Foreign manufacturers will increasingly use Thai-listed subsidiaries as vehicles for Southeast Asia expansion by 2028.

As firms diversify production beyond China, Thailand is positioning itself as an alternative manufacturing base. The Board of Investment’s IPO reform lets eligible foreign manufacturers list locally, giving their Thai subsidiaries access to domestic capital beyond parent funding. As global minimum tax rules weaken traditional incentives and regional rivals lack comparable listing reforms, Thailand is pitching to manufacturers pursuing China+1 diversification and regional expansion.