Tourism – Thai Travel Thai Plus to commence in November

Thai Travel Thai Plus scheme to commence in November. Mr. Surasak Phancharoenworakul, Minister of Tourism and Sports, disclosed progress on the "Thai Travel Thai Plus" scheme following discussions with Mr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance. The framework prior to Cabinet submission is summarized below:

• Project scale and budget: The quota has been expanded to 1.0mn rights (up from 500k rights previously), with a total budget of Bt3.5bn.
• Quota per person: Eligible individuals can redeem a maximum of 5 rights (5 nights) per person.
• Room subsidy criteria (Fixed subsidy, non-co-payment): The government will provide a direct subsidy based on actual room rates of up to Bt1,500 per room per night. If the room rate is below Bt1,500, the government will cover the full amount. If it exceeds that threshold, users will pay the difference, subject to a cumulative subsidy cap of Bt7,500 per person under the scheme.
• E-Coupon subsidy criteria (50:50 co-payment): Eligible participants may use E-Coupons upon check-in for dining, spa services, transportation, tours, and souvenir purchases. Subsidies are tiered at up to Bt1,500 per night for major cities and up to Bt2,000 per night for secondary cities.
• Timeline and implementation: Both individuals and operators can register via the Pao Tang application during 1–25 Oct 2026. Redemptions and travel will commence on November 1, 2026 onward. The scheme spans 3–4 months, with a blackout period during the New Year holiday season (approximately December 15, 2026 – January 15, 2027).

Our view

• The key point is the fixed-rate room subsidy of up to Bt1,500 per room per night, which differs from previous schemes that adopted a co-payment structure. We expect this mechanism to incentivize travelers to choose midscale and budget hotels over upscale properties, as users will incur little to no out-of-pocket accommodation expenses. We view ERW as the primary beneficiary, given its high exposure to the domestic hotel market, substantial Thai guest mix, and diversified brand portfolio spanning upscale, midscale, and budget segments, including HOP INN.
• The key monitorable is official Cabinet approval. Final details, including daily limits on E-Coupon spending and the classification of primary versus secondary provinces, are expected to be submitted for Cabinet consideration by next week, or September 22, 2026, at the latest.
• We maintain a positive outlook on the tourism sector, supported by the upcoming high season, domestic tourism stimulus measures, and major international events, including the IMF-World Bank Group Annual Meetings (October 12-18, 2026) and Tomorrowland Thailand (December 11-13, 2026). Our top picks are ERW (TP of Bt4.3) CENTEL (TP of Bt47) and AOT (TP of Bt72).