INFORMATION

2026/02/21 10:16

Thailand Investment Statistics during 2018 - 2025.

Thailand Investment Data 2018–2025 | Three-Agency Comparison

Data Report / Thailand Investment Monitor

Thailand Investment Statistics: Data from Three Official Agencies
2018–2025

This report compiles investment statistics published by the Bank of Thailand (BOT), the Ministry of Commerce / Department of Business Development (MOC/DBD), and the Board of Investment (BOI) — each using distinct definitions and methodologies. Direct numerical comparison across agencies is not appropriate due to fundamental differences in coverage and measurement.

01 Statistical Definitions of the Three Agencies
BOT
Bank of Thailand
(Central Bank)
FDI based on Balance of Payments (BOP) statistics
Coverage: Net inward FDI actually transacted — includes equity capital, reinvested earnings, and intra-company loans. Unit: USD 100 million. Can turn negative.
MOC/DBD
Ministry of Commerce
Dept. of Business Development
Approved investment under the Foreign Business Act
Coverage: Total approved investment value of Foreign Business Licenses (FBL) and Foreign Business Certificates issued under the FBA for restricted business categories. Unit: THB billion.
BOI
Board of Investment
(Office of the Prime Minister)
Investment promotion applications (project basis)
Coverage: Total applied investment value of projects seeking BOI privileges (domestic + foreign). Application-stage figures — not actual disbursements. Unit: THB billion.
02 Bank of Thailand (BOT): Net FDI Inflows
Inward Foreign Direct Investment — Net Flows
Unit: USD 100 million | Balance of Payments Manual 6th Edition (BPM6) basis
Note: 2020 turned negative due to large-scale repatriation from Thai subsidiaries to parent companies amid COVID-19. 2021 recovered sharply as deferred investments were executed. 2023 saw a steep decline. 2024 shows provisional recovery driven by large data center and cloud infrastructure projects.
BOT Data: Annual Summary
Source: Bank of Thailand / UNCTAD World Investment Report / World Bank
Year FDI Inflow (USD 100M) YoY Change Notes
2018 +107 — Estimated (UNCTAD/BOT multiple sources)
2019 +49 ▼54% Estimated (UNCTAD/BOT multiple sources)
2020 −43 Turned negative COVID-19: mass repatriation from subsidiaries to parent companies
2021 +146 ▲Sharp recovery Execution of deferred investments; return of foreign capital
2022 +100 ▼31% UNCTAD WIR2023
2023 +45 ▼55% UNCTAD WIR2024
2024 +102 ▲127% Provisional (World Bank Thailand Economic Monitor 2025)
2025 — — Annual figure not yet published (Q2 alone: THB 224 billion)
03 MOC / DBD: Foreign Business License Approved Investment
Foreign Investment Approved under the Foreign Business Act (FBA)
Unit: THB billion | Total of FBL (Foreign Business Licenses) + Foreign Business Certificates
Note: Official annual data for 2018–2020 could not be confirmed from publicly available sources (N/A). Figures for 2021–2025 are official DBD published values.
This statistic covers only foreign investment in "restricted business categories" under the FBA. Manufacturing and other non-restricted sectors are excluded. Direct comparison with BOT or BOI figures is not appropriate.
MOC/DBD Data: Annual Summary
Source: Department of Business Development (DBD), Ministry of Commerce
Year Total Approved Investment (THB bn) No. of Approvals YoY Change
2018 Not confirmed — —
2019 Not confirmed — —
2020 Not confirmed — —
2021 82.8 — —
2022 128.0 — ▲55%
2023 127.0 — ▼1%
2024 228.0 884 ▲80%
2025 324.1 1,078 ▲42% (All-time high)
04 Board of Investment (BOI): Investment Promotion Applications
Total Applied Investment Value under BOI Privileges (Domestic + Foreign)
