The document discusses Thailand's transitioning textile industry. It notes that Thailand has over 4,700 textile manufacturers employing over 500,000 people, exporting $6.45 billion worth of textiles in 2016. The industry is shifting from labor-intensive to higher value-added, technology-integrated production. Synthetic fibers like polyester are increasingly important. Functional textiles are an emerging market expected to exceed $9.3 billion by 2017. The government and Thailand Textile Institute have introduced strategies to establish Thailand as a global fashion leader by 2030 through industrial zones, research centers, and a fashion academy.
Thailand is the world's largest producer and exporter of natural rubber. The rubber industry is an important part of Thailand's economy, with production and domestic consumption growing annually. While Thailand exports raw natural rubber, it also produces various value-added rubber products. The government provides incentives to support the rubber industry and attract foreign investment through tax breaks and other benefits.
If you wish to set up an operation in Thailand, your best contact point is the Office of the Board of Investment (BOI), which operates under the Office of Prime Minister and is the principal government agency for attracting investment. The BOI is available to assist you in numerous ways.
Costs of doing business in Thailand include taxes, labor costs, office and factory rents, utility expenses, transportation fees, and communication rates. Some key points include:
- Corporate income tax is 20% for most companies and personal income tax has progressive rates up to 35%. There are also value added and withholding taxes.
- Labor costs vary by position, with IT positions earning around 30,000-50,000 baht (US$900-1,500) monthly and translation work costing 300-500 baht (US$9-15) per word.
- Office space in Bangkok costs 638-859 (US$19-26) per square meter monthly for grade B and A buildings respectively
Thailand's machinery and metalworking industries employ around 400,000 people across 50,000 enterprises. While domestic production is limited, imports of machinery and parts reached $12.57 billion in 2009, primarily from Japan, China, and the US. There is an opportunity for local suppliers to meet growing demand from downstream industries by providing a domestic source of more sophisticated machinery. Exports of machinery have also grown significantly, increasing over 90% since 2004 to over $8 billion annually, driven by Thailand's position as a regional export hub and trade agreements like AFTA.
Thailand has a growing machinery industry that supports its manufacturing sector. While machinery imports and exports have increased substantially in recent years, Thailand still imports complex machinery. The top imports in 2014 were tractor parts from Japan, air pumps from China, and printing machinery from Germany. Domestically, Thailand produces industrial, agricultural, and machine tools, with industrial machinery making up most trade value. The machinery industry employs around 200,000 workers and continues to support growth in key sectors like automotive and electronics.
Thailand has a large and well-established electrical and electronics industry. In 2014, the industry accounted for 24% of Thailand's exports and billions in revenue. Thailand is a major hub for electronics manufacturing in Southeast Asia, hosting global brands in appliances, integrated circuits, data storage, and more. The Thai government supports the industry through research programs, workforce training, and incentives to attract investment. As the electrical and electronics industry continues growing, Thailand remains an attractive destination for companies in these sectors.
Thailand has long been a regional leader of E&E production. Renowned for export of hard-disk drive as well as other electronic products, the country’s export reaches USD 34 billion in 2020 according to Ministry of Commerce. Beside HDD, key export products include integrated circuits (IC), semiconductor, transistor, diode, and other mobile equipment parts. These samples of product combined account for over 60 percent of E&E export.
This document provides information on typical costs of doing business in Thailand, including costs to start and operate a business, taxes, labor costs, office and factory occupancy costs, utility costs, transportation costs, communications costs, and industrial estates and facilities. It includes tables with specific cost figures in Thai baht and US dollars for items like company registration fees, accounting services, office and construction rental rates, tax rates, labor costs by position, transportation and shipping rates, internet and phone services, and more.
Thailand is the world's largest producer and exporter of natural rubber. The rubber industry is an important part of Thailand's economy, with production and domestic consumption growing annually. While Thailand exports raw natural rubber, it also produces various value-added rubber products. The government provides incentives to support the rubber industry and attract foreign investment through tax breaks and other benefits.
If you wish to set up an operation in Thailand, your best contact point is the Office of the Board of Investment (BOI), which operates under the Office of Prime Minister and is the principal government agency for attracting investment. The BOI is available to assist you in numerous ways.
Costs of doing business in Thailand include taxes, labor costs, office and factory rents, utility expenses, transportation fees, and communication rates. Some key points include:
- Corporate income tax is 20% for most companies and personal income tax has progressive rates up to 35%. There are also value added and withholding taxes.
- Labor costs vary by position, with IT positions earning around 30,000-50,000 baht (US$900-1,500) monthly and translation work costing 300-500 baht (US$9-15) per word.
- Office space in Bangkok costs 638-859 (US$19-26) per square meter monthly for grade B and A buildings respectively
Thailand's machinery and metalworking industries employ around 400,000 people across 50,000 enterprises. While domestic production is limited, imports of machinery and parts reached $12.57 billion in 2009, primarily from Japan, China, and the US. There is an opportunity for local suppliers to meet growing demand from downstream industries by providing a domestic source of more sophisticated machinery. Exports of machinery have also grown significantly, increasing over 90% since 2004 to over $8 billion annually, driven by Thailand's position as a regional export hub and trade agreements like AFTA.
Thailand has a growing machinery industry that supports its manufacturing sector. While machinery imports and exports have increased substantially in recent years, Thailand still imports complex machinery. The top imports in 2014 were tractor parts from Japan, air pumps from China, and printing machinery from Germany. Domestically, Thailand produces industrial, agricultural, and machine tools, with industrial machinery making up most trade value. The machinery industry employs around 200,000 workers and continues to support growth in key sectors like automotive and electronics.
Thailand has a large and well-established electrical and electronics industry. In 2014, the industry accounted for 24% of Thailand's exports and billions in revenue. Thailand is a major hub for electronics manufacturing in Southeast Asia, hosting global brands in appliances, integrated circuits, data storage, and more. The Thai government supports the industry through research programs, workforce training, and incentives to attract investment. As the electrical and electronics industry continues growing, Thailand remains an attractive destination for companies in these sectors.
Thailand has long been a regional leader of E&E production. Renowned for export of hard-disk drive as well as other electronic products, the country’s export reaches USD 34 billion in 2020 according to Ministry of Commerce. Beside HDD, key export products include integrated circuits (IC), semiconductor, transistor, diode, and other mobile equipment parts. These samples of product combined account for over 60 percent of E&E export.
This document provides information on typical costs of doing business in Thailand, including costs to start and operate a business, taxes, labor costs, office and factory occupancy costs, utility costs, transportation costs, communications costs, and industrial estates and facilities. It includes tables with specific cost figures in Thai baht and US dollars for items like company registration fees, accounting services, office and construction rental rates, tax rates, labor costs by position, transportation and shipping rates, internet and phone services, and more.
The document outlines Thailand's Special Economic Development Zones (SEZs) policy and Cluster Development policy. The objectives are to strengthen industrial value chains, attract value-added investment, and decentralize development. The policy provides tax and non-tax incentives for "Super Clusters" and "Other Clusters" in targeted industries. It identifies priority clusters like automotive, electronics, chemicals, and outlines support measures and responsible agencies to strengthen targeted clusters through infrastructure development, human resource training, and facilitating investment.
The document summarizes Thailand Science Park, which links the public and private sectors through research and development. It has over 80 tenant companies, including 30% international firms, and provides infrastructure and laboratories. Projects include developing low-fat sausages and using rubber latex in skincare. The park supports SME innovation and will complement the Eastern Economic Corridor initiative through three new science and technology parks focused on biotech, automation, and advanced materials. Tenants receive government incentives for R&D activities.
Thailand is already a significant market for industrial robots. In
2017, Thailand was the 3rd largest market in ASEAN and, by 2018, it was estimated to have become the 2nd largest. Recognizing the importance of automation and robotics, the Thai government has implemented various measures to promote the growth of these key industries. The use of industrial robots in the country is therefore expected to continue growing.
BOI recognizes the importance of automation and robotics and offers a wide range of tax and non-tax incentives for projects that meet national development objectives.
If you wish to set up an operation in Thailand, your best contact point is the Office of the Board of Investment (BOI), which operates under the Office of Prime Minister and is the
principal government agency for attracting investment. The BOI is available to assist you in numerous ways.
