Thailand: Riding The Growth Momentum

Thailand continues to demonstrate economic resilience while making progress toward meeting its sustainability goals.

Thailand is well on the road to economic recovery after recording a GDP growth of 2.6% in 2022. The positive momentum has carried into the first quarter of 2023, surpassing expectations. In Q1 2023, the Thai economy expanded by 2.7% year-on-year, supported by the rebound in tourism and private consumption.

Traditionally reliant on tourism, Thailand has received a much-needed boost with the return of international visitors, especially from China, following the country’s reopening. In the first quarter of 2023 alone, approximately 6.5 million tourists visited Thailand, with the Tourism Authority of Thailand aiming to attract 25 million foreign tourists by year-end.

Taking Travel to Greater Heights

The country’s flagship carrier, Thai Airways (THAI), is well positioned to support this tourism revival. With a vast network spanning 47 international destinations, including prominent European cities such as London, Paris, Frankfurt, Munich, Zurich, Stockholm and Copenhagen, THAI is further expanding its reach by reintroducing direct flights from Milan and Oslo by early 2024, after a temporary suspension due to the pandemic. With more direct flights, travelers get to enjoy uninterrupted journeys to Bangkok, avoiding time-consuming and tiring layovers and connections.

Recent investments in new wide-body aircraft such as the Airbus A350-900 and Boeing 787 guarantee a comfortable and spacious onboard experience. From its roomy business class seats and personalized services to the extensive menu of high-quality Thai cuisine and a wide range of inflight entertainment options, THAI ensures that travelers have a seamless and enjoyable journey. This combination of comfort, convenience and true hospitality has contributed to its success as the choice airline for many discerning travelers.

Another local company looking to support the growth of the tourism sector is TRAViZGO, Thailand’s pioneering travel tech startup. After more than two decades in the travel market, TRAViZGO is ready to scale new heights with its recently launched TRAViZGO Super App. To cater to the needs of the modern consumer, the app offers a wide range of travel-related services from booking and managing flights, accommodation and transportation to package tours and travel insurance—all within a single platform.

TRAViZGO has also been working closely with the Tourism Authority of Thailand to further promote the country to international visitors. Last November, the company collaborated with the Digital Economy Promotion Agency (depa) to develop a business-to-business online platform that connects tourism service providers in Thailand with travel agents worldwide. The platform opens new opportunities for local players, especially small businesses, to expand their market reach by tapping into new customer segments and geographic markets.

Staying Committed to Sustainability Goals

Amid this economic expansion, Thailand remains committed to its sustainability goals. As the second-largest economy in Southeast Asia, Thailand has made significant strides in achieving the UN Sustainable Development Goals (SDGs). Furthermore, the country’s bio-circular green (BCG) economy model, developed in 2021 and aligned with the UN SDGs, has gained greater prominence as Thailand contributes to global efforts to address environmental challenges and promote sustainability.

Thai corporations and businesses actively support Thailand’s sustainability and net zero targets. Among them is Indorama Ventures, the world’s major polyethylene terephthalate (PET) resin producer and recycler, the plastic commonly used for beverage bottles. One of the largest petrochemical companies in the world, Indorama Ventures set up its Environmental, Social and Governance (ESG) Council to explore ways the company can implement sustainability initiatives across its business segments. Through its Vision 2030 plan, the company aims to achieve a 30% reduction in Scope 1 and 2 combined greenhouse gas (GHG) intensity, a 15% reduction in energy intensity, a 20% reduction in water intensity, 25% use of renewable electricity and more.

In 2022, the company established Indorama Ventures Investments & Holdings as a startup business incubator to identify and invest in projects with advanced technologies and innovations, including bio-based materials. The company plans to invest more than US$7 billion to increase recycling capacity, decarbonization and bio-based feedstock to 2.4 million tons by 2030. These targets are aligned with Thailand’s BCG economy model and the UN SDGs.

