Thailand Fact Sheet

  • ThailandThailand

About

Thailand is a parliamentary democracy with a constitutional monarchy. In 2011, the World Bank upgraded Thailand's income status from a lower middle-income economy to an upper-middle income economy, reflecting the country's socio-economic progress in areas such as reducing poverty, improving education and attracting foreign direct investments. It is a major exporter of manufactured goods (vehicles, electronics) and agricultural products (rice, rubber), with total exports accounting for around 65 per cent of GDP.

69.4 mil

69.4 mil

Population size

38.1 years

38.1 years

Median age

Bangkok

Bangkok

Capital

Thai baht (THB)

Thai baht (THB)

Currency unit

47.5%

47.5%

Internet penetration rate

178%

178%

Mobile penetration rate

Economy


US$8,194

2020 estimated
GDP per capita

-6.7% | 6.1%

Real GDP growth projection

(Annual per cent change, 
2020 & 2021)


BBB+

S&P global ratings

Labour


38.9 mil

Total labour force (2019)


93.8%

Literacy rate (2018)

US$16.50

Average daily wage for
manufacturing employee
(2016)

Key Sectors

  • Agriculture and biotechnology
  • Automation and robotics
  • Aviation and logistics
  • Biofuels and biochemicals
  • Digital
  • Food for the future
  • Medical and wellness tourism
  • Medical hub
  • Next-generation automotive
  • Smart electronics

Tax Profile


20%

Corporate tax


61

Number of DTAs


10%

Dividend withholding tax


1-15%

Interest withholding tax


15%

Capital gains tax


Regulated

FX control

Trade

Exports
US$246 bil
Imports
US$236 bil
  1. China
  2. United States
  3. Japan
  4. Vietnam
  5. Hong Kong
  1. China
  2. Japan
  3. United States
  4. Malaysia
  5. South Korea


Based on 2019 data

Others

Economic zones

Economic zones

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Government agencies and business chambers

Government agencies and business chambers

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Key government initiatives and incentives

Key government initiatives and incentives

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  • 75 Industrial Estates
  • 10 Special Economic Zones (SEZs)

Thailand Plus, a stimulus package introduced to attract FDIs, offers tax incentives, tax deduction for STEM developments and development of new special investment zones.

 

BOI Investment Incentive Scheme 

 

Product-based Area-based
  • Bio & Medical Industries
  • Advanced Manufacturing
  • High Value Business & Service
  • Creative & Digital Industries
  • EEC 3 provinces
  • SEZ 10 provinces 
  • Southern Border
  • Industrial Estates/Zones
Technology-based Merit-based
  • Biotechnology
  • Nanotechnology
  • Advanced Material Technology
  • Digital Technology
  • Research & Development (R&D)
  • Support academic/research institutes
  • Advanced technology training

 

Investment benefits on Eastern Economic Corridor (EEC)

  • Exemption from corporate income taxation (CIT) for 13 years
  • Exemption of import duties on machinery
  • Matching grants for investment
  • Permission to own land for BOI projects
  • Rights to state's land for 50 years
  • Personal income tax rate of 17 per cent
  • One-stop service centre
  • Five-year work visa

 

 

Sources: UOB Global Economics & Markets Research, World Economic Outlook (October 2019 and April 2020), World Bank, UNESCO Institute of Statistics, Asian Development Bank, Thailand Board of Investment, Trading Economics

This fact sheet is given on a general basis without obligation and is strictly for information only. Nothing in this fact sheet constitutes accounting, legal, regulatory, tax or other advice. This fact sheet is not intended as an offer, recommendation, solicitation, or advice to purchase or sell any investment product, securities or instruments. Although reasonable care has been taken to ensure the accuracy and objectivity of the information contained in this fact sheet, UOB and its employees make no representation or warranty, whether express or implied, as to its accuracy, completeness and objectivity and accept no responsibility or liability for any error, inaccuracy, omission or any consequence or any loss or damage howsoever suffered by any person arising from any reliance on the information in this fact sheet.

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