Thailand has a population of 67 million people and GDP of $385 billion in 2013, with strategic location giving access to markets in China, India, and ASEAN. It has competitive advantages like low wages and tax rates, good infrastructure and skilled workforce. The document promotes Thailand as an attractive location for investment and manufacturing in industries like automotive, electronics, food processing, and aircraft parts due to the country's competitive incentives and workforce.
The world is embracing to cleaner and smarter society while people’s mean of transportation like automobile also takes a step further to the next generation with more fuel-efficient and environmentally friendly. In 2016, 94 million automobiles were produced worldwide, the highest number in the history. Yet, those vehicles are embracing the new breakthrough technology. Ranging from hybrid to battery electric vehicle, the world aims to have EV at 40% market share of all automobile in 2040.
Thailand defines International Business Centers (IBC) as a company incorporated in Thailand that provides managerial, technical, support, or financial management services to its associated enterprises, whether located in Thailand or overseas.
This document provides an overview of typical costs for starting and operating a business in Thailand. It includes information on:
- Tax rates such as the 20% corporate income tax rate, 15% personal income tax rate, and 7% VAT rate. It also lists double taxation agreements Thailand has with other countries.
- Labor costs including typical salaries for IT and translation positions, as well as regulations around overtime pay and severance packages.
- Office occupancy costs such as average rental rates for Grade A and B offices in Bangkok.
- Transportation costs like fuel prices, shipping cargo rates from Bangkok, and air cargo rates.
- Communication costs including international phone call rates and monthly internet package prices.
The presentation is by Mr. Chanin Khaochan, Deputy Secretary-General of Thailand Board of Investment, on the webinar "Thailand's Semiconductor & Smart Electronic Manufacturing Solutions" on September 9, 2021
This economy profile presents the Doing Business
indicators for Thailand. To allow useful comparison, it
also provides data for other selected economies
(comparator economies) for each indicator. The data in
this report are current as of June 1, 2014 (except for the paying taxes indicators, which cover the period January–December 2013).
This Guide to the Board of Investment was prepared by the Office of the Board of Investment to provide basic information on BOI investment promotion for applications submitted from January 1, 2015, onward. This guidebook comprises investment promotion incentives and privileges, the list of activities eligible for investment promotion and related announcements including essential rules and criteria for applying investment promotion.
If you wish to set up an operation in Thailand, your best contact point is the Office of the Board of Investment (BOI), which operates under the Office of Prime Minister and is the principal government agency for attracting investment. The BOI is available to assist you in numerous ways.
The document discusses Thailand's growing bioeconomy sector. It notes that bioeconomy is one of Thailand's targeted industries and part of its new "S-curve" strategy to create a more sustainable economy. The government and private sector have created a master plan to develop Thailand's bioeconomy, with goals of doubling GDP contribution within 5-10 years and increasing value from sugarcane and cassava. Thailand aims to become the "bio hub" of ASEAN by focusing on sustainable agriculture and establishing the country's first biorefinery complex in 2018 to produce biofuels, biochemicals, and other products from sugarcane and cassava. Foreign investors remain upbeat on Thailand's bioeconomy prospects.
The document discusses Thailand's strong foundation in the electrical and electronics (E&E) industry and its positioning as a leading production base in Southeast Asia. Key points:
- E&E is Thailand's major export industry, accounting for 14% of GDP, and Thailand ranks as the 14th largest E&E exporter globally.
- Thailand is a top producer of air conditioners, cameras, refrigerators, and other appliances, and is the 2nd largest air conditioner producer and 5th largest washing machine producer worldwide.
- Electronics such as hard disk drives where Thailand is the 2nd largest manufacturer globally continue to see strong export growth.
- Government policies aim to support the E&E industry and development of
This document summarizes emerging technological trends impacting Thailand's machinery industry and manufacturing sector. It discusses how automation, robotics, 3D printing, IoT, and augmented reality are transforming modern factories. Thailand's machinery exports and key sectors like automotive and food processing rely on its large manufacturing industry. The country is well-positioned to adapt new technologies due to its skilled workforce and strategic location as a production hub for Southeast Asia. Major machinery companies view Thailand positively and invest further to strengthen manufacturing competitiveness under the Thailand 4.0 policy.
By Ms. Vorawan Norasucha, Director, Thailand Board of Investment New York Office (This is a part of "Investment Opportunities: Thailand's Innovation Ecosystem" webinar on May 13, 2021)
Thailand aims to position itself as the ASEAN hub through its strategic location, infrastructure development, and competitive business environment. The document outlines Thailand's competitiveness through rankings and surveys. It also details the country's investment promotion policies, including incentives for targeted super clusters in industries like automotive, electronics, aviation, and digital technology. The goal is to attract international headquarters and trading centers by offering tax benefits and other facilitation.
- Thailand's petrochemical industry is shifting production towards higher value-added goods as global petrochemical prices decline due to oversupply and weak demand.
- IRPC, Thailand's largest petrochemical company, plans a $1.2 billion expansion to increase production of ethylene and paraxylene.
- The UK private sector has expressed interest in investing in Thailand's petrochemical industry in the Eastern Economic Corridor to support the country's Thailand 4.0 policy of innovation-driven development.
The document discusses Thailand's efforts to transition to a digital economy through establishing a new Ministry of Digital Economy and Society. It summarizes that Thailand is seeing growing investment in the digital sector, with over 150 projects applying for BOI privileges in the first seven months of 2016 worth 2.5 billion baht. The new ministry will help Thailand efficiently implement its digital agenda and development programs to promote innovation, technology and creativity.
The document outlines Thailand's Special Economic Development Zones (SEZs) policy and Cluster Development policy. The objectives are to strengthen industrial value chains, attract value-added investment, and decentralize development. The policy provides tax and non-tax incentives for "Super Clusters" and "Other Clusters" in targeted industries. It identifies priority clusters like automotive, electronics, chemicals, and outlines support measures and responsible agencies to strengthen targeted clusters through infrastructure development, human resource training, and facilitating investment.
The document summarizes Thailand Science Park, which links the public and private sectors through research and development. It has over 80 tenant companies, including 30% international firms, and provides infrastructure and laboratories. Projects include developing low-fat sausages and using rubber latex in skincare. The park supports SME innovation and will complement the Eastern Economic Corridor initiative through three new science and technology parks focused on biotech, automation, and advanced materials. Tenants receive government incentives for R&D activities.
Thailand is already a significant market for industrial robots. In
2017, Thailand was the 3rd largest market in ASEAN and, by 2018, it was estimated to have become the 2nd largest. Recognizing the importance of automation and robotics, the Thai government has implemented various measures to promote the growth of these key industries. The use of industrial robots in the country is therefore expected to continue growing.
BOI recognizes the importance of automation and robotics and offers a wide range of tax and non-tax incentives for projects that meet national development objectives.
If you wish to set up an operation in Thailand, your best contact point is the Office of the Board of Investment (BOI), which operates under the Office of Prime Minister and is the
principal government agency for attracting investment. The BOI is available to assist you in numerous ways.
Thailand has a population of 67 million people and GDP of $385 billion in 2013, with strategic location giving access to markets in China, India, and ASEAN. It has competitive advantages like low wages and tax rates, good infrastructure and skilled workforce. The document promotes Thailand as an attractive location for investment and manufacturing in industries like automotive, electronics, food processing, and aircraft parts due to the country's competitive incentives and workforce.
The world is embracing to cleaner and smarter society while people’s mean of transportation like automobile also takes a step further to the next generation with more fuel-efficient and environmentally friendly. In 2016, 94 million automobiles were produced worldwide, the highest number in the history. Yet, those vehicles are embracing the new breakthrough technology. Ranging from hybrid to battery electric vehicle, the world aims to have EV at 40% market share of all automobile in 2040.
Thailand defines International Business Centers (IBC) as a company incorporated in Thailand that provides managerial, technical, support, or financial management services to its associated enterprises, whether located in Thailand or overseas.
This document provides an overview of typical costs for starting and operating a business in Thailand. It includes information on:
- Tax rates such as the 20% corporate income tax rate, 15% personal income tax rate, and 7% VAT rate. It also lists double taxation agreements Thailand has with other countries.
- Labor costs including typical salaries for IT and translation positions, as well as regulations around overtime pay and severance packages.
- Office occupancy costs such as average rental rates for Grade A and B offices in Bangkok.
- Transportation costs like fuel prices, shipping cargo rates from Bangkok, and air cargo rates.
