Thailand: Market Profile
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- Marvin Osborn Tucker
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1 23 Jan 2019 Thailand: Market Profile 1. Overview Thailand has made remarkable progress in social and economic development, moving from a low-income country to an upper-income country in less than a generation. Thailand's long-term economic goals are laid out in the country's 20-Year National Strategy ( ) for attaining developed country status. According to the plan, the country will seek to achieve this through broad reforms including addressing economic stability, human capital constraints, equal access to economic opportunities, 1
2 environmental sustainability, competitiveness, and effective governance. The sustained pace and quality of reforms, as well as sound implementation, will be crucial for translating the reform effort into the desired economic outcomes. Sources: World Bank, Fitch Solutions 2. Major Economic/Political Events and Upcoming Elections May 2014 The army led by General Prayut Chan-ocha took power in a coup d'état and announced the suspension of "the constitution of 2007 except for the chapter on the monarch". October 2016 King Bhumibol Adulyadej died after 70 years on the throne and was replaced by his son, Maha Vajiralongkorn. In December, Crown Prince Vajiralongkorn was proclaimed king, replacing his late father. April 2017 King Vajiralongkorn signed the new, military-drafted constitution that paved the way for a return to democracy. Sources: BBC Country Profile Timeline, Fitch Solutions 3. Major Economic Indicators e = estimate, f = forecast Sources: IMF, World Bank Date last reviewed: October 8, External Trade 2
3 4.1 Merchandise Trade Source: WTO Date last reviewed: October 16, 2018 Sources: Trade Map, Fitch Solutions Date last reviewed: October 16, Trade in Services 3
4 e = estimate Source: WTO Date last reviewed: October 8, Trade Policies Thailand has been a WTO member since January 1, Since 2015 all tariffs between Association of South East Asian Nations (ASEAN) member states have been removed (other members are Brunei Darussalam, Cambodia, Indonesia, Laos, Myanmar, Philippines, Singapore, Malaysia and Vietnam). The rewards of lower tariffs within the area have been seen, with regional trade booming in recent years, especially as Malaysia, Singapore, Vietnam, Cambodia and Myanmar are all Thailand's major exporting partners. Although Thailand has abolished most tariffs, this mainly benefits regional (members of ASEAN) investors and a few other countries with which it has free trade agreements (FTAs). Consequently, high tariffs in many sectors and non-tariff barriers such as licencing requirements and excessively burdensome import requirements remain an impediment to market access. Price controls and excise taxes, often based on an exceedingly complex tax structure, also negatively impact trade in some sectors. Thailand is not a signatory to the WTO Agreement on Government Procurement. Under Article 27 of the Customs Act of 1926 and subsequent amendments, certain items are prohibited by law from passing into or out of Thailand. Habit forming narcotics and other illicit drugs are banned. The same article of the Customs Act of 1926, allow the Ministry of Commerce to designate certain classes of goods as subject to import controls, generally, in the form of licensing or government permissions. Sources: WTO Trade Policy Review, Fitch Solutions 6. Trade Agreements 6.1 Multinational Trade Agreements Active 1. ASEAN Free Trade Area: Thailand signed the Framework Agreement on Enhancing ASEAN Economic Cooperation in The agreement was to establish an ASEAN FTA (AFTA) which in total now affects ten countries. In 2015, the ASEAN Economic Community (AEC) was officially launched, with nearly all tariffs eliminated, though further liberalisation of services, capital, and labour will take more time to 4
5 implement. Along with the other ASEAN members, Thailand is currently negotiating with China, Korea, Japan, Australia, New Zealand, and India to form a Regional Comprehensive Economic Partnership (RCEP) agreement; has implemented an FTA with Australia in 2005, signed an FTA with New Zealand in 2005 and with Japan in April ASEAN-New Zealand-Australia FTA and Economic Integration Agreement: Australia is Thailand's sixth largest exporting partner. ASEAN-Japan FTA: Japan is Thailand's third largest export partner and second largest import partner. ASEAN-South Korea FTA and Economic Integration Agreement: South Korea is Thailand's fifteenth largest exporting partner, and due to regional proximity and already strong trade ties this agreement has stimulated the flow of trade between the countries. Under Negotiation Negotiations for an EU-Thailand FTA were launched in March The negotiations aim to conclude a comprehensive FTA. Sources: WTO Regional Trade Agreements database, Fitch Solutions 7. Investment Policy 7.1 Foreign Direct Investment Source: UNCTAD Date last reviewed: October 8, Foreign Direct Investment Policy The Thai business climate continues to be positive and welcoming to foreign investment though local laws favour domestic companies in many aspects. All businesses operating in Thailand must register and obtain a Foreign Business License from the Ministry of Commerce. Manufacturing firms must also register with the Ministry of Industry, and the Ministry of Labour and Social Welfare. The Foreign Business Act (FBA) of 1999 is the primary piece of legislation with respect to foreign business activities. In spite of some reforms, company ownership restrictions remain in place and foreign nationals may own 49% of a company while it remains majority-thai owned. Certain types of business activities are reserved for Thai nationals only according to the FBA. Generally, foreign investment in these areas cannot comprise more than 5
