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December 15, 2023

Lex Mundi Guide to Doing Business in Thailand 2023

As part of its membership in Lex Mundi, Tilleke & Gibbins has published an updated edition of its Guide to Doing Business in Thailand for 2023. This guide outlines the key factors for starting and operating a business in the Thai market. Issues covered include:

  • Investment incentives
  • Financial facilities
  • Exchange controls
  • Import and export regulations
  • Structures for doing business
  • Requirements for the Establishment of a Business
  • Operation of the Business
  • Cessation or Termination of the Business
  • Labor legislation, relations, and supply
  • Tax
  • Immigration requirements

This publication is part of Lex Mundi’s Country Guides series prepared by member firms in more than 100 jurisdictions worldwide. The guides serve as a useful resource for planning international business strategy and researching new markets. The full Guide to Doing Business in Thailand is available through the button below.

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September 30, 2026
On September 15, 2026, Vietnam’s Ministry of Finance (MOF) released for public consultation a draft circular on reporting and information disclosure in the pilot crypto asset market. The draft implements Resolution No. 05/2025/NQ-CP on the Pilot Implementation of the Crypto Asset Market in Vietnam and provides further detail on how licensed crypto asset service providers (“CASPs”) will be supervised once the market becomes operational. The draft indicates a data-intensive supervisory model, with licensed CASPs serving as the first line of market oversight. Public Disclosure Requirements The draft imposes detailed public disclosure requirements on CASPs, aimed primarily at market transparency. CASPs and crypto asset issuers must make disclosures in both Vietnamese and English, retain reported and disclosed information for at least 10 years, and keep information published on their websites accessible for at least five years. For CASPs, disclosure obligations arise both periodically and when specific events occur. A CASP must announce any crypto asset to be admitted to trading on its website at least seven days before trading begins and publish periodic financial statements. Certain extraordinary events and information requested by the MOF must generally be disclosed within 24 hours. CASPs must also provide ongoing market information. During trading hours, they must publish key trading data, including prices and volumes, daily highs and lows, average prices, the three best bid and offer levels, and transactions by foreign investors. By 9:00 a.m. each trading day, they must publish specified information on the previous day’s trading activity. Regulatory Reporting Requirements Separate from public disclosure, the draft requires CASPs to provide regulators with detailed information enabling ongoing supervision of their operations and the market. For market activity, CASPs must report decisions to admit or remove a crypto asset from trading within 24 hours, submit previous-day trading data to the State Securities Commission
September 28, 2026
On September 15, 2026, the Thai Food and Drug Administration (Thai FDA) opened a public consultation period on the principles of a proposed Ministry of Public Health (MOPH) notification establishing specific Good Manufacturing Practice (GMP) requirements for foods derived from cultured animal cells. The proposal would build on Thailand’s existing safety assessment framework by proposing GMP requirements specifically tailored to the production of cultivated meat. As cultivated meat advances toward commercial production, its unique manufacturing processes present food safety challenges involving aseptic conditions, starting cell quality, culture media, and specialized equipment. Thailand’s Food Act B.E. 2522 (1979) provides the legal basis for regulating food manufacturing, but no GMP requirements specifically tailored to cultivated meat have been issued under it. The proposed framework aims to address this gap. The Thai FDA has not yet released a complete draft notification, so the proposed requirements outlined below may change before adoption. However, they indicate the direction the regulator intends to take, and companies preparing to enter the Thai market can use them now to anticipate their compliance obligations. What Is Cultivated Meat? Cultivated meat, also known as cell-based food or cell-cultured meat (and referred to in the proposed notification as food derived from cultured animal cells), is produced by cultivating animal cells rather than raising and slaughtering animals through conventional meat production. The process generally begins with the selection of animal cells or stem cells, which are cultivated in an appropriate culture medium within a bioreactor to promote cell growth and proliferation. Scaffolding materials or other techniques may subsequently be used to develop cells into tissue or other forms suitable for consumption. Unlike conventional meat production, this process introduces specific food safety considerations relating to starting cells, culture media, production substances, contamination controls, and potential residues in the final product. Thailand’s Safety
September 24, 2026
Vietnam is implementing and developing a broad package of regulatory reforms that could reshape how IP, data, digital platforms, and product authenticity are regulated and enforced. Several of the key measures have been led by the Ministry of Public Security in its legislative and administrative capacity, as part of a broader government effort. The core reform package consists of four key legal instruments: proposed amendments to the Criminal Code, a proposed new Data Security Law, a draft Decree on Product Identification, Authentication and Traceability, and the newly enacted Decree No. 330/2026/ND-CP. These instruments include rules on criminal enforcement, data security, electronic identification, product identification and traceability, administrative violations, and cybersecurity sanctions. Combined, these measures will affect copyright enforcement, industrial property rights, trade secrets, AI training data, product provenance, online takedowns, valuation of counterfeit goods and electronic evidence. It is worth noting that, in addition to strengthening criminal penalties for IP crimes, Vietnam’s emerging regulatory framework increasingly treats infringement, data misuse, product authentication, and platform-enabled violations as interconnected regulatory and enforcement challenges. For rights holders and foreign investors, this could mean stronger tools against counterfeiting and online infringement, but also more compliance obligations around data, traceability, AI, platform controls and government-facing reporting. Expansion of Criminal IP Enforcement Proposed amendments to Article 225 of the Criminal Code would expand criminal copyright exposure beyond reproduction and distribution to cover large-scale commercial public performance and online communication of works, phonograms and video recordings. This is important because piracy is increasingly about streaming, unauthorized communication, and platform access models rather than physical copying. Aggravated copyright infringement could be subject to up to 10 years in prison for individuals and fines of up to VND 6 billion (about USD 228,300) for commercial legal entities. The amended Article 226 would expand criminal industrial property liability beyond
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On September 15, 2026, Thailand’s Office of Insurance Commission (OIC) issued two notifications—one for life insurance and one for non-life insurance—amending the 2020 regulatory framework governing policy issuance and offering, agent and broker conduct, premium collection, and advertising. The amendments take effect on January 1, 2027. Electronic Policy Delivery and OIC Reporting Insurers must now deliver policies electronically by default, with printed copies required only where the policyholder opts out of electronic delivery. For life insurance, this requirement extends to coverage summaries and exclusion documents. Insurers must also electronically submit issued policies to the OIC immediately upon issuance. This is a significant new data-reporting obligation that requires system integration with the OIC’s platform. Risk Management, Sales Conduct, and License Misuse The notifications introduce several amendments and additional requirements in the areas of risk management, sales conduct, and license misuse: Internal risk management must now expressly cover advertising, policy offering, and sales agent information, including market conduct risk and reputational risk. Sales conducted through employees, agents, or brokers are subject to enhanced requirements, including verification of the seller’s identity and authority, disclosure of the purpose of contacting the customer, provision of complete and accurate policy information, customer assistance with application forms, and notification of the expected timing for policy delivery or insurer follow-up. For life insurance, customers must also be informed of their right to cancel the policy. For life insurance specifically, employees, agents, and brokers must submit insurance applications to the insurer at the earliest opportunity, and no later than the next business day. Using another person’s name or license, or allowing another person to use one’s own name or license, for the purpose of offering insurance for sale, listing in sales-related documents, or recording in the insurance policy is now expressly prohibited for both life and non-life insurance.