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Market Chatter: Thailand Plans to Offer Travel Subsidies to Attract Additional THB20 Billion Tourism Spending

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Thailand is aiming to attract more than 20 billion baht in additional tourism spending through a domestic travel stimulus package, Bloomberg said in a Monday report quoting Tourism and Sports Minister Surasak Phancharoenworakul.

Under the scheme, the government plans to allocate about 4 billion baht to subsidize hotel stays and other tourism-related expenses under the scheme, which will offer one million entitlements.

The government will subsidize accommodation costs by up to 2,000 baht per entitlement, while travelers will receive co-payment vouchers worth up to 2,000 baht for restaurants, spas, shops and tourism activities, among other incentives.

The package is expected to be submitted to the cabinet for approval on Sept. 22, the minister said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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