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https://www.nationthailand.com/business/40016371

The baht opened at 34.41 to the US dollar on Tuesday, weakening from Monday’s close of 34.31.

The currency is expected to move in a range between 34.35 and 34.50 on Tuesday, said Krungthai Bank market strategist Poon Panichpibool.

Poon said the baht could weaken during the day as the dollar strengthens over concern that the US Federal Reserve will increase the interest rate to bludgeon inflation.

He also noted that investors have unloaded the baht, selling 1.3 billion baht of short-term bonds in recent days.

This sell-off could see the baht test its resistance level of 34.40-34.50 to the dollar, he added.

However, the baht would not drop much past its resistance level as exporters are waiting to sell the dollar, Poon said.

Meanwhile assets in Asian emerging markets (EM) including Thailand are being supported by the Chinese economy’s rebound after the government eased lockdown measures. This factor would limit baht weakening, Poon said.

He added that the Thai currency would only test the 35 per dollar mark if Beijing restored lockdown measures, slowing the Chinese economy and triggering sell-offs in EM Asia markets.

Poon forecast the baht would move between 34.20 and 34.50 to the dollar until new factors emerge.

He advised businesses to use hedging tools such as options to manage risks in the highly volatile currency market.

Published : June 07, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016364

Thailand’s Digital Economy and Society Minister Chaiwut Thanakamanusorn was in Singapore on Monday to sign a memorandum of understanding (MoU) on digital cooperation with Trade and Industry Minister Gan Kim Yong.

Chaiwut said the MoU on Digital Economy Partnership Agreement (DEPA) would promote cooperation on eight issues, namely:

• Digital transformation

• E-commerce

• Setting up centres to fight fake news

• Setting up government data centre and providing cloud services

• Personal data protection

• Cyber security

• Investment in Thailand’s Digital Valley and IoT Institute in the Eastern Economic Corridor

• Development of digital skills and literacy

Chaiwut said he also discussed the implementation of Thailand’s new Personal Data Protection Act (PDPA). He said Gan replied that Singapore had a similar act and was willing to help Thailand enforce its new law.

The Thai minister added that Singapore also expressed interest in digital technology investment.

“Singapore wants Thailand to sign a cooperation framework on digital investment to attract young investors,” he said, adding that Gan saw good potential for digital investment in Thailand.

Chaiwut added that he also met Communications and Information Minister Josephine Teo, who said that enforcing PDPA was a good thing.

Echoing Gan, Teo said Singapore would be willing to help Thailand enforce PDPA as the island nation has been enforcing a similar law for years.

Meanwhile, Chaiwut said he would report the results of his visit to Prime Minister Prayut Chan-o-cha. He added that Prayut would be happy to know the trip was successful and that Thailand is regarded as the leader of the digital economy and society in Asean.

Published : June 06, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016357

The Thai Hotels Association (THA) will call on the government to have Moscow prod Russian tour firms into paying back the 625 million baht they owe to 125 Thai hotels, a THA source said.

The source said on Monday that the association recently surveyed its members to see how many hotels had not been paid for rooms 60 days after the stay.

Upon checking, THA found that up to 125 hotels are still waiting for Russian tour operators to pay up. The outstanding amount for unpaid hotel rooms is 625 million, the source added.

Russian tour operators usually collect money from tourists in advance and drop them off in Thailand, mostly on chartered flights, the source said.

Since these operators are key clients of Thai hotels, they are given credit for many days, the source added.

However, many Russian operators skipped clearing their bills when the Covid pandemic broke out and used the money they got from tourists for other purposes, the source added.

Then the operators’ financial situation was further aggravated by the Russia-Ukraine war, so they have not been able to honour their debts yet, the source said.

Russian tour operators owe between 3 million and 5 million baht to each hotel, with some hotels waiting for debts of up to 10 million baht to be cleared, the source said.

Most of the 125 hotels are in Phuket’s Kata and Karon areas and the tour operators that have failed to pay up include huge tour agencies like Pegas Touristik, the source said.

The source added that the association will seek help from Tourism and Sports Minister Pipat Ratchakitprakan and Foreign Minister Don Pramudwinai.

The two ministers will be asked to coordinate with the Russian government to get the tour operators to clear their debts, the source said.

Separately, Tourism Authority of Thailand (TAT) governor Yutthasak Supasorn said foreign arrivals are expected to improve now that the government has eased travel restrictions since June 1.

Yutthasak said TAT expects some 500,000 tourists per month in the low season, though it reckons the number will more than double in the high season which runs from October to December.

He said Thailand has seen 444,000 arrivals from January to April, so TAT expects the number of foreign arrivals to be between 7 million and 10 million this year.

Published : June 06, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016353

Finance Minister Arkhom Termpittayapaisith has told state banks to maintain their interest rates to help citizens and business operators in the current economic situation.