- Communication costs including international phone call rates and monthly internet package prices.
The presentation is by Mr. Chanin Khaochan, Deputy Secretary-General of Thailand Board of Investment, on the webinar "Thailand's Semiconductor & Smart Electronic Manufacturing Solutions" on September 9, 2021
This economy profile presents the Doing Business
indicators for Thailand. To allow useful comparison, it
also provides data for other selected economies
(comparator economies) for each indicator. The data in
this report are current as of June 1, 2014 (except for the paying taxes indicators, which cover the period January–December 2013).
This Guide to the Board of Investment was prepared by the Office of the Board of Investment to provide basic information on BOI investment promotion for applications submitted from January 1, 2015, onward. This guidebook comprises investment promotion incentives and privileges, the list of activities eligible for investment promotion and related announcements including essential rules and criteria for applying investment promotion.
If you wish to set up an operation in Thailand, your best contact point is the Office of the Board of Investment (BOI), which operates under the Office of Prime Minister and is the principal government agency for attracting investment. The BOI is available to assist you in numerous ways.
The document discusses Thailand's growing bioeconomy sector. It notes that bioeconomy is one of Thailand's targeted industries and part of its new "S-curve" strategy to create a more sustainable economy. The government and private sector have created a master plan to develop Thailand's bioeconomy, with goals of doubling GDP contribution within 5-10 years and increasing value from sugarcane and cassava. Thailand aims to become the "bio hub" of ASEAN by focusing on sustainable agriculture and establishing the country's first biorefinery complex in 2018 to produce biofuels, biochemicals, and other products from sugarcane and cassava. Foreign investors remain upbeat on Thailand's bioeconomy prospects.
The document discusses Thailand's strong foundation in the electrical and electronics (E&E) industry and its positioning as a leading production base in Southeast Asia. Key points:
- E&E is Thailand's major export industry, accounting for 14% of GDP, and Thailand ranks as the 14th largest E&E exporter globally.
- Thailand is a top producer of air conditioners, cameras, refrigerators, and other appliances, and is the 2nd largest air conditioner producer and 5th largest washing machine producer worldwide.
- Electronics such as hard disk drives where Thailand is the 2nd largest manufacturer globally continue to see strong export growth.
- Government policies aim to support the E&E industry and development of
This document summarizes emerging technological trends impacting Thailand's machinery industry and manufacturing sector. It discusses how automation, robotics, 3D printing, IoT, and augmented reality are transforming modern factories. Thailand's machinery exports and key sectors like automotive and food processing rely on its large manufacturing industry. The country is well-positioned to adapt new technologies due to its skilled workforce and strategic location as a production hub for Southeast Asia. Major machinery companies view Thailand positively and invest further to strengthen manufacturing competitiveness under the Thailand 4.0 policy.
By Ms. Vorawan Norasucha, Director, Thailand Board of Investment New York Office (This is a part of "Investment Opportunities: Thailand's Innovation Ecosystem" webinar on May 13, 2021)
Thailand aims to position itself as the ASEAN hub through its strategic location, infrastructure development, and competitive business environment. The document outlines Thailand's competitiveness through rankings and surveys. It also details the country's investment promotion policies, including incentives for targeted super clusters in industries like automotive, electronics, aviation, and digital technology. The goal is to attract international headquarters and trading centers by offering tax benefits and other facilitation.
- Thailand's petrochemical industry is shifting production towards higher value-added goods as global petrochemical prices decline due to oversupply and weak demand.
- IRPC, Thailand's largest petrochemical company, plans a $1.2 billion expansion to increase production of ethylene and paraxylene.
- The UK private sector has expressed interest in investing in Thailand's petrochemical industry in the Eastern Economic Corridor to support the country's Thailand 4.0 policy of innovation-driven development.
The document discusses Thailand's efforts to transition to a digital economy through establishing a new Ministry of Digital Economy and Society. It summarizes that Thailand is seeing growing investment in the digital sector, with over 150 projects applying for BOI privileges in the first seven months of 2016 worth 2.5 billion baht. The new ministry will help Thailand efficiently implement its digital agenda and development programs to promote innovation, technology and creativity.
1) The document discusses how Thailand's electronics and electrical industry has boosted its smart electronics sector, as digital technologies have become more important during the COVID-19 pandemic for business operations and daily life.
2) Thailand has a vibrant electronics supply chain comprising over 2,500 enterprises and 750,000 workers, and its exports of electronics such as computers have increased sharply during the pandemic.
3) The country is well-positioned to support the smart electronics industry due to its skilled workforce, reliable infrastructure, and status as a major producer of components like integrated circuits and hard disk drives that power technologies like the Internet of Things.
Thailand is advancing its manufacturing sector through technology and innovation. The country ranks highly in global innovation indexes and is transforming industries like agriculture, manufacturing, and healthcare through technologies like robotics, AI, and biotech. The Thai government's Thailand 4.0 policy supports R&D, innovation, and advanced manufacturing to drive growth in targeted industries and attract investment. As a result, Thailand is well-positioned to capitalize on opportunities in smart manufacturing, Industry 4.0, and other advanced technologies.
This document discusses Thailand's growing automation and robotics industry. It notes that Thailand already has a large automation and robotics sector serving industries like automotive, food processing, and electronics. It has over 3,000 industrial robots in operation. The government supports the industry's development through initiatives like the Center of Robotics Excellence. Thailand also has a strong talent pool developing service robots for healthcare, agriculture, and other fields. The COVID-19 pandemic has accelerated demand for medical service robots. Overall, Thailand has established itself as a leader in automation and robotics in Southeast Asia through its ecosystem of multinational corporations, startups, research institutions, and supportive government policies.
Thailand's electrical and electronics industry saw high export growth in 2015, contributing significantly to the country's GDP. The industry has expanded greatly over the past 50 years, establishing Thailand as a leading production base in Southeast Asia. In 2015, exports from the electrical and electronics sector totaled over $54 billion, with hard disk drives and air conditioners being major exports. The government's infrastructure development plan and promotion of clusters are supporting further investment and growth opportunities in promising subsectors like smart devices. KV Electronics is one example of a company that has grown substantially over 30 years in Thailand by embracing innovation and new technologies like Industry 4.0.
A Comparative Study the National Strategic Plan Between Thailand And China o...IJSRED
This document provides an overview and comparison of the national strategic plans of Thailand 4.0 and Made in China 2025. It discusses the goals and objectives of Thailand 4.0, which include economic prosperity through innovation, social well-being, developing human values, and environmental protection. It also outlines some of the challenges facing Thailand 4.0, such as shortages of skilled workers and lack of management skills at SMEs. The document then provides a brief introduction to Made in China 2025 and its goal of transforming China into a major manufacturing power.
This document provides an overview and comparison of the national strategic plans of Thailand 4.0 and Made in China 2025. It discusses the goals and objectives of Thailand 4.0, which include economic prosperity through innovation, social well-being, developing human values, and environmental protection. It also outlines some of the challenges facing Thailand 4.0, such as shortages of skilled workers and lack of management skills at SMEs. The document then provides a brief introduction to Made in China 2025 and its goal of transforming China into a major manufacturing power.
This document discusses Thailand's growing digital economy and leadership in digital transformation in ASEAN. It notes that Thailand has a relatively high internet penetration rate at 66% and is ranked 39th globally in digital competitiveness by IMD. The Thai government is actively promoting technology through its Thailand 4.0 model and a 2016-2036 National Digital Economy Masterplan. Thailand has invested heavily in digital infrastructure like rural broadband and Digital Park Thailand. It also offers a skilled, educated workforce and the SMART Visa program to attract global talent to support its transition to a digital economy and become a regional leader.
Thailand has a vibrant industrial subcontracting sector that allows its economy to be competitive globally. Subcontracting involves companies outsourcing some production operations to vendors. Key subcontracting industries in Thailand include metals, electronics, plastics, and rubber. The Thai Subcontracting Promotion Association, with around 400 members, works to stimulate development among subcontractors. The BOI supports subcontractors through its BUILD unit and hosts an annual subcontracting exhibition to connect buyers and sellers.
The document discusses developments in Thailand's automation, robotics, and industrial subcontracting industries. It summarizes SUBCON Thailand 2016, an annual international industrial subcontracting and business matching event. The event facilitates business partnerships and matches over 350 industrial subcontractors with buyers from 18 countries. Recent editions have resulted in over $224 million in transactions. The document also discusses growth in Thailand's automation and robotics industries, highlighting opportunities in key sectors like automotive and electronics. The Board of Investment provides incentives for investments in future industries like automation.
