A report has determined it will take Thailand two years to reach herd immunity for Covid-19 at the current rate of vaccination.

However, according to analysis by Deutsche Bank, if local vaccine production plans are expanded and vaccination rates increase, hope remains for a quicker timeline.

As of April 28, 1.5% of Thais have had at least one shot of a vaccine, while about 59,000 people have been infected with Covid-19 and survived, meaning those Thais should have some level of immunity to the virus.

According to Michael Spencer, chief economist for Asia-Pacific at Deutsche Bank and author of the report, Thailand could reach herd immunity in which 70% of the population have some form of immunity by the end of this year -- if the country increases vaccine administration by three times the current rate, or 190,000 shots per day.

This rate is unlikely however, said Mr Spencer, as the government aims to vaccinate only 50% of the population by the end of the year.

Even so, Thailand remains in a favourable position compared with its regional peers despite lagging in vaccination, he said.

"Thailand looks to be in a better position than other Asean countries, other than Singapore," said Mr Spencer. "It is ramping up vaccinations much faster and could begin reaching higher percentages of the population, while vaccine rollout is slowing in places like Malaysia."

According to the report, vaccination numbers are falling in Malaysia and not increasing as fast as expected in Indonesia and the Philippines.

Mr Spencer added Thailand has a greater economic incentive than most nations to achieve herd immunity because of its reliance on tourism. Achieving 70% immunity in the population would mean Thailand could safely reopen to foreign travellers without risking an outbreak among vulnerable populations.