Arkhom said on Monday that since interest rates were on an increasing trend, he had asked state banks to keep the interest rate for as long as possible.

Regarding the central bank’s key policy rate, he was waiting for the information from the Monetary Policy Committee (MPC) because their decision is mostly based on external factors.

However, as the economy is recovering the MPC must consider both factors together.

Arkhom added that the MPC should also consider the difference in interest rates between Thailand and foreign countries, to prevent money flowing out of the country.

At the same time, the MPC must make sure that the domestic interest rate was not too high because the economy is recovering.

Published : June 06, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016352

The government and the Bank of Thailand (BOT) are successfully moving the country towards a cashless society and digital economy, government deputy spokeswoman Ratchada Thanadirek said.

Ratchada said on Monday that the government and the BOT have a significant role to play in this transition with 89 per cent of domestic consumers opting for cashless payments.

The government, the BOT, financial institutions, and the private sector are cooperating to help people in every group access online financial transactions and services, such as e-commerce and digital banking, while preventing cybercrime. They aim to draft a law for economic platforms to regulate business operations.

Ratchada said the BOT and commercial banks are building on PromptPay service to be widely beneficial in transferring money and payment between countries, especially neighbouring countries in Asean under the concept “Asean Payment Connectivity”, as Thailand has been connected with a lot of foreign workers and tourists.

She said the BOT is supporting several services to connect to nearby countries which are:

1. Transferring money with QR Payment to foreign countries, including Japan, Singapore, Vietnam, Malaysia, Indonesia, and Cambodia, which will be available this year.
2. Transferring money with mobile phone numbers between Thailand and Singapore; the service will expand to more countries in the future to increase the number of users.

She said the government has successfully developed several projects, such as:

1. The state welfare card project, as the government subsidises 14 million people with low income and vulnerable people such as elders or disabled people to purchase products from 20,000 blue flag (Thong Fah) shops and participating stores.
2. PromptPay and QR Payment project, to support electronic payment with Any ID (mobile phone or ID number) without a fee. It will be expanded to tax payment and e-donations to help with tax deduction.
3. Government Wallet (G-Wallet) and Money Bag (Thung Ngern) application, for 50 million users to pay under “Khon La Khrueng” (Let’s Go Halves), “Rao Tiew Duay Kan” (We Travel Together), and Chim-Shop-Chai (Eat-Shop-Spend) schemes, with ‘Paotang’ applications to pay small and medium enterprise stores.
4. Applying blockchain technology for VAT tax refunds for tourists, and issuing government bonds to increase the efficiency of tax collection
5. Digital lotto sale via the Paotang application, selling over 4.4 million lottery tickets within three days.

In addition, the government is utilising big data and registration with an authentication system for several projects, such as connecting the digital health platform with the National Health Security Office’s health insurance system via the Paotang application, to deliver medicine and antigen test kits from pharmacies and service units.

She said Prime Minister Prayut Chan-o-cha has prioritised the transition to the digital economy and cashless society. The government is pushing several aspects, especially reforming the bureaucracy.

Published : June 06, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016330

The Board of Investment (BOI) approved privileges for 31 electric-vehicle (EV) projects with total investment value of 57.87 billion baht and production capacity of 666,855 vehicles in the first four months of 2022.

The privileges, which come mostly in the form of tax exemptions, were granted from January-April to four categories of projects:

1. Seven hybrid electric vehicle (HEV) projects, with investment value of 37.2 billion baht and production capacity of 438,455 vehicles.

2. Seven plug-in hybrid electric vehicle (PHEV) projects, with investment value of 7.74 billion baht and production capacity of 92,600 vehicles.

3. 14 battery electric vehicle (BEV) projects, with investment value of 10.52 billion baht and production capacity of 131,200 vehicles.

4. Three battery electric bus projects, with investment value of 2.39 billion baht and production capacity of 4,600 vehicles.

The BOI said it was promoting EV manufacturing in line with the government’s target of boosting EV production to 30 per cent of total automotive manufacturing capacity by 2030, or 725,000 vehicles per year.

“We also expect that by 2030 about 50 per cent of passenger vehicles and pick-up trucks on Thailand’s roads will be EVs, or approximately 440,000 vehicles,” said BOI secretary-general Sonklin Ploymee on Sunday.

Meanwhile, the BOI last month held virtual seminars in New York and Los Angeles aimed at attracting US investment for the EV industry in Thailand. Similar events are planned in Europe later this year.

Sonklin said BOI-approved EV-related projects will get tax benefits and other promotional privileges via free trade agreements, with extra incentives if they invest in the Eastern Economic Corridor (EEC).

The BOI has also set a target of at least 12,000 fast-charging stations and 1,450 battery swapping stations for electric motorcycles by 2030.

Published : June 06, 2022

By : THE NATION