Another industry leader, Thai Beverage Public Company Limited (ThaiBev), the largest beverage company in Thailand and one of the largest in Southeast Asia, is also leading the charge in the sustainability journey. The company’s ESG commitment is largely inspired by the late Thai King Bhumibol Adulyadej’s Sufficiency Economy Philosophy, a principles-based framework that promotes balanced development with respect to the environment, economy, community and local culture.

As clean water is the most important natural resource for the beverage manufacturing industry, ThaiBev is committed to water conservation initiatives and aims to achieve 100% water replenishment by 2040. In the area of packaging, the company ensures that its products create minimal carbon footprints. It also aims to achieve packaging circularity and has been active in reusing and recycling its bottles. These are just some of the company’s efforts that are part of its “Enabling Sustainable Growth” strategy, designed to drive resilience across its business, while protecting the environment, supporting local communities and practicing good corporate governance.

Positive Outlook

Looking ahead, the Office of the National Economic and Social Development Council (NESDC) forecasts that the Thai economy will expand between 2.7% and 3.7% in 2023, driven largely by the ongoing recovery of the tourism sector, rising private consumption and expansion in both private and public investments.

Thailand’s economic priorities for the remainder of the year include fostering the export sector, stimulating private investment, catalyzing the recovery in tourism and related service sectors, supporting agricultural production, and advancing initiatives in the Eastern Economic Corridor and other special zones, among others.

Leading The Charge In The Sustainability Journey

As an industry leader, ThaiBev is committed to protecting the environment, supporting local communities and enhancing governance while ensuring the Group’s business resilience and operational excellence. 

In the race toward creating a sustainable world and aligning with the net zero agenda, more and more companies globally are integrating Environmental, Social and Governance (ESG) principles into their operations.

Among the companies that are showing their relentless commitment to ESG is Thai Beverage Public Company Limited (ThaiBev), the largest beverage company in Thailand and one of the largest in Southeast Asia.

ThaiBev’s Chief Sustainability Officer Tongjai Thanachanan says the company’s ESG commitment is largely inspired by the late Thai King Bhumibol Adulyadej’s Sufficiency Economy Philosophy (SEP).

“The SEP is a principles-based framework that promotes balanced development with respect to the environment, economy, community and local culture. It is at the heart of our sustainability approach,” she says.

The Sufficiency Economy Philosophy is at the heart of ThaiBev’s sustainability approach.

Setting Ambitious Long-Term Targets

ThaiBev has actively participated in various sustainability-related initiatives for decades. In 2013, it further strengthened its commitment to sustainability by launching its first sustainability report—documenting its ambitions, goals and achievements in the area of ESG.

Over the near to long term, the company will be laser-focused on achieving its sustainability goals spanning from 2025 to 2050.

Some of the most ambitious goals include achieving net zero greenhouse gas emissions in Scope 1 and Scope 2 by 2040. Additionally, ThaiBev aims to achieve 100% water replenishment by 2040, highlighting its dedication to environmental preservation. The company also aims to achieve net positive impact on biodiversity in the long term, underscoring its commitment to preserving and enhancing local ecosystems.

ThaiBev’s packaging targets

Enabling Sustainable Growth

Clean water is the most important natural resource for the beverage manufacturing industry. ThaiBev is conscious of the importance of water conservation to maintain high water quality and ensure sufficient quantity for production.

To achieve 100% water replenishment by 2040, Thanachanan says the company is actively identifying areas with high water stress and initiating projects to improve its water productivity, as well as to replenish water back to nature.

ThaiBev also places utmost importance in the area of packaging by ensuring its products create minimal carbon footprint. The company has been active in reusing and recycling its glass bottles since the beginning of its operations, and aims to achieve full packaging circularity by 2040.

On top of that, it has also established BevTech, a research and development center that develops production technology and sustainable packaging alternatives.

These efforts are part of ThaiBev’s “Enabling Sustainable Growth” strategy, designed to drive resilience across the company’s business, while protecting the environment, supporting local communities and practicing good corporate governance.

