Latest news with #ThaiGovernment
Reuters
3 days ago
- Business
- Reuters
Thai government's $115 billion budget clears first parliamentary vote
BANGKOK, May 31 (Reuters) - The Thai government's 3.78 trillion baht ($115 billion) budget for the 2026 fiscal year passed its first parliamentary vote on Saturday, but there will be a series of further votes before it can be enacted. After a four-day debate, the draft budget bill, aimed at supporting a sluggish economy facing steep U.S. tariffs, passed with 322 votes in favour and 158 against. The Pheu Thai Party-led government has a majority in the House of Representatives, but there have been some tensions in the coalition. The budget vote is crucial to the government as a defeat could have forced Prime Minister Paetongtarn Shinawatra to either resign and make way for a new premier elected by parliament, or dissolve the house and call a general election. The budget will still need to pass second and third readings in the lower house, expected in August, before being sent for Senate and royal approval. The 2026 fiscal year starts on October 1. ($1 = 32.85 baht)
Yahoo
27-05-2025
- Automotive
- Yahoo
Thai vehicle sales rise 1% in April
Thailand's new vehicle market expanded by 1% to 47,193 units in April 2025 from 46,738 units a year earlier, according to the latest wholesale data released by the Federation of Thai Industries (FTI). Sales last month were driven higher mainly by a sharp rise in battery electric vehicle (BEV) deliveries, reflecting strong marketing campaigns, primarily by Chinese automakers at the recent Bangkok Motor Show. The Thai vehicle market looks like it is beginning to bottom out after two years of sharp declines, which have been blamed largely on tightened lending criteria by banks and auto finance companies in response to a sharp rise in non-performing loans (NPLs) in the last few years. This has left the country's highly indebted consumers and small businesses struggling to access financing. Vehicle sales last year fell by 26% to 572,675 units, from 775,780 in 2023 - the lowest level since 2009. In the first four months of 2025 the market declined by a further 5% to 200,386 units from 210,494 units a year earlier, with sales of pickup trucks falling by 15% to 51,492 units; passenger pickup trucks 12,266 units (-9%); internal combustion engine (ICE) passenger vehicles 48,784 units (-14%); and hybrid vehicles 44,771 units (-5%), while sales of battery electric vehicles (BEVs) increased by 46% to 33,633 units. Sales of pickup trucks continued to decline sharply despite the recent launch of a THB 5 billion loan-guarantee programme by the Thai government, which runs until the end of the year, to support pickup truck purchases by local small and medium-sized businesses. The government has also recently approved a lower sales tax rate for plug-in hybrid electric vehicles (PHEVs), which is scheduled to come into effect at the beginning of 2026. Surapong Paisitpatanapong, vice-chairman of the FTI, told local reporters' The automotive industry remains weak as the high level of household debt continues to keep banks and car financing companies cautious about granting auto loans." Thailand remains the ASEAN region's largest vehicle producer, despite a 12% drop in output to 456,749 units in the first four months of 2025. Exports fell by 17% to 285,869 units, due to lower overseas demand, rising competition from China-based automakers and tightened emissions regulations in some key markets. The Federation now expects full-year vehicle output to drop to 1.4 million units in 2025, down from the 1.5 million units it had forecast earlier in the year. This compares with 1.84 million units produced in 2023. Vehicle and component manufacturers also face the added pressure of new import tariffs in the US. "Thai vehicle sales rise 1% in April" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26-05-2025
- Automotive
- Yahoo
Thailand plans ambitious F1 race bid for the streets of Bangkok
Thailand is aiming to bring the roar of Formula One to the streets of its capital, Bangkok, with a proposed bid to host a street race in 2028. The Thai government will seek cabinet approval for the ambitious plan next week, according to a government official speaking on Monday. Fresh from attending the Monaco Grand Prix over the weekend, Thai Prime Minister Paetongtarn Shinawatra will champion the concept of a "Sustainable F1" race, government spokesperson Jirayu Houngsub confirmed. Initial feedback from Formula One officials has been positive, raising hopes that the high-octane spectacle could become a reality in Bangkok. The proposal suggests a street circuit within the city, offering a unique and exciting backdrop for the race. Further details of the bid, including the proposed route and sustainability initiatives, are expected to be revealed following the cabinet meeting. The bid proposal and results of a feasibility study will be submitted to cabinet on June 4 before proceeding, he said. No specific details were provided on the sustainability aspect of the plan but Jirayu said the proposed Bangkok race would be environmentally friendly and aims to attract investment in green technology alongside motorsport. Formula One already has a crowded schedule of 24 races around the world with four in the Asia-Pacific region, including the Singapore Grand Prix in Southeast Asia. Hosting the race would help promote tourism, a key driver of Thailand's economy, said Jirayu. Thailand has previous experience hosting a round of the MotoGP motorcycling world championships at its FIA accredited track in Buriram in the northeast of the country. Thailand's announcement follows Paetongtarn's previous talks with Formula One chief Stefano Domenicali in March. "Thailand sees the opportunity to host a Formula 1 Grand Prix in the future as a key initiative to elevate our profile as a hub for international tourism and global events," Paetongtarn said on social media at the weekend following a meeting with Prince Albert of Monaco.
