泰国正式启动泰国绿色分类标准第二阶段，将其环境可持续活动分类体系扩展至四个高排放行业：农业、建筑与房地产、制造业以及废弃物管理。该分类体系是在第一阶段的基础上建立的，第一阶段聚焦于能源与交通行业，旨在支持泰国向更加可持续、具有气候适应力的经济转型。

本阶段由泰国分类委员会（Thailand Taxonomy Board）内部联合制定，委员会成员包括泰国气候变化与环境部（DCCE）、泰国银行（BOT）、泰国证券交易委员会（SEC）、泰国证券交易所（SET）以及其他28家公共与私人机构。该框架在2024年2月至2025年1月期间广泛征求了利益相关方的意见。

第二阶段对齐六大核心目标：气候变化缓解、气候适应、水资源可持续利用、循环经济推广、污染防治，以及生物多样性和生态系统保护。

国际合作伙伴如国际金融公司（IFC）、德国国际合作机构（GIZ）以及亚洲开发银行（ADB）对该分类标准的制定提供了支持，同时也获得了气候债券倡议组织（Climate Bonds Initiative）和泰国发展研究院（TDRI）等机构的技术意见。 [Bank of Thailand]

Nestlé, a Switzerland-based multinational food and beverage company, has filed a lawsuit in Thailand seeking THB 577 million (USD 15.6 million) in damages from former business partners Prayudh and Chalermchai Mahagitsiri for alleged infringement of the Nescafé trademark. The claim stems from an eight-day suspension in April 2025, when a court injunction temporarily barred Nestlé from selling or producing Nescafé products in Thailand. The Central Intellectual Property and International Trade Court later reaffirmed Nestlé Thailand's exclusive rights to the “Nescafé” and “เนสกาแฟ” trademarks.

The dispute traces back to internal conflict within Quality Coffee Product Ltd (QCP), a 50:50 joint venture between Nestlé and the Mahagitsiri family. Nestlé has also petitioned to liquidate QCP, citing unresolved disagreements and a lack of strategic alignment. The next trial in the trademark case is scheduled for June 9, while a separate liquidation hearing will proceed on June 26. [Bangkok Post]

A draft bill aimed at promoting solar panel installations in Thailand has received a mixed response from industry stakeholders, with concerns raised over the concentration of power in the hands of the energy minister and a lack of procedural clarity.

The Thai Photovoltaic Industries Association welcomed the bill in principle, describing it as a step toward streamlining solar adoption—particularly for small and medium-sized businesses struggling with high energy costs. The association emphasized that while the bill is broadly framed, its effectiveness will depend on subsequent organic laws that clarify implementation procedures and oversight mechanisms.

However, criticism has come from within the renewable energy business community. A solar entrepreneur and former politician warned that the bill grants overly broad authority to the energy minister, who would be empowered to issue regulations on equipment types, licensing, electricity pricing, and buyer eligibility. Opponents argue this could lead to over-centralization and potential abuse, counteracting the bill's stated goal of facilitating solar energy expansion.

The bill’s public consultation period ended on May 30, but objections persist, particularly regarding provisions that would allow the minister to control key aspects of solar energy regulation without parliamentary checks.

Thailand currently has over 4,000 megawatts of installed solar capacity—roughly equivalent to the output of four large nuclear power plants. This includes solar farms, floating systems, and rooftop panels, both grid-connected and independently operated. While significant, further growth depends on regulatory clarity and investment incentives.

In parallel, the Energy Regulatory Commission is preparing new licensing rules for private power producers operating under independent power supply agreements. These updates aim to expand energy self-sufficiency in industrial zones, but do not yet allow peer-to-peer power trading, which many see as key to decentralized energy markets. [Bangkok Post]

Thailand’s Securities and Exchange Commission (SEC) has ordered NR Instant Produce (NRF) to revise its 2024 annual and Q1 2025 financial statements, citing misclassification of shareholding changes in Kairous Asia Ltd (KAL), a company established for a planned SPAC (special purpose acquisition company) merger that has yet to materialize.