Vietnam has a fast growing digital economy and ICT sector, driven by strong GDP growth, increasing FDI, and government initiatives. The report identifies opportunities in fintech, e-commerce, smart cities, agriculture technology, and skills development to address workforce shortages as Vietnam prepares for Industry 4.0. However, Vietnam faces challenges around infrastructure investment, regulatory reforms, and developing technical skills to fully capitalize on these opportunities by 2025.
The document provides an economic summary for December 2018. It discusses several topics:
- Commercial Bank of Sri Lanka won numerous awards for its annual report and performance in Sri Lanka and Bangladesh. It also partnered with Daraz to provide online payment services.
- Sri Lanka's economy grew 2.9% in Q3 2018 led by agriculture and manufacturing. Inflation rates increased slightly in November. New investment projects were signed in tourism and pharmaceuticals.
- Sri Lanka is entering knowledge-based textile manufacturing and won awards for its ICT sector performance.
- Internationally, the IMF warned of risks to the global economy from trade wars. Argentina's economic reforms were yielding results. Real estate
VIETNAM - INFORMATION TECHNOLOGY – THE SKY IS THE LIMIT – WHAT YOU MUST KNOW:Dr. Oliver Massmann
The document discusses opportunities and challenges in Vietnam's growing information technology sector. It outlines recommendations in three key areas: 1) Allowing more flexibility for outsourcing IT staff and removing restrictions on sublease terms and capital requirements. 2) Improving IT education through international curriculum standards and increased industry collaboration and internships. 3) Increasing Vietnam's international internet bandwidth to attract more investment and make the sector more competitive. The document argues these changes would help Vietnam develop its IT industry and transition to a knowledge-based economy.
The document discusses opportunities for enhanced ASEAN-Japan partnership following the establishment of the ASEAN Economic Community (AEC) at the end of 2015. Key points include:
1) Experts agree that the AEC will open new opportunities for investment and trade by creating the largest single market in Southeast Asia.
2) Speakers highlighted the need to improve regional infrastructure and connectivity to strengthen supply chains and maximize the benefits of the AEC.
3) Japan has pledged continued support for ASEAN members to develop infrastructure and encourage technology transfers in order to attract more Japanese investment in the future.
4) Thailand's strategic location makes it well positioned to serve as a regional connectivity hub linking ASEAN countries as well
This report will allow FinTech startups and investors to have a better overview of Thailand’s economy and opportunities available in the market to bring out the potential and greater financial inclusion in Thailand.
Thailand’s rising income levels, expanding digital literacy and smartphone usage, and a supportive regulatory regime have benefited Thai FinTechs as the country makes significant developments in creating a startup ecosystem supported by government initiatives, active VC funding and supportive financial institutions (FIs) and investor community.
Thailand’s rising income levels, expanding digital literacy and smartphone usage, and a supportive regulatory regime have benefited Thai FinTechs as the country makes significant developments in creating a startup ecosystem supported by government initiatives, active VC funding and supportive financial institutions (FIs) and investor community.
Spire Research & Consulting prepared a report for Gates on Vietnam's ICT landscape as of January 2019. Key points include:
- Vietnam has a population of 96 million with 55 million internet users and mobile phone penetration at 125%. Windows is the dominant desktop OS while Android dominates mobile.
- The ICT sector is growing rapidly, with telecom revenues up 4.83% and IT revenues up 16.15% in the first half of 2018. Cloud computing and e-commerce are also rising sharply.
- Emerging technologies like IoT, AI and big data present opportunities for Vietnam to develop its ICT exports, building on its strong human resources and education in STEM fields. Cybersecurity remains
With the market value of its digital economy considered the 2nd largest in ASEAN, Thailand has witnessed a digital revolution affecting processes, activities and transactions across almost every sector. Driven by the pursuit of the economic targets and vision contained within its Thailand 4.0 policy, Thailand is well on its way to achieving digital transformation. In 2018, it was estimated that approximately 17% of Thailand’s Gross Domestic Product (GDP) was derived from the digital economy.
Similar to Thailand Investment Review, October 2017 (20)
The Guide to the Board of Investment was prepared by the Office of the Board of Investment to provide information regarding investment promotion, including benefits and privileges, list of eligible activities, related announcements and, also, investment promotion application’s criteria and conditions.
The guide provides an overview of the business environment in Thailand, with information about company establishment, taxation, intellectual property rights, and legal issues.
This document provides an overview of typical costs for starting and operating a business in Thailand in 2023. It includes estimates for visa and registration fees, labor costs, office occupancy costs, construction costs, utility rates, transportation costs, communication costs, and industrial estates/facilities. Tax rates are also presented, including corporate income tax, personal income tax, value added tax, withholding tax, and double taxation agreements Thailand has with other countries. Specific excise taxes are shown for products like petroleum, electrical appliances, and automobiles.
Presented by Asst. Prof. Nayot Kurukitkoson, PhD, Executive Committee of the EEC Human Development Center, and Vice President for EEC Affairs, Burapha University, on March 16, 2023
Thailand has an extensive innovation network made up of various supporting parties, from government bodies, the private sector, to venture capital and other organizations including research laboratories and academic institutions.
Thailand is the perfect second home for expats. The country was ranked 14th out of 59 global locations with the nation’s capital Bangkok placing 4th in Asia in the Expat City Ranking 2021,5 with the majority of expats expressing satisfaction with the cost of living and their quality of life in Thailand.
The Guide to the Board of Investment was prepared by the Office of the Board of Investment to provide information regarding investment promotion, including benefits and privileges, list of eligible activities, related announcements and, also, investment promotion application’s criteria and conditions.
Thailand is introducing a new visa called “Long-Term Resident (LTR )” which is a program that provides a range of tax and non-tax benefits to enhance the country’s attractiveness as a regional hub for living and doing business for high potential foreigners.
Thailand offers strategic opportunities in advanced materials and polymers due to its location, free trade agreements, and government support through the Board of Investment. Key points:
- Thailand has free trade agreements with 18 nations, enabling export of advanced materials and polymers to major markets.
- The BOI provides various tax incentives, exemptions on import duties for machinery/raw materials, and non-tax incentives to promote investment in advanced materials and polymers.
- Major industries like automotive, electronics, food packaging drive demand for advanced materials and polymers in Thailand.
Presented by Mr. Varghese Poulouse Nalian, President & General Manager of Performance Additives Business, Momentive Performance Materials (Thailand), on June 29, 2022
This measure is aimed to promote investment in targeted activities in three provinces – Chachoengsao, Chon Buri, and Rayong, as well as to encourage private sector to participate in human resource development. As EEC development is part of the policy to drive Thailand towards Thailand 4.0, investors in the targeted activities located in designated areas or in promoted industrial estates/industrial zones, or the investors involved in the human resource development in the EEC will enjoy additional tax incentives, apart from a standard tax package.
The document is a guidebook for applying for investment promotion benefits in Thailand published by the Board of Investment (BOI) for 2023. It provides an overview of eligibility criteria, policy framework, industry sectors and project types eligible for incentives. The guidebook aims to inform investors on the basic process for applying for benefits and includes details on rights, benefits, important criteria and application procedures. Investors can check for updates on eligible business categories or contact BOI for more information.
Thailand is introducing a new visa under "Long-Term Resident (LTR)" program, which provides a wide range of tax and non-tax benefits to enhance the country's attractiveness as a regional hub for living and doing business for "high-potential" foreigners.
