ENTREPRENEURSHIP IN THAILAND
Phagaphasvivat Somjai OVERVIEW RATE OF START-UPS Private enterprises in Thailand can be divided legally into four categories: unlimited partnership, limited partnership, limited company and public company. Unlimited partnership is a form of private enterprise registered with the Ministry of Commerce and having at least two partners with unlimited responsibility. Limited partnership is the same as unlimited partnership with one difference; it has two groups of partners, one with limited responsibility and another with unlimited responsibility. Limited company is an enterprise requiring at least seven shareholders and registered with the Ministry of Commerce. All shareholders are liable only to the amount of share value registered. A public company requires at least 15 shareholders with more stringent obligations imposed by the Ministry of Commerce. To receive to public financing, these companies have to get permission from the Securities Exchange Commission. Public companies can be listed at the Securities Exchange of Thailand (SET) or at the Market for Alternative Investment (MAI). Prior to the 1990s, some 10,000 newly established enterprises were registered annually with the Ministry of Commerce. The number increased to over 20,000 in early 1990s before peaking at 37,988 in 1995. The number of new enterprises declined to 20,371 at the height of the Asian economic crisis. It then picked up again with the economic recovery to 31,757 in 2001. Before the 1990s, the ratio of newly established enterprises in the metropolitan areas to those in the provincial areas was 2 to 1. However, the proportion has now changed in favor of the provincial areas. During the last few years, the ratio has remained 1 to 1 between the two areas, indicating a more expansive urbanization beyond the Central Plain. Of the total number of newly established enterprises, limited companies made up about two thirds, while the remaining one third were limited partnerships. Unlimited partnership alone is insignificant with less than 50 enterprises registering annually (See Appendix A). ECONOMIC GROWTH AND ENTREPRENEURIAL ACTIVITY During the decade of economic boom in Thailand, entrepreneurial activity expanded at a very rapid rate. Between 1986 and 1995, the country’s economy grew at an average rate of 8 percent per annum. In 1990 alone, Thailand registered a very robust growth rate of 11.2 percent. In correlation with the growth of the overall economy, the number of start-ups picked up from 10,777 in 1985 to as high as 37,988 in 1995. However, at the onset of the economic meltdown in 1997, the country’s entrepreneurial activity suffered a serious blow, with the number of newly established enterprises dipping to below the 30,000 mark before falling to 20,371 in 1998, the lowest level registered in more than a decade. During this period, the Thai economy recorded a negative growth rate for the first time in over four decades. In 1997, the overall economy registered a growth rate of -1.4 percent, followed by a devastating drop of -10.2 percent.
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In the aftermath of the crisis, the Thai economy began to show signs of recovery. In 1999 and 2000, the country’s overall economic growth was 4.4 percent and 4.6 percent, respectively, before it weakened to 1.8 percent in 2001 as a result of the global economic slowdown. In line with the country’s economic pick-up, Thai entrepreneurship started to show certain signs of a comeback. In 1999, the number of newly established enterprises rose to 25,818 before increasing to 31,757 in 2001. It is anticipated that this number will be exceeded in 2002. There can be no doubt that economic growth has a direct correlation with the intensity of entrepreneurial activity. Rapid economic growth contributed to the speed of the entrepreneurial start-ups in Thailand (See Appendix B).
