Finance Ministry
- Thailand News
Thai investment roadshow heads to Shanghai to court investors
Thailand’s Finance Minister and Board of Investment (BOI) Chairman Pichai Chunhavajira will lead a delegation to Shanghai this week for a four-day investment roadshow, targeting high-tech manufacturers and EV industry players. BOI Secretary-General Narit Therdsteerasukdi announced that the mission, running from tomorrow, November 19 to 22, aims to attract Chinese manufacturers, particularly those specialising in EV battery cells and advanced…
- Thailand News
Thailand launches QR system to track tobacco products
Thailand’s Finance Ministry has unveiled a new technology aimed at transforming the monitoring of tobacco products. The “QR Cigarette” system, announced by Deputy Finance Minister Paophum Rojanasakul, is a Track & Trace innovation designed to follow tobacco products throughout their lifecycle, from production to purchase. This move is part of a broader effort to enhance tax collection efficiency, boost transparency,…
- Thailand News
Thai elderly to soon receive 10,000 baht cash aid: Finance Ministry
The Ministry of Finance is poised to introduce a one-time cash payment initiative targeting the elderly, as confirmed by Deputy Finance Minister Paopoom Rojanasakul. This proposal, amounting to 10,000 baht, will be presented during the upcoming economic stimulus policy committee meeting scheduled for Tuesday, November 19. This new measure specifically excludes state welfare cardholders and disabled individuals who previously received…
- Thailand News
Ex-Finance Minister Kittirat to head Bank of Thailand amid backlash
Former Finance Minister Kittirat Na-Ranong has been selected as chairperson of the Bank of Thailand (BOT), sparking fierce debate over his potential influence on the nation’s economic policies. In a closed-door meeting that lasted five hours yesterday, November 11, the selection committee decided to appoint Kittirat to replace Poramethi Vimolsiri, whose term ended in September. The committee also appointed two…
- Thailand News
Property market measures to be discussed in Cabinet meeting
Ministers are set to review several measures to boost the property market at tomorrow’s Cabinet meeting, Finance Minister Pichai Chunhavajira announced. In a statement released today, November 4, Pichai revealed that the Finance Ministry will ask the Cabinet to approve 55 billion baht for low-interest home loans. These loans would be available for up to 3 million baht per buyer.…
- Thailand News
Finance Ministry to sell 50% stake shares for 30 to 40 billion baht
The State Enterprise Policy Office (SEPO) is set to divest shares held by the Finance Ministry, where stakes are below 50%, over the next four to five years. The sale will utilise a mark-to-market pricing method to ensure fair market value is considered. Tibordee Wattanakul, SEPO Director-General, highlighted the challenges faced in previous attempts to offload these shares. A lack…
- Thailand News
Thailand plans retirement lottery for over 60s, launching 2025
Thailand’s Deputy Finance Minister announced plans to present the retirement lottery scheme to the Cabinet for approval next month, aiming to begin sales in the first quarter of 2025. The scheme proposes extending the eligible age for purchasing lottery tickets to over 60 years. Paophum Rojanasakul addressing the progress of the retirement savings lottery, stated that the proposal is expected to…
- Thailand News
Thailand targets 3.5% GDP growth amid economic challenges
The Finance Ministry of Thailand has ambitiously set the stage for GDP growth by targeting a 3.5% annual increase. This announcement was made at the CEO Econmass Awards 2024, where Finance Minister Pichai Chunhavajira delivered a keynote address. The minister expressed optimism that next year’s growth rate could reach 3%, marking a 10% increase from this year’s forecasted 2.7%. “This…
- Thailand News
Casino royale: Thailand rolls the dice on mega gaming complex
In a bold move worthy of James Bond himself, the Finance Ministry of Thailand is pulling out all the stops to push forward a high-stakes casino-entertainment complex project, with Deputy Finance Minister Julapun Amornvivat at the helm. This ambitious venture is straight out of the Pheu Thai Party-led government’s policy playbook. But while the ministry’s immediate focus remains on flood…
- Thailand News
Thai government urges swift updates for digital wallet distribution
The Thai government confirms that the second phase of the 10,000 baht digital wallet distribution will reach all registered citizens, urging vulnerable groups to rectify any issues promptly to avoid forfeiting their rights. Today, October 26, Jirayu Huangsap, spokesperson for the Prime Minister’s Office, discussed the progress of the 10,000 baht economic stimulus transfer in an interview broadcast on the…