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1. Single Window – a
comprehensive e-service
for visas and work permits
Thailand’s textile industry
in transition
Thai Silk - Moving from
local to global
THAILAND BOARD OF INVESTMENT
www.boi.go.th
October 2017
vol. 27 no. 10
2. Thailand Investment Review
Petrochemicals
23 Projects
762.53 M
Medical
7 Projects
62.31 M
Textile & Garment
2 Projects
17.29 M
Electrical & Electronics
32 Projects
662.47 M
Agro Processing
16 Projects
187.96 M
Tourism
8 Projects
372.45 M
Digital
54 Projects
9.54 M
Automotive
19 Projects
875.89 M
Aerospace
1 Project
1.82 M
2 I OCTOBER 2017
Foreign investment by target sectors
BOI NET APPLICATION
(January - June 2017)
Automation & Robotics
5 Projects
18.69 M
TIR CONTENT October 2017
02 I BOI Net Application
03 I Cover Story
Single Window – a comprehensive e-service
for visas and work permits
04 I Industry Focus
Thailand’s textile industry in transition
07 I Short Article
Thai Silk - Moving from local to global
08 I Company Interview
Hi-Tech Apparel - a world-class
OEM sportswear manufacturer
09 I News Bites
10 I Missions and Events
11 I Thailand Economy-At-A-Glance
12 I About BOI
Total investment
612 projects
8.70 Billion
Total foreign
investment
371 projects
3.55 Billion
United
Kingdom
16 Projects
62.58 M
Russia
1 Project
82.98 M
Japan
117 Projects
1,950.97 M
Luxembourg
2 Projects
74.15 M
Hong Kong
13 Projects
99.76 M
China
35 Projects
212.70 M
Singapore
45 Projects
454.98 M
THAILAND
Unit: US$ (US$ = 33.5397 THB )
Note: Investment projects with foreign equity participation from more than one
country are reported in the figures for both countries / Statistics on net applications are
adjusted whenever applications are returned to applicants due to insufficient information.
For more details, please see link http://www.boi.go.th/index.php?page=Report_investment
Foreign investment by major economies
Taiwan
19 Projects
91.65 M
South Korea
17 Projects
88.94 M
Switzerland
7 Projects
88.04 M
3. Thailand Investment Review
OCTOBER 2017 I 3
COVER STORY
Single Window – a comprehensive
e-service for visas and work permits
G
iven the rapidly growing numbers
of users on digital platforms, the
government has prioritized transforming
and adapting Thailand to the fast-changing
and dynamic environments of the technology
sector. The Digital Industry is one of the ten key
sectors for Thailand 4.0 making it a major priority.
The government is also looking at
revamping the public sector to bring services
in-line with the digital era. This year marks an
important milestone for government e-service
applications. For the first time ever, applications
for visas and work permits will now be done
on an integrated online system, which will
reduce many redundancies and eliminate a
tremendous amount of paperwork.
The new Single Window System for
Visas and Work Permits, which took effect
on October 1, 2017, will facilitate the entry of
foreign experts for BOI promoted companies.
The BOI, in collaboration with the Immigration
Bureau and the Department of Employment,
introduced this new e-service channel that
can be used for applying for visas and work
permits through a one-time online application,
providing improved convenience and faster
turnaround times.
By completing a request online, a foreign
expert will receive a confirmation email of the
submission. When the request is pre-approved
by the relevant authorities, the foreign expert
will receive a notification email to schedule an
appointment at a convenient date and time.
The foreign expert applying for a visa and
work permit will then need to appear in person
at the One Start One Stop Investment Center
(OSOS) for Visas and Work Permits at
Chamchuri Square in Bangkok to obtain a
digital work permit and visa stamp. All
processes at the OSOS will be completed
within three hours. The Immigration Office and
Provincial Employment Office in Chiang Mai
and Phuket will also be offering this new
service.
The next step for the new Single Window
system is to extend the service to both offices
in every province across Thailand for BOI
promoted companies by October next year.
Furthermore, by the end of 2019, the service is
expected to extend to all non-BOI promoted
companies.
By effectively solving the problems and
barriers faced by the business sector, the
government will continue to work to enhance
its trading facilities and the convenience of
doing business in the country to further
facilitate foreign investment. The single
window system is one of several initiatives
that are being rolled out to improve the
supportive investment environment in Thailand
and to enhance the country’s long-term
competitiveness.
The BOI, in
collaboration
with the
Immigration
Bureau and the
Department of
Employment,
introduced this
new e-service
channel that
can be used for
applying for
visas and work
permits through
a one-time
online
application,
providing
improved
convenience
and faster
turnaround
times.
1.
Submit online
application
8:30am - 4:30pm
Database
1
2.
Receive
confirmation
email
2
You Have 1 New E-mail
3.
Wait for
pre-approval
by authorities
3
BOI IMM DOE
5.
Schedule
an
appointment
August
SM TW TF S
30 31 1234 5
6789 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 12
345678 9
SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY
October
2017
27 28 29 30 31 12
345678 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
123456 7
October
SM TW TF S
1 23456 7
89 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1234
5678 91 01 1
5
6.
Appear in
person at
OSOS
6
APPOINTMENT
7.
Pay
fees
PAYMENT COUNTER
RECEIPT
PAID
7
4.
Receive
notification
email
You Have
1 New E-mail
Y
4
Approved
8.
Obtain work
permit and
visa stamp
VISA
APPROVEDVISA
WORK
PERMIT
APPROVEDWORK
PERM
8
4. Thailand Investment Review
4 I OCTOBER 2017
A
s the 11th largest exporter of apparel
and clothing accessories in Asia ,
Thailand is one of the few countries
that has a full range of activities across the
entire value chain of the textile industry, from
upstream to downstream, ranging from fiber
production, yarn spinning, fabric weaving and
processing, all the way to fashion design and
garment production. With a long history in the
textile industry over the past five decades,
Thailand now has 4,700 textile and clothing
manufacturers employing over 500,000 people
with an export value of roughly THB 216
billion (USD 6.45 billion) in 2016, contributing
approximately 3% to Thailand’s total exports.
Thailand’s textile industry in transition
The retail value of domestic apparel market
has seen a steady CAGR of 3.5% from 2011.
Originally known as a labor-intensive
industry, Thailand’s textile industry is
undergoing a profound transition, shifting
towards high-tech, value-added products.
According to the Thailand Development
Research Institute (TDRI), Japan, Korea, and
Taiwan are excellent examples of places that
integrated technology and newly adopted
innovations into the supply chains of their
respective textile industries. With the
prioritized national agenda to fully upgrade
Thailand’s capabilities in the textile industry,
and within the broader reforms being ushered
INDUSTRY FOCUS
The retail value
of domestic
apparel market
has seen a
steady CAGR of
3.5% from 2011.
UPSTREAM DOWNSTREAM
The complete supply chain in Thailand’s textile industry
Natural/man-made
fiber production
Yarn
spinning
Fabric weaving/
knitting
Fabric
processing
Garment & apparel
production
Raw materials and fabrics Dyeing, Finishing,
and Printing
Finished products
Thai firms have great reputation
for quality workmanship in
producing protective clothing.
5. Thailand Investment Review
OCTOBER 2017 I 5
in through Thailand 4.0, the country is following
in the footsteps of these developed states.
Synthetic fibers – diversified
opportunities
In transitioning to higher value-added products,
Thailand’s textile industry has leveraged its
considerable expertise in the petrochemical
sector.
Home to high-quality downstream products
in the petrochemical sector, Thailand has
developed its capabilities in R&D as well as
the production of oil-based synthetic fibers to
feed into a wide range of main end use
products including apparel, automotive, non-
woven, and hygiene applications. Synthetic
fibers range from polyester, nylon, rayon, and
acrylic. Currently, Thailand is ranked as the
ninth-largest polyester producer, with over
621,000 tons produced in 2016, and the fifth-
largest acrylic producer in the world, producing
about 114,000 tons in the same year. On the
other hand, owing to cutting-edge technology
and high capital investments required for the
production of synthetics fibers, key players
are the joint ventures and subsidiaries of
multinational companies such as Indorama
Polyester, Teijin Polyester, and Thai Toray.
Over the years, synthetic fibers, especially
polyester, have increasingly grown in popularity
worldwide. Accounting for over 60% of global
fiber consumption, synthetic fibers are highly
preferredduetotheirdurabilityandexceptionally
long-lasting properties compared to natural
fibers. According to the Office of Industrial
Economics (OIE), Thailand’s man-made fibers
production, including cellulose and synthetic
fibers, and local consumption have year-on-
year growth rates of 6.4% and a double-digit
growth rate of 12.3%, respectively.
Functional textiles – an emerging
market
The importance of Thailand’s R&D of textile
fibers, both natural and synthetic, is being
emphasized to cater to more diverese end-
use applications. This is making functional
textiles an emerging market that is changing
consumer behaviour.
