With its superior geographic location and government support, Thailand has become the largest automobile producer in Southeast Asia, and is called the Detroit of Asia.
Automobile manufacturing has long been the pillar industry of the Thai economy. In 2017, the output value of automobile manufacturing accounted for more than 10% of Thailand’s GDP.
From 2011 to 2012, the Thai government implemented the First-Time Buyer Program to encourage automobile consumption, which led to a rapid growth in automobile production and sales.
However, the automobile production dropped by 25.77% in 2014 after the program expired. Despite a steady growth, it failed to recover to the 2.53 million units in 2013. The sales declined from 2013 to 2016, and rebounded to 873,000 units till 2017.
Thailand’s automotive industry is export-oriented
In the past five years, over 1 million automobiles were exported to ASEAN countries, Australia, the Middle East and Europe every year.
The import volume is less. However, the import tariff on automobiles is expected to be lowered as Thailand signs more free trade agreements in recent years.
Thailand’s Eastern Economic Corridor initiative proposes to develop 10 target industries including the automotive industry in the eastern region.
And the free trade agreements with Australia, China, India, New Zealand and other ASEAN countries will facilitate the development of overseas markets for Thailand’s automotive industry. Thailand Automobile Manufacturing Industry Report 2018-2022 – Production to Exceed to 2.4 Million Units – ResearchAndMarkets.com | Business Wire
Private hospitals briefed on notification of drug prices
Some hospitals were reported to charge the prices of drugs 8,000-16,000% higher than the average prices. The private hospitals are currently required to submit the buying and selling prices of drugs to the Department of Internal Trade by July 12.
BANGKOK, 18 June 2019 (NNT) – The Department of Internal Trade today invited representatives of 353 private hospitals nationwide to a briefing on the public notification of the prices of drugs, medical supplies and medical services to patients are treated at hospitals.(more…)
ASEAN Economic Forum to focus on “Advancing Partnership for Sustainability”
This year, as the ASEAN Chairman, Thailand has proposed the concept of “Advancing Partnership for Sustainability” as the main topic of 2019’s ASEAN Leaders Meeting.
BANGKOK, 17 June 2019 (NNT) – At the 34th ASEAN Summit, Thailand will propose plans for promoting cooperation in various areas needed among ASEAN countries and accelerate implementation of the plans by this year under the concept of “Advancing Partnership for Sustainability” which will be the main topic of this ASEAN Leaders Meeting.(more…)
King Power wins Duty Free auction for Thailand’s main airports
King Power is adding three regional airports to its duty-free concession portfolio after winning the bid for Suvarnabhumi
BANGKOK, 12 June 2019 (NNT) – King Power today won the bidding to run duty-free shops in three regional airports, marking another victory for the firm which previously won two licenses to operate duty-free shops and the commercial zone at Bangkok’s Suvarnabhumi Airport.(more…)
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