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Thailand Brief

No. 14 – April 25, 2025

Legal & Regulatory Updates

Transfer and mortgage fees reduced to 0.01 percent for properties under THB 7 million

Effective April 22, the Thai government has reduced both property transfer and mortgage registration fees to 0.01 percent for real estate purchases valued up to THB 7 million (USD 210,000).

measure, issued by the Ministry of Interior, applies to residential buildings such as single houses, twin houses, and townhouses, as well as commercial buildings or land with such structures. It covers transactions in which both the purchase price and appraised value do not exceed THB 7 million, and the mortgage does not exceed the same amount.

This fee reduction is part of the government’s strategy to stimulate the real estate sector and alleviate financial burdens for Thai nationals seeking home ownership. The policy will remain in effect until June 30, 2026, and is limited to natural persons of Thai nationality. The Cabinet approved the initiative on April 8 under the authority granted by Ministerial Regulation No. 47 issued under the Land Code Act. [Thai PBS, in Thai]

Tougher legal action threatens e-cigarette users with charges of receiving smuggled goods

The Thai government has announced plans to intensify its crackdown on e-cigarette users, warning that they could face charges for receiving smuggled products. Under the Customs Act, those found guilty of possessing smuggled e-cigarettes could face up to five years in prison and fines up to four times the value of the smuggled goods, along with any applicable duties. 

E-cigarettes have been illegal in Thailand for years, but their sale continues, especially near schools, leading to an increase in vaping among young people. Recent reports have linked vaping to serious health issues, with diseases such as chronic obstructive pulmonary disease, stroke, heart attack, and asthma causing substantial medical costs. 

In response to the growing problem, Prime Minister Paetongtarn Shinawatra has ordered a major crackdown, targeting online sales channels. Since the crackdown began, both e-cigarette sales and the number of users have reportedly dropped by over 80 percent. [Bangkok Post]

Officials revise nominee inspection strategy; focus on six high-risks sectors

The Department of Business Development (DBD) has revised its inspection strategy to target six high-risk sectors where nominee structures are reportedly prevalent: tourism-linked businesses (including restaurants and souvenir shops), real estate and land trading, e-commerce and logistics, hotel and resort operations, agriculture-related ventures, and general construction.

A total of 46,918 businesses with foreign shareholdings ranging from 0.09 percent to 49.9 percent are slated for review. From September 2024 to March 2025, authorities investigated 852 nominee cases, resulting in damages totaling THB 15.1 billion (USD 453 million). 

To support enforcement, the DBD, in cooperation with the Anti-Money Laundering Office (Amlo), has drafted amendments to the Anti-Money Laundering Act. The proposed revisions introduce asset seizure and criminal penalties for both Thai nationals who act as nominees and foreign individuals engaged in unauthorized operations. These measures target violations under Sections 36 and 37 of the 1999 Foreign Business Act.

The public consultation period for the amendments ends on April 25, after which the proposal will be submitted to the cabinet and parliament. 

The reform package is being developed with input from the ministries of Finance, Commerce, Interior, and Labour, as well as the National Economic and Social Development Council and the Board of Investment. Officials emphasize that the updated legal framework will favor innovation and competition over protectionism, with special relevance for startups and emerging industries in need of foreign expertise and capital. 

Commerce authorities are also working with the Council of State to modernize business classifications and ownership thresholds, while engaging the private sector to ensure the amendments align with practical economic realities. The Ministry of Commerce is expected to submit a final draft of the revised law for legislative review in the coming months. [Bangkok Post] 

Cabinet lifts ban on snake exports to boost legal trade and breeder income

Thailand’s cabinet has approved the legal export of snakes, lifting a decades-old ban in an effort to generate income for breeders and combat the illegal wildlife trade. The decision, announced on April 23, revokes two cabinet resolutions from 1990 and 1991 that had prohibited the export of live snakes and unprocessed snake skins.

The Ministry of Natural Resources and Environment proposed the policy change, arguing that regulated exports of snakes bred domestically can satisfy growing international demand while creating new economic opportunities. The legal market is projected to match Thailand’s existing domestic snake trade, which is valued at THB 275 million (USD 8.25 million) annually.

Authorities emphasized that snake exports will be strictly regulated under the Wildlife Preservation and Protection Act 2019 and the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). Exporters must obtain appropriate permits, and the new policy will apply only to snakes bred in captivity, not wild-caught specimens.