According to the International Trade
Administration, the global market value of
functional textiles is expected to exceed THB
310 billion (USD 9.3 billion) by 2017. Given
rising demand, a CAGR of 4% is expected
throughout 2017. The Asia-Pacific region
accounts for over 50% of the market, the
largest worldwide. With Thailand ranked as
the 28th largest exporter of functional textiles,
there are roughly 730 technical textiles
producers ranging in 12 functional textiles
categories including Medtex, Mobiltex,
Agrotex, and Hometex. Medtex and Mobiltex
are two categories that are achieving high
growth. Producers in the functional textile
categories include Asahi Kasei, Perma, Saha
Seiren, PJ Garment, and TP Corp.
Due to its versatility, favorable growth in
this sector is mainly driven by the increase in
adoption by various end-users, which receive
direct benefits in the robust growth in end-use
industries. For example, the domestic market
value for Medtex reached THB 20 billion (USD
0.6 billion) in 2016. Globally renowned as a
Buildtex
Concrete reinforcements
Interior construction
Insulation
Clothtex
Specialized clothing
Sportex
Sportswear
Sports equipment
Mobiltex
Seatbelts
Interior roofs
Airbags
Medtex
Medical uniforms
Bandages
Patients bed covers
Agrotex
Soil-moisture retention
Agricultural non-woven
bag
Anti-bird nets
Packtex
Silos
Container bags
Canvas covers
Hometex
Furniture
Rugs
Floor coverings
Oekotex
Water cleaning
Waste treatment
Air cleaning
Indutex
Silk-screen printing
Propulsion technology
Lifting/conveying
equipment
Geotex
Soil sealing
Road construction
Dam engineering
Protex
Bulletproof vests
Firefighter uniforms
Astronaut suits
Example of functional textiles
6. Thailand Investment Review
Thailand’s textile and fashion industry development strategy 2015-2030
6 I OCTOBER 2017
regional medical hub, Thailand’s healthcare
expenditure is accounting for 4.6% of the total
GDP in 2015, the highest in the ASEAN.
Acknowledging the gap in opportunities
in emerging markets, Thailand pursued
groundbreaking technology through decades
of intensive R&D. Recently, “smart fabrics”
which contain six special characteristics,
including UV protection, and anti-bacterial and
flame retardant properties, were invented by
Thai researchers. Another relevant example is
Thai Num Choke Textile, an ecodesign and
DEmark-awarded weaving factory, which eagerly
invested in the production of newly-invented
car bumpers made from pineapple fiber.
THTI’s long-term plan rolled out
Beyond textiles, Thailand is emerging as a
fashion hub in Asia having hosted regional and
international fashion shows including Bangkok
International Couture Fashion Week, Elle
Bangkok Fashion Week, and the Bangkok
International Fashion Fair. These iconic events
allow the country to simultaneously showcase
its fashion industry and cultural heritage to the
eyes of those who are fashion savvy in the
region and beyond. Thailand is also a home
to popular Thai designer brands, including
Naraya, Sretsis, Dry Clean Only, and Disaya,
which have successfully made their debuts on
global fashion runways.
To reboot Thailand’s textile industry in an
increasingly competitive market as well as to
reinforce the ambitious goal of elevating Thailand
as a global fashion leader, the Thailand
Textile Institute (THTI) launched the long-term
“Thailand Textile and Fashion Industries
Development Strategy 2015 - 2030” plan.
The plan consists of three phases and
numerous measures have been adopted to
support this long-term scheme. The measures
include the establishment of an industrial
fashion zone, fiber pilot plant, a yarns, fabric,
and fashion product development center, in
addition to a regional fashion academy.
The BOI’s attractive investment
packages
Apart from the THTI plan, the BOI is granting
attractive investment packages for investors.
First are tax incentives including a reduction in
corporate income tax for 3-8 years together
with an import duty exemption for machinery
and raw or essential materials used in
manufacturing export products. To underscore
the importance of R&D, a 300% R&D expense
can be deducted. Non-tax incentives include
the permission to own land and facilitation of
visas and work permits.
To this end, focused support from the
government to elevate the country’s textile
industry to an advanced level with high-tech
elements that build on smart materials but also
fashion design, will lead to new opportunities
in an increasingly important sector, for which
Thailand will be on the cutting edge.
2021
2030
PHASE I: To position THTI as a regional
center for the textile and fashion trade
PHASE II: To develop Thailand into a
center of creative product design and
development solutions for leading
international brands
PHASE III: To present Thailand as the
global leader in fashion design with the
integration of Thai components
THAILAND
2016
7. Thailand Investment Review
OCTOBER 2017 I 7
SHORT ARTICLE
T
hai silk dates back over thousands of
years when silkworm rearing and silk
weaving spread throughout Asia. The
industry rapidly developed following World
War II. Ever since, Thailand has been
recognized globally for its distinctive
craftsmanship and the finest design of Thai
silk from its exceptional expertise and know-
how inherited across generations.
The Reputation and Allure of
Thai Silk
As a home to a comprehensive supply chain in
the textile industry together with abundant raw
materials, Thailand was ranked the fourth
largest silk producer in the world, according to
the International Sericultural Commission.
Additionally, in representing the true
authenticity of Thai fabrics, there is no doubt
that Thai silk has grown in popularity, with
strong demand internationally. At a purchase
value of THB 5,000 million (USD 149 million),
Thai silk products ranked as the country’s
eighth most popular souvenir purchased by
tourists and visitors in 2015, as reported by
the Tourism Authority of Thailand.
In the past, Thai silk producers focused
solely on sericulture and the traditional hand-
woven process which distinguishes silk across
different regions, for instance, Lamphun’s
Brocade Thai Silk, Phu Thai’s Praewa silk,
Surin’s Hole silk. However, due to the fast
changing demands of customers, end products
without innovation are no longer the prime
answer.
Revolutionizing the Silk Industry
Knowing that traditional products will no longer
be as competitive in the global arena, many
producers have started to recognize market
opportunities in Thai silk. High technology and
sophisticated marketing tools have been
utilized to promote higher value silk in Thailand
Some outstanding examples of companies
that have tapped into this exceptional market
for higher value-added silk products are Jim
Thompson and Pasaya.
Topped with impressive revenues of THB
2,400 million (USD 72 million) in 2016, Jim
Thompson, a world-class luxury silk brand,
has combined traditional techniques together
with modern designs which have resulted in
superior products which command premium
prices.
Pasaya also serves as a successful
example. An award-winning textiles brand
has incorporated state-of-the-art innovations
into its design and manufacturing process. A
well-recognized example of one of Pasaya’s
inventive products is anti-spill silk.
Government’s Plan for
Revitalizing Local Silk
With an aim to elevate Thai silk products to an
international level, the Thai government is
actively involved in supporting the industry.
Recently, a top-notch event, Proud Pastra,
was hosted by the government with the
purpose of showcasing the authentic beauty
of Thai silk with the integration of modern
product design, which generates more than
THB 50 million (USD 1.5 million) in trade value.
In addition, the Ministry of Commerce plans to
establish a silk center in the northeastern city
of Korat, and promote One Tambon One
Product (OTOP) with geographical indication
(GI) certification to create added value for Thai
silk products.
The government will work to ensure that
the Thai silk industry benefits the country as
it continues to evolve while retaining the mark
of true Thai craftsmanship, style and quality, on
the road to Thailand’s transformation into a
knowledge-based and value-added economy.
At a purchase
value of THB
5,000 million
(USD 149
million), Thai
silk products
ranked as the
country’s
eighth most
popular
souvenir
purchased by
tourists and
visitors in
2015, as
reported by
the Tourism
Authority of
Thailand.
Thai Silk - Moving from local to global
Source: Proud Pastra
8. Thailand Investment Review
8 I OCTOBER 2017
COMPANY INTERVIEW
G
iven the popularity of different types
of sports around the world, the
demand for sportswear is rising rapidly
with the ever-changing consumer lifestyles.
Hi-Tech Apparel is one of Thailand’s leading
OEM manufacturers for global sportswear
companies and operates at a highly competitive
standard.
Since beginning operations in 1991, Hi-
Tech Apparel has strived over the past 26
years to improve its expertise as a garment
producer manufacturing boxing shorts and
underwear, growing into an OEM manufacturer
for global sportswear brands including Nike,
Hanes, Jockey, Target, Perry Ellis and Calvin
Klein.
Currently, Hi-Tech Apparel has operations
in 11 different locations in four countries
including Thailand, Cambodia, Vietnam and
Laos. With their main operations in Thailand,
Hi-Tech Apparel has eight factories in the
country with one factory in each of the other
countries. The company is currently hiring
more than 8,500 employees in the region.