Unit: THB billion | Application basis (not actual disbursements)
Note: Applications declined sharply in 2019–2021 due to COVID-19. From 2022, large-scale foreign projects in EVs, data centers, and semiconductors drove a strong rebound. 2024 recorded the highest value in over a decade (THB 1.14 trillion). Jan–Sep 2025 alone reached THB 1.37 trillion, with full-year figures expected to rise further.
BOI Data: Annual Summary
Source: Board of Investment of Thailand (BOI) Annual Press Releases
Year Total Applied Investment (THB bn) of which FDI (THB bn) FDI Share No. of Applications
2018 901.8 — — 1,626
2019 756.1 506.2 67% 1,624
2020 481.0 — — —
2021 478.9 — — —
2022 664.6 434.0 65% 2,119
2023 848.3 663.2 78% 2,307
2024 1,140.0 831.0 73% 3,137
2025* 1,370+ (Jan–Sep) 985+ (Jan–Sep) 72% 2,622 (Jan–Sep)
* 2025 figures are Jan–Sep actuals. YoY: +94% (total investment), +82% (FDI) vs. same period prior year.
05 Trend Comparison Across Three Agencies (2021–2025)
Three-Agency Trend Comparison (Common Period: 2021–2025)
Note: Definitions, currencies, and coverage differ across agencies — direct comparison is not valid. Indexed to 2021=100 for trend analysis only.
BOTNet FDI inflow in 2021 = 100. Source: BOT.  DBDApproved investment in 2021 = 100. Source: MOC/DBD.  BOITotal applied investment in 2021 = 100. Source: BOI.
06 Key Events & Observations
2020
COVID-19 Shock
BOT recorded negative FDI (−USD 4.3 billion) as foreign subsidiaries repatriated capital to parent companies. BOI applications also plunged to THB 481 billion. MOC/DBD comparable data for this year remains unconfirmed.
2021–22
V-Shape Recovery & Chinese Investment Surge
BOT rebounded sharply to USD 14.6 billion in 2021. BOI applications surged in 2022 (THB 664.6 billion) led by major projects including BYD, Foxconn, and AWS. DBD approvals also climbed to THB 128 billion.
2023
BOT Inflows Fall; Applications at 5-Year High
Actual FDI inflows per BOT/UNCTAD dropped to USD 4.5 billion (−55% YoY). Yet BOI applications reached a 5-year high (THB 848 billion) — a clear illustration of the time lag between applications and actual disbursements.
2024–25
Digital & Semiconductor Boom
BOI applications hit a decade high (THB 1.14 trillion), driven by data centers (Google, AWS, TikTok, etc.) and semiconductors. DBD approvals also reached an all-time high (THB 324 billion in 2025). BOT actual inflows provisionally recovered to ~USD 10.2 billion in 2024.

Data Sources & Notes

[BOT] Bank of Thailand — EC_XT_076/079 (BPM6 basis, net inward FDI, USD); UNCTAD World Investment Report 2024 Annex Table 1; World Bank Open Data (BX.KLT.DINV.CD.WD); World Bank Thailand Economic Monitor 2025. 2018–2019 figures are estimates. 2024 is a World Bank provisional figure.

[MOC/DBD] Department of Business Development, Ministry of Commerce — Annual foreign investment statistics under the Foreign Business Act (FBA B.E.2542) (Foreign Business License / Certificate). Based on Bangkok Post January 2026 and Nation Thailand January 2026 articles. Data for 2018–2020 not confirmed from publicly available English-language sources (N/A).

[BOI] Board of Investment of Thailand — Annual investment promotion application statistics (press releases, 2019–2025). 2020 figure based on Deputy Prime Minister statement and Bangkok Post reporting. Application-stage figures; differ from approved or disbursed amounts.

Note: Figures in this report are compiled from official agency publications and reliable secondary sources. Values may be revised upon release of updated data. Definitions and coverage differ fundamentally across the three agencies; cross-agency numerical comparison is not appropriate.