Supporting Communities

ThaiBev’s mission of “Creating and Sharing the Value of Growth” demonstrates its mindset of giving back to society. Beyond pursuing financial and earnings growth, ThaiBev is committed to enhancing the quality of life of its employees and surrounding community.

Within the organization, ThaiBev aims to improve employee engagement in all its markets of operations and provide its employees with more opportunities to upskill and reskill. By 2030, it hopes to have at least a 90% score in the area of employee engagement.

In 2022 alone, it allocated more than 500 million baht (US$14.38 million) to support various social responsibility programs focusing on five key pillars: education, health and wellness, arts and culture, sports and community development.

One of the key long-term projects is its foundational support with the Bhumirajanagarindra Kidney Institute to build a public hospital dedicated to delivering affordable, world-class kidney care to all Thai citizens. Another large-scale social initiative is the establishment of a nationwide social enterprise network called “Pracharath Rak Samakkee” to foster income generation and self-reliance among communities. To date, this initiative has benefited more than 107,000 households in Thailand.

Believing in art as a universal language, the company has initiated Bangkok Art Biennale to help elevate Thailand’s contemporary art scene on the global stage and promote the country’s creative economy.

Implementing Strong Governance

In order to be successful in sustainable development in the long term, ThaiBev understands that good governance must go beyond its organization and extend to its suppliers and business partners. To achieve this, the company has embarked on various innovative collaborations, among which is the Thailand Supply Chain Network (TSCN), which aims to upgrade ESG quality standards of small and medium operators across the entire value chain.

The Thailand Supply Chain Network aims to upgrade ESG quality standards of small and medium operators across the entire value chain.

“I believe that strong governance, enforced through a code of conduct throughout the entire organization, is the backbone of a successful ESG journey. When all operators across the value chain share a common standard, the entire industry is more likely to maintain the trust of its stakeholders and create long-term value,” Thanachanan says.

ThaiBev’s ESG rating

Collaborating with All Sectors

Thanachanan explains that ThaiBev has always been open to collaboration with all sectors of society. The company believes that when innovation is applied in collaboration, astounding results can be achieved.

To address food security challenges, ThaiBev teams up with Thai Union Group and Thailand’s National Innovation Agency to groom food innovators via a platform called Space-F. It is an incubation and acceleration program focusing on innovation in areas such as food safety and quality, alternative proteins, smart food services, and health and wellness.

To help boost public awareness on sustainability, ThaiBev and its partners have been organizing the annual Sustainability Expo during the fi rst week of October since 2020. The “B2C2b” concept of this Expo emphasizes the need for large corporates (“B”) to draw attention from consumers (“C”) to change their behaviors toward sustainable consumption in order to shape the entire business ecosystem (“b”) toward sustainable development.

An even more creative initiative to build public awareness on sustainable development principles is a reality television show and contest called WinWin WAR, where ThaiBev uses a business pitching show format as a means to promote and nurture social entrepreneurship. Startup contestants are judged based on their business viability as well as the positive social/environmental impact created.

Attaining Recognition Globally

ThaiBev’s efforts in sustainability have been recognized globally. The company has been a member of the Dow Jones Sustainability Indices (DJSI) World family for six consecutive years, and a DJSI Emerging Markets member for seven consecutive years.

ThaiBev also scored A- during its first year for the CDP program, one of the most recognized global disclosure and rating frameworks for climate change.

“ESG is a continuous journey, and as part of our DNA, we at ThaiBev are committed to continuously improving ourselves across all ESG dimensions, not limiting ourselves to only climate governance,” Thanachanan says.

Reimagining Chemistry Together To Create A Better World

Indorama Ventures, one of the largest petrochemical companies in the world, shares its ambitious sustainability goals for the long term.

Yash Lohia, Executive Director and Chairman of the ESG Council of Indorama Ventures

As the world’s major polyethylene terephthalate (PET) resin producer and recycler, the plastic commonly used for beverage bottles, Indorama Ventures has a responsibility to lead. During the World Economic Forum’s annual meeting in Davos earlier this year, Yash Lohia, son of Indorama Ventures PCL founder Aloke Lohia and Chairman of their ESG Council was asked about his view on why the sustainability agenda is more advanced in the West versus the East.