Related industries are also expected to benefit. The market for snake feed is estimated at THB 180 million (USD 5.4 million) annually, with an additional THB 51 million (USD 1.53 million) for prey feed, THB 17 million (USD 510,000) for terrariums and snake-keeping equipment, and THB 6 million (USD 180,000) for veterinary care. [Bangkok Post] 

Proposed amendment to ease stock buyback rules

Thailand’s Department of Business Development has proposed amendments to the Public Limited Companies Act B.E. 2535 (1992) to ease regulatory restrictions on treasury stock, aiming to stabilize the Thai stock market amid volatility and support listed companies in managing their share prices. The proposal follows a decline in the Thai stock index and reflects broader efforts to prevent share prices from falling below their intrinsic value.

Currently, share repurchases are permitted under two conditions: (1) when dissenting shareholders demand a buyback following changes to articles of association affecting voting or dividend rights, and (2) for financial management purposes when the company has sufficient retained earnings and excess liquidity. The latter is the more commonly used provision. Under existing rules, companies must demonstrate that they can meet debt obligations within six months and not violate free-float requirements when executing a buyback.mandates that the repurchase price must not exceed 115 percent of the five-day average closing price, while the resale price must not be less than 85 percent of that average. Treasury shares must be held for at least three months and disposed of within three years, failing which the company must undergo a capital reduction. A six-month cooling-off period is also required between share buyback programs.

The proposed reforms include two key relaxations:

- Elimination of the six-month waiting period between share repurchase programs, allowing companies to launch a new buyback plan immediately after concluding the previous one.

- Extension of the resale period from three to six years, pending shareholder approval, provided the market price remains at or below the average buyback price. This change aims to mitigate pressure to sell at a loss or proceed with capital reduction if prices remain low.

A public hearing on the proposal concluded on April 10, 2025, and listed companies await the final decision. Firms that have already executed buybacks are expected to benefit from the revised disposal window, subject to compliance with updated disclosure requirements. The amendment is anticipated to bolster corporate flexibility and reinforce investor confidence during a period of heightened financial uncertainty. [Tilleke & Gibbins]

Crackdown on student visa abuse linked to Chinese nationals

The Ministry of Higher Education, Science, Research and Innovation (MHESI) and the Immigration Bureau have launched a joint initiative following reports of international students exploiting their student visas for illegal labor on construction sites across Thailand. The issue became more evident after the renewal of visas, priced at 10,000 THB (USD 275), which were then used for widespread illegal employment, primarily involving Chinese engineering students.

Authorities are investigating several universities, including a Buddhist College and three private institutions that receive significant Chinese investment, which are suspected of facilitating the illegal visa scheme. The Minister emphasized the importance of preserving the integrity of Thailand’s higher education system, warning that the implicated institutions could face severe legal repercussions. [The Nation 1]

The scheme gained momentum through advertisements on Chinese social media platforms like WeChat and RED (Xiaohongshu), promoting visa services that did not require actual attendance at educational programs.

In response, MHESI and Immigration have started developing a database to track foreign students and verify the legitimacy of their programs. With 25 institutions now under investigation and digital platforms being used to advertise these services, authorities are enhancing surveillance and enforcement to prevent further abuses [The Nation 2]

Domestic Politics & Governance

Economy, Trade, and Investment

Bank of Thailand warns of rising corporate debt vulnerabilities amid global trade risks

The Bank of Thailand has raised concerns over the rising financial vulnerabilities of some highly leveraged large corporations (HLLCs), warning that their capacity to repay debt may come under strain amid tightening financial conditions and external shocks such as U.S. tariff hikes. 

In its 2024 Financial Stability Assessment, the central bank noted that while the overall financial health of large corporations remains sound, a subset of firms has accumulated significantly more debt than peers. These HLLCs are especially sensitive to adverse economic conditions and may face difficulties if trade tensions escalate or investor sentiment weakens. 

Total borrowing by HLLCs reached THB 6.1 trillion (USD 182 million) in 2024, with THB 2.9 trillion (USD 87 million) in bank loans—accounting for 22 percent of total outstanding corporate loans—and THB 3.2 trillion (USD 95.5 million) in corporate bonds, or 62 percent of all outstanding bonds. The average debt-to-equity ratio in this group rose from 0.97 in 2022 to 1.23 in 2024, compared to a stable ratio of around 0.5 for general large corporations listed on the Stock Exchange of Thailand. 

The central bank warned that a further tightening of global financial conditions, or disruption from protectionist U.S. trade policies, could lead to higher refinancing risks, declining investor confidence, and asset sell-offs. These developments may raise borrowing costs and pressure bond markets, particularly for firms reliant on debt rollovers. 

