019
Economic Risk Index RankN/A33/20237/202
Short-Term Economic Risk Score73.172.372.3
Long-Term Economic Risk Score70.470.170.0
Political Risk Index RankN/A115/202114/202
Short-Term Political Risk Score70.870.270.2
Long-Term Political Risk Score58.958.958.9
Operational Risk Index RankN/A
 58/20154/201
Operational Risk Score59.458.959.4

Source: Fitch Solutions
Date last reviewed: January 23, 2019

10.4 Fitch Solutions Risk Summary

ECONOMIC RISK
Over the next five years, the Thai economy is expected to grow robustly as the country's new constitution should provide policy continuity regardless of the election outcome. We expect continued business environment improvements, potentially including state-owned enterprises reforms, boosting productivity.

OPERATIONAL RISK
Thailand offers investors considerable advantages within its operational environment, which include a large, predominantly youthful workforce with basic literacy and numeracy skills, increasing levels of foreign economic participation and trade, and a developed logistics network. However, significant risks exist, notably the ongoing separatist violence in the south of the country.

Source: Fitch Solutions
Date last reviewed: January 22, 2019

10.5 Fitch Solutions Political and Economic Risk Indices

Graph: Thailand short term political risk index
Graph: Thailand short term political risk index
Graph: Thailand long term political risk index
Graph: Thailand long term political risk index
Graph: Thailand short term economic risk index
Graph: Thailand short term economic risk index
Graph: Thailand long term economic risk index
Graph: Thailand long term economic risk index

100 = Lowest risk, 0 = Highest risk
Source: Fitch Solutions Economic and Political Risk Indices
Date last reviewed: January 23, 2019

10.6 Fitch Solutions Operational Risk Index


Operational RiskLabour Market RiskTrade and Investment RiskLogistics RiskCrime and Security Risk
Thailand Score59.456.767.268.545.2
East and Southeast Asia Average55.456.556.853.854.4
East and Southeast Asia Position (out of 18)896612
Asia Average48.750.648.246.050.1
Asia Position (out of 35)8116622
Global Average49.649.749.949.049.8
Global Position (out of 201)54503839111

100 = Lowest risk, 0 = Highest risk
Source: Fitch Solutions Operational Risk Index

Graph: Thailand vs global and regional averages
Graph: Thailand vs global and regional averages
Country
Operational Risk
Labour Market RiskTrade and Investment RiskLogistics RiskCrime and Security Risk
Singapore82.8
77.8
88.5
75.0
89.7
Hong Kong81.671.2
88.7
77.1
89.5
Taiwan73.766.4
75.9
73.4
79.2
South Korea72.063.5
71.5
79.8
73.1
Malaysia67.961.6
73.6
75.8
60.5
Macao62.764.2
66.4
52.1
68.0
Brunei62.362.8
60.7
55.1
70.6
Thailand59.456.7
67.2
68.5
45.2
Mainland China58.1
53.9
57.8
66.2
54.4
Vietnam54.052.6
56.6
55.6
51.3
Indonesia52.551.5
53.2
56.8
48.4
Mongolia51.757.8
53.9
40.9
54.1
Philippines44.051.3
50.8
42.5
31.3
Cambodia41.9
46.7
43.6
37.6
39.5
Laos37.444.2
34.4
34.1
36.7
Myanmar33.145.5
31.8
30.0
24.9
North Korea32.149.6
19.2
28.8
30.8
Timor-Leste30.140.5
27.9
19.6
32.5
Regional Averages55.456.556.853.854.4
Emerging Markets Averages46.748.145.547.4
46.0
Global Markets Averages49.649.749.9
49.0
49.8

100 = Lowest risk, 0 = Highest risk
Source: Fitch Solutions Operational Risk Index
Date last reviewed: January 23, 2019

11. Hong Kong Connection

11.1 Hong Kong’s Trade with Thailand

Graph: Major export commodities to Thailand (2018)
Graph: Major export commodities to Thailand (2018)
Graph: Major import commodities from Thailand (2018)
Graph: Major import commodities from Thailand (2018)

Note: Graph shows the main Hong Kong exports to/imports from Thailand (by consignment)
Date last reviewed: February 12, 2019

Graph: Merchandise exports to Thailand
Date last reviewed: February 12, 2019
Graph: Merchandise exports to Thailand
Date last reviewed: February 12, 2019
Graph: Merchandise imports from Thailand
Date last reviewed: January 23, 2019
Graph: Merchandise imports from Thailand
Date last reviewed: January 23, 2019

Note: Graph shows Hong Kong exports to/imports from Thailand (by consignment)
Exchange rate HK$/US$, average
7.75 (2014)
7.75 (2015)
7.76 (2016)
7.79 (2017)
7.83 (2018)
Source: Hong Kong Census and Statistics Department


2017
Growth rate (%)
Number of Thai residents visiting Hong Kong560,207-5.8
Number of Thais residing in Hong Kong19,4921.6

Sources: Hong Kong Tourism Board, United Nations Department of Economic and Social Affairs - Population Division


2017
Growth rate (%)
Number of Asia Pacific residents visiting Hong Kong54,482,5383.5
Number of East Asians and South Asians residing in Hong Kong2,784,1901.6

Sources: United Nations Department of Economic and Social Affairs - Population Division, Fitch Solutions
Date last reviewed: January 23, 2019

11.2 Commercial Presence in Hong Kong


2017
Growth rate (%)
Number of Thai companies in Hong KongN/AN/A
- Regional headquarters
- Regional offices
- Local offices


11.3 Treaties and Agreements between Hong Kong and Thailand

  • Thailand has a Bilateral Investment Treaty with Hong Kong that entered into force on April 18, 2006.
  • Thailand has Double Taxation Agreements (DTA) and Investment Promotion & Protection Agreement (IPPA) with China and concluded the DTA with Hong Kong in April 2006.

Sources: Hong Kong Department of Justice, Fitch Solutions

11.4 Chamber of Commerce (or Related Organisations) in Hong Kong

Hong Kong-Thailand Business Council
The Hong Kong-Thailand Business Council is an independent, non-government body representing companies of all sizes and individuals with an interest in the development of business and commercial ties between Hong Kong and Thailand.

Address: 16/F, Worldwide House, 19 Des Voeux Road, Central, Hong Kong
Email: hktbc@afh.hk
Tel: (852) 3606 9066
Fax: (852) 2869 1609

Source: Hong Kong-Thailand Business Council

Royal Thai Consulate-General, Hong Kong
Address: 8/F, Fairmont House, 8 Cotton Tree Drive, Central, Hong Kong
Email: sthai01@thai-consulate.org.hk
Tel: (852) 2521 6481
Fax: (852) 2521 8629

Source: Royal Thai Consulate-General, Hong Kong

11.5 Visa Requirements for Hong Kong Residents

Hong Kong residents are permitted to stay up to 30 days under the Bilateral Agreement with Thailand if entering via an international airport or through a land border checkpoint from a neighboring country, such as Laos, Myanmar and Cambodia.

Source: Thailand Government websites
Date last reviewed: January 23, 2019


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