The Independent
26-05-2025
- Automotive
- The Independent
Thailand plans ambitious F1 race bid for the streets of Bangkok
Thailand is aiming to bring the roar of Formula One to the streets of its capital, Bangkok, with a proposed bid to host a street race in 2028. The Thai government will seek cabinet approval for the ambitious plan next week, according to a government official speaking on Monday. Fresh from attending the Monaco Grand Prix over the weekend, Thai Prime Minister Paetongtarn Shinawatra will champion the concept of a "Sustainable F1" race, government spokesperson Jirayu Houngsub confirmed. Initial feedback from Formula One officials has been positive, raising hopes that the high-octane spectacle could become a reality in Bangkok. The proposal suggests a street circuit within the city, offering a unique and exciting backdrop for the race. Further details of the bid, including the proposed route and sustainability initiatives, are expected to be revealed following the cabinet meeting. The bid proposal and results of a feasibility study will be submitted to cabinet on June 4 before proceeding, he said. No specific details were provided on the sustainability aspect of the plan but Jirayu said the proposed Bangkok race would be environmentally friendly and aims to attract investment in green technology alongside motorsport. Formula One already has a crowded schedule of 24 races around the world with four in the Asia-Pacific region, including the Singapore Grand Prix in Southeast Asia. Hosting the race would help promote tourism, a key driver of Thailand's economy, said Jirayu. Thailand has previous experience hosting a round of the MotoGP motorcycling world championships at its FIA accredited track in Buriram in the northeast of the country. Thailand's announcement follows Paetongtarn's previous talks with Formula One chief Stefano Domenicali in March. "Thailand sees the opportunity to host a Formula 1 Grand Prix in the future as a key initiative to elevate our profile as a hub for international tourism and global events," Paetongtarn said on social media at the weekend following a meeting with Prince Albert of Monaco.
The Independent
23-05-2025
- Politics
- The Independent
Warning after huge increase in Brits caught smuggling cannabis out of Thailand
Officials in Thailand are cracking down on cannabis sales after cases of tourists attempting to smuggle the drug out of the country soared in recent months. Airport officials said they have tightened inspections to detect smuggling attempts, adding that most people found with cannabis in their luggage are foreigners, especially Indian and British nationals. Last week two young British women were arrested in Georgia and Sri Lanka for alleged attempts to smuggle cannabis after they flew there from Thailand. The UK government said a joint operation with Thailand in February resulted in over two tons of cannabis seized from air passengers. It said that since July last year, over 50 British nationals had been arrested in Thailand for attempting to smuggle cannabis. It also said there was a dramatic increase in the amount of cannabis sent to the UK from Thailand by post since the decriminalization in 2022. Thailand's experiment with cannabis decriminalization is now facing a critical juncture as authorities grapple with the challenge of regulating the industry while addressing growing public concerns. In 2022, Thailand made history as the first Asian nation to decriminalize cannabis, a move initially lauded for its potential to boost tourism and agriculture. The policy shift led to a rapid proliferation of cannabis shops across the country, injecting new life into the farming sector. However, this rapid growth has been met with increasing unease, with critics arguing that inadequate regulations have made the drug readily accessible to children and fueled a rise in addiction rates. The ruling Pheu Thai Party, responding to the growing public backlash, has pledged to recriminalize cannabis. This proposed policy reversal, however, has encountered significant resistance from its coalition government partner, a staunch supporter of decriminalization. The ensuing political tension highlights the complexities of navigating the social, economic, and legal ramifications of cannabis policy. Thailand's Health Minister Somsak Thepsutin said at a press conference that officials are aiming to roll out new regulations in coming weeks that will tighten control on the sale of cannabis, including requiring shops to sell cannabis only to customers who have a prescription. He emphasized that it is against Thai law to bring cannabis out of the country without permission from the authorities. In March immigration authorities and police said 22 suitcases filled with a total of 375 kilograms of cannabis were seized, and 13 foreigners, most of them British, were arrested at the international airport on the Samui Island. Thai officials said the suspects were hired to travel to Thailand as tourists then traveled to Samui, a popular tourist destination, where they would wait at the arranged accommodation to receive the suitcases with cannabis. They would then be instructed to travel from Samui to Singapore, and then from Singapore back to the U.K., where they would be paid 2,000 pounds ($2,682) upon completing the job.