While the West is ahead of the sustainability agenda for now, Yash believes that Asian companies have what it takes to lead the race in sustainability in the longer term, especially when governments start to incentivize them to embark on the agenda.

“Asia is home to many family businesses. So, when a family business implements a sustainability agenda, they will own it for generations,” Yash says. “However, in the West, when a CEO implements a sustainability agenda, that agenda may only live throughout their tenure with the company.”

Sustainability in the DNA

As the world’s largest PET producer and recycler, Yash believes that Indorama Ventures has a role to play in helping the world reduce its carbon footprint. “Sustainability has always been a part of our DNA,” he says.

The company published its first sustainability report in 2010. In the same year, it also acquired its first recycling plant in Europe. Yash says one of the reasons for the acquisition was that Indorama Ventures wanted to bring the circular business model to its operations and keep post-consumer PET bottles in the circular economy.

“We want to be part of the circular economy so that bottles never end up as waste and are collected and recycled. Another factor is our customers are now increasingly asking us for recycled PET. Demand has really grown exponentially, even though conventional PET is more economical than recycled PET,” he says.

Integrating ESG Into the Business

In 2021, Indorama Ventures set up the Environmental, Social and Governance (ESG) Council, which is one of the five cross-segment councils in the group. The ESG Council, chaired by Yash, was formed to explore ways the company can implement sustainability initiatives across its business segments. With a whole-of-business approach, every part of the company understood and was involved in the ESG strategy.

At Indorama Ventures, ESG is viewed as a mindset, not a function. The ESG Council members help support the dedicated sustainability team, which has about 20 members, while being ESG advocates in their own business units.

“The ESG Council aims to support value creation and value protection for all our stakeholders by better integrating ESG responsibilities into our daily activities and long-term sustainable performance,” Yash says. “The Council sets out our corporate ESG targets and strategies in line with science-based targets.”

Vision 2030

As part of its plan to achieve net zero by 2050-2070, Indorama Ventures has also set ambitious sustainability-related goals to be achieved by 2030.

The targets in its Vision 2030 plan include a 30% reduction in Scope 1 and 2 combined greenhouse gas (GHG) intensity, a 15% reduction in energy intensity, a 20% reduction in water intensity, 25% use of renewable electricity and more.

By the end of this year, Indorama Ventures will have recycled 100 billion PET bottles since 2011. It took the company a decade to recycle its first 50 billion bottles and another 1,000 days to recycle its next 50 billion bottles (March 2021 to December 2023). The company targets to increase post-consumer PET bale input to 750,000 tons or 50 billion bottles per year by 2025, and 1.5 million tons or 100 billion bottles per year by 2030.

Yash explains that the company’s Vision 2030 outlines its ambition to grow organically with a focus on sustainability, guided by its new purpose statement “Reimagining chemistry together to create a better world.

“Going forward, we also plan to invest in carbon capture technologies, increase renewable energy consumption and phase out coal. Additionally, we aim to invest more in PET recycling and introduce bio-based feedstock in about a quarter of our polyester-based value chain,” he says.

In 2022, the company established Indorama Ventures Investments & Holdings (IVIH) as a startup business incubator to identify and invest in projects with advanced technologies and innovations, including bio-based materials. It is a dedicated taskforce, not distracted by the day-to-day operations, reporting directly to Yash and the Group CEO to allow nimble action.

The company will invest more than US$7 billion to increase recycling capacity, decarbonization and bio-based feedstock to 2.4 million tons by 2030. These targets are also aligned with Thailand’s bio-circular green (BCG) economy model and the UN Sustainable Development Goals (SDGs). 

Solar farm
PET resin

Global Recognition

Indorama Ventures, the first company in Thailand to publish a progress report addressing the UN SDGs, understands that for any sustainability agenda to be successful, it needs the buy-in of all internal stakeholders, from the board and senior management to all its employees on the factory floor.