NRF had recorded KAL’s shares—received as repayment for loans and accrued interest—as a business acquisition, but the SEC ruled this treatment inappropriate. Because KAL lacks ongoing operations and consists primarily of deposits and liabilities, it does not meet the criteria of a “business” under applicable accounting standards. The SEC has directed NRF to reclassify the transaction as an asset acquisition, evaluate asset impairment risks, and disclose any losses accordingly.

NRF must submit revised, auditor-reviewed financial statements by June 30, 2025, along with an updated disclosure under Section 56 of the Securities and Exchange Act via the Stock Exchange of Thailand (SET).

In parallel, the SEC has raised concerns over NRF’s bond restructuring plan, which seeks to reduce the number of repayments for its NRF254A bond from five to two, while also requesting waivers on early redemption fees and default conditions following a missed principal payment in April. The SEC has called on bondholders to weigh the implications carefully and instructed the bondholder representative to present a clear analysis.

The SET suspended trading of NRF shares on May 30 in light of the unresolved accounting issues, though trading will resume on June 4 under a cash balance regime, requiring upfront payment for share purchases. A "Caution: Financial Statement" (CS) warning remains in place until NRF complies with regulatory requirements. [Bangkok Post]

Thai authorities have dismantled a large-scale hazardous waste laundering operation involving the illegal handling and export of toxic industrial by-products, notably electric arc furnace dust or “red dust,” a dangerous residue from steel production. The scheme reportedly involved at least three interconnected companies operating across Rayong and Prachinburi provinces.

According to the Ministry of Industry, the operation was uncovered during a probe into 11 steel factories using induction furnace (IF) technology. Officials found that instead of safely disposing of red dust, factories were forging hazardous waste documents and misreporting disposal data. The waste was chemically treated and funneled through a network of affiliated firms for domestic and international sale, in violation of environmental and industrial laws.

Investigations centered on Xie Chiang Chemical Industry (Thailand) Co Ltd, which processes and exports zinc oxide. The company was found to be using unauthorized machinery and accepting red dust from both domestic and foreign sources. The owner, Pan Hongzhou, also controls NFMR Co Ltd and Xie Xiang Nan-Ferrous Metal Co Ltd, which together form a closed-loop system for converting hazardous waste into commercial products like zinc ingots and powder.

Officials described the operation as a systematic attempt to disguise toxic waste as industrial output, enabling its unlawful distribution in both local and international markets. [Bangkok Post]

位于曼谷乍都乍区的国家审计署（SAO）大楼倒塌事件，重新引发了人们对早在2009年就存在的采购违规行为的关注。最新的一份调查报告指出，该大楼在最初设计和招标阶段存在的缺陷，可能导致大楼结构脆弱，最终在3月28日地震中倒塌。

据Isra通讯社（Isra News Agency）报道，国家反腐委员会（NACC）早前曾针对前审计长Khunying Jaruvan Maintaka及其他相关人员，就授予该项目的金额为2580万泰铢（约合74.8万美元）的合同提出刑事指控理由。

该项目原计划建在巴吞他尼府的一块国有土地上，后被改址至曼谷。国家审计署于2009年10月启动招标程序时，具有争议地允许未持有建筑或工程专业执照的公司参与投标。泰国建筑师委员会（Architect Council of Thailand）曾就此提出反对，认为该做法存在法律与安全风险，但招标程序并未因此更改。

最终，由Cabinet Engineer–Arwut Ngernchuklin组成的联合体获得了该合同，而该联合体并不具备所要求的资质。内部备忘录显示，原本评分最高的投标公司 Design Develop Ltd 被新成立的评审委员会否决，该委员会由Jaruvan组建，引发了操控程序的质疑。国家反腐委员会于2011年做出结论，Jaruvan及评审委员会主席Uthai Thongkhum应因玩忽职守和可能的串通投标行为接受刑事调查。

国家反腐委员会已将调查结果提交总检察长办公室，并建议国家审计署就该事件寻求损害赔偿。但案件至今尚未结案，相关各方仍被视为无罪，法院尚未作出最终判决。 [Bangkok Post]

Thirteen high-rise developments in Bangkok have been found to potentially violate construction laws, according to the Thailand Consumers Council (TCC), following complaints from residents in 11 communities regarding safety and non-compliance with legal and design standards.

