BANGKOK (NNT) – Improved prospects have been observed for the automotive industry, which plays a significant role in driving Thailand’s economy. Production and sales figures have improved for cars as well as motorcycles.

Surapong Paisitpatanapong, the spokesperson for the FTI’s automotive cluster, said Thailand’s auto manufacturers received chips and parts from trade partners in September due to the relaxation of lockdowns in those countries. Auto plants were, therefore, able to increase production, and were able to manufacture a total of 140,038 cars – an increase of 34.47% from August. A total of 1,211,946 automobiles were produced in Thailand in the 9 months from January to September, an increase of 25.93% from the same period of the previous year.

Mr. Surapong said 56,871 automobiles were sold domestically in September, an increase of 34.84% over August. He attributed improved sales to the lifting of lockdowns on September 1, which allowed people to have more confidence about their future income and therefore more visits were made to showrooms. He said financial institutes had concurrently toned down their lending approval criteria.

Export-wise, Thailand shipped out 73,831 automobiles worth 44 billion baht in September – a rise of 23.94% from August’s figure. For the 9 month period from January to September, 677,481 automobiles worth almost 400 billion baht were exported; the vehicle count rose by 29.92% and the value by 36.93% over the previous year.

Industry-wide exports, comprising automobiles, motorcycles, engines and parts, reached a value of 650 billion baht for the January – September period. This figure increased by 43.72% from the same period of the previous year.

Source link

BANGKOK (NNT) – The government’s energy policy administration council has approved a proposal to subsidize the pricing of diesel in order to maintain the retail price at 30 baht.

Deputy Prime Minister and Minister of Energy Supattanapong Punmeechaow said the subsidy will be provided from the 9.2 billion baht Energy Fund to maintain the retail price of diesel at 30 baht per liter, as the increase of crude oil price has driven up the current retail price in Thailand to over such threshold.

The council has also approved a contingency plan to seek a 20 billion baht loan to support the Energy Fund in case of low liquidity, or should the Dubai crude oil price exceeds 87.5 US dollars per barrel.

The Minister of Energy said the government could lower the excise tax for petroleum to help bring down the retail price, which is an option exercised by previous governments.

Meanwhile, LPG prices will continue to be capped at 318 baht per 15-kilogram cylinder to help vendors and to prevent price increase of consumer goods.

The minister also mentioned that truck companies affected by the current situation are entitled to special Social Security benefits provided by the Ministry of Labour. Each operator can receive a payout of 3,000 baht per one employee, with a maximum amount capped at 200 employees.

Source link

BANGKOK (NNT) – The Thai Chamber of Commerce is anticipating the government’s 55 billion baht aid measures to help reduce living costs will generate cash flow and increase economic values, leading to a 1-1.5% GDP growth this year.

Mr Sanan Angubolkul, Chairman of the Thai Chamber of Commerce (TCC) and Board of Trade of Thailand, said the Thai economy will be seeing more activities from increased spending from the general public in the final 2 months of this year, during which people are expected to travel and purchase gifts for the holiday season.

He said the government’s approval of an additional budget will help increase the purchasing power among the more vulnerable population, resulting in the increase of economic activities, and a 95 billion baht cash flow.

The Cabinet has approved a total of 54.6 billion baht to fund four economic and living cost-cutting schemes, including an additional allowance for holders of the state welfare card, payouts for people with special needs, more allowance for the 50:50 co-pay campaign, and a voucher campaign for eligible spending.

The TCC also expects that more construction works and spending for housing restoration will be coming after the flood disaster. The government’s aid campaigns can help cut down the costs faced by flood victims.

The TCC chairman said outcomes from the government aid measures are expected to help generate cash flow and drive this year’s GDP by 1-1.5%.

Source link

BANGKOK (NNT) – The Cabinet has approved in principle the proposed Flexible Plus Program aimed at attracting foreign investors.

Deputy Government Spokesperson Traisuree Taisaranakul said the Cabinet in its weekly meeting approved the principle of the Flexible Plus Program proposed by the Ministry of Interior, aiming to provide special benefits to high-income foreigners seeking to invest in Thailand.

The program, which will be available to holders of Thailand Privilege Card, requires at least 1 million US dollars to be invested in a one-year span after registration. Foreigners who apply for this program will be able to obtain work permits.

Investments that a foreigner can make in Thailand will be limited to real estate, public limited companies, stock exchanges, common stocks, bonds, and any investment units authorized by the Securities and Exchange Commission.

Holders of Thailand Privilege Card, including their spouses and children younger than 20 years old, will be eligible for a so-called “Smart Visa” for temporary residency valid for 5 years. This visa can be renewed throughout the duration of their investments in Thailand.

The Tourism Authority of Thailand expects this special benefit campaign to attract 10,000 high-income foreigners, and inject some 300 billion baht into the Thai economy.

Source link