Hi-Tech Apparel has been growing at a
strong pace, with revenues of over THB 4
billion (USD 120 million) in 2016. A total
production of 50 million units can be
categorized by 35 million units of sportswear
and 15 million units of underwear. Mr. Wason
Vitanakorn, Deputy Managing Director of Hi-
Tech Apparel, said that the company has
experienced a growth rate of 10-15% over
these past years.
Continuous and never-ending
advances
Rapid delivery and cost-efficiency are the key
elements in order to meet the standards of
global sportswear brands. Lean
manufacturing is considered the key success
factor for Hi-Tech Apparel. When its
implementation was utilized on the
production line in 2008 for the first time,
efficiency increased significantly by 20-30%.
From that day forward, Hi-Tech Apparel has
never stopped developing and improving
themselves in order to achieve higher
productivity and quality. The company always
strives to enhance its competiveness.
Thailand as a main production base
Mr. Wason revealed three key reasons behind
Thailand’s promising landscape for this
segment of the garment industry, which are its
high production efficiency, innovation on fibers,
and a strong network of OEMs and suppliers.
Production efficiency was, and remains, a
critical factor for Hi-Tech Apparel’s investment
decisions in the country. Even though the
country has experienced higher labor costs,
Thailand can still offer high efficiency as well
as superior product quality.
The innovation on fibers used as raw
materials is a second critical factor the company.
The innovation on polyester, microfibers and
laser bonding are some of the potential
examples for Thailand’s innovation on fiber,
where 50% of the raw materials are locally
sourced. Furthermore, as the world is shifting
to environmentally friendly products, many
global sportswear brand are using rPET,
recycled PET fiber for producing their shirts
where Thailand can offer a promising supply
of raw materials.
Mr. Wason Vitanakorn, Deputy Managing Director
of Hi-Tech Apparel
Hi-Tech Apparel - a world-class
OEM sportswear manufacturer
“We develop
relentlessly to
find better
ways to
achieve rapid
delivery and
cost efficiency
for global
brands. Our
people are the
key to our
success and
we truly
emphasize and
support the
growth and
happiness of
our staff.”
Mr. Wason Vitanakorn
9. Thailand Investment Review
Finally, a strong network of OEMs and
suppliers of global sportswear are based in
Thailand. With a superior network, knowledge
sharing is widely passed on within the group
of manufacturers, ensuring a competitive
position for the country in global markets.
Expanding through the ASEAN region
Hi-Tech Apparel continues to build on its
success by strategically expanding its
production to Cambodia, Vietnam and Laos.
By leveraging transportation costs for fast
delivery with smaller lot sizes, the company is
expanding throughout the region in strategic
partnerships with global brands to meet
increasing demand in the sportswear market.
By the end of this year, the second phase of
their factories in Cambodia will be completed
and are expected to start full operations.
Furthermore, by next year, the company will
also construct its third phase, targeting 40%
of their operations in other countries. The
company’s investments are around USD 10
million for each phase with a total of 1,500
jobs that will be created for people in Cambodia.
OCTOBER 2017 I 9
Automation for productivity
improvements
Given the company’s goal to continuously
improve productivity, semi-automated machines
were introduced in some of the production
lines as well as for raw materials preparation.
As customer trends are rapidly changing every
day, automation will play an important role in
order to cope with further customization
in fashionable items, Mr. Wason noted.
Moreover, digitalization is also becoming a
crucial part of today’s production system.
The company can keep tracking machine
operations to follow up with productivity
and predictive downtime maintenance, further
increasing efficiencies through manufacturing-
based big data.
The company’s proven track record has
demonstrated the strong potential for Thailand
and countries across the region in this thriving
high value-added industry. The company will
continue to build out its regional operations
in-line with each country’s growth prospects,
with a vision of becoming a world-class
manufacturing base.
Hi-Tech
Apparel will
continue to
build out its
regional
operations
across the
ASEAN
region, with a
vision of
becoming a
world-class
manufacturing
base.
Lenzing set to invest in Thailand
Lenzing, a leading Austrian supplier of high-quality, botanic cellulose fibers, ranging from dissolving pulp to standard and
specialty cellulose fibers, to the textile and nonwovens industry, has announced plans to invest in Thailand, for the
production of lyocell fibers. Lenzing is establishing a subsidiary in Thailand at Industrial Park 304 located in Prachinburi.
A decision on constructing the new production plant will be made in the first quarter of 2018 with completion scheduled
for the end of 2020. Prachinburi was selected based on its excellent overall infrastructure, outstanding expansion
opportunities, and the sustainable biogenic energy supply. Similar to their plant in the US, the planned production facility
will be constructed on the basis of the latest state-of-the-art technology and feature a capacity of up to 100,000 tons
annually. The site will strengthen the Lenzing Group’s worldwide lyocell network and enable its global customers to
source Tencel branded fibers from Europe, North America, and Asia.
FILAGEN first launched in Thailand
GEP Spinning, a proprietary distributor of functional collagen fiber, launched FILAGEN for the first time in Thailand.
Certified as Excellence in Material Development from The Material Connexion in New York, FILAGEN is an innovative
functional fiber that has marine collagen peptides incorporated into the body of viscose fiber providing special
characteristics including skin moisturization, odor protection, UV protection, and cool temperatures. FILAGEN is produced
from renewable natural resources like cellulose fibers from wood and marine collagen peptides from milkfish scales and
is, therefore, biodegradable and sustainable. GEP Spinning and a team of experts from Taiwan worked closely in R&D of
the biotechnology and nanotechnology used in the production of FILAGEN. Many leading textiles producers, including
Pasaya, Wacoal, and Grandsport, plan to use FILAGEN for their new collections. Mr. Chun-Hsien Shen, the CEO of GEP
Spinning, said the company aims to achieve THB 1 billion (USD 30 million) in sales revenue this year, an increase of 70%
from last year, and expects to capture 10% market share in textiles and specialty fibers.
10. Thailand Investment Review
From October 15 – 18, 2017, Deputy Secretary General, Mr. Narit Therdsteerasukdi
(center) led in an investment mission to South Korea. The mission included
meetings with H.E. Mr. Sarun Charoensuwan (fourth from left), Ambassador of
Thailand to the Republic of Korea, and a Team Thailand meeting with representatives
from Gyeonggi Province to discuss cooperation in investment activities between
the two countries. In addition, Mr. Narit met with leading Korean companies to
provide information about Thailand’s current promotion policies and incentives.
10 I OCTOBER 2017
BOI’S MISSIONS AND EVENTS
On October 2, 2017, H.E. Dr. Atchaka Sibunruang (center), Minister of Science and
Technology, accompanied by BOI Senior Executive Advisor, Dr. Bonggot Anuroj
(fifth from left) to attend a meeting with pharmaceutical and food companies in
Tokyo, Japan from 2 – 5 October, 2017. The mission included an investment
seminar and meetings with companies in the medical, automation and software
industries. Dr. Bonggot also gave a presentation on the “New Chapter of Thailand’s
Investment Promotion” on October 3, 2017 which was hosted by Sumitomo Mitsui
Banking Corporation (SMBC).
From 30 September - 5 October 2017, Prime Minister Prayuth Chan-o-cha paid an
official visit to the United States together with a Thai delegation including Deputy
Prime Minister Dr. Somkid Jatusripitak, cabinet ministers, related government
agencies and Thai businessmen. The Prime Minister held a bilateral meeting with
President Trump, met leaders of the U.S. Congress, and joined a warm welcome
reception and dinner hosted by the U.S. Chamber of Commerce and US-ASEAN
Business Council.
The BOI Industrial Linkage Development Division together with the Thai
Subcontracting Promotion Association led a delegation of Thai entrepreneurs
to exhibit at the Scandinavian Technology & Industry Expo 2017 in Herning,
Denmark from October 1-7, 2017, and held meetings with companies involved
in communications and connectivity equipment.