- Business News
Thailand & Hong Kong aims for ASEAN financial hub status
Thailand is exploring a partnership with Hong Kong to establish a financial hub aimed at connecting ASEAN markets. Deputy Finance Minister Paopoom Rojanasakul announced the initiative after a meeting with Hong Kong’s Financial Secretary, Paul Chan, during the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting in Lima, Peru. The meeting highlighted Thailand’s ambition to become a global financial player, as…
- Thailand News
Thousands miss 10,000 baht digital payout due to outdated IDs
The Ministry of Finance, through the Comptroller General’s Department, has initiated the disbursement of 10,000 baht digital money payout to targeted groups under the 2024 economic stimulus programme. This effort includes those with state welfare cards and persons with disabilities. The payout, which took place on September 25, 26, 27, and 30, reached a significant number of beneficiaries. According to…
- Thailand News
Thailand to reassess state welfare card criteria amid wage hike
The Finance Ministry intends to reassess the eligibility criteria for state welfare cards in light of the planned minimum wage increase. Deputy Finance Minister Julapun Amornvivat announced that the ministry will conduct a review of the criteria next year, allowing new registrations for Thais who wish to apply for state welfare cards. The review aims to determine if the current…
- Thailand News
Finance Ministry to open new welfare card registrations in March
The Ministry of Finance plans to open new registrations for the State Welfare Card early next year, around March. This follows the last registration period from September 5 to October 31 back in 2022, aiming to review the eligibility of participants every two years. Currently, the number of registered users has decreased from the previous 14.9 million to approximately 13.5…
- Thailand News
Finance ministry urges higher inflation target for policy rate flexibility
The Finance Ministry suggested adjusting the inflation target for next year to a range of 1.5 to 3.5%, up from the current 1 to 3%, to grant the Bank of Thailand (BoT) more flexibility in lowering the policy rate. A ministry source, who wished to remain anonymous, indicated that this change would enable the central bank to reduce the policy…
- Thailand News
Finance ministry sees record revenue of 14.4 billion baht
The Ministry of Finance announced that the Treasury Department has achieved record-breaking revenue collection for the fiscal year 2024, amounting to 14.4 billion baht. This represents a 57.9% increase from the previous year and exceeds projections by 25.4%, marking the highest revenue since the department’s establishment on September 30, 1924. The Deputy Minister of Finance, Paophum Rojanasakul attributed this remarkable…
- Business News
Finance Ministry set to cash in: £400bn portfolio gets a stock-over
In a bold new move, the Finance Ministry is gearing up to overhaul its colossal 400 billion baht stock portfolio, hinting at potential sell-offs. This announcement comes straight from Finance Permanent Secretary Lavaron Sangsnit, who let the cat out of the bag. Lavaron, a key player in the State Securities Management and Development Committee within the State Enterprise Policy Office…
- Thailand News
Less than 40 million Thais expected to join digital wallet scheme
The Government of Thailand anticipates fewer than 40 million participants in its flagship digital wallet handout scheme, with the initial phase set to benefit 14.5 million vulnerable individuals starting yesterday, according to a Finance Ministry official. Under this stimulus programme, the government plans to distribute 450 billion baht to 45 million people, with each registered participant receiving 10,000 baht to…
- Thailand News
Digital wallet delay: No green light before year-end
The highly anticipated second phase of Thailand’s digital wallet initiative is on ice, with Deputy Prime Minister and Finance Minister Pichai Chunhavajira revealing that it’s unlikely to roll out before the end of the year. In a brief meeting with the press today, Pichai highlighted the need for a cautious approach, stressing that factors like timing and continuity must be…
- Thailand News
Thailand champions game-changing tax scheme for low earners
Finance Permanent Secretary Lavaron Sangsnit has thrown his weight behind the daring negative income tax (NIT) scheme, championing welfare payments for workers when their income dips below a certain threshold. Dubbed “workfare,” this initiative is geared to incentivise employment while offering crucial financial support. Lavaron made his case clear: the NIT system encourages people to stay employed by guaranteeing state…
- Thailand News
