Vietnam is among the 12 Pacific Rim nations that have signed on to the TPP. Vietnam’s manufacturing industry, especially the textiles sector, would expect to receive incentives from zero tariffs under the TPP trade deal.
Bangkok Bank’s executive vice president of the international banking group, Chaiyarit Anuchitworawong, believes that Vietnam will remain a key trade partner of the United States and the two countries could make a bilateral agreement if the TPP were withdrawn.
“A bilateral agreement will support Vietnam’s trade and FDI. Furthermore, [the number of] people of working age and low wage costs are positive factors to lure FDI, and we believe that Vietnam’s economy will not receive a negative impact from the TPP withdrawal,” he said.
Siam Commercial Bank, which opened a branch in Vietnam in May, also believes that a TPP withdrawal would not affect its business plan because FDI in Vietnam is quite strong and the low wage cost is another key factor attracting investment, said Kamalkant Agarwal, the bank’s first executive vice president.
Last year, FDI in Vietnam surged to US$22.76 billion (Bt812 billion) from $12.5 billion the previous year.
Thai investors ranked 11th in FDI in Vietnam.
Kamalkant said the bank was at the stage of building a firm foundation in Vietnam and Thai companies were its priority focus, while the TPP was not a factor in its 2017-18 business-expansion plan.
Vietnam still is on the radar of Kasikornbank, the fourth-largest Thai bank by assets, with the lender ready to establish a presence there once the central bank of Vietnam grants it a licence, said KBank president Kattiya Indaravijaya.
Chaiyarit said a TPP withdrawal might have an impact on China’s economy if authorities there reverted to running the economy like they did before the reforms three years ago focusing on domestic consumption, while China’s “Go South” policy is positive for Asean.
Mainland China and Taiwan are the focus of Bangkok Bank in line with the Go South policy, particularly Taiwan, where corporates are seriously looking at overseas expansion to diversify risk as a result of the economic slowdown in Thailand, Chaiyarit said.
Bangkok Bank has three branches in Taiwan, which can refer corporate clients to the bank’s head office in Bangkok to facilitate financial services, he said.
Chaiyarit said Taiwanese firms wanted to expand their value-added business in Asean, meaning Bangkok Bank’s international business in 2017 is expected to perform better than this year.
Still, the growth of its international banking is projected to be in the single digits as the bank remains conservative to tackle unexpected risks, he added.
KBank hopes to become the second Thai bank after Bangkok Bank upgraded to local-bank status in China, Kattiya said.

 The December 13-14 FOMC meeting is fast approaching and the Fed funds rate is expected to be bumped up at least 25 basis points from 0.5 per cent. It seems that there’s more concern over capital outflows from the Thai bourse, periodically pressuring the SET Index. Here, two factors need consideration – next year’s direction of the Fed funds rate and foreign capital movement in the Thai stock market.
If the Fed funds next year increases by 25 basis points to 0.75 per cent in this month’s meeting, the real interest rate is still nearly minus 1 per cent, based on US inflation of 1.6 per cent in October. The discrepancy seems to be a gap for more rate hikes, so it’s possible to see three to four US rate increases over the eight FOMC meetings next year.
Thailand’s policy rate is 1.5 per cent. Based on the country’s economic recovery and inflation, no rate increase is expected and the baht will likely weaken against the US dollar. Principally, capital will move into US dollar-denominated assets.
In this environment, the likely outflows |of foreign capital are not expected to fuel much pressure on the SET Index, as foreign holdings of Thai stocks in the Thai stock market are now lower than normal. Foreign holdings including those through NVDRs of Thai stocks stay at only 30.2 per cent, a record 10 year low. Its highest in 2013 was 37 per cent.
Foreigners’ net purchases in each period are also low. So far this yeart, their net |accumulative purchases are below Bt80 |billion, compared to the peak of more than Bt400 billion. Besides, the SET Index, one month earlier, found foreign investors becoming net sellers of Thai stocks nearly every day. Their net sales were about Bt43 billion. However, the SET rose above 1,500 points again.
It’s believed that foreign capital will |likely flow out of the Thai bourse for the rest of this year, however, thinning gradually. That could limit pressure on the SET. On the other hand, local institutional investors will likely pour more funds into the Thai stock market, given the time frame of LTF/RMF purchases.
Other interesting factors that could make alternatives for investment include fiscal stimulus likely building up positive impacts on several groups extending from construction (UNIQ) to retail (BJC), and oil prices rising to benefit energy and petrochemical stocks (PTT and IVL).

