Thailand has the opportunity to gain a 20 per cent of market shares in the Association of South-East Asian Nations (ASEAN) in the next few years provided that politics is stable and the governmnet has a clear plan to promote exporters, according to a local analysis.
Dr Aat Pisanwanich, director of the University of the Thai Chamber of Commerce (UTCC) Center for International Trade Studies, said such the percentage would help increase the country's exports to the regional bloc to 23-24 per cent, making it possibly replace Singapore now ASEAN's second largest exporter.
Concerning the position in ASEAN markets, Dr Aat said currently Thailand ranks third, counting some 14.6 per cent of total market shares of the regional grouping, preceded by Singapore of 27.1 per cent and Malaysia of 31 per cent.
Vietnam: Manufacturing to remain the key driver of growth
We expect robust exports, led by strong global demand for electronics, to continue to underpin solid economic growth over the remainder of this year with GDP forecast to rise close to 8%.
GDP growth was unchanged at 4.5% y/y in Q1. Manufacturing activity surged, while the recovery in service sector activity and construction continued albeit at a more subdued pace as some localised social distancing measures were reinstated.
Vietnam Lao Cai popularises Sa Pa-Fansipan tourism trademark
The Indonesia-Singapore Bilateral Investment Treaty Comes into Effect
Through the upgraded DTAA, the tax rate on branch profits was reduced from 15 to 10 percent, and the tax rate on royalties for copyrighted works of literature, arts, and film, and eight percent for the use of industrial, scientific, or commercial equipment was lowered from 15 to 10 percent.
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