CULTURAL AND DEMOGRAPHIC FACTORS ATTITUDE TOWARDS ENTERPRISE CREATION The commercial class in Thailand is made up mainly of Thais of Chinese origin. Intermarriage between Thais and Chinese has dated back centuries. The country’s industrial and service industry development was rooted in the decade of the 1960s when the late Prime Minister General Thanarat Sarit embarked on Western-style economic development. In contrast with the previous regime’s policy founded upon public enterprises, General Sarit resorted to private enterprises as an engine for economic development. This policy, undertaken in early 1960s, contributed to the transformation of Thailand from an agricultural-based country to an industrial and service-based economy with a market-led and open orientation. The role of Thai-Chinese, as the dominant commercial class, has been a decisive factor in the country’s industrial transformation. Their entrepreneurial spirit has helped expand entrepreneurial activity and speed up the economic development process. ATTITUDES TOWARDS FAILURES AND SUCCESS In some European countries, notably Germany, the Calvinist spirit has contributed to entrepreneurship and the growth of capitalism. Whereas in Thailand, the thinking of the entrepreneurial class has been embedded in the hard-working values of Confucianism. In this context, attitudes towards failure and success appear to be irrelevant as long as the momentum of the working spirit prevails over the outcome. Failures have been viewed as a learning process on the entrepreneurship road map. Buddhist values also contributed to the attitude of tolerance towards failures among the entrepreneurial class in Thailand. ACCEPTANCE OF WOMEN IN WORKFORCE The Thai motto “Women are the rear legs of an elephant” could be a misleading statement about the role of women in modern Thai society. While the statement may have been somewhat relevant in the past, as the role of women was confined to that of a housewife, nowadays, Thai women constitute a significant portion of the workforce, whose role has contributed, to a certain extent, to the country’s development. Since 1991, women have made up the majority of the country’s 2
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population. Rapid economic growth during the last four decades, along with extensive urbanization, has forced Thai women out of their confined housewife role. With their rising educational backgrounds, Thai women are well equipped to be a major force in driving the country towards an industrial and service-based economy. In this perspective, egalitarian values have been increasingly entrenched in Thai society. And the current constitution even recognizes and confirms this non-discrimination principle based on gender. As such, Thai society has largely accepted the role of women as a major workforce that contributes to the country’s development (See Appendix C). EFFECTS OF AGING SOCIETY AND OTHER DEMOGRAPHIC TRENDS Thailand’s family planning policy was officially adopted in 1972 in the Third Social and Economic Development Plan. The industrial transformation of the society since the 1960s, with its fast urbanization, has led to the rapid growth of the nuclear-type family at the expense of the extended family so prevalent in the rural areas. The effects of economic growth, family planning and structural transformation have contributed to a demographic shift in Thai society towards an aging population. The number of adults of working age, between 15-59, constitutes the largest portion of the population, some 62 percent. The proportion will rise to 64 percent by the year 2020. The population of seniors, those over 59 years old, constitutes 6 percent today and will increase to 11 percent in 2020. The population of those under 15 years of age makes up some 26 percent currently and will drop to 20 percent in 2020. Average life expectancy rose from 58 years in the 1970s to 70 years at present, thanks to rapid social and economic development with a higher standard of health-care (See Appendix D).
THAI BUSINESS ENVIRONMENT STRENGTH OF FINANCIAL SYSTEMS The Thai financial market includes the Bank of Thailand, 13 Thai commercial banks, 18 foreign banks, 21 finance companies, 9 credit union companies and 33 insurance houses, with a total of 2,700 branches throughout the country. Specialized financial institutions consist of the Government Saving Bank, the Bank for Agriculture and Agricultural Cooperative, the Government Housing Bank, the EXIM Bank, the Industrial Finance Corporation of Thailand, the Small Industry Finance Corporation and the Small Industry Credit Guarantee Corporation. Prior to the financial fiasco in 1997, there were 15 Thai commercial banks, 91 finance companies and 12 credit unions. The Thai financial market shrank as a result of the economic melt-down leading to the elimination of 56 financial institutions. Subsequently, two more commercial banks were forced to merge, thus reducing the number of commercial banks to 13 currently. To help redress the country’s economic health in the aftermath of the crisis, certain financial institutions have been created: the Asset Management Corporation (AMC) and the Financial Sector Restructuring Authority (See Appendix E). Apart from the money market institutions, Thailand’s capital market is made up of the Securities Exchange of Thailand (SET) and the newly established Market for Alternative Investment (MAI). 3
