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Phuket Business: Taking care of your parents

Legacy Phuket Gazette

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Phuket Business: Taking care of your parents | The Thaiger

PHUKET: No, the title of this article isn’t a joke. Obviously, there is a big difference in cultural attitudes toward what responsibilities people have when it comes to family. There is no need to discuss this at length.

Generally speaking, most Westerners are not under the same pressure to look after their aging family members as most Thais are. But there are some things you should or could do to plan ahead for your parents’ final years back in your home country.

While every country has different rules, there is a general trend in the way laws are structured regarding what happens to an elderly person’s assets when he or she reaches the point that they can no longer take care of themselves.

Unfortunately, most often these laws punish those who have been financially responsible over the course of their lives, and provide a relative advantage for those who have not.

The most ideal situation would be to arrive at that point in life with a good enough insurance policy to cover all of these costs. Now, let’s get back to the real world for most of us.

For most people I come across moving to a country such as Thailand with low labor costs, which allows for assisted living at a reasonable price, lack of insurance is not viable. This is understandable of course, as the thought of going through culture shock at the very end of life is too much for many elderly to even consider.

Thus, most people are left in a situation where whatever assets they accumulated over the course of their life will be eaten up by the very expensive process of dying in the West. Especially if it drags out and one needs a lot of medications and/or equipment to get by in the final years.

Most countries have some sort of means test to determine how this is all paid for. This is when people who have been frugal and responsible are very upset to find out a hard truth.

Their government has no problem paying for their broke compatriots who spent everything they earned, but refuses to cough up any money for them until they also end up in the same boat.

The system essentially says, “Live it up while you’re young because old age is going to take it all away anyway.”

This is a very unfair consequence of the way the system is set up. However, most countries have some sort of look-back period where it is not considered a deprivation of assets to pass them on to your loved ones.

The main objective of this kind of financial planning for your parents is to get as many of their assets out of their name prior to the look-back periods as possible, to prevent them from being eaten up by medical bills.

You need to consult an advisor back in the country where your parents will grow old, and the sooner you begin the more of your parents’ hard-earned assets can be retained by the family, as opposed to getting eaten up in the process of dying.

These assets in turn can be used to provide them with the little extra niceties that may make those final years a little bit better. This will give them the fair reward they deserve for having managed their finances properly. Unfortunately, by the time this becomes an issue for most people, it is already too late. Plan ahead now while your parents are still as young and healthy as possible.

David Mayes MBA lives in Phuket and provides wealth management services to expats around the globe, specializing in UK pension transfers. He can be reached at 085-335-8573 or david.m@faramond.com.

— David Mayes

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Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Business

Vietjet CEO, dreams to transform the world

The Thaiger

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Vietjet CEO, dreams to transform the world | The Thaiger
VietJet CEO Nguyen Thi Phuong Thao: “It is not technology that transforms the world but the human’s dreams; technology is merely a means, and it is created from the dreams of the people.”

“Start-ups shouldn’t ‘save on’ dreams but rather dream big and realise them by simple acts each day at your business or organisation.”

Meet the tour-de-force behind the establishment of VietJet, one of the region’s most successful aviation start ups.

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Any first-timers meeting Vietnam’s only self-made female billionaire Nguyen Thi Phuong Thao will be taken aback by the opposites she harbours. A petite woman with a bright smile always on her face, Nguyen will talk in her soft voice about her business motto… once you dream, dare to dream big.

‘Dream big and realise them’

Nguyen has been popular in the business since her young days studying abroad. Her hard work has paid off when she became a millionaire at the age of 21 – not a usual dream for a college student. But Nguyen is different. She strives to be the pioneer of everything she does by bravely conquering all challenges.

Upon returning to Vietnam, Nguyen has quickly made her appearance widely noticed by her successful investments in the finance-banking and aviation sectors. She is now the CEO of Vietjet Air and the Vice Chairman of the Board of Directors of HDBank.

To many young Vietnamese start-ups, Nguyen is the big inspiration and a role model for them to follow.

“Start-ups shouldn’t ‘save on’ dreams but rather dream big and realise them by simple acts each day at your business or organisation. We ourselves have turned the impossible into possible and made our dream come true. Millions for the first time have been able to fly and I’m extremely happy to learn that they are not only Vietnamese but people from other countries who have boarded a Vietjet flight for the first time.”