The TCC’s investigation revealed that many of the projects deviated from approved building designs or failed to meet requirements under Environmental Impact Assessment (EIA) regulations. Most notably, the projects reportedly breached Ministerial Regulation No. 33, which mandates a minimum 6-meter-wide road clearance around high-rise buildings to ensure emergency access.

Instead of leaving these areas unobstructed, developers in multiple cases repurposed emergency access zones for cafés, gardens, EV charging stations, gyms, and ornamental ponds, blocking routes needed by fire trucks or ambulances. The council has asked the Bangkok Metropolitan Administration (BMA) to inspect 10 of the projects, both completed and under construction.

Violations were identified in key districts, including Ratchayothin, Saphan Khwai, and Ratchadaphisek. In some instances, what developers advertised to buyers diverged from the actual construction or filed EIA documents, raising concerns about consumer protection and regulatory enforcement.

Legal experts emphasized that even minor obstructions such as plant pots violate the law if they encroach on the required access zones. The TCC is urging authorities to enforce existing regulations more strictly to ensure public safety and compliance across future high-rise developments. [Bangkok Post]

Thailand’s Ministry of Commerce and Department of Lands have signed a memorandum of understanding (MoU) to strengthen scrutiny of businesses suspected of using Thai nominees to circumvent foreign ownership laws, particularly in the real estate sector. The initiative aims to counter a growing pattern of foreign nationals acquiring land illegally by registering property or company shares under local proxies.

According to government figures, 55.49 percent of the 46,918 flagged legal entities operate in real estate and land trading—sectors seen as especially vulnerable to nominee arrangements. The Department of Business Development will forward these cases to the Department of Lands for further investigation.

Authorities argue that nominee structures distort market mechanisms and pose risks to national economic security by undermining ownership transparency and regulatory oversight. To address potential legal loopholes, the Anti-Money Laundering Office (AMLO) is preparing draft legislation that would authorize the seizure of assets tied to nominee-based business operations.

The MoU is part of broader efforts to enforce existing ownership regulations and restore investor confidence by tightening compliance in sectors where foreign participation is restricted by law. [Bangkok Post]

Thai police have arrested six individuals, including five Chinese nationals and one Thai woman, in connection with a shooting and suspected drug trafficking operation in Pattaya’s Bang Lamung district. The arrests followed a shooting incident on June 1 at a rented house on Soi Khao Makok, where a Chinese man was shot in the ankle during a dispute over an alleged THB 500,000 (USD 14,500) debt. Police say the shooter claimed he had only fired warning shots.

The initial arrest of three Chinese nationals at the scene led police to seize a Mercedes-Benz, large quantities of methamphetamine, ketamine, and meth pills, an unregistered firearm, vaping gear, and multicurrency cash worth over THB 108,000 (USD 3,100). All three tested positive for drug use and were reportedly overstaying their visas.

A subsequent raid on June 2 in tambon Nong Prue uncovered two more Chinese men and a Thai woman. A firearm was seized, and both men were also found to be visa overstayers. Police allege the group sold drugs to Chinese tourists at Pattaya nightspots.

Authorities have launched a wider investigation into an illegal Chinese drug and visa overstay network, focusing on over 1,500 Chinese nationals flagged for visa violations. Charges include attempted murder, firearm possession, drug offenses, and immigration violations. The investigation is ongoing. [Bangkok Post 1] [Bangkok Post 2]

Thailand is preparing its first artificial intelligence (AI) regulation, with the aim of supporting responsible adoption of the technology to enhance competitiveness across key sectors, Prime Minister Paetongtarn Shinawatra announced. The forthcoming law is intended to balance innovation with safeguards, promoting AI as a tool to drive economic growth, particularly in manufacturing and trade.

Speaking at the FTI Expo, hosted by the Federation of Thai Industries (FTI), the prime minister emphasized that AI should become a strategic asset for businesses and a catalyst for national development. The government intends the law to ensure that AI can be deployed effectively while maintaining accountability and transparency.