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The Securities Exchange of Thailand was established in 1975. There are now 383 listed companies. To be eligible for listing, enterprises need to have at least 200 million Baht paid up capital and a minimum of 600 small shareholders. In addition, all the candidate companies must show a robust balance sheet. The Market for Alternative Investment was set up in 2001. Conditions for listing are less stringent, compared with the Securities Exchange of Thailand. Paid up capital of 40 million Baht is required with a minimum of 150 minor shareholders. This market is aimed at enhancing funding for small and medium-sized enterprises and high-growth venture capital companies. ACCESS TO CAPITAL AND FINANCIAL ENVIRONMENT IN THAILAND Enterprises in Thailand can resort to various channels for funding. However, the principal channel for financing has been confined to money markets with commercial bank lending making up 72 percent and finance companies comprising 18 percent with the remaining 10 percent gained through other means. Capital market financing is still limited. In the past, most funding in the capital market was equity-based, however, with the financial meltdown in 1997-98, debt financing in the capital market has become increasingly popular. Companies and public enterprises have resorted to the issuance of bonds and debentures. Small and medium-sized enterprises have difficulty finding appropriate financing. Most funding is through the owners’ own capital bases. Some make use of the Small Industry Finance Corporation or the Industrial Finance Corporation of Thailand and others resort to unorganized financial markets, which charge exorbitant interest rates. To speed up the economic recovery and strengthen the financial health of small and medium-sized enterprises, the Thai Government has transformed the Small Industry Finance Corporation into the Bank for Small and Medium Enterprises. Government and specialized banks are also required to expand lending to the SMEs. Commercial banks are requested to give more credit to the SMEs. And the Market for Alternative Investment was specially established for this purpose. IMPACT OF GLOBALIZATION AND THE WTO ON SMES In 1986, Thailand opened up its economy to globalization. Financial liberalization was anchored with the acceptance of obligations under Article 8 of the International Monetary Fund and with subsequent moves to allow funding through the Bangkok International Banking Facilities (BIBFs) and the Provincial International Banking Facilities (PIBFs). Financial liberalization, to a certain extent, was forced upon Thailand by its obligations under the World Trade Organization. The opening of the Thai economy with its rapid pace of growth obliged enterprises to seek cheaper sources of funds overseas. The pegging of the Baht to the U. S. greenback through the system of “basket of currencies” served as collateral for any volatility. As a result, private enterprises relied increasingly on cheap foreign funds through BIBFs and the issuance of overseas convertible debentures. The rising indebtedness of Thai private enterprises finally led to the country’s economic and financial crisis in 1997 with massive bankruptcies on a scale never before seen in Thai history. The economic meltdown had considerable impact on the country’s small and medium-sized enterprises. On one hand, these SMEs confronted sharply reduced demand and expensive sources of funds. On the other hand, the subsequent liberalization to allow foreign firms to bail out the local business community led to a massive number of foreign entrants. The retail industry is a case in
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point. Foreign competition has had a devastating effect on small and medium–sized enterprises, particularly those in retail businesses.
ROLE OF GOVERNMENT EXTENT OF GOVERNMENT AND COMPLEXITY OF REGULATIONS Since the 1960s, Thai governments have always been active in promoting businesses. In fact, entrepreneurial activity has been consistently encouraged with the aim of stimulating economic growth. The Thai government has set up the Board of Investment (BOI) in order to facilitate new business ventures. While the official policy has always been to boost private enterprises, bureaucratic red tape has been a barrier to the establishment and running of these businesses. The most typical example of the bureaucratic hindrance is the delay in approving food and health certification, which may take months or years. Other problems derive from the complexity of rules and regulations. For example, official policy established three categories of business. Category A is closed to aliens, such as for internal trade in local agricultural products or some service businesses. Category B concerns businesses prohibited to aliens unless approval is granted on a case-by-case basis by the Board of Investment. Category C businesses are open to foreigners but under a range of restrictions that depend on a number of factors such as the nature of the business, its location and the presence of Thai partners. GOVERNMENT SUPPORT AND PROMOTION OF ENTREPRENEURSHIP In order to encourage the establishment of businesses, the Thai government has implemented various support policies. The Board of Investment’s role is to stimulate certain targeted businesses in some targeted areas. The BOI maintains and continually upgrades a list of economic activities considered to be in the national interest. Recently, the BOI has been given the task of enhancing competitiveness of the country by identifying target industries. Small and medium-sized enterprises have enjoyed a boost from the government’s support. The BOI has worked on promotional incentives for the SMEs. Tax incentives have been given and favorable funding conditions are provided through various state banks and specialized banks, particularly the so-called SME Bank. The MAI has been set up for the purpose of facilitating equity-based financing for these SMEs. A special SME Institute has been established to train and give advisory services to SMEs. The Thai government has also set up the Industrial Estate Authority to help support and boost entrepreneurial activity. An infrastructure has been built for that purpose with various investment incentives. A total of 44 industrial estates have been established in 18 provinces. Business advisory services are available in some types of business, particularly export-oriented enterprises. The Export Promotion Department in the Ministry of Commerce has offered services for those export-related businesses. SMEs may also seek advice from the Institute for SMEs located on the campus of Thammasat University in Rangsit. The advisory services for SMEs include marketing strategy, accounting and financing.