Thailand government includes cash options in 10,000-baht handout
The Thailand government’s 10,000-baht handout programme is set for adjustments, with Deputy Finance Minister Julapun Amornvivat acknowledging the need to include cash distributions for some recipients instead of digital money. Numerous petitions against the government’s flagship policy contributed to this decision, Julapun said yesterday. Additionally, feedback from various sectors has prompted changes to improve the programme’s effectiveness. Initially, the policy…
- Business News
Thailand gamble: Locals to roll the dice on new casino complex
Thailand’s proposed entertainment complex project, which includes a casino, is set to draw primarily Thai gamblers, with up to 90% of customers expected to be locals, as per the Finance Ministry. Public hearings are currently being held for the draft law related to the entertainment complex, in accordance with constitutional requirements. A special House committee, led by caretaker Deputy Finance…
- Thailand News
High stakes in Thailand: Rolling the dice on casino legalisation
Thailand is moving forward with plans to legalise casinos within entertainment complexes. The Finance Ministry has completed a draft of the Entertainment Complex Act, which will soon be subjected to a public hearing in accordance with Section 77 of the constitution. This hearing aims to incorporate public feedback before the bill is presented to the Cabinet for further consideration. Deputy…
- Thailand News
10.5 million sign up for Thailand’s digital wallet scheme in six hours
More than 10.5 million people signed up for the eagerly anticipated digital wallet scheme within the first six hours of its registration opening yesterday. This number surpassed initial expectations, according to Deputy Finance Minister Julapun Amornvivat. However, he also clarified that not all who registered will qualify for the benefits, as eligibility will be determined after a review period, with…
- Business News
Thai SME bank sees non-performing loans surge to 13%
Rising non-performing loans (NPLs) in the first seven months of this year have predominantly emerged from wholesale and retail sectors, as reported by the Small and Medium Enterprise Development Bank of Thailand (SME D Bank). The Managing Director of SME D Bank, Phichit Mitrawong, attributed the increase to sluggish economic conditions, which have led to a contraction in consumer purchasing…
- Thailand News
Thai Finance Ministry pledges market confidence amid scandal
Thailand’s Finance Ministry vows to restore confidence in the Thai capital market following allegations of fraud involving former executives of Energy Absolute (EA), a company listed on the Stock Exchange of Thailand (SET). Finance Permanent Secretary Lavaron Sangsnit expressed optimism that actions by the Securities and Exchange Commission (SEC), in collaboration with the Department of Special Investigation (DSI) and the…
- Business News
Thailand tackles household debt crisis, slow economic recovery
The Economic Cabinet directed the Finance Ministry and the Bank of Thailand (BoT) to quickly address household debt issues, focusing on bad debts in housing, cars, motorcycles, credit cards, and student loans, amid an economy still showing sluggish recovery signs. Finance Minister Pichai Chunhavajira, after the economic ministers’ meeting chaired by Prime Minister Srettha Thavisin, stated that the premier instructed…
- Business News
Thailand disburses 3.48 trillion baht budget to boost economy
An injection of 3.48 trillion baht from the 2024 fiscal budget has finally been disbursed in the second quarter of this year, following delays that began on October 1 last year due to political setbacks after the General Election in May 2023. With economic growth stagnating, public expenditure is seen as a crucial factor to revive subdued private spending and…
- Business News
Jet fuel tax relief losing altitude, says deputy finance minister
The Finance Ministry appears unlikely to extend the jet fuel excise tax reduction, which was initially introduced during the Covid-19 pandemic, stated Deputy Finance Minister Julapun Amornvivat. Julapun addressed a recent proposal by a group of budget airlines seeking further reductions in the jet fuel excise tax. He remarked that such requests are not of immediate importance. Julapun highlighted that…
- Thailand News
Finance Ministry to launch new 100 billion baht investment fund
Plans are underway at the Finance Ministry to establish a new investment fund similar to the previous state-controlled Vayupak Fund, aimed at bolstering Thai shares with strong fundamentals. This initiative is expected to be finalised within two weeks. Finance permanent secretary Lavaron Sangsnit announced that the new fund is projected to attract a minimum of 100 billion baht into the…