Yash says its board and senior management have been big supporters of the sustainability agenda since the company’s early days.

To ensure that all employees understand the importance of sustainability, Indorama Ventures, with a total workforce of over 26,000 across 35 countries, conducts webinars regularly. Indorama Ventures also conducts audits.

Its commitment to sustainability across its value chain has been recognized globally, including by the Dow Jones Sustainability Indices, MSCI, FTSE4Good, CDP and Sustainalytics. It also received the gold recognition, ranked among the top 1% of companies assessed by EcoVadis on sustainable supply chain management.

Global Leader in Sustainable Financing

Besides being recognized for its commitment to sustainability, Indorama Ventures is also a global leader in sustainable financing.

The company, which was the first in Thailand to invest in HSBC’s Green Deposit, has secured over US$1.3 billion in sustainable financing, including a US$255 million green loan arranged by Mizuho Bank and a blue loan arranged by the International Finance Corporation (IFC), comprising a US$150 million senior loan from IFC and parallel loans totaling US$150 million from the Asian Development Bank and Deutsche Investi tions-und Entwicklungsgesellschaft.

The funds raised will be used to decarbonize its operations and contribute towards investments in recycled PET.

Indorama Ventures’ PET manufacturing facility in Thailand

M&A Strategy

Added to this is the recent acquisition of Oxiteno in Latin America and the U.S., expanding expertise in green chemistry innovation. Although the U.S. and Europe may be ahead in the sustainability agenda, the mismanagement of waste is still an issue.

“The truth is, Asia recycles a lot of what is collected—we are just not collecting enough,” says Yash. “Some governments have regulations that are barriers to bottle-to-bottle recycling, stifling collection. The West is also struggling.”

Today, 6 out of 10 PET beverage bottles are collected for recycling globally; only 3 out of 10 in the U.S. but 9 out of 10 in Japan and India.

To overcome these challenges, Indorama Ventures needs to plan its acquisition strategy carefully.

“The recycling rate can be lower in the West, and if we were to build a new plant, it would be difficult for us to find new bottles to recycle. In these markets, the acquisition strategy is to acquire plants that already have the supply of bottles,” Yash says.

“Thanks to the high collection rates in Asia, we are comfortable that our investment in building new recycling plants in this region will be sustainable,” he adds. Today, Indorama Ventures has over a dozen recycling plants around the world, including two in Asia, six in Europe and seven in the Americas.

 

Elevating Your Travel Experience

Thailand’s national carrier proves why it is the choice airline for comfort, convenience and true hospitality.

Thai Airways (THAI), based at Bangkok’s Suvarnabhumi Airport, is renowned for its commitment to delivering exceptional products and services to its business clientele. The airline not only focuses on providing a seamless travel experience but also plays a vital role in promoting Thai culture through its cuisine, partnerships and services.

With a vast network covering 47 international destinations, including prominent European cities such as London, Paris, Frankfurt, Munich, Zurich, Stockholm and Copenhagen, THAI is further expanding its reach by reintroducing direct flights from Milan and Oslo by early 2024, after a temporary suspension due to the pandemic. With more direct flights, travelers get to enjoy uninterrupted journeys to Bangkok, avoiding time-consuming and tiring layovers and connections.

THAI places a strong emphasis on comfort,  convenience and sustainability, offering a range of amenities and benefits that set it apart from its competitors. From its spacious business class seats to personalized services, the airline ensures that discerning business travelers have a seamless and enjoyable journey.

Business class travelers enjoy spacious and comfortable seats.

Inflight Comfort

Recent investments in new wide-body aircraft such as the Airbus A350-900 and Boeing 787 guarantee a comfortable and spacious onboard experience. To elevate the journey, THAI takes pride in offering an extensive menu of high-quality Thai cuisine, catering to a diverse range of dietary needs, including vegetarian options. This culinary experience is enhanced by the intuitive Thai hospitality that is a hallmark of the airline and consistently upheld across its services.

