--- title: "Foreign manufacturers will increasingly use Thai-listed subsidiaries as vehicles for Southeast Asia expansion by 2028." description: "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, " url: "https://bilby.ai/predictions/p/110/foreign-manufacturers-will-increasingly-use-thai-listed-subsidiaries-as-vehicles" markdown: "https://bilby.ai/predictions/p/110/foreign-manufacturers-will-increasingly-use-thai-listed-subsidiaries-as-vehicles.md" index: "https://bilby.ai/llms.txt" --- > For agents: Bilby answers questions about what governments do, from documents collected at source and checked by research analysts. To ask Bilby yourself, connect to its MCP server at https://pulse.bilby.ai/mcp (setup: https://docs.bilby.ai/developers/mcp-server). Every page on this site is also markdown: add .md to its address, or send Accept: text/markdown. https://bilby.ai/llms.txt lists them all. # Foreign manufacturers will increasingly use Thai-listed subsidiaries as vehicles for Southeast Asia expansion by 2028. - **Made:** 18 Sep 2026 - **By:** Owen Bae - **Market:** Thailand - **Outcome:** Unresolved 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. [Ask Bilby about this prediction](https://pulse.bilby.ai/?prompt=Foreign%20manufacturers%20will%20increasingly%20use%20Thai-listed%20subsidiaries%20as%20vehicles%20for%20Southeast%20Asia%20expansion%20by%202028.) ## Ask Bilby about it Carry the prediction into a question: what has changed since, who decides, and who is exposed. - [What has changed since it was made?](https://pulse.bilby.ai/?prompt=What%20has%20changed%20since%20Bilby%20predicted%20this%3F%20Foreign%20manufacturers%20will%20increasingly%20use%20Thai-listed%20subsidiaries%20as%20vehicles%20for%20Southeast%20Asia%20expansion%20by%202028.) - [Who decides whether it happens?](https://pulse.bilby.ai/?prompt=Who%20decides%20whether%20this%20happens%3F%20Foreign%20manufacturers%20will%20increasingly%20use%20Thai-listed%20subsidiaries%20as%20vehicles%20for%20Southeast%20Asia%20expansion%20by%202028.) - [Who gains and who loses if it does?](https://pulse.bilby.ai/?prompt=Who%20gains%20and%20who%20loses%20if%20this%20happens%3F%20Foreign%20manufacturers%20will%20increasingly%20use%20Thai-listed%20subsidiaries%20as%20vehicles%20for%20Southeast%20Asia%20expansion%20by%202028.) ## More from Thailand 12 predictions on Thailand so far, newest first. - 5 Nov 2026 · [Amazon Web Services is likely to make less profit on its fixed-price Thai cloud services in 2027.](https://bilby.ai/predictions/p/206/amazon-web-services-is-likely-to-make-less-profit-on-its-fixed-price-thai-cloud-) · Unresolved - 4 Nov 2026 · [MG is likely to capture at least 18% of Thailand’s EV market in the first nine months of 2027, up from 14.2% a year earlier.](https://bilby.ai/predictions/p/204/mg-is-likely-to-capture-at-least-18-of-thailand-s-ev-market-in-the-first-nine-mo) · Unresolved - 30 Oct 2026 · [Thailand’s data-centre expansion will favour established operator True IDC over newcomer DAMAC.](https://bilby.ai/predictions/p/199/thailand-s-data-centre-expansion-will-favour-established-operator-true-idc-over-) · Unresolved [All 12 from Thailand](https://bilby.ai/predictions/log?tag=thailand) · Marked true or false when each resolves ## See what we’re seeing next. New predictions in the Asia Daily Take, free every weekday, and in Bilby whenever you have a question. [Get the Asia Daily Take](https://bilby.ai/asia#asia-daily-take) · [Try Bilby](https://pulse.bilby.ai/sign-up)