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TAX POLICIES Taxation for businesses in Thailand consists of the personal income tax, corporate income tax, value-added tax and stamp duty. Income tax is levied on assessable income earned in Thailand. Taxable income includes employment income plus income earned from investments and other pecuniary activity within the Kingdom. Assessable income will be taxed at a progressive rate between 5 percent to the maximum of 37 percent. Corporate income tax is levied on legal entities: limited and unlimited partnership, and limited and public companies. Net profits of these corporations are subject to taxation, constituting all revenue arising from or in connection with the business carried out in the accounting period, after deduction of all expenses. The corporate income tax is 30 percent for all categories of legal entities, except those listed at the Securities Exchange of Thailand or the Market for Alternative Investment, which are subject to a 20 percent tax rate. The value-added tax (VAT) was initiated in 1992, replacing all previous business inputs and outputs. VATs are collected for the sale of goods and services at every stage of production. Revenue between 60,000 Baht and 1.2 million Baht is subject to a VAT of 1.5 percent. Revenue over 1.2 million Baht previously was subject to a VAT of 10 percent. Due to the economic crisis, however, the government has relaxed the tax burden for those businesses by reducing the VAT rate to 7 percent. The measure is temporary and will expire at the end of 2002. A number of businesses are exempt from VAT such as those in banking, finance, securities, life insurance, pawnshops and real estate. Stamp duty is a tax imposed on documents and is collected at the rate specified in the Stamp Duty Schedule of the Revenue Code. Stamp duty is payable on most contracts and leases. Any document on which insufficient duty has been paid becomes inadmissible in court. EXISTENCE OF A SOCIAL SAFETY NET AND IMPACT ON ENTREPRENEURIAL SPIRIT Labor issues are regulated by the National Employment Code Announcement 103 and the Labor Act (1975). The termination of employment and its consequences are governed by the Civil and Commercial Code. Workers’ rights are guaranteed by law, including the freedom of association. Announcement 103 stipulated the following labor conditions: The maximum number of hours per workweek is 48 for industrial workers, 54 for clerical workers and 42 for workers in hazardous environments. Each worker is entitled to a one-hour break after five hours of work. An employee is entitled to one day of leave per week and at least 13 traditional holidays per year. An employee is entitled to be paid for medical absences not to exceed 30 days per year. The minimum age for paid employment is 13 years, and women are given three months paid maternity leave. Wages and salaries are negotiated by individual firms. Industry-wide collective bargaining is nearly absent. Relatively few workdays are lost to strikes as the labor unions in Thailand are not as strong and powerful as in Western countries. 6
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Concerning the problem of redundancy, Thai workers are protected from mass layoffs by foreign firms due to legislation that was adopted in 1997 at the onset of the Asian financial crisis by the Labor and Social Welfare Ministry. RULE OF LAW AND PROTECTION OF INTELLECTUAL PROPERTY RIGHTS In theoretical terms, Thailand is a constitutional monarchy, based on the principle of liberal democracy. As such, the Rule of Law is recognized by the Constitution. Civil rights are guaranteed by the supreme law of the land. In practice, however, infringement of freedoms has been a frequent phenomenon. Child labor and other violations of civil rights, including the freedom of press, are quite common. Regarding the issue of intellectual property, Thailand is aware of the problem of intellectual property protection. The Thai government has agreed to enforce its existing laws against intellectual theft. The objective is to bring copyright agreements in line with the Uruguay Round and the Berne Convention. In 1992, amendments to the Trademark Act imposed higher penalties for infringement and extended protection to service, certification and collective marks. Trademarks registered in Thailand receive protection for the term of 10 years, and registration can be extended for an unlimited number of additional ten-year periods. Despite these laws, practical infringement is still rampant. The government has proposed the establishment of an intellectual property court to deal specifically with intellectual property rights disputes. The Copyright Act of 1978 provides a term of protection extending 50 years after the death of the creator. However, the 1978 law grants no explicit protection for computer software. It also contains a number of exemptions permitting copying and imposes light penalties for piracy.
CONCLUSION AND RECOMMENDATIONS Since Thailand’s economic transformation in the early 1960s, the private sector has increasingly played a pivotal role in contributing to the country’s rapid economic growth. As such, entrepreneurial activity has greatly intensified, thus turning Thailand from an agricultural and rural economy into an industrial and service–based economy. However, with the bubble exploding in 1997, entrepreneurship in Thailand suffered a very serious blow. Not only did the number of entrepreneurial activities decline significantly in 1997 and 1998, but in the aftermath of the crisis, domestic entrepreneurship now must compete in a losing battle against foreign competitors as a result of expanding liberalization in the context of globalization. With declining competitiveness, official support is urgently needed. Nationalistic sentiment is on the rise, particularly among local entrepreneurs, thus obliging the government to impose more stringent measures on foreign intruders, most notably in the retail businesses. To boost domestic entrepreneurial competitiveness, the Thai government has adopted a series of measures and mechanisms to support entrepreneurial activity. Cheaper financing and more favorable fiscal conditions are offered to SMEs culminating in the set-up of an institute for the development of SMEs, and an SME Bank.