During flights, THAI ensures a delightful customer experience by providing a wide range of inflight entertainment options, including thousands of hours of films, TV shows, music and audiobooks. The airline’s e-library platform offers more than 40 international digital magazines and seven e-newspapers, with translations available in English, French, Chinese and German. The inflight magazine, Sawasdee, showcases regional Southeast Asian and Indochinese highlights, from culinary haunts in Hanoi to hidden gems in Bangkok.

THAI offers an extensive menu of high-quality Thai cuisine.

Recognizing the specific needs of business passengers, THAI prioritizes spacious and comfortable business class seats with ample legroom and reclining capabilities. Both business and economy passengers can relax and unwind while enjoying a diverse selection of movies, TV shows, and music through the inflight entertainment system. Complimentary meals and snacks, prepared with care, cater to their culinary preferences.

On the Ground Convenience

Efficiency and convenience are paramount to THAI, as the airline provides dedicated check-in counters and lounges to ensure a smooth and hassle-free experience for business travelers. Priority boarding and generous baggage allowances further enhance the travel process, allowing passengers to focus on their work or relaxation.

THAI also goes the extra mile by offering a range of special services to meet the unique needs of its passengers. For instance, travelers with children can engage babysitting services for their peace of mind. The airline also provides medical assistance and support for passengers with disabilities, ensuring inclusivity and accessibility for all.

THAI offers KanVela chocolate and Black Silk Blend coffee through collaborations with local enterprises.

Sustainability and Community Engagement

In an era of increasing environmental awareness, THAI recognizes the significance of sustainability in the aviation industry. The airline embraces sustainable practices by utilizing fuel-efficient aircraft, reducing plastic waste and implementing recycling initiatives. THAI actively supports local communities and engages in efforts to minimize its environmental impact, aligning its operations with global sustainability goals.

In addition, THAI has partnered with local enterprises to bring authentic Thai experiences on board. For instance, through a collaboration with KanVela, a craft chocolatier and social enterprise, the airline supports the growth and international expansion of this young Thai brand by offering award-winning chocolate bars made from locally grown cacao. Furthermore, THAI serves a special blend of coffee called Black Silk Blend, developed in partnership with Doi Tung, a renowned Thai coffee brand originating from farming communities in Chiang Rai. These partnerships enhance the premium travel experience and connect it to the flavors and stories of Thailand.

The airline consistently surpasses passenger expectations by merging its focus on Thai hospitality with a global perspective. This approach enables THAI to maintain its position as the preferred choice for business travelers while demonstrating its commitment to a greener and more sustainable future in the aviation industry.

As part of its commitment to sustainability, THAI actively contributes to the environment and local communities through various initiatives. The airline offers non-stop flights to reduce the carbon footprint associated with layovers and unnecessary connections. Furthermore, THAI promotes waste reduction by using amenity bags made from recycled plastic.

Charting The Next Phase Of Travel

After more than two decades in the travel market, TRAViZGO is ready to scale new heights with its recently launched TRAViZGO Super App.

TRAViZGO, Thailand’s pioneering travel tech startup, was founded in 2001 by technology enthusiasts with a deep passion for airplanes and travel. Their mission? To make the world within arm’s reach for everyone. The timing could not have been better, as tourism in the country was thriving following the successful “Amazing Thailand” campaign launched just before the turn of the millennium.

Fast forward two decades, and TRAViZGO has evolved into a super app, where users can not only search and book flights, accommodation and transportation but also a wide range of ancillary services such as package tours, cruises, activities, travel insurance and local recommendations, all within a single platform.

Nadhaseth Wongwattanakarn, Founder & CEO of TRAViZGO, says, “By consolidating these offerings, we eliminate the need for users to switch between multiple apps, streamlining the entire travel process.

Nadhaseth Wongwattanakarn, Founder & CEO of TRAViZGO Innotech Ltd.

