The Federation of Thai Capital Market Organisations (Fetco) has unveiled a 15-year roadmap to position Thailand as Asean's leading capital market by 2032 and achieve developