Thailand
Southeast Asia · Bangkok · THB (Thai Baht)
Economy & industry overview
Thailand is an upper-middle-income emerging market economy in Southeast Asia, classified as a newly industrialized country. Its economy is export-oriented, with key pillars in manufacturing (automobiles, electronics, petrochemicals), agriculture, and a large tourism sector. Bangkok serves as a major regional financial and logistics hub. The country runs a significant trade-in-goods base, with exports including machinery, electronics, food products, and automotive parts destined primarily for ASEAN, the United States, China, and Japan. Growth has been moderate in recent years, constrained by structural challenges including an ageing population and geopolitical headwinds to export demand.
Key sectors
Learn everything about Thailand →Macro
| GDP nominal, USD | $543.60B |
| GDP growth real, annual | 2.5% |
| Inflation annual | 0.4% |
| Population people | 71.7M |
| GDP per capita USD | $7,583 |
| Market cap total listed, USD | $519.67B |
| Market cap / GDP | 89.0% |
| Unemployment | 1.0% |
| Listed companies | 868 |
| Exchange | Stock Exchange of Thailand (SET) |
Data year: 2024. Sources: IMF World Economic Outlook (April 2026), World Bank World Development Indicators 2024, Stock Exchange of Thailand (SET) official data, Baker McKenzie Cross-Border Listings Guide – Thailand (2026), Wikipedia – Economy of Thailand, Wikipedia – Stock Exchange of Thailand, Statista – Thailand Inflation Rate (IMF, 2024), FocusEconomics – Thailand Unemployment 2024, Worldometer – Thailand GDP 2024, Trading Economics – Thailand Market Capitalization (World Bank).
Latest news
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Other Southeast Asia markets
Indonesia
Malaysia
Philippines
VietnamLargest listed companies
The biggest companies on the main local exchange, by market capitalisation.
| # | Company | Sector | Market capUSD | US listing |
|---|---|---|---|---|
| 1 | PTT Public Company LimitedPTT · SET | Energy & Petrochemicals | $28.00B | — |
| 2 | Airports of Thailand Public Company LimitedAOT · SET | Transportation & Aviation Infrastructure | $22.00B | — |
| 3 | PTT Global Chemical Public Company LimitedPTTGC · SET | Petrochemicals | $6.50B | — |
| 4 | Siam Commercial Bank Public Company LimitedSCB · SET | Banking & Financial Services | $12.50B | — |
| 5 | Kasikornbank Public Company LimitedKBANK · SET | Banking & Financial Services | $11.50B | — |
| 6 | CP All Public Company LimitedCPALL · SET | Retail & Consumer | $13.00B | — |
| 7 | Siam Cement Group Public Company LimitedSCC · SET | Building Materials & Industrials | $9.50B | — |
| 8 | Bangkok Bank Public Company LimitedBBL · SET | Banking & Financial Services | $9.00B | — |
| 9 | Gulf Energy Development Public Company LimitedGULF · SET | Energy & Utilities | $12.00B | — |
| 10 | Charoen Pokphand Foods Public Company LimitedCPF · SET | Food & Agribusiness | $5.80B | — |
| 11 | PTT Exploration and Production Public Company LimitedPTTEP · SET | Oil & Gas Exploration | $13.00B | — |
| 12 | True Corporation Public Company LimitedTRUE · SET | Telecommunications | $8.50B | — |
| 13 | Advanced Info Service Public Company LimitedADVANC · SET | Telecommunications | $15.00B | — |
| 14 | Central Retail Corporation Public Company LimitedCRC · SET | Retail & Consumer | $5.30B | — |
| 15 | Bangkok Dusit Medical Services Public Company LimitedBDMS · SET | Healthcare | $11.00B | — |
| 16 | Intouch Holdings Public Company LimitedINTUCH · SET | Telecommunications (Holding) | $6.00B | — |
| 17 | Bangkok Life Assurance Public Company LimitedBLA · SET | Insurance | $2.50B | — |
| 18 | Krung Thai Bank Public Company LimitedKTB · SET | Banking & Financial Services | $7.50B | — |
| 19 | Thai Oil Public Company LimitedTOP · SET | Oil Refining & Petrochemicals | $3.20B | — |
| 20 | Bank of Ayudhya Public Company Limited (Krungsri)BAY · SET | Banking & Financial Services | $6.80B | — |
| 21 | Muangthai Capital Public Company LimitedMTC · SET | Non-Bank Financial Services | $3.80B | — |
| 22 | SCG Packaging Public Company LimitedSCGP · SET | Packaging & Paper | $4.20B | — |
| 23 | PTT Oil and Retail Business Public Company LimitedOR · SET | Energy Retail & Convenience | $10.00B | — |
| 24 | Tisco Financial Group Public Company LimitedTISCO · SET | Banking & Financial Services | $2.20B | — |
| 24 | Kasikorn Asset Management— · SET | Asset Management | — | — |
| 25 | Pruksa Holding Public Company LimitedPSH · SET | Real Estate | $1.40B | — |
US-traded ETFs
Funds listed in the US that give exposure to this market, the simplest route for many US investors.