6 % of share capital unless specifically permitted. Some exemptions can be obtained such as permission by the director general of the Department of Business Development, with approval of the Foreign Business Committee together with obtaining a foreign business license. Foreign ownership of wireless/mobile telecommunications services; banking, accounting, bookkeeping and auditing services; tax consultancy; agriculture and forestry; transportation; tourism capped at 49%; mining, oil and gas, waste management and water supply is capped at 75%. Under the Land Code, the Condominium Act and the Property Leasing Act, foreigners are not allowed to own land in Thailand - save for government industrial estates or Special Economic Zones (SEZ). In addition, foreign investments in excess of THB40 million are entitled to own 1,600sq m of land for residential use with the permission of the Ministry of Interior. Rather than purchasing, many foreign businesses instead sign long-term leases and then construct buildings on the leased land. Under the Condominium Act of 2007, foreign ownership in a condominium building cannot exceed 49%. Meanwhile, property can be expropriated under Thai law, but the risk of asset seizure is low. The Alien Employment Act prohibits foreign nationals from working in 39 occupations and professions including but not limited to labourer, goldsmith, farmer, accountant, auditor, engineer, architect, among others. Additionally, companies need to have certain minimum amount of fully paid up capital in order to qualify to employ specific numbers of foreign nationals in Thailand. Other conditions include having at least fifty local employees per expatriate. Businesses that are wholly foreign owned and incorporated in Thailand in terms of Thailand's Board of Investment (BOI) are allowed to employ foreign nationals on a ratio of local to foreign national of 4:1. Sources: WTO Trade Policy Review, ITA, US Department of Commerce, Fitch Solutions 7.3 Free Trade Zones and Investment Incentives 6
7 Free Trade Zone/Incentive Programme Main Incentives Available There are 12 Special Free Zones reserved for the location of industries to manufacture only in Thailand. These zones are located in Chonburi, Lampun, Pichit, Songkhla, Samut Prakarn, Bangkok (at Lad Kragbang), Ayuddhya, and Chachoengsao. - SEZs are reserved for the location of industries manufacturing for export only, to which businesses may import raw materials and export finished products free of duty (including value-added tax (VAT)). - Enterprises located in Thailand's special economic zones are eligible for the following additional incentives. - A reduction of 50% of corporate income tax for five years after the termination of a 'normal' income tax holiday period or from the date on which income is earned. - Entitlement to claim double tax deductions for the cost of transportation, electricity and water supply expenses, and entitlement to deduct from the taxable corporate income up to 25% of the investment costs of installing infrastructure facilities for 10 years from the date of income derivation. - A double deduction for transportation, electricity and water utility cost and up to a 25% deduction for utility construction costs. - Foreign ownership of land and foreign expert employment. Sources: US Department of Commerce, Fitch Solutions 8. Taxation 2018 NIL 9. Foreign Worker Requirements 9.1 Foreign Worker Permits Prior to starting employment, all non-thai nationals are required to obtain a work permit under the Alien Employment Act of Foreign nationals first need to secure an initial non-immigrant visa, which must be obtained before entering Thailand. The duration of the work permit is generally the same as the applicant's visa. Generally, work permits are issued for one year but are renewable. Foreign nationals are not allowed to perform work that is not permitted by their visa. To change occupations, they need to obtain authorisation from the Ministry of Labour. 9.2 Localisation Requirements The Alien Employment Act prohibits foreign nationals from working in 39 occupations and professions (such as labourers, goldsmiths, farmers, accountants, auditors, engineers and architects). 7
8 Companies need to have a certain minimum amount of fully paid up capital in order to qualify to employ specific numbers of foreign nationals in Thailand. Other conditions include having at least 50 local employees per every expatriate. Businesses that are wholly foreign owned and incorporated in Thailand in terms of Thailand's Board of Investment are allowed to employ foreign nationals on a ratio of local to foreign national of 4: Visa/Travel Restrictions In general, Thailand has an open visa policy. The country has Bilateral Agreements with a number of other countries which award preferential treatment to nationals of these countries in terms of the number of days granted to stay in Thailand visa free. Nationals from five countries have visa free access into Thailand for 90 days, five others have access for 30 days, 45 nations are granted 30 days visa free access as well as being allowed to enter Thailand through other means than through the country's airports. Many other countries can get a visa on arrival whereas only a few need to apply for a visa before departing for Thailand. Sources: Government websites, Fitch Solutions 10. Risks 10.1 Sovereign Credit Ratings Rating (Outlook) Rating Date Moody's Baa1 (Stable) 18/07/2017 Standard & Poor's BBB+ (Stable) 21/12/2015 Fitch Ratings BBB+ (Stable) 07/06/2018 Sources: Moody's, Standard & Poor's, Fitch Ratings 10.2 Competitiveness and Efficiency Indicators World Ranking Ease of Doing Business Index 49/189 46/190 26/190 Ease of Paying Taxes Index 70/189 69/190 67/190 Logistics Performance Index 45/160 N/A 32/160 Corruption Perception Index 101/176 96/180 N/A IMD World Competitiveness 28/63 27/63 30/63 8