The FTI is simultaneously developing an AI roadmap for the manufacturing sector and has launched a new unit to promote technological innovation. The initiative, supported by the Ministry of Higher Education, Science, Research and Innovation, aims to help industrial operators reduce costs, enhance productivity, and meet global standards. [Bangkok Post]

泰国税务局正准备推出一项临时性的个人所得税免税政策，针对汇入泰国的海外来源收入实行减免，旨在吸引资本回流泰国并刺激国内投资。根据该草案，若纳税人在税务年度内在泰居住至少180天，其在获得收入后两年内汇入泰国的海外收入将可享受免税待遇。

该提议的出台，是为了回应市场对现行税制的担忧——根据现行规则，无论海外收入在获得后何时汇入泰国，均需缴纳个人所得税，这被认为阻碍了资本回流。据税务局估计，泰国公民在海外持有的资产总额高达2万亿泰铢（约合580亿美元），每年产生的收益高达数千亿泰铢。政府希望通过新政策将这部分资本引导回国内经济体系。

根据计划中的部级规章，免税只适用于收入取得年度及其次年。若在第三年或之后汇入，该笔收入仍须依照现行法律纳税。该规定不具有追溯力，仅适用于法规生效之后获得的收入。

此项举措是在2024年泰国正式采纳属地税制背景下提出的，这一制度与国际通行做法接轨。根据该制度，在泰国一年内居住180天及以上的个人，其汇入泰国的本地及海外收入均须缴纳所得税。若泰国与他国签订了避免双重征税协定（DTA），纳税人可申请外国税收抵免，但抵免额度不得超过泰国的最高个人所得税税率35%。

尽管此项改革旨在增强国内流动性、推动投资，但也力求在鼓励资本回流与确保税务合规之间取得平衡。税务机关已明确表示，纳税义务适用于来自海外资产的收入，如利息、股息、资本利得等，不包括投资本金本身。

税务专家指出，国内外混合收入所涉及的扣除额与抵免额交叉计算仍较复杂，政策正式实施后，可能还需出台进一步的执行细则以指导纳税人合规申报。 [Bangkok Post]

Thailand’s economy improved modestly in April 2025, driven by a rebound in manufacturing, higher exports, and slight gains in tourism, according to the central bank. The Manufacturing Production Index rose by around 2.2 percent year-on-year, ending a nine-month contraction. Key contributors included food processing, clothing, cement, and a partial recovery in the automotive sector, where passenger car and motorcycle output increased for the first time in over a year.

Exports rose by 9.9 percent, led by industrial goods and animal feed, while imports climbed 17.3 percent, resulting in a trade and current account deficit. Domestic consumption indicators, such as VAT collection, remained strong.

However, the full-year manufacturing forecast was cut to 0–1 percent due to ongoing structural weaknesses and external risks, including potential U.S. tariffs of up to 36 percent on Thai exports. The central bank warned that while the U.S. measures had not yet impacted exports, the outlook remained fragile amid high household debt and subdued investment. [Bangkok Post 1] [Bangkok Post 2] [Bangkok Post 3] [Bangkok Post 4]

Initial public offering (IPO) activity in Thailand fell to a 13-year low during the first four months of 2025, with only four companies successfully listing their shares. The sharp decline is attributed to weak investor sentiment, new regulatory requirements, and broader macroeconomic uncertainty.

Revised listing rules introduced by the Stock Exchange of Thailand (SET) on January 1 raised the minimum profit threshold for companies aiming to go public. Firms seeking to list on the SET must now show at least THB 75 million (USD 2.2 million) in net profit in the latest year, up from THB 30 million (USD 880,000). For the Market for Alternative Investment (MAI)—a bourse designed for small and medium-sized enterprises—the minimum rose from THB 10 million (USD 290,000) to THB 25 million (USD 730,000).

The higher profit and cumulative earnings requirements have increased IPO preparation times to around four years and raised associated costs. As of May 28, no companies had listed on the main SET board in 2025, while four firms raised a combined THB 898 million (USD 26.3 million) through MAI listings. [Bangkok Post 1]

Meanwhile, Thai-listed companies reported mixed first-quarter results. SET-listed firms saw net profits rise 3.6 percent year-on-year to THB 261.5 billion (USD 7.7 billion), supported by investment gains and recovery in tourism-related sectors such as food and beverage, aviation, telecommunications, retail, and property rental. However, total sales declined by 3.6 percent to THB 4.18 trillion (USD 123 billion), with the energy sector hit by falling oil prices and lower electricity demand.

