Continue the existing work, initiate larger projects, and add value to national assets.

“Although I have only been in this position for one year, I have worked to the best of my ability. I will continue to advance the vision of the Treasury Department: increasing the value and worth of national assets, driving the economy, society, environment, and culture, and moving Thailand towards sustainability. My policy is to continue existing projects, initiate larger projects, and create a positive work environment.”

Currently, the Treasury Department has elevated itself from being considered an overlooked agency to a top-tier ministry with the crucial mission of driving the economy through the management of the country's assets.

Akkarut Sonthayanon, Director-General of the Treasury Department Took office on October 23, 2568. Gave a special interview. bank finance He stated that although his term in this position is only one year due to his upcoming retirement, he is ready to work to the best of his ability, setting policies, continuing existing projects, undertaking larger initiatives, and creating a positive environment within the organization.

“Although I have only been in this position for one year, I have worked to the best of my ability. I will continue to advance the vision of the Treasury Department: increasing the value and worth of national assets, driving the economy, society, environment, and culture, and moving Thailand towards sustainability. My policy is to continue existing projects, initiate larger projects, and create a positive work environment.”

Continue the work, start a bigger project.
Creating happiness in the organization.

Akkharut said that, regarding the policy for continuing existing projects, undertaking larger initiatives, and creating happiness within the organization, the Treasury Department has the following operational guidelines:

• • Continue the work This will be achieved through the strategic initiative of VALUE, utilizing state assets under its responsibility, including royal property and coinage, to their fullest potential and value. Simultaneously, it will enhance operations by leveraging digital technology to analyze and manage databases efficiently, conveniently, quickly, accurately, and transparently. Furthermore, economic, social, and environmental dimensions will be considered to ensure the Treasury Department's operations remain responsive to change.

The Value strategy consists of:

• • • Strategy 1 V: Value - Increase the value and worth of national assets.
    • Strategy 2 A: Appraise – Improve the accuracy of land valuation.
    • Strategy 3 L: Legacy - Adding historical value to coins and museums.
    • Strategy 4 U: Unity – The unity of personnel.
    • Strategy 5 E: Efficiency - Improve the efficiency of work processes and technology.
  • Big event The principle is to auction off the rights to lease/sell state-owned land under the care of the Treasury Department. Details are as follows:

1. 1. 1. The auction of leasehold rights to state-owned land in key economic zones of Bangkok. A total of 4 plots of land, namely:

1) Riverside plot of land on the Chao Phraya River (adjacent to ICONSIAM): A vacant land plot measuring 1,834 square wah, located in a prime economic area along the Chao Phraya River, near ICONSIAM, one of Bangkok's world-class landmarks.

2) The Baan Phayap property comprises three government-owned buildings with a total usable area of ​​465.44 square meters, situated on a land plot of 0-2-49.2 rai. Located in a prime location in Bangkok, near Wat Sam Phraya and the Chao Phraya River (Baan Phayap), Phra Nakhon District, it is surrounded by historical sites, tourist attractions, and traditional communities. The property features architecturally valuable buildings reflecting the unique character of the old city area, making it suitable for preservation and creative development.

3) The Thonburi Building (Wongwian Yai) is a four-story government-owned building with a usable area of ​​519.47 square meters, located near Wongwian Yai in the Thonburi district. This area is part of an old city that has been revitalized to become a transportation hub connecting to several important roads.

4) The building on Songwad Road is a government-owned building (ground floor), building number 1067, with a usable area of ​​90.40 square meters. It is located on Songwad Road, Samphanthawong District, in the old town area with high growth potential. It is a suitable location for commerce.

1. 1. 2. The auctioning of state property that has become the property of the state pursuant to a court judgment. A total of 41 properties were auctioned through the Treasury Department's E-Auction system in Bangkok and 20 provinces in the regions: Krabi, Chonburi, Chaiyaphum, Chiang Rai, Chiang Mai, Trang, Nakhon Ratchasima, Nonthaburi, Narathiwat, Pathum Thani, Prachinburi, Phra Nakhon Si Ayutthaya, Phayao, Phetchabun, Phuket, Sakon Nakhon, Songkhla, Samut Sakhon, Saraburi, and Surat Thani.

• • Creating happiness in the workplace. This initiative promotes the development of skilled, ethical, and happy personnel through the "Skilled, Ethical, and Happy" project. It involves building knowledge, enhancing current and future job skills, establishing the Treasury Online School, applying ethical principles to foster honesty, transparency, and accountability, and promoting activities that create happiness within the organization.

Furthermore, the Treasury Department prioritizes personnel development at all levels to systematically enhance the potential and learning of its employees (HRD MASTER PLAN TRESURY DEPARTMENT). This aligns with the Treasury Department's strategic plan, specifically point 4: Unity, which aims to increase the unity of its personnel under the strategy of developing skilled, ethical, and happy employees. This is coupled with the organizational development dimension focusing on personnel potential development, by designing personnel development courses appropriate to the level, position, and needs of the target group.