The report also identified property developers as particularly vulnerable, given an ongoing slowdown in the real estate sector and weakened financial positions exacerbated by the March 28 earthquake. Demand for units priced below THB 3 million has fallen, reflecting persistent high household debt and limited purchasing power among financially fragile borrowers. 

Amid these risks, the Bank of Thailand reported that overall credit growth remained weak in 2024, with reduced bond issuance due to rising credit risk and debt repayments. It also observed early signs of liquidity strain in households and small and medium-sized enterprises (SMEs), which already struggle with competitiveness and access to credit. 

The report cautioned that if confidence in the financial markets continues to erode, a sharp correction in asset prices could lead to systemic risks, particularly if institutional or retail investors engage in panic-driven sell-offs. [Bangkok Post] 

Sugar syrup factories suspend production as China’s import ban remains unresolved

35 out of 42 Thai factories producing sugar syrup and premixed powders have fully halted operations due to China’s continued ban on imports from Thailand, causing financial losses exceeding THB 2 billion (USD 60 million), according to the Thai Sugar Product Association. These factories, which primarily export to China, are now at risk of permanent closure if the ban is not lifted. 

The suspension was first imposed by China in December 2024, citing hygiene concerns at Thai production facilities. Despite Thai authorities submitting a list of approximately 30 FDA-licensed factories for inspection and conducting audits on over 50 facilities in line with manufacturing standards, the issue remains unresolved. Chinese authorities have since requested additional inspections, but no formal agreement has been reached to lift the ban. 

Thailand was the largest supplier of liquid sugar to China in 2023, with exports exceeding 1.2 million metric tons. Since the ban, Thai producers have faced heavy costs from returned shipments, port fines, transportation fees, and severely discounted sales. 

Asia United Foods Industrial Co, based in Samut Prakan, is among the affected firms. Its monthly exports of over 5,000 tons to China, worth roughly THB 100 million (USD 2.9 million), have collapsed to just 10 percent of previous production volumes. The firm is now grappling with unpaid worker wages and excess inventory totaling 50 containers. [Bangkok Post]

37 Thai ESGX funds set to launch on May 2

19 asset management firms will jointly launch 37 Thai ESG Extra (ESGX) funds on May 2, according to the Securities and Exchange Commission (SEC), with the new funds designed to accept both new investments and transfers from long-term equity funds (LTFs) through June. The initiative forms part of Thailand’s broader push toward sustainable finance and long-term capital market development. 

The ESGX scheme offers two tiers of tax benefits. General investors can purchase units between May 2 and June 30, 2025, and receive tax deductions of up to THB 300,000 (USD 9,000), or 30 percent of assessable income, provided the investment is held for a minimum of five years. For LTF holders as of March 11, 2025, who fully transfer units to an ESGX fund in May or June, the tax deduction can reach THB 500,000 (USD 15,000) over five years, with THB 300,000 (USD 9,000) deductible in 2025 and the remaining THB 200,000 (USD 6,000) distributed evenly over 2026–2029. 

Thai ESGX funds are required to invest no less than 80 percent of their net asset value (NAV) in assets with environmental or sustainability attributes issued by the Thai government or Thai-registered companies. Alternatively, at least 65 percent must be allocated to sustainability-themed equities each fiscal year. 

FundConnext, the mutual fund trading and data platform operated by the Digital Access Platform under the Stock Exchange of Thailand, will facilitate fund access and verify eligible LTF unit transfers. 

SEC Secretary-General Pornanong Budsaratragoon said the ESGX initiative aims to incentivize long-term investment in sustainable assets and help achieve national sustainability targets. Chavinda Hanratanakool, chairwoman of the Association of Investment Management Companies, projected investment inflows of THB 20–30 billion (USD 600–900 million) between May and June, with LTF transfers accounting for at least THB 80 billion (USD 2.4 billion). 

Analysts estimate that investors optimizing both tax benefit schemes could receive up to THB 600,000 (USD 18,000) in deductions in 2025 alone. [Bangkok Post] 

Southern Economic Corridor development continues as a logistics and economic boost

The Thai government is moving forward with the Southern Economic Corridor (SEC) development project, aimed at improving transportation links between the Gulf of Thailand and the Andaman Sea, fostering regional economic growth and enhancing tourism.

Deputy Transport Minister Manaporn Charoensri confirmed that the SEC will enhance connectivity and improve logistics, benefiting the southern provinces of Chumphon, Ranong, Surat Thani, and Nakhon Si Thammarat. These provinces are key to the country’s economic and tourism development. 