The billionaire’s motto has also inspired her own employees at Vietjet and HDBank to keep their dreams alive despite all adversities. Regardless of the Covid-19 pandemic’s impacts on the economy, the staff at Vietjet and HDBank are confident of their company’s new business strategy and solutions to overcome the pandemic.

Nguyen even envisions Vietnamese enterprises leading and creating a global sentiment by developing them into multinational, multicultural companies and integrating the most cutting-edge technologies.

“We need to be the pioneer of the digitalisation and automation trend in the industrial revolution 4.0 – the key factors for growth.”

Her message is realised at Vietjet as the airline has recruited nearly 6,000 employees coming from 50 countries and territories on its way to revolutionise the aviation sector of Vietnam, the region and the world. HDBank, meanwhile, has particularly grown by more than 20 times in the last decade after 30 years of relentless innovation since establishment.

‘An inspirer of kindness’

Recognised as a successful businesswoman, Nguyen though never thought of making money the ultimate goal of business. The values her company can create, especially for the sake of the community, is what truly matters to her. Nguyen also highly regards business ethics, stressing that “honesty will guide us to do the good things for the society”.

Nguyen has initiated the “Wings of Love” program to grant scholarships and gifts to children at orphanages and poor families, as well as to give winter clothes to children in remote regions.

“I understand more about the responsibility of the company and that of each of us to the community every time being on a charity trip and realise how brilliant the idea of our CEO, Mrs Thao, is. We all call her an inspirer of kindness,” a Vietjet employee said.

In addition to the “Wings of Love” program, HDBank has also supported the national chess sport via the HDBank Cup International Chess Tournament for the last 10 years, preparing the ground for the internationally famous chess players like Quang Liem and Truong Son. The bank has also organised the HDBank Futsal with a long-term goal of improving the physical health of young Vietnamese.

Despite unprecedented challenges due to the pandemic, Vietjet and HDBank are still committed to charity activities. The airline has helped to bring hundreds of thousands of passengers back to their home countries like South Korea, Japan and China, while operating hundreds of repatriation flights during the pandemic. It also gave 2.5 million of face masks to the people in the United Kingdom, France, Germany and the United States. Vietjet’s aircrafts have transported thousands of tons of medical equipment and essential goods to the people under social distancing as well as urgently delivered relief cargo to the flooded Central region.

The female billionaire and her employees have cooked and distributed more than 100,000 meals to disadvantaged people like motorbike taxi drivers or street lottery sellers. HDBank has launched special credit packages in support of those who were affected by the Covid-19 pandemic, while granting 1,000 premium hospital beds to the Ho Chi Minh City Department of Health and another thousands of health insurance passes to the people.

The popular magazine Tatler has honoured Nguyen as one of the 110 Asian figures in philanthropic activities due to her lasting acts of kindness through years.

Vietjet CEO, dreams to transform the world | News by The Thaiger

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Business

Slow return of foreign tourism makes more redundancies inevitable – Airlines Association of Thailand

Maya Taylor

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Slow return of foreign tourism makes more redundancies inevitable – Airlines Association of Thailand | The Thaiger
PHOTO: Wikimedia

The president of the Airlines Association of Thailand says further layoffs in the sector are inevitable, due to the slow return of international tourism. In a Bangkok Post report, Puttipong Prasarttong-Osoth says the sluggish revival of foreign tourism, now not expected until the last quarter of the year, means all carriers continue to face financial hardship. And while there was a surge in the domestic market during the last quarter of 2020, the return of the virus in late December brought demand to a grinding halt.

“We suffered a tremendous domestic impact during the second wave, and it will take months to climb back to its peak again. While re-opening for international markets will likely occur with few countries that have bilateral agreements with Thailand first, as health safety is a big issue for local communities.”

Significant layoffs have already happened over the course of the pandemic, with staff numbers at 7 carriers under the AAT umbrella now standing at 16,000, down from between 25,000 and 30,000, prior to Covid-19. Bangkok Airways has cut 20% of its workforce and only has 30% of its fleet in operation. Puttipong, who is also the airline’s president, says it transported just 300 passengers a day during the month of January. Peak passenger numbers prior to the pandemic were around the 5,000 mark. Covid-19 has also led to the demise of low-cost carrier Nok Scoot, which went out of business in June 2020.