From October 15-21, 2017, BOI Executive Director of the Investment Marketing
Bureau,Ms.SonklinPloymee(fourthfromright),togetherwithMr.PariyesPiriyamaskul
(third from left), Director of the BOI’s Tokyo Office, led a delegation to Okayama
City and Hamamatsu City in Japan. Ms. Sonklin delivered an “Update on Thailand’s
Latest Investment Promotion Policy” together with Dr. Veerapat Tantayakom
(second from right), Executive Director of the Investment Project Division, Office of
Eastern Economic Corridor on “EEC Development” and Mr. Junichiro Haseba,
Director of Investment Cooperation Dept., JETRO Bangkok (third from right) as well
as an “Economic Overview and How to Do Business in Thailand.” The mission also
included one-on-one meetings with Japanese companies in various industries.
The Director of the BOI’s Osaka Office, Ms. Patcharada Nawakawongkarn, together
with a team from the BOI’s Industrial Linkage Development Division and Thai
business delegates, led an investment mission to Osaka, Japan from October 1-7,
2017. The mission’s activities included business matching with Japanese
companies and attending the M-Tech Kansai 2017 event.
11. Thailand Investment Review
Demographics
Average Exchange Rates
As of 2 October 2017
Tax Rates
33.54 39.65 45.08 29.95 5.07
THB THB THB THB THB
OCTOBER 2017 I 11
THAILAND ECONOMY-AT-A-GLANCE
US$ = 33.5397 THB
Source: The Revenue DepartmentSource: Bank of Thailand
Note: JPY currency is for 100 Yen
Corporate income tax 10-20%
Withholding tax 1-10%
Value added tax 7%
Gross Domestic Product
GDP by sector
2016
Services
Agriculture
Industry
GDP per Capita
(2016)
$6,033
Total investment growth
(% yoy)
4.4% 2.8%
GDP growth
(% yoy)
2016 2016
3.2%
Source: NESDB
Export Figures
Thailand export value
2009 2010 2011 2012 2013 2014 2015 2016
0.25-
0.20-
0.15-
0.10-
0.05-
-
(trillion USD)
5.05%*
Note: *2009-2016 CAGR Source: Ministry of Commerce
1
2
3
4
5
6
7
8910
$157.46
billion
Literacy rate
(2015)
97%
Minimum wage
(2016)
300 Baht/day
8.94 US$/day
Population
(2016)
68 M
ASEAN population
(2016)
633 M
Source: United Nations
Other Economic Indicators
$157.46 billion
Total export
value (Aug 2017)
62.5%
Capacity
utilization
(Aug 2017)
$199.3 billion
International
reserves (Sep 2017)
1.0
Headline
inflation (2017F)
$29.9 billion
Current account
balance (Aug 2017)
100.60
Headline consumer
price index (2017F)
(The base year is 2015=100)
$20.0 billion
Trade balance
(Aug 2017)
96.0
Manufacturing
production index
(Aug 2017)
Source: Bank of Thailand, Ministry of Commerce
50%
2015 2015
Top 10 exports (January - August 2017)
1 Motor cars and parts (11.1%)
2 Computer and parts (7.6%)
3 Precious stones and jewellery (5.5%)
4 Rubber products (4.3%)
5 Plastic beads (3.7%)
6 Electronic integrated circuits (3.5%)
7 Machinery and parts (3.2%)
8 Chemical products (3.1%)
9 Refine fuels (2.8%)
10 Rubber (2.7%)
Others (52.5%)
2.9%
Others
35%
15%
$406.9
billion
12. New York
Thailand Board of Investment,
New York Office
7 World Trade Center, 34th Fl.,
Suite F 250 Greewich St.,
New York, NY 10007 USA
Tel: +1 212 422 9009
Fax: +1 212 422 9119
Email: nyc@boi.go.th
Los Angeles
Thailand Board of Investment,
Los Angeles Office
Royal Thai Consulate-General
Boulevard, 3rd Fl, Los Angeles,
CA 90004 USA
Tel: +1 323 960 1199
Fax: +1 323 960 1190
Email: boila@boi.go.th
12 I OCTOBER 2017
ABOUT BOI
The Office of the Board of Investment (BOI) is the principle goverment agency that operates under the Prime Minister’s
Office for the purpose of encouraging investment in Thailand. We at the BOI serve as the professional contact points for
investors, providing them with useful investment information and services. We offer business support and investment
incentive to foreign investors in Thailand, including tax and non-tax incentives. A few non-tax incentives include granting
land ownership to foreigners and facilitating visas and work permits. Besides serving the needs of overseas investors, we
also offer consultation services to Thai investors who are interested in investment opportunities abroad.
Head Office, Office of the Board of Investment
555 Vibhavadi-Rangsit Road, Chatuchak, Bangkok 10900 Thailand
Website: www.boi.go.th Email: head@boi.go.th
Los Angeles New York
Paris
Frankfurt
Stockholm
Mumbai
Sydney
Beijing
Shanghai
Seoul
Tokyo
Osaka
Taipei
Guangzhou
BOI Overseas Offices
Paris
Thailand Board of Investment,
Paris Office
Ambassade Royale de
Thailande 8, Rue Greuze
75116 Paris, France
Tel: +33 1 5690 2600-1
Fax: +33 1 5690 2602
Email: par@boi.go.th
Frankfurt
Thailand Board of Investment,
Frankfurt Office
Bethmannstr 58, 5.OG 60311
Frankfurt am Main Federal
Republic of Germany
Tel: +49 69 9291 230
Fax: +49 69 9291 2320
Email: fra@boi.go.th
Stockholm
Thailand Board of Investment,
Stockholm Office
Stureplan 4C, 4th Fl, 114 35
Stockholm, Sweden
Tel: +46 8 463 11 58, 72, 74-75
Fax: +46 8 463 11 60
Email: stockholm@boi.go.th
Mumbai
Thailand Board of Investment,
Mumbai Office
Royal Thai Consulate General
Express Tower, 12th Fl,
Barrister Rajni Petel Marg,
Nariman Point, Mumbai,
Maharashtra 400021
Tel: (91 22) 2204 1589-90
Fax: (91 22) 2282 1525
Email: mumbi@boi.go.th
Taipei
Thailand Board of Investment,
Taipei Office
Taipei World Trade Center,
3rd Fl, Room 3E40, No.5,
Xin-yi Road, sec.5, Taipei 110,
Taiwan, R.O.C.
Tel: +88 6 2 2345 6663
Fax: +88 6 2 2345 9223
Email: taipei@boi.go.th
Seoul
Thailand Board of Investment,
Seoul Office
#1804, 18th Fl, Daeyungak
Tower 25-5, 1-KA, Chungmu-Ro,
Chung-Ku, Seoul, 100-706, Korea
Tel: +82 2 319 9998
Fax: +82 2 319 9997
Email: seoul@boi.go.th
Beijing
Thailand Board of Investment,
Beijing Office
Royal Thai Ambassy,
No.21 Guanghua Road,
Chaoyang District Beijing
100600 P.R. China
Tel: +86 10 8531 8753-8757
Fax: +86 10 8531 8758
Email: beijing@boi.go.th
Shanghai
Thailand Board of Investment,
Shanghai Office
Royal Thai Consulate General
2nd Fl, 18 Wanshan Road,
Changning District, Shanghai
200336, P.R. China
Tel: +86 21 6288 3030 ext.828,829
Fax: +86 21 6288 3030 ext.827
Email: shanghai@boi.go.th
Guangzhou
Thailand Board of Investment,
Guangzhou Office
Royal Thai Consulate General,
No. 36 Youhe road, Haizhu
District, Guangahou, P.R. China
510310
Tel: +86 20 8385 8988 ext.220-225
+86 20 8387 7770 (direct line)
Fax: +86 20 8387 2700
Email: guangzhou@boi.go.th
Tokyo
Thailand Board of Investment,
Tokyo Office
Royal Thai Ambassy, 8th Fl,
Fukuda Building West, 2-11-3
Akasaka, Minato-ku, Tokyo
107-0052 Japan
Tel: +81 3 3582 1806
Fax: +81 3 3589 5176
Email: tyo@boi.go.th
Osaka
Thailand Board of Investment,
Osaka Office
Royal Thai Consulate General,
Bangkok Bank Building, 7th Fl,
1-9-16 Kyutaro-Machi, Chuo-Hu,
Osaka 541-0056 Japan
Tel: +81 6 6271 1395
Fax: +81 6 6271 1394
Email: osaka@boi.go.th
Sydney
Thailand Board of Investment,
Sydney Office
Level 1, 234 George Street,
NSW 2000, Australia
Tel: +61 2 9252 4884
Fax: +61 2 9252 2883
Email: sydney@boi.go.th
Thailand
Headquarters