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Among the government’s policy weaknesses where entrepreneurship is concerned are: Managerial environment: problems related to managerial environment area shortage of international exposure and experience and narrow skills among Thai entrepreneurs—a number of them are still only preoccupied with financial restructuring. Educational environment: the lack of entrepreneurial spirit is prevalent with Thai entrepreneurs who have weak English and IT skills—education for strategic and creative thinking is still lacking. Competitive environment: Thai entrepreneurs face difficulties gaining access to capital—high labor costs and bureaucratic red tape also hinder competitiveness. Given the contexts and weaknesses, certain policy recommendations need to be addressed: In the short term, easier capital access is needed to help Thai entrepreneurs redress their financial standing. Thai entrepreneurs must increase their international exposure to cope with the changing global environment. Education in the following fields, entrepreneurship, English, IT, creative and strategic thinking need to be enhanced. To boost the Thai entrepreneurial competitiveness, a number of SMEs need to climb the ladder from low to medium-end products. Some should be relocated to other countries particularly with ASEAN and China. And a specific target product must be identified. Enterprises, big or small, are facing the global challenge of competitiveness. Strengthening Thai entrepreneurship in the face of these global challenges, restructuring in all dimensions is desperately needed. In this context, a paradigm shift is urgently required for Thai entrepreneurs to sustain their entrepreneurial competitiveness.
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APPENDICES Appendix A: Enterprise Start-Ups in Thailand, 1985-2002
Number of Start-Ups By Area Year
Total
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
10,777 11,095 14,066 19,096 22,312 25,933 25,052 36,134 32,609 36,421 37,988 37,896 29,149 20,371 25,818 29,148 31,757 12,202
By Type
Metropolitan Provincial Area 7,794 7,996 10,471 14,064 16,216 17,848 15,863 23,245 18,275 19,071 18,870 17,548 13,523 10,407 12,768 15,011 15,973 6,025
Note: as of June 13, 2002 Source: Department of Commercial Registration, Thailand.
2,983 3,099 3,595 5,032 6,096 8,085 9,189 12,889 14,334 17,170 19,118 20,348 15,626 9,964 13,050 14,137 15,784 6,177
Limited Company 5,351 5,829 8,347 12,727 15,717 18,625 16,340 22,393 20,435 22,935 23,821 22,419 16,735 12,525 15,652 18,359 19,876 7,622
Limited Unlimited Partnership Partnership 5,387 39 5,213 53 5,681 38 6,333 36 6,547 48 7,262 46 8,570 52 13,679 62 12,131 43 13,269 37 14,136 31 15,428 49 12,376 38 7,829 17 10,113 53 10,757 32 11,833 48 4,557 23
Appendix B: Thailand’s GDP Growth Rate, 1986-2001
Year 1986 1987 1988 1989 1990 1991 1992 1993
Source: NESDB, Thailand.
GDP Growth Rate (%) 5.5 9.5 13.3 12.2 11.2 8.6 8.1 8.3
Year 1994 1995 1996 1997 1998 1999 2000 2001
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GDP Growth Rate (%) 9.0 9.2 5.9 -1.4 -10.2 4.4 4.6 1.8
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Appendix C: Population Registration Recorded by Gender, 1975-2002
Year
Total Population Growth % 42,391,454 43,213,713 1.90 44,272,695 2.39 45,221,627 2.10 46,113,758 1.93 46,961,340 1.80 47,875,004 1.91 48,846,929 1.99 49,515,075 1.35 50,583,107 2.11 51,795,653 2.34 52,969,206 2.22 53,873,174 1.68 54,960,919 1.98 55,888,395 1.66 56,303,274 0.74 56,961,031 1.15 57,788,967 1.43 58,336,073 0.94 59,095,420 1.28 59,460,382 0.61 60,116,183 1.09 60,816,227 1.15 61,466,178 1.06 61,661,701 0.32 61,878,746 0.35 62,308,887 0.69 62,618,753 0.49
Male Population Growth % 21,359,489 21,790,510 1.98 22,314,837 2.35 22,775,852 2.02 23,205,927 1.85 23,627,727 1.79 24,067,597 1.83 24,549,873 1.96 24,911,684 1.45 25,449,044 2.11 26,059,668 2.34 26,642,889 2.19 27,070,155 1.58 27,574,256 1.83 28,001,343 1.53 28,181,202 0.64 28,463,102 0.99 29,018,092 1.91 29,205,086 0.64 29,552,978 1.18 29,678,600 0.42 29,973,059 0.98 30,295,797 1.07 30,591,602 0.97 30,650,172 0.19 30,725,016 0.24 30,913,485 0.61 31,062,548 0.48
1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002* Note: *as of June 5, 2002 Source: Department of Local Administration, Ministry of Interior.