Puttipong predicts that Thailand’s aviation sector could take 4 years to get back to anything like the 40 million foreign arrivals of 2019. He says all carriers will need to look at cost-saving initiatives as the only means of long-term survival. Thai Air Asia is one of 7 airline members of the AAT calling for a 14 billion baht soft loan. The carrier has been pushing the government to re-open, warning that Thailand risks losing its status as an international hub.

The Bangkok Post reports that the AAT plans to submit 3 requests to state agencies this week. They are calling for the vaccination programme to be extended to airline workers as a matter of priority, for the rapid introduction of a vaccine passport policy, and for the Transport Ministry to prepare the necessary regulations for international flights.

Puttipong has welcomed the recent decision to reduce quarantine for vaccinated arrivals, pointing out that the 14-day quarantine was the most significant hurdle preventing the return of foreign tourists.

“It’s quite impossible for tourists and business travellers to take 14-day quarantines before and after trips. They might have money to spend, but they don’t have the luxury of time to be kept in isolation for almost a month.”

SOURCE: Bangkok Post

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Thailand

Facebook removes “information-influencing” pages linked to Thai military

Maya Taylor

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Facebook removes “information-influencing” pages linked to Thai military | The Thaiger
PHOTO: Facebook

Facebook has confirmed the removal of 185 accounts run by the Thai military and allegedly involved in information-influencing. The social media giant says the accounts were deleted for engaging in what it calls, “coordinated inauthentic behaviour”. In total, 77 accounts, 72 pages, and 18 groups have been removed from the platform, in addition to 18 Instagram accounts. It’s the first time Facebook has taken such action against accounts linked to the Thai government.

The accounts were associated with the Thai military and were targeting people in the southern provinces, Facebook said its regular report on coordinated inauthentic behavior. The south of the country has been the scene of decades-long conflict, with insurgent groups in the majority-Muslim, Malay-speaking region calling for independence. To date, around 7,000 people have died in the ongoing struggle.

Facebook says the deleted accounts were most active last year and used both fake and real accounts to manage pages and groups, both openly military pages and pages that hid their links to the military. Some of the fake profiles pretended to be people from the southern provinces.

The report mentioned a post by the now-removed account named “comprehending the operation” in Thai. The page posted the logo for Amnesty International Thailand and wrote “The NGO never cares about ordinary citizens because they have no role in society. Normal people are not famous. Any case is not big news. They are not worth the investment of foreigners so they will not do anything to help. This is why we don’t see anything from the NGO.”

Facebook removes “information-influencing” pages linked to Thai military | News by The Thaiger

Image overlay translates to “The NGO never cares about ordinary citizens because they have no role nor money.”

On another now-removed account, named “truth about my home Pattani” in Thai, a post said “Muslim leader declares southern border is a peace zone. The southern separatists started a movement by spreading the idea that Thailand is under control by different believers so that people would come and fight for their religion. This was declared that the action clearly violates Islam faith.”

Facebook removes “information-influencing” pages linked to Thai military | News by The Thaiger

Image overlay translates to “Southern border is not Jihad zone.”

When contacted by Reuters, the military had no comment on the removal of the Facebook accounts, with a spokesman saying the organisation does not comment outside of official press conferences.

The head of Cybersecurity Policy at Facebook, Nathaniel Gleicher, has confirmed the reasons behind the platform’s decision.

“This is the first time that we’ve attributed one of our takedowns to links to the Thai military. We found clear links between this operation and the Internal Security Operations Command. We can see that all of these accounts and groups are tied together as part of this operation.”

He adds that the accounts had spent around US$350 on advertising on both Facebook and Instagram. One or more of the pages had about 700,000 followers and at least one of the groups had 100,000 members. Gleicher says the accounts were removed because of their misleading behaviour and not because of the content being posted. The content included support for the military and the monarchy, with allegations of violence and criticism of insurgent groups in the south.

It’s not the first time accounts linked to the Thai military have been removed by a social media platform. In October, Twitter removed 926 accounts it says had links to the army and posted pro-military and pro-government content. The Thai army has denied any involvement with the accounts in question. In November, Twitter also suspended an account posting pro-monarchy content that was found to have links to the palace and to thousands of other accounts posting similar content.

To read the February 2021 Coordinated Inauthentic Behavior Report, click HERE.

SOURCES: Reuters| Facebook

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