"The goal of human resource development at the Treasury Department is to ensure that the public, service users, and stakeholders are satisfied with the operations and services of the Treasury Department, as well as to enable its personnel to be developed and effectively drive the organization's mission."

Akkharut said that in this position, in addition to continuing existing projects, initiating larger initiatives, and creating a positive work environment, he is also committed to and prioritizes pushing forward large-scale projects that have been stalled for a long time, bringing them into clear progress. These include:

1. 1. Regarding the water pipeline project in the EEC area, there have been misunderstandings concerning the handover of the land. However, the assets of the Treasury Department that were to be handed over according to the contract were the water pipelines, not the land. The department has now completed the handover of the water pipelines in full.
   2. The Mochit Complex project has been stalled for over 35-40 years, primarily due to issues with its entrance and exit. Originally planned for access via Phahonyothin Road and exit via Vibhavadi Road, this significantly impacted the public and necessitated land expropriation, causing substantial delays.

Currently, there is a clear policy to use the existing entrances and exits to minimize the impact on the public. Meanwhile, the concessionaire company has begun discussions to modify the project design to align with modern times, as there is currently an oversupply of office buildings, which may necessitate a reduction in the proportion of office space.

1. 3. The Rama-Treasury Department's senior living project is a joint project between Ramathibodi Hospital and the Treasury Department that has been stalled for approximately six years due to the hospital's lack of clarity on its future direction, which has affected the confidence of those who have reserved units.

Currently, discussions have been held with the hospital, and they have confirmed that the project will definitely proceed, but the scale may be reduced from large to medium to better suit the current economic conditions. This is because construction costs have increased significantly over the past six years, and external factors such as the situation in the Middle East may necessitate a price review and resubmission to the Cabinet.

New land valuation prices will be implemented from 70-73.
Reflecting true value - increasing fairness.

Akkharut said that the Treasury Department is tasked with determining land valuation prices every four years. Currently, they are in the process of preparing new valuations for the period 2027-2030, which are expected to be announced in early December 2026 and come into effect from January 1, 2027.

Currently, the average land valuation is approximately 30-40% lower than the market price. Therefore, a policy has been implemented to stipulate that new valuations should not exceed 15% of the market price, in order to ensure that the determined prices reflect reality and are more accurate.

"The goal of adjusting property valuations to be closer to reality is to create fairness, as the general public often uses valuations for buying and selling and for paying taxes. If the valuation is too low, it will not reflect the true value of the country's assets."

Although the Treasury Department only sets the appraised value and does not collect the fees itself, raising the appraised value will certainly lead to an increase in total revenue from fees and related taxes.

"The extent to which revenue collection increases will depend on the economic conditions. If the economy is weak, land sales will decrease, as is the case currently with a large number of unsold houses and condominiums on the market. However, narrowing the price base will help provide a clearer basis for tax calculations."

Akkarut said that for the revenue management of the Treasury Department in the 2569 fiscal year, the Ministry of Finance has set a revenue target of 11,900 million baht for the Treasury Department. Currently, collection has already exceeded the target. The goal is to push revenue to 14,000-15,000 million baht. If the target of 15,000 million baht is achieved, it will represent a growth of up to 26%.

"Although the Treasury Department's revenue accounts for only a small portion compared to other tax-collecting departments, such as 10% of the Customs Department or 0.1% of the Excise Department, the primary purpose of its collection is to ensure fairness in the use of the nation's assets."

Laying the foundation for the Treasury Department.
The new director-general will continue the work.

Akkarut said that although his term in office was only one year, he had laid important foundations and left strategic work issues for the new director-general to continue managing the country's assets in a modern and sustainable way, including:

1. 1. A sustainable solution to land encroachment should be established as a strategic policy by 2570, focusing on proactive measures to prevent new encroachments and manage existing areas. This includes allocating budgets for fencing and marking land ownership on unencroached areas to prevent future problems.
   2. Addressing the issue of unpaid rent for farmers and small-scale residential tenants by considering legal avenues to exchange produce or labor for rent, such as helping to mow grass, clean streets, or maintain government-owned land.
   3. Modernizing regulations by streamlining and eliminating lengthy processes within the Treasury Department.

"I want the Treasury Department to move towards becoming a modern land ownership entity, emphasizing the principle that we own the land and don't need to worry about what others do with it, as long as it doesn't violate the intended purpose. This would make leasing state land easier and more convenient for the business sector."

1. 4. The Royal Thai Mint is adapting to a cashless society. In the next 5-10 years, circulating coins will become less important as people increasingly use cashless payments. Even vending machines, which currently use large numbers of coins, may switch to scanning-based payments. This situation directly impacts the Royal Thai Mint. However, a five-year strategic plan has been developed and reviewed annually to ensure the mint's operations align with the current situation.

"Although I served as Director-General of the Treasury Department for only one year, I tried to move forward with various policies and left these plans so that the new Director-General who takes over can implement them immediately without having to start from scratch. I'm not saying they have to be completed, but they have to be put into practice."

Follow and read other columns in the Bank Finance Journal, May 2569, Issue 529, in digital format: https://goo.gl/U6OnIi

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