Rise of the Super App

Asia has the highest number of mobile phone users globally, with countries like Singapore, Malaysia and Thailand having particularly high smartphone penetration rates. In this mobile-first culture, consumers rely on their smartphones and apps for various tasks, such as bill payments, shopping and work-related activities. As a result, the concept of a super app, which offers a range of closely related services within a single platform, has gained significant popularity in the region as consumers seek convenience.

Within the tourism sector, online travel agencies (OTAs) have become immensely popular among consumers seeking affordable and convenient travel options. In the post-pandemic era, travel bookings through OTAs have skyrocketed, presenting a favorable opportunity for the TRAViZGO Super App to capitalize on this trend.

Competitive Edge

However, in a market with some serious competition from major foreign OTAs that have continued to increase their presence in Thailand, how does TRAViZGO plan to compete?

“As a company based in Thailand with more than two decades of experience, we have established good relationships and partnerships with various suppliers, including hotels, airlines, tour operators, transportation providers and local guides. We can leverage our local expertise and connections to provide valuable services and seamless travel experiences for our customers,” Wongwattanakarn says.

The company’s partnerships with local tourism service providers allow the platform to offer consumers competitive rates, exclusive promotions and unique experiences, setting it apart from other platforms, he adds.

Wongwattanakarn also emphasizes that customer support plays an important part for the TRAViZGO Super App. This “online to offline” model ensures that customers have access to responsive and reliable customer service to help them with booking enquiries, changes or other issues, ensuring a positive and satisfactory experience for users.

The TRAViZGO Super App offers a range of travel-related services.

In addition to travel-related services, the TRAViZGO Super App plans to integrate more lifestyle services in the future to cater to the holistic needs of its users. This may include features such as restaurant reservations, event bookings, wellness services and more.

“Our aim is to enrich the overall experience of our users and become their go-to platform for various aspects of their lives by offering a diverse range of services,” Wongwattanakarn says.

TRAViZGO employees are driven by innovation.

Pandemic Pivot

Like many businesses, TRAViZGO was severely hit by the pandemic. When the tourism sector came to a standstill, the company embarked on an end-to end digital transformation, made possible by a significant capital injection from investors. This infusion raised the company’s status to the centaur level, with a registered capital of 800 million Thai baht (US$23 million).

Wongwattanakarn says, “We identified areas that needed further development. With additional capital at our disposal, while sales were at a standstill, we overhauled our entire system to ensure it would be well-equipped to accommodate the rebound of the travel industry post-Covid.” 

Collaboration with Industry Players

As travel recovery gains momentum following the reopening of international borders, TRAViZGO has been working closely with the Tourism Authority of Thailand to further promote the country to international visitors. Last November, the company collaborated with the Digital Economy Promotion Agency (depa) to develop ThailandCONNEX, a business-to business online platform that connects tourism service providers in Thailand with travel agents worldwide. The platform opens new opportunities for local players, especially small businesses, to expand their market reach by tapping into new customer segments and geographic markets. At the same time, it creates a single gateway for worldwide travel agents to connect to nationwide tourism service resources in Thailand.

Moreover, the platform is designed to collect data on market trends, agent performance and customer preferences, empowering tourism service providers to make informed decisions regarding pricing, marketing strategies and product offerings.

To date, the platform has successfully brought onboard about 30,000 service providers. It aims to bring onboard 100,000 service providers by mid-2024. 

The launch of the TRAViZGO Super App at Central World, Bangkok

Road Ahead

Wongwattanakarn has ambitious plans for TRAViZGO. He hopes the company will become a unicorn, backed by investors who share the team’s passion for travel and their vision of revolutionizing the industry.

He says, “Thailand’s tourism industry presents a golden opportunity for global investors or those interested in co-investing. At the same time, TRAViZGO, standing at the forefront, strives to expand our growth in both the travel agency and OTA, and would like to invite collaboration with investors from diverse sectors.”

The country’s target is to attract up to 80 million tourist arrivals per year by 2027, further underscoring the promising and robust investment opportunities in the tourism sector. The government is also boosting infrastructure to support the growth of the industry, presenting even more opportunities.

 

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