by wilbersuen | Jul 9, 2024 | News
The State Railway of Thailand (SRT) has announced the commencement of a new international train service connecting Bangkok to Vientiane, Laos, starting July 19. This extension of the existing Bangkok-Nong Khai route will depart from Krung Thep Aphiwat Central Terminal Station at 9:25 PM on July 19, arriving at Vientiane’s Khamsavath station at 9:05 AM the following day.
Upon arrival, passengers can access public transportation options, including vans and taxis, to reach downtown Vientiane, which is approximately 7-9 kilometers away. Notable attractions such as the Patuxai war monument are easily accessible, and travelers can also connect to the high-speed Laos-China railway at Vientiane Railway Station for further travel within Laos or to China.
Ticket prices for a one-way journey from Bangkok to Vientiane are expected to start at around 300 baht for third-class fan seats, with a travel time of approximately 10 hours.
Ekkarat Sriarayanpong, head of the SRT governor’s office, previously disclosed that discussions were held with the Lao National Railways to facilitate the launch of this service and to enhance tourism and logistics between the two nations. The SRT has also provided training to Lao railway officials in areas such as train operations, station management, and ticket sales.
A successful trial run of the service was conducted on May 21, covering stations at Udon Thani, Nong Khai, Thanalaeng, and Vientiane. Ekkarat highlighted the exceptional cooperation between Thailand and Laos in bringing this new service to fruition.
Source: Bangkok Post
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The editorial team at Invest Bangkok Property
by wilbersuen | Jul 8, 2024 | News
A property research firm suggests that the Thai government should ensure housing affordability for Thais and limit foreign ownership of condos to specific zones, even within a single province, to avoid opposition.
Vichai Viratkapan, acting director-general of the Real Estate Information Center, proposed that Thailand might adopt measures similar to Singapore, emphasizing home affordability for its citizens.
“Despite its small size, Singapore welcomes foreign investors due to several policies and measures ensuring its citizens can afford homes. They have never feared foreign property ownership,” he said.
These policies include public housing development with units sold at subsidized prices to a broad segment of the population. Singapore also has a Central Provident Fund, funded by both employees and employers, which can be used for down payments and monthly mortgage payments.
Additionally, the country offers various housing grants and subsidies to make housing more affordable for different groups, providing financial assistance to lower and middle-income families for purchasing their first home.
To prevent speculative buying and maintain housing affordability, Singapore employs cooling measures such as stamp duties for multiple property owners and foreigners, and tightening loan-to-value limits.
“Singaporeans are not worried about owning a home, but they are concerned about long queues,” said Mr. Vichai. “While allowing foreigners to buy units, they limit each nationality to a certain percentage to prevent domination.”
However, some property analysts argue this approach might not be suitable for Thailand due to its vast land available for condo development, allowing foreigners to spread out rather than clustering in one area.
To ensure housing affordability for Thais if the foreign ownership quota for condos is increased to 75%, property associations suggest limiting this extension to specific zones, such as districts in Bangkok, Phuket, and Pattaya. They also recommend that revenue from taxes or fees collected from foreign buyers be allocated to a housing fund to help low and middle-income Thais secure mortgages with 0% interest rates for the first three years, serving as a loan guarantee.
“Increasing purchasing power from foreign buyers might be necessary amid weak local demand, but Thai affordability must be prioritized,” said Mr. Vichai.
Source: Bangkok Post
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The editorial team at Invest Bangkok Property
by wilbersuen | Jul 5, 2024 | News
The foreign ministers of Singapore and Thailand have confirmed that enhanced collaboration between their civil services will strengthen bilateral relations and promote regional growth.
Speaking at the 14th Civil Service Exchange Programme (14th CSEP) on Wednesday, co-hosted by the foreign affairs ministries of both countries, they emphasized the importance of exchanging knowledge and best practices among civil service officers.
They underscored that joint efforts among these agencies would fortify their relationship and contribute to regional development and ASEAN stability.
Vivian Balakrishnan, Singapore’s foreign affairs minister, remarked that the current global landscape is more fragmented than when the CSEP was first established, citing the Russia-Ukraine war, the Hamas-Israel conflict, tensions in the Pacific and South China Sea, and the US-China rivalry—both of which are crucial partners for Singapore and Thailand.
In addition to these geopolitical issues, there is also growing domestic and political resistance to free trade and a liberal economic model worldwide.
Despite these challenges, both Southeast Asian nations have experienced significant economic progress over the past six decades, with maturing GDP growth rates and economies, Balakrishnan noted.
However, he stressed that the traditional economic growth strategies and forms of collaboration are insufficient to address the current global disruptions. Therefore, he proposed that Thailand and Singapore collaborate to address global conflicts and advocate for free trade, charting a unified course for ASEAN.
“We need Singapore and Thailand to also make common cause in this new world that is emerging,” he added.
Maris Sangiampongsa, Thailand’s foreign affairs minister, highlighted that Singapore is a key trading partner and the second-largest investor in Thailand.
Over 60 years of bilateral relations, both countries have pursued common goals of mutual peace and security for ASEAN, leading to the establishment of the bloc in 1967.
“Next year marks the 60th anniversary of Singapore-Thailand bilateral relations. We eagerly anticipate an official visit by the president and prime minister of Singapore to Thailand,” he said.
Source: Bangkok Post
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The editorial team at Invest Bangkok Property
by wilbersuen | Jun 28, 2024 | News
Thailand has announced a 7% value-added tax (VAT) on imported goods priced under 1,500 baht (approximately US$40.93) effective from July to December, according to a finance ministry representative on Friday, June 21.
Currently, imported goods under 1,500 baht are exempt from VAT in Thailand.
Post-December, legislation will be updated to enable the revenue department to maintain the VAT collection on these items, the official informed Reuters.
In February, Deputy Finance Minister Julapun Amornvivat highlighted that low-cost Chinese imports, previously exempt from customs duties and VAT, were adversely affecting local manufacturers.
Prime Minister Srettha Thavisin has also pointed out that there have been instances of false declarations for low-cost Chinese products in free trade zones to evade VAT, which he believes should be enforced.
Source: Reuters
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The editorial team at Invest Bangkok Property
by wilbersuen | Jun 25, 2024 | News
Thailand is considering Bangkok and Pattaya as potential venues for hosting a Formula 1 race, aiming to enhance sports tourism within the country.
Prime Minister Srettha Thavisin announced on Sunday that U-Tapao Airport, Pattaya, and Bangkok are being evaluated as candidate locations for the prestigious event.
In a post on X following his visits to U-Tapao Airport in Rayong and Jomtien Beach in Pattaya, he examined the feasibility of these sites for Thailand’s first-ever Formula 1 race, contingent on approval from the race organizers.
“As we pursue our Formula 1 ambitions, the U-Tapao Airport Project includes a facility designed for the ‘circuit race’ type, ensuring maximum safety,” he wrote. “Meanwhile, Bangkok and Pattaya are being considered for ‘city race’ types, featuring the allure of the City of Angels and picturesque beachside routes.”
During a visit to Italy in May, the prime minister expressed his hopes for constructing a race track near U-Tapao Airport.
Thailand is in competition with South Korea and Indonesia to secure another Asian venue for Formula 1.
He stated that Thailand is prepared to build the circuit by 2027 or 2028 if selected as the next Asian host.
Singapore currently uses its city streets to host the Singapore Grand Prix.
Source: Bangkok Post
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The editorial team at Invest Bangkok Property