9 Sources: World Bank, IMD, Transparency International 10.3 Fitch Solutions Risk Indices World Ranking Economic Risk Index Rank 33/202 Short-Term Economic Risk Score Long-Term Economic Risk Score Political Risk Index Rank 115/202 Short-Term Political Risk Score Long-Term Political Risk Score Operational Risk Index Rank 58/201 Operational Risk Score Source: Fitch Solutions Date last reviewed: August 15, Fitch Solutions Risk Summary ECONOMIC RISK Over the next five years, the Thai economy is expected to grow as the country's new constitution should provide policy continuity regardless of the election outcome. We expect continued business environment improvements, potentially including big-bang state-owned enterprises reforms, boosting productivity. OPERATIONAL RISK Thailand offers investors considerable advantages within its operational environment, which include a large, predominantly youthful workforce with basic literacy and numeracy skills, increasing levels of foreign economic participation and trade, and a developed logistics network. However, significant risks exist, notably the ongoing separatist violence in the south of the country. Source: Fitch Solutions Date last reviewed: October 16, Fitch Solutions Political and Economic Risk Indices 9
10 100 = Lowest risk, 0 = Highest risk Source: Fitch Solutions Economic and Political Risk Indices Date last reviewed: October 16, Fitch Solutions Operational Risk Index 10
11 Operational Risk Labour Market Risk Trade and Investment Risk Logistics Risk Crime and Security Risk Thailand Score East and Southeast Asia Average East and Southeast Asia Position (out of 18) Asia Average Asia Position (out of 35) Global Average Global Position (out of 201) = Lowest risk, 0 = Highest risk Source: Fitch Solutions Operational Risk Index 11
12 Country Operational Risk Labour Market Risk Trade and Investment Risk Logistics Risk Crime and Security Risk Singapore Hong Kong Taiwan South Korea Malaysia Macau Brunei Thailand China Vietnam Indonesia Mongolia Philippines Cambodia Laos North Korea Myanmar Timor-Leste Regional Averages Emerging Markets Averages Global Markets Averages = Lowest risk, 0 = Highest risk Source: Fitch Solutions Operational Risk Index Date last reviewed: October 16,
13 11. Hong Kong Connection 11.1 Hong Kong s Trade with Thailand Note: Graph shows the main Hong Kong exports to/import from Thailand (by consignment) Date last reviewed: October 8, 2018 Note: Graph shows Hong Kong exports to/import from Thailand (by consignment) Exchange rate HK$/US$, average 7.76 (2013) 7.75 (2014) 7.75 (2015) 7.76 (2016) 7.79 (2017) Source: Hong Kong Census and Statistics Department Date last reviewed: October 8, Growth rate (%) Number of Thai residents visiting Hong Kong 560, Number of Thais residing in Hong Kong 19, Sources: Hong Kong Tourism Board, United Nations Department of Economic and Social Affairs - Population Division 13
14 2017 Growth rate (%) Number of Asia Pacific residents visiting Hong Kong 54,482, Number of East Asians and South Asians residing in Hong Kong 2,784, Sources: United Nations Department of Economic and Social Affairs - Population Division, Fitch Solutions Date last reviewed: October 16, Commercial Presence in Hong Kong 2017 Growth rate (%) Number of Thai companies in Hong Kong N/A N/A - Regional headquarters - Regional offices - Local offices 11.3 Treaties and Agreements between Hong Kong and Thailand Thailand has a Bilateral Investment Treaty with Hong Kong that entered into force on April 18, Thailand has Double Taxation Agreements (DTA) and Investment Promotion & Protection Agreement (IPPA) with China and concluded the DTA with Hong Kong in April Source: Hong Kong Department of Justice, Fitch Solutions 11.4 Chamber of Commerce (or Related Organisations) in Hong Kong Hong Kong-Thailand Business Council The Hong Kong-Thailand Business Council is an independent, non-government body representing companies of all sizes and individuals with an interest in the development of business and commercial ties between Hong Kong and Thailand. Address: 16/F, Worldwide House, 19 Des Voeux Road, Central, Hong Kong hktbc@afh.hk Tel: (852) Fax: (852) Source: Hong Kong-Thailand Business Council Royal Thai Consulate-General, Hong Kong Address: 8/F, Fairmont House, 8 Cotton Tree Drive, Central, Hong Kong sthai01@thai-consulate.org.hk Tel: (852)
15 Fax: (852) Source: Royal Thai Consulate-General, Hong Kong 11.5 Visa Requirements for Hong Kong Residents Hong Kong residents are permitted to stay up to 30 days under the Bilateral Agreement with Thailand if entering via an international airport or through a land border checkpoint from a neighboring country, such as Laos, Myanmar and Cambodia. Sources: Thailand Government websites Date last reviewed: October 16, 2018 Find this page at Profile/mp/en/1/1X000000/1X003IMW.htm Copyright 2019 Hong Kong Trade Development Council. Reproduction in whole or in part without prior permission is prohibited. While every effort has been made to ensure accuracy, the Hong Kong Trade Development Council is not responsible for any errors. Views expressed in this report are not necessarily those of the Hong Kong Trade Development Council. 15
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