| ETF | Scope | Expense ratioannual % | Exposure% of fund |
|---|---|---|---|
| EWTiShares MSCI Taiwan ETF · BlackRock (iShares) | Single-country Reference only | 0.57% | 0% |
| THDiShares MSCI Thailand ETF · BlackRock (iShares) | Single-country | 0.59% | 100% |
| VWOVanguard FTSE Emerging Markets ETF · Vanguard | Broad EM | 0.08% | 2% |
| XSOEWisdomTree Emerging Markets ex-State-Owned Enterprises Fund · WisdomTree | Broad EM | 0.32% | 2% |
| AVESAvantis Emerging Markets Value ETF · Avantis Investors (American Century) | Broad EM | 0.33% | 2% |
| EEMAiShares MSCI Emerging Markets Asia ETF · BlackRock (iShares) | Regional | 0.50% | 4% |
| EEMiShares MSCI Emerging Markets ETF · BlackRock (iShares) | Broad EM | 0.70% | 2% |
Local exchange & access
| Exchange | Stock Exchange of Thailand |
| Code | SET |
| Website | www.set.or.th |
| Currency | THB |
Local broker access
Foreign investors can access Thai equities through international brokers offering SET-listed securities, including interactive brokers (IBKR), Saxo Bank, and some regional brokers licensed in Thailand such as Kasikorn Securities, Bualuang Securities (Bangkok Bank Group), and SCB Securities. Direct accounts at Thai brokers require a Non-Resident account and documentation. US-based investors can gain exposure via Thailand-focused or broader Southeast Asia/EM ETFs listed in the US. There are no major Thai ADRs on US exchanges; most foreign investment is made through local SET accounts or ETFs. Daily SET trading hours are 10:00–12:30 and 14:00–16:30 ICT (UTC+7).
Global brokers with foreign-market access
- Interactive Brokers — Direct access to 90+ markets worldwide, including many emerging exchanges.
- Saxo Bank — Multi-market access across Asia, Europe and the Middle East.
- Charles Schwab (Global) — Foreign ordinary shares on select markets; US-listed ADRs and ETFs.
- Fidelity International Trading — International stock trading on a number of developed and emerging markets.
Listed for convenience only. Not a recommendation. Available markets, fees and onboarding rules differ by broker and by your country of residence.
Relocation & residency
Investment visa / residency programme
Grants Long-term residency visa (10-year renewable, not permanent residency or citizenship)
Thailand introduced the Long-Term Resident (LTR) Visa programme in 2022, administered by the Board of Investment (BOI). It offers a 10-year renewable visa to qualifying foreigners in categories including wealthy global citizens (minimum $1,000,000 USD in assets and $80,000 annual income, or $500,000 invested in Thai government bonds/property/BOI-promoted entities), wealthy pensioners, work-from-Thailand professionals, and highly skilled professionals. The LTR visa grants a 10-year stay, a work permit (single-license system), tax privileges for some categories, and fast-track airport services. It is not a pathway to permanent residency or citizenship by itself.
Minimum investment: $500.00K
Need help applying? Specialist investment-migration advisers such as Henley & Partners.
Foreign-investor access
Thailand offers the LTR Visa (10-year) for qualifying wealthy individuals, pensioners (50+), remote workers, and highly skilled professionals. Retirees may also use the Thailand Retirement Visa (Non-OA), valid 1 year and renewable, requiring proof of a monthly income of THB 65,000 (~USD 1,800) or a bank deposit of THB 800,000 (~USD 22,000). Thailand has no income tax on foreign-sourced income remitted after the year it is earned (under rules updated in 2024), though tax residency rules are evolving. Cost of living is generally lower than Western economies. Foreigners face restrictions on land ownership but may hold condominium units (up to 49% of a building's total area).
US-listed ADRs & cross-listings
Companies from this country whose shares also trade in the US, investable in a normal US brokerage account.
| Company | US ticker | Local ticker | Note |
|---|---|---|---|
| No major Thai company maintains a sponsored ADR program on US exchanges | — | As of 2024-2025, there are no significant Thai companies with active sponsored Level II or Level III ADR programs on the NYSE or NASDAQ. Foreign investors seeking direct Thai equity exposure typically do so via local SET accounts, international brokers offering access to the SET, or through US-listed Thailand-focused ETFs such as THD. Some Thai company shares may trade as unsponsored OTC pink-sheet instruments with very limited liquidity. |