by wilbersuen | Jul 16, 2024 | News
Chalerm Yoovidhya, co-owner of Red Bull, now leads Thailand’s richest family, according to the latest Forbes list, overtaking the Chearavanont brothers. Despite this, the total wealth of Thailand’s 50 richest families has declined by 15%.
Forbes Asia reported on Wednesday that the Yoovidhya family increased their fortune by $2.6 billion (95.8 billion baht), reaching $36 billion (1.3 trillion baht). Red Bull’s revenue surpassed $11 billion (405.5 billion baht) last year, with global sales exceeding 12 billion bottles and cans.
The Chearavanont brothers, known for the Charoen Pokphand Group, fell to second place after nearly a decade at the top. Their wealth decreased from $34 billion (1.2 trillion baht) last year to $29 billion (1.1 trillion baht) this year, partly due to the declining value of their stake in Ping An Insurance in China, which reported a $2.7 billion (99.5 billion baht) loss last year.
Charoen Sirivadhanabhakdi of Thai Beverage remains in third place with an estimated wealth of $10 billion (368.6 billion baht), down $3.6 billion (132.7 billion baht) from last year.
The Chirathivat family holds the fourth position with $9.9 billion (364.9 billion baht), a 20% decrease from $12.4 billion (457.1 billion baht) last year. The family’s Central Group became the major shareholder in London’s Selfridges department store after raising its shareholding in November.
Energy and telecom tycoon Sarath Ratanavadi retains fifth place with $9.2 billion (339.1 billion baht), down from $11.3 billion (416.5 billion baht) last year.
Somphote Ahunai, CEO of Energy Absolute, saw his wealth drop by two-thirds to $995 million (36.7 billion baht), falling to 32nd place. His shares in the renewable energy and electric vehicle company declined due to debt concerns.
The combined wealth of “Thailand’s 50 Richest” fell by nearly 12% to $153 billion (5.6 trillion baht), attributed to a declining Stock Exchange of Thailand index and the depreciation of the baht, Forbes Asia stated. The full list is available at www.forbes.com/thailand.
Source: Bangkok Post
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by Willie Tan | Jul 15, 2024 | News
Prime Minister Srettha Thavisin announced on Sunday that he will sign an extension to the visa waiver on Monday, allowing citizens from 93 nations to enter Thailand without a visa or obtain a visa on arrival and stay for up to 60 days.
He expressed confidence that immigration and security agencies will smoothly implement the measures to screen foreign arrivals in the long term. “We prepared for visa waivers for travellers from China, India, and Kazakhstan with measures implemented last year,” he added.
To boost tourism and attract more tourist dollars, the Cabinet decided on May 28 to extend visa waivers to a total of 93 nations.
The 57 nations or regions that already had a visa waiver and can now receive a 60-day stamp on arrival include: Canada, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Indonesia, the Republic of Ireland, Israel, Italy, Japan, Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Maldives, Mauritius, Monaco, the Netherlands, New Zealand, Norway, Oman, the Philippines, Poland, Portugal, Qatar, San Marino, Singapore, Slovakia, Slovenia, Spain, South Africa, South Korea, Sweden, Switzerland, Turkey, Ukraine, the United Arab Emirates, the United Kingdom, the United States, Peru, Hong Kong, Vietnam, Saudi Arabia, Andorra, Australia, Austria, Belgium, Bahrain, Brazil, and Brunei.
The 13 nations whose citizens previously received a 30-day stamp on arrival and will now receive a 60-day stamp are India, Kazakhstan, Malta, Mexico, Papua New Guinea, Romania, Uzbekistan, Taiwan, Bhutan, Bulgaria, Cyprus, Fiji, and Georgia.
The six new nations or regions whose citizens now qualify for a visa waiver and a 60-day stay are China, Laos, Macau, Mongolia, Russia, and Cambodia.
The 17 new nations eligible for visas on arrival, receiving a 60-day stamp, include Guatemala, Jamaica, Jordan, Kosovo, Morocco, Panama, Sri Lanka, Trinidad and Tobago, Tonga, Uruguay, Albania, Colombia, Croatia, Cuba, Dominica, the Dominican Republic, and Ecuador.
Source: The Star
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The editorial team at Invest Bangkok Property
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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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