Prakit Sirivattanaket
Vice president
Kasikorn Securities

The government has launched relief measures for the tourism industry, aiming to attract foreign investors, starting from a waiver of the Bt1,000 visa fee and reduction of the Bt1,000 visa fee at specific immigration posts from December 1-February 28.
A tax deduction has also been introduced for spending on tourism-related services and hotel accommodations throughout this month.
Given the bigger amounts and longer periods of such measures, the tourism industry is expected to gain to a certain level after the sluggishness amid the suppression of illegal zero-dollar tours and national mourning for the late King Bhumibol. Hotel (ERW MINT CENTEL) and airport (AOT) groups will directly benefit. Low-cost carriers such as AAV will gain more advantages than full service providers like BA or THAI.
Short-term positive sentiment is anticipated for speculation in sluggish hotel and air-freight groups. Late last year, the tourism industry dramatically rose 2.5 per cent in December before moving in negative territory of 0.9 per cent on profit taking late in the month due likely to its sharp rises of 9.9 per cent since November 2015.
Last December, ERW topped the list, climbing 6.7 per cent, however, at the close, narrowing its gain to only 1.9 per cent. Similarly, CENTEL peaked at a 6.6-per-cent gain before profit-taking and then fell 2.8 per cent. MINT edged up 2.7 per cent before dropping 1.4 per cent.

Malee Cholumlerd, director-general of the department, said next year the department would emphasise many active plans in a bid to promote stronger export growth.
They will include drawing up strategic partnerships with trade-partner countries as it believes this strategy could effectively solve trade barriers and non-trade barriers as well as increase trade facilitation between Thailand and its trading partners.
The government will also nominate Thai nationals as advisers in targeted overseas markets who work for large companies operating in those markets so they can help drive Thai trade and investment. For example, Berli Jucker will help drive exports to China and Asean markets and CP will help support Thai goods trading at Super Brand Mall, a department store under CP in China. In Europe, Central Group will give advice to Thai traders and investors on how to penetrate European markets as the company has many businesses in Europe such as in Italy and Denmark. Thai Union Frozen will help drive Thai shipments and investment in the US. Sahapat Group will do the same for Japan and South Korea, while Double A will be used to boast shipments in the Middle East. SCG will be utilised for India.
Thailand will also ask foreign business people how the country can better penetrate targeted countries, and those people will be nominated as trade representatives or special trade envoys. Those countries are China, Russia, Peru, and Kazakhstan. Thailand will also emphasise promoting quality and innovative goods, as well as creating good positioning for Thai products.

“We now stand on two legs – a financial centre and a strategic location for the intellectual property trade,” said Gregory So, Hong Kong’s secretary for commerce and economic development.
He explained his vision at the sixth Business of IP (Intellectual Properties) Asia forum in Hong Kong where business leaders from across the globe shared their thoughts and experiences on the future of IP creation, trading and collaborations.
Hong Kong is now putting more emphasis on IP strategies to attract international companies to register their IP and innovations ahead of the digital transformation in the near future when the Internet of Things (IoTs), automated solutions, industrial 4.0, artificial intelligence and augmented reality technology, which are expected to be in place by 2025.
“This will shape a new value supply chain and help reduce costs in production,” So said.
In addition to this, Hong Kong chief executive C Y Leung this year injected US$2.3 billion (Bt82 billion) into a variety of initiatives to encourage start-ups, promote mid- and downstream research, and upgrade the infrastructure of the region’s Science Park and industrial estates.
The move aims to ensure that Hong Kong remains an economic force in the 21st century.
“All that, and the world’s IP powerhouse at our doorstep,” Leung said. “The mainland of China has topped the world in the number of applications received regarding patents, trademarks and designs in recent years. China also imported more than $31 billion in technology from around the world in 2014.”
Hong Kong has revamped its IP-related regulatory framework to protect all registered IPs.
The Department of Justice said that the country offered IP professionals and intermediaries such as IP agents, accountants, valuers, financiers, lawyers, arbitrators and mediators.
Laws and regulations help IP owners in technology transfer, licensing, franchising, merchandising, copyright trading as well as dispute settlement.
During this forum, the Hong Kong Trade Development Council (HKTDC) will sign a strategic memorandum of understanding agreement with three new partners – the British Columbia Institute of Technology, the Okinawa Invention and Innovation Institute and the Taiwan Corporate Patent Executives – to enhance their information exchange and cooperation in IP.
The HKTDC will also sign another MoU with the Chongqing Intellectual Property Office for the same purpose.

In summary, 2017 looks like it will be the most difficult for the region since 2009. It’s not, of course, entirely the president-elect’s fault – his administration, after all, hasn’t even outlined a detailed policy agenda yet, let alone taken the reins of power.
Plus, Asia’s travails are partly self-inflicted. Still, if the past few weeks are any indication, things are bound to get a lot tougher. Trade is one thing, with exports already struggling and little prospect for a policy-driven rebound. The bigger issue, though, is the dollar and rates. Financial conditions are tightening across the region, putting a squeeze on domestic demand. It will get bumpier still.
Start with exports. These, as noted, have struggled for some time now. A combination of factors is to blame, including weak capex the world over, the commodity investment slump, creeping protectionism (or at least the absence of major trade liberalisation over the past decade), supply chain disintegration, and an expenditure shift towards services.
The question for 2017 is whether exports will at last rebound. We have our doubts. An acceleration in US growth should help. Yet this may be offset by continued sluggish demand elsewhere in the world, not least in emerging markets.
The Trump administration may also help spur a recovery in US private capex, via deregulation and purportedly more business friendly policies. Yet it will take time before the full impact is felt, leaving this to be, presumably, more of a story for 2018 and beyond.
The key to watch will be a deal with Congress to repatriate offshore cash holdings by US companies, but it’s not clear that this in itself will send capex soaring if record-low rates previously failed to do so.
At the same time, a Trump administration may adopt a more protectionist stance. True, details aren’t available yet, apart from some vague talk about punitive action and the promise to shelve the Trans Pacific Partnership. This, no doubt, will restrain exports, even if the impact will likely be more industry specific. But note that uncertainty over the US’s trade policy in itself will promptly weigh on growth in Asia by curtailing investment.
It’s hard to see, therefore, a meaningful revival in Asia trade for the foreseeable future. However, the bigger issues, at least in the near-term, are US rates and the dollar. In fact, HSBC’s chief US economist Kevin Logan now expects three Fed hikes over the coming year (up from two).
This amounts to a stiff headwind for Asian economies that have come to rely on rapid credit growth to sustain demand in recent years. Even China, still partly protected by capital controls, is not immune to this. Elsewhere, rate cuts are also becoming a more remote prospect, such as in Malaysia where policy room is shrinking even as growth sags.
Currency moves are compounding the effect. While exchange rate depreciation should, in principle, provide a boost to Asian exporters, the resulting tightening in financial conditions (higher rates) could more than offset the loosening of monetary conditions (weaker exchange rates). Challenging stuff. But the effects are not necessarily uniform across Asia. Indonesia, the Philippines, and India are likely to be more shielded from the “Trump effect” given their low debt and low export exposures. By contrast, Malaysia, China, South Korea, Taiwan, and Thailand should be more affected.
The winner, if one can call it that, is the Bank of Japan, with the weaker yen taking the pressure off. But that’s not much of a consolation: Japan, too, will in the end need exports to do a lot better to cure its growth malaise.

Frederic Neumann, the author, is co-head of Asia Economics Research, HSBC

Kattiya Indaravijaya, president of KBank, said that the Office of Insurance Commission (OIC) wants banks to educate customers about insurance products that are not deposit products.
Kattiya said KBank aims to attract middle-income workers who are earning between Bt15,000 and Bt30,000 a month. As a result, KBank’s back-office processes must be adjusted and employees trained to comply with the business plan.
She said that middle-income earners currently represent only 10 per cent of Kbank’s insurance customers due to its earlier focus on upper-income customers, people who earn at least Bt50,000 a month.
She said that the bank intends to put much more effort into educating its employees about the importance of insurance to meet the requirements of the lower segment.
The bank has to adjust how its employees sell insurance plans, she added
Most upper-income customers already have insurance plans, and KBank will use data analytics to highlight those that should not be offered insurance products. Data analytics will also be used to match middle-income earners who do not have insurance with an insurance product, which the bank says can be used as a tax deduction.
Kattiya said the current low interest rates may be making insurance less attractive and as such the fee income from bancassurance in 2017 is projected to grow only 4 per cent from double digits this year.
Noppawan Jermhansa, Kbank executive vice president, said that bank’s research revealed that there is demand for insurance products from middle-income earners but they don’t know what kind of protection plan they need to match their requirements. The bank, therefore, has to make it clear which packages comply with customers’ need.
She said that the growth in premiums in 2017 is projected to expand by 4 per cent in line with the expected fee-income growth.

Arturo Planell, Visa country manager for Myanmar, said at a press conference last week that the number of Visa cards in the country had increased by 80 per cent last year, and he expected the growth to continue this year.
He declined to reveal the exact number of Visa cards in Myanmar, due to business confidentiality.
“We have seen very strong growth here, and we are very excited about that. There is a lot of demand, as the country opens up. A lot more Myanmar nationals are flying and travelling abroad,” Planell said.
Last year, the value of transactions made by Myanmar cardholders while travelling overseas grew by 54 per cent.
Meanwhile, the value of e-commerce transactions made on international websites expanded by 108 per cent, mostly from sales of air tickets and accommodation. Currently, the Visa cards available in Myanmar are prepaid cards, issued by four local banks: KBZ, CB, Aya and Myanmar Apex Bank.
This year, the number of retailers that accept Visa cards in Myanmar has increased by 49 per cent to approximately 3,500, while the number of ATMs has risen by 39 per cent, growing to about 2,000 across the country.
At the press conference, Planell was proud to report that the number of Visa card transactions made by international tourists visiting Myanmar had increased by 42 per cent so far this year.
Tourists’ card spending has grown by 22 per cent outside of Yangon, compared to total spending growth of 4.8 per cent across the country.
In terms of the current proportion of nationwide sales volume, Yangon constitutes about 75 per cent, he added.
According to Planell, Visa will work with its partners to expand acceptances outside of Yangon, primarily by maximising acceptance in key tourist destinations such as Mandalay, Inle lake, Taunggyi, Ngapali beach and Bagan.
He foresees a pretty high growth rate outside of Yangon.
“We will make sure there are more and more opportunities for people to use our cards outside of Yangon. That will automatically balance the ratio. We are aiming to have more balance in terms of acceptance ratio,” he said.
“As many people are finding new destinations, we need to make sure that we have more acceptances in those locations. Our focus was in Yangon. Now we are making sure that we drive as much acceptance as we can outside of Yangon,” he explained. Although many foreign investors consider Myanmar’s infrastructure as a business obstacle, Planell is optimistic about the situation.
“Infrastructure has actually advanced a lot. If you went back to a few years ago, Internet connectivity was a problem. Now, with the big push by three telecom companies here, connectivity is no longer an issue. There is still definitely a lot of room for improvement, but we are very encouraged to see that the infrastructure is moving in the right direction,” he said.
“In terms of technology infrastructure, it has actually come a long way. Connectivity is no longer an issue. The biggest infrastructure [requirement] is capacity. Human capital with proper know-how is now a No-1 constraint,” he told the press. In an effort to help Myanmar with capacity-building, the firm has conducted many seminars and workshops by bringing specialists from Singapore to the country to train the staff of its partner banks.
Visa also plans to promote clients’ financial literacy by educating them about electronic payments. However, Planell acknowledged that it was very hard to change the culture of cash in a cash-dominated society like Myanmar.
“That is going to be a long journey. In Myanmar, for a long time there has been a strong preference for cash. Consumers like to use cash. The whole system is to make cash easy to transact. So, it is going to take some time to change that behaviour to educate consumers about the benefits of electronic payments,” he stressed.
“It will take investment and time. But, that is something we are definitely committed to continuing to drive for,” he added.
Planell believes the demand for electronic payments from both Myanmar citizens and international tourists is on the rise. To him, Myanmar can benefit from expanding access to electronic payments, which bring convenience, transparency and security to both consumers and retailers.

India is promoting the partnership to develop the civil aviation industry as air traffic between the two neighbours increases.
“Growth in air traffic needs to be supported by adequate aviation infrastructure. India can partner with Bangladesh to execute projects being planned to develop and modernise the civil aviation infrastructure in the country,” Indian High Commissioner Harsh Vardhan Shringla said yesterday.
Presently, around 100 flights are operated weekly between India and Bangladesh, connecting various Indian cities, including New Delhi, Kolkata, Mumbai and Chennai from Dhaka and Chittagong, he added.
“More airlines from both countries are launching or planning to launch flights between India and Bangladesh. There is also interest in launching flights to new destinations such as Guwahati in Assam,” Shringla said. He spoke at the launch of Novoair’s flights on the Dhaka-Kolkata route at Hazrat Shahjalal International Airport in the capital yesterday.
Dhaka-Kolkata is the second international route for private carrier Novoair, which kicked off its maiden international flight on the Dhaka-Yangon route a year ago.
India has proposed an open sky policy on a reciprocal basis to promote tourism, people-to-people contacts and trade, he added.
The increasing interest of airlines on routes between India and Bangladesh has come at an opportune time, he said, adding that India-Bangladesh trade and commercial ties are on an upward trajectory today.
The bilateral trade has registered a substantial increase over the last few years, while companies from both India and Bangladesh are exploring new opportunities for investing and setting up joint ventures in each other’s country, he said.
In an effort to increase people-to-people contacts, the envoy said India has made efforts to streamline its visa issuing process.
The number of visas issued this year would be more than one million and would far exceed the number of visas issued last year, he said.
As a result, Bangladesh has become one of the biggest sources of tourist arrivals from India, he said.
In this context, he said new flights between different destinations in India and Bangladesh will give further boost to trade, tourism, cultural exchanges and people-to-people contacts and sustain the momentum towards closer ties.
“The entry of more airlines will also foster greater competition, thereby generating more value for customers,” he said.
It is their endeavour to improve connectivity between India and Bangladesh by creating multimodal transport links and facilitating easy cross-border movement of goods and people, and the launch of the Novoair flight is an important step towards meeting this objective, said the envoy.
Novoair, which started operations in 2013, will operate four flights a week from Dhaka to Kolkata.
The airline will fly from Dhaka on Tuesdays, Thursdays, Fridays and Sundays at 2.25pm and arrive in Kolkata at 3pm, while it will fly from Kolkata at 4pm and arrive in Dhaka at 5.35pm (local time).
The promotional fare of a two-way Dhaka-Kolkata ticket, including taxes and surcharges, will start from 9,999 Taka (Bt4,500).
The airlines will also start direct flights from Chittagong to Kolkata on December 14.
At present, Novoair has three EMB-145 jets and three ATR 72-500 aircraft in its fleet.
On the domestic front, it flies to Chittagong, Cox’s Bazar, Sylhet, Jessore, Saidpur, Rajshahi and Barisal.
Civil Aviation and Tourism Minister Rashed Khan Menon, Civil Aviation Authority of Bangladesh’s Chairman Air Vice-Marshal Ehsanul Gani Choudhury and Novoair’s Managing Director Mofizur Rahman were present at the function.

But other than losing another bragging right, what does this much-lamented shortcoming mean to Hong Kong and its people?
It’s hard to imagine that banks in Hong Kong have all fallen asleep while their competitors in other cities are racing ahead of them in the fintech contest. The banks we know about are big boys who can take care of themselves very well indeed. You can bet that if they see technology that can enhance their profits and expand their market shares, they will put money and effort into adopting it.
Fintech, short for financial technology, isn’t a new concept after all, and the technologies involved in developing it are mostly available in the marketplace. Of course, proprietary software is needed to make it work. But this is not rocket science.
Many commentators have lamented that Hong Kong is lagging behind other regional cities, notably Singapore and Shenzhen, in progressing toward a cashless society. That’s the yardstick of most |relevance to the public. But most people in Hong Kong don’t find the deficit to be that much of an inconvenience.
To be sure, many small shops and caterers around town accept nothing but cash in exchange for goods and services. Taxi drivers, in particular, are adamant that they will only accept cash so they can keep the small change as tips.
As long as you don’t take a taxi, or don’t feel the need to patronise those cash-only outlets, you can get around Hong Kong carrying only your credit cards and the ubiquitous Octopus card for all public transportation (except taxis), grocery shopping at supermarkets and convenience stores, and dining at most chain restaurants or fast-food outlets.
Before you do that, remember to arrange for an auto-recharge of your Octopus card. You will need to go to your bank to do this. But you will only need to do this once and then it is good to go.
Credit cards would come in handy for shopping for big-ticket items at department stores or eating out at fancy restaurants. Some specialty shops selling electronics products don’t accept credit cards, preferring direct debit bank cards instead. So, bring yours along if you plan on buying a pair of exotic headphones or a tube amplifier.
Some commentators have talked glowingly about the convenience of online shopping and advanced booking at restaurants and cinemas. You can do all that in Hong Kong as well with your mobile phone.
In fact Amazon, which doesn’t have an operation in Hong Kong, is more than happy to send you |what you ordered from its US website.
You’d be amazed how much cheaper it is to shop online for a wide range of consumer goods, particularly clothing and accessories, even after factoring in the mailing cost, than to buy the same items in Hong Kong where the vendors have to mark up their prices to cover high rentals.
Consumers’ old habits tend to die hard. Despite the convenience of the PPS payment service which has been around for many years, there are |still lines of people, cash in hand, waiting to pay for their utility bills at the beginning of every month. This chore should have become antique by now.
But such incidents should not be mistaken as evidence to condemn Hong Kong’s backwardness in fintech. They are just a quirky consumers’ preference which, no doubt, will die out in time.
There are still people who harbour a deep mistrust of online payments, fearing that hackers will break into the system and steal their money. This is something that concerns even the most ardent proponent of fintech.
Consumers can only trust that the financial institutions that render fintech services have taken every step to ensure that they are secured. It’s like trusting banks to manage depositors’ money prudently.
Even if you’re a cashless kind of person, do carry some cash when you go out, just in case. It happened to me once a long while ago. After eating at an upmarket restaurant, I asked for the bill only to be told |by the courteous waiter that the |line to the card centers had broken down.

The government will next year also issue bonds worth Bt100 billion to raise funds to distribute directly to 18 provinces throughout the Kingdom for their economic and social development. The move is aimed at boosting liquidity and spending power in the local economic system.
Attractive promotions and events have been launched to entice higher spending by shoppers during the festive year-end period, especially for gifts and hampers.
Nattakit Tangpoonsinthana, executive vice president for marketing, Central Pattana Plc (CPN), the operator of CentralPlaza, CentralFestival, and CentralWorld shopping malls, said the government has been in power for a while now and it understands the current economic situation.
“The government has launched economic stimulus measures continuously, specifically in each quarter. The tax-breaks will pave the way for more optimism in shopping sentiment and for the overall economy. It will encourage local shoppers to buy domestically,” he said.
Nattakit said the company, which manages 30 shopping centres in the Kingdom, expected higher sales at its malls by 20 to 30 per cent by the end of this year, driven by the government’s shopping incentive.
“We are set to open three new shopping centres next year – in Mahachai at the beginning of the third quarter, in Nakhon Ratchasima in September, and at the end of the year in Phuket,” he said.
CPN yesterday announced it was joining hands with MasterCard, Thai Life Card, and The 1 Card, to invite all Thais to enjoy a simple countdown to the New Year by sharing joy and solidarity in a Bt300-million campaign called “Lighten Up Together”.
More than 10 million decorative lights will embellish all of CPN’s shopping centres. It will also host Southeast Asia’s largest gift festival to be held from December 10 to January 15 at CentralWorld and also at 30 branches of CentralPlaza and CentralFestival nationwide.
Chamnarn Maytaprechakul, executive vice president of The Mall Group, said the shopping tax incentive was great for the country’s economy and retail industry, as it would boost consumer spending.
“A similar tax incentive by government last year helped stimulate year-end spending and The Mall Group saw sales surge by 20 per cent in the first seven days of the incentive being announced. If there are more of these incentives, as suggested by the Finance Ministry, then the economy will get a boost,” he said.
The Mall Group has offered more promotions to attract customers as a result of the shopping tax breaks. The company also said it could process tax forms efficiently to meet consumers needs. Product categories most customers are expected to spend on include gift hampers, fashion, cosmetics, electronics and consumables at Home Fresh Mart and Gourmet Market.
Sompong Rungnirattisai, commercial director at Tesco Lotus, said that Tesco Lotus would welcome the government’s tax incentive shopping programme, as it would lift overall consumer sentiment and have a positive impact on consumer spending.
“Whether this year’s programme lasts 15 days or 30 days, Tesco Lotus will be ready to serve our customers by issuing the necessary documentation for tax rebate,” he said.
“The tax programme will coincide with our ‘United Hearts’ campaign to help customers with the cost of living. Under this campaign, four streams of activities will introduce unprecedented price reductions across Tesco Lotus stores. Our permanently low prices will continue across key product categories namely fresh food, rice, snacks, and mum and baby products. This will be supported by weekly and monthly promotions offering further discounts and offers such as ‘Buy 1 Get 1 Free’. Seasonal products like gift baskets, gift sets and confectionery will also be available at great prices,” he said.
“Lastly, the United Hearts campaign will offer discounts of 20 per cent or higher on more than 700 products such as detergents, personal care products, food and beverages. This part of the campaign is a collaboration between Tesco Lotus and 14 leading FMCG companies in Thailand in a joint investment worth more than Bt200 million,” he said.
“The aim of the United Hearts campaign is to help alleviate the burden our customers face, as our own surveys have found that a large number of Thais are concerned about the cost of living. The campaign, coupled with the government’s tax initiative, should help to stimulate spending and uplift Thai spirits,” he added.