Thailand revises law to support startups hinh anh 1Experts talk to farmers in Bueng Kan province, Thailand, on startups (Photo:

Bangkok (VNA) – The Thai government has is now seeking to revise the civil and commerce code on startups development, which is a pillar to the Thailand 4.0 economic model.

The revisions were approved by the Cabinet after the Department of Business Development held public forums to get feedback from government agencies, the private sector, and startups.

The Secretariat of the Cabinet will forward the bill to the Office of the Council of State. If approved, the bill will be sent to the National Legislative Assembly.

The Ministry of Commerce said the new law will curb hindrances to business activities, resulting in more flexible commercial operations and increased investment.

This year, Thailand's startup industry has been valued at over 53 billion baht (1.59 billion USD). By 2019, the industry is expected to grow to between 66 and 99 billion baht.-VNA