Performance on the MAI was weaker. Total Q1 sales fell 4.6 percent to THB 50.4 billion (USD 1.5 billion), while net profits dropped 59 percent to THB 1.76 billion (USD 52 million). The downturn was linked to project completions and mark-to-market losses on digital and financial assets. Still, some sectors—notably agro-food, technology, services, and consumer products—continued to post growth.

Debt levels remained stable. As of March 31, the debt-to-equity ratio for non-financial SET-listed companies stood at 1.51 times, while MAI-listed firms reported a lower average of 0.79 times. The MAI had a market capitalization of THB 237.7 billion (USD 7 billion) and an average daily trading value of THB 548 million (USD 16 million). [Bangkok Post 2]

Thailand saw a sharp uptick in business closures during the first four months of 2025, with 3,921 businesses shutting down—an 8.3 percent increase compared to the same period last year. These closures represented a combined registered capital of THB 15.99 billion (USD 463 million), with general construction, real estate, and restaurants being the most affected sectors. Notably, these same sectors also recorded the highest number of new business registrations, pointing to a dynamic but volatile economic environment marked by high turnover rather than structural decline.

New business registrations dropped by 4.4 percent year-on-year to 30,148, amid persistent concerns over household debt, reduced consumer spending, global economic uncertainty, and shifting U.S. trade policies. Analysts have also flagged vulnerabilities in the manufacturing sector, warning of further factory closures ahead. [Bangkok Post 1]

In response, the government has launched a THB 30 billion (USD 917 million) soft loan program through the Bank for Agriculture and Agricultural Cooperatives (BAAC) in cooperation with the Social Security Office. Targeted at private-sector employers registered under Thailand’s mandatory social security system, the loans are part of the “Employment Promotion Loan Project” (2025–2026) and aim to preserve jobs, enhance productivity, and stabilize business operations.

To qualify, employers must have contributed to the Social Security Fund for at least 12 consecutive months and maintained at least 80 percent of their workforce. The loans, available from July through December 2026 or until funds are exhausted, offer interest rates starting at 2.35 percent annually for the first three years if backed by collateral.

The move comes amid a modest rise in unemployment among insured workers, which reached 1.96 percent in early 2025—up from 1.81 percent the previous year—while the overall national unemployment rate stood at 0.9 percent. Thailand’s total labor force was 40.4 million in 2024, with 12.1 million workers covered under Section 33 of the Social Security Act. [Bangkok Post 2]

Global rating agency S&P Global Ratings has affirmed Thailand’s sovereign credit rating at BBB+ with a stable outlook, citing a strong external financial position, robust foreign reserves, and consistent support for infrastructure and investment projects such as the Eastern Economic Corridor. S&P forecasts average annual GDP growth of 2.8 percent over 2025–2028, with income per capita expected to increase from USD 7,500 to USD 8,100 in 2025.

In response, the Thai government described the rating as a vote of confidence in its economic direction. It pointed to the assessment as international validation of its ongoing reform and stimulus strategy focused on private consumption, exports, public investment, and private investment. The administration also reiterated its commitment to structural reforms aimed at reducing household debt, addressing inequality, and promoting fiscal discipline while preparing the economy for long-term resilience. [Bangkok Post]

The Dubai International Chamber has launched its 36th international representative office in Bangkok, marking a strategic step in its “New Horizons” initiative aimed at expanding the global presence of Dubai-based firms. The office opening is part of the Dubai Global strategy to establish 50 international offices by 2030 and strengthen Dubai’s position as a global business hub.

The Bangkok office is intended to facilitate trade, investment, and partnerships between the United Arab Emirates (UAE) and Thailand, offering support in areas such as market intelligence, regulatory guidance, and business matchmaking. Thai firms are encouraged to explore investment in sectors such as hospitality, food and beverage, retail, logistics, wholesale trading, and blockchain, while Dubai-based firms are targeting opportunities in renewable energy, freight, medical tourism, and advertising services in Thailand.