The SEC project includes a land bridge to connect the two coasts, a seaport in Ranong, a double-track railway system, and a tourism development initiative. The project is designed to improve transport between Asia and the Indian Ocean, bypassing the Malacca Strait and facilitating smoother cargo flow. 

A feasibility study, environmental impact assessments, and business development plans have already been completed, and the government is working to attract investors to the project. The initiative aims to create a major logistics hub and drive economic growth for the region. [Bangkok Post] 

Industrial Estate Authority prepares ‘service industrial estate’ in Chon Buri province

The Industrial Estate Authority of Thailand (IEAT) is conducting a feasibility study for the development of a 2,000-rai (3.2 square kilometers) "service industrial estate" in Chon Buri province to support the government’s plan to establish an entertainment complex in the Eastern Economic Corridor (EEC). The proposed estate will include a hotel, mall, amusement park, residential zone, and spa services, aimed at boosting consumer spending and supporting broader economic growth.

Acting IEAT Governor Sumet Thangprasert stated that if government land is allocated for the entertainment complex, the project would proceed under the Industrial Estate Authority of Thailand Act. The service industrial estate is expected to be located in a newly designated economic zone and marketed as a family-friendly destination. 

The initiative follows the government’s recent appointment of a special committee to oversee the entertainment complex project, with potential sites including Bangkok, Chon Buri, Chiang Mai, and Phuket. The project aligns with Thailand’s target to raise investment to 27 percent of gross domestic product (GDP) by 2026. 

In addition to this new estate, the IEAT has made 23,662.45 rai (37.86 square kilometers) of land available for foreign investors, particularly those seeking to relocate production from trade-affected regions. The authority also confirmed the completion of the 1,383-rai (2.21 square kilometers) Smart Park Industrial Estate in Map Ta Phut, Rayong, designed to attract investment in targeted industries. [Bangkok Post] 

最低工资上调因对美国关税的担忧而推迟

由于三方工资委员会未能在4月22日达成共识，泰国将每日工资上调至400泰铢（约12美元）的计划被推迟。官员们表示，美国拟对泰国进口商品征收36%关税所带来的经济不确定性，是推迟决定的因素。

 由政府、雇主和雇员代表组成的15人委员会将在推迟至5月进行进一步讨论，具体日期仍未确定。尽管劳工部部长Phiphat Ratchakitprakarn曾承诺将于5月1日实施加薪决定，但鉴于当前经济形势，尤其是关税影响，雇主和雇员代表均认为，目前并非调整工资的合适时机。

雇主代表对政府在1月上调工资后未采取缓解措施表示不满，称在面临即将到来的贸易冲击时，企业的负担进一步加重。尤其是中小企业，如果本次加薪覆盖所有行业，预计受到最严重的冲击。 [Bangkok Post] 

中国汽车制造商扩大本地生产，加强对东南亚国家联盟（ASEAN）以及全球市场的出口

中国三大汽车制造商上汽名爵（MG）、比亚迪（BYD）和长城汽车（GWM），正在泰国加速生产扩张，将泰国定位为面向东南亚及更大市场的混合动力和插电式混合动力汽车战略出口中心。

比亚迪目前在泰国包括生产BYD DOLPHIN和ATTO 3款的多款车型，今年已开始出口BYD SEALION 6 DM-i插电式混合动力车型。公司计划在2024年第三季度工厂投产后两年内实现年产15万辆的满产目标。该工厂支持左舵和右舵车型生产，充分证明已具备出口准备能力。

上汽集团与正大集团合资的名爵（MG）品牌，在春武里府的工厂年产能达10万辆，目前生产MG5、MG ZS和MG HS PHEV等车型，已出口至越南和印度尼西亚，并计划拓展至马来西亚。虽然同一工厂也一样组装MG S5和MG4等电动汽车，但相关出口尚未启动。MG工厂位于WHA东海岸工业园区2期，占地437.5莱（约70万平方米），其中于2023年建立了占地137.5莱（约22万平方米）的“新能源产业园”，以支持电动汽车产业发展。公司现有员工超过1000人，其中98%为泰国籍员工。

长城汽车也计划在2025年第二季度扩大位于罗勇府工厂的产能以适配不断增长的本土和海外市场需求。该工厂年最大产能为8万辆，出口的混合动力包括坦克500 HEV和哈弗H6 HEV，出口市场覆盖马来西亚、越南、印度尼西亚、巴西、澳大利亚和新西兰。该工厂员工拥有超过1100人，45%至50%的零部件来自本地。长城汽车国际市场副总裁James杨表示，罗勇工厂是公司全球出口战略的重要组成部分，也是继俄罗斯之后的第二座重要海外工厂。

[The Nation]