Female Population Growth % 21,031,965 21,423,201 1.83 21,957,856 2.43 22,445,773 2.17 22,907,829 2.02 23,333,611 1.82 23,807,405 1.99 24,297,054 2.02 24,603,390 1.25 25,134,061 2.11 25,735,983 2.34 26,326,315 2.24 26,803,017 1.78 27,386,661 2.13 27,887,050 1.79 28,122,071 0.84 28,497,928 1.32 28,770,873 0.95 29,130,986 1.24 29,542,441 1.39 29,781,782 0.80 30,143,123 1.20 30,520,430 1.24 30,874,576 1.15 31,011,529 0.44 31,153,730 0.46 31,395,402 0.77 31,556,205 0.51
Appendix D: Life Expectancy, 1990-2015
Year of survey 1990-95 1995-2000 2000-05 2005-10 2010-15
Source: NESDB, Thailand.
Male 66.48 67.36 68.15 68.83 69.50
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Female 71.04 71.74 72.39 73.00 73.58
Total 68.72 69.51 70.23 70.89 71.50
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Appendix E: Number of Financial Institutions in Thailand, 1989-2002
Year 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002(Mar)
Source: Bank of Thailand.
Commercial Banks Thai Banks Foreign Banks 15 14 15 14 15 14 15 14 15 14 15 14 15 14 15 14 15 20 16 21 13 21 13 21 13 18 13 18
Finance Companies 94 94 94 92 91 91 91 91 35 36 22 21 21 21
Credit Union Companies 18 18 18 18 16 14 13 12 12 12 10 10 9 9
Somjai Phagaphasvivat is an Associate Professor of Political Science at Thammasat University and Lecturer on Strategic Planning and Management for MBA programs at the leading universities of Thailand, including Thammasat University and Chulalongkorn University. He received his first Bachelor’s Degree from Chulalongkorn University (1966). Dr. Somjai also earned a BA (1973), MA (1973) and Ph.D. (1982) in Political Science from the University of Madrid in Spain, as well as an MA in International Economics (1975) and a Ph.D. in Economics (1978) from the University of Nancy in France. Dr. Somjai served as an advisor to the United Nations Economic and Social Commission for Asia and the Pacific (1982) and advisor to the Securities and Exchange of Thailand (1984-89). He then became Vice-Rector for Development Planning of Thammasat University (199294). During the following year (1994-95), Dr. Somjai was both advisor to the Prime Minister and a Senator in Thailand. He has published over ten books and more than two hundred articles in both English and Thai. Some of Dr. Somjai’s recent bestsellers are, Vision for Thailand for the Year 2000, Competitive Strategies, and Strategic Planning and Management. 11
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REFERENCES Baker, Chris and Pasuk Phongpaichit. Thailand’s Boom & Bust. Thailand: Silkworm Books, 1998. Ch’ng, David. The Overseas Chinese Entrepreneur in East Asia. Thailand: Committee for Economic Development of Australia, 1993. Cooper, Robert. This Means Business. Singapore: Times Books International, 1991. Cooper, Robert and Nattapha Cooper. Culture Shock: Thailand. Singapore: Times Edition, 1996. Doing Business in Thailand. Thailand: Bangkok Legal Consultant Ltd., 1996. Holmes, Herry and Suchada Tangtongtavy. Working with the Thais. Thailand: White Lotus Co. Ltd., 1996. Hummel, Anita Louise and Pisces Sethasathira. Starting and Operating a Business in Thailand. Thailand: McGraw-Hill, 1996. Somjai Phagaphasvivat. Vision Thailand 2000. Bangkok: Matichon, 1995. Toews, Bea and Robert McGregor. Success Business in Thailand. Singapore: Times Books International, 2000.
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