In 2024, total bilateral trade between the two countries reached USD 20 billion, with non-oil trade rising by 23.3 percent year-on-year to USD 6.5 billion. Thailand’s key exports included automobiles, electronics, agricultural products, and machinery, while imports from the UAE focused on petroleum products, aluminum, plastic resin, and gold. Dubai aims to raise the bilateral trade volume to USD 30 billion in the coming years. [Bangkok Post]

Thai-born Silicon Valley investor Jeep Kline has launched Raisewell Ventures, an impact-focused venture capital fund investing in early- to mid-stage deep-tech startups across the United States and Southeast Asia, with Thailand as a strategic innovation hub. The fund focuses on sectors such as climate tech, health tech, and supply chain manufacturing, and expects to invest in at least one or two Thai software-as-a-service startups by September 2025.

Raisewell aims to back 30 to 40 companies regionally, leveraging Thailand’s skilled workforce, affordable land, and investment incentives—especially in semiconductors—to attract high-tech ventures and enable dual stock listings. Kline emphasized the country’s potential in sectors like green agriculture, EV batteries, aging society wellness, and smart manufacturing, drawing parallels with Silicon Valley and Israel in terms of scalable innovation capacity.

She stressed that a robust startup ecosystem requires not only capital and talent but also legal frameworks ensuring transparency, employee stock option programs (ESOPs), and regional cooperation to attract advanced manufacturing. [Bangkok Post]

The Housing Developer Sentiment Index for Greater Bangkok, Thailand’s largest urban and economic hub with a combined population of over 15 million, fell sharply to 42.0 in the first quarter of 2025, marking the fourth-lowest level since the index was launched in 2007, according to the Real Estate Information Center (REIC).

Previous troughs in the index were recorded during the 2011 floods, the 2008 global financial crisis, and the onset of the COVID-19 pandemic in early 2020. The current reading dropped 8.4 points from the previous quarter and is significantly below the neutral threshold of 50, which separates positive from negative sentiment.

REIC attributed the downturn to a combination of structural and external pressures: elevated household debt levels, tighter mortgage rules, geopolitical instability, and the uncertainty surrounding U.S. tariff policies. The sentiment survey was conducted prior to the major earthquake on March 28.

Despite this low confidence level, the expectations index—reflecting the outlook for the next six months—remained slightly positive at 52.3, although it too fell from 64.3 in the previous quarter. Developers anticipate that recent government property incentives and the easing of loan-to-value requirements, in effect through June 2026, could help revive the market later this year. [Bangkok Post]

The Thai government has earmarked THB 509.9 million (approximately USD 14 million) in its draft 2026 budget to develop border provinces into specialized medical hubs. The initiative supports Thailand’s broader ambition to become a global health and wellness destination, encompassing services such as spas, cosmetic surgery, traditional medicine, and advanced medical care.

The funding is part of a seven-policy framework led by the Ministry of Public Health, aimed at boosting health-related tourism and economic development in remote areas. Planned facilities include cancer, cardiac, and ophthalmology centers across provinces such as Kanchanaburi, Sa Kaeo, Tak, Nong Khai, and Ubon Ratchathani. In addition to improving rural healthcare access and reducing urban overcrowding, the program is expected to attract foreign patients and generate substantial long-term revenue. The budget is currently under parliamentary review. [Bangkok Post]

The Asian Infrastructure Investment Bank (AIIB) has expressed interest in investing in Thailand’s Land Bridge project, citing its potential to benefit both Southeast Asia and East Asia by reducing transport costs and shortening shipping times.

The Land Bridge, a flagship infrastructure initiative of Thailand’s current administration, envisions a deep-sea port system linking the Gulf of Thailand with the Andaman Sea via Chumphon and Ranong provinces. The project includes new highways and double-track railways, with the aim of offering an alternative to the congested Strait of Malacca. The total investment is expected to be around THB 1 trillion (approximately USD 27.7 billion), with international bidding for the first phase—valued at THB 520 billion (approximately USD 14.4 billion)—scheduled to begin this year. Construction is expected to start in 2030.

Finance Minister Pichai Chunhavajira has framed the project as a strategic way to deepen trade ties with China rather than compete with it, positioning Thailand as a logistics gateway for Chinese exports. After decades of subdued investment following the 1997 Asian Financial Crisis, total investment in Thailand reached THB 2.6 trillion (approximately USD 72 billion) in 2023—close to pre-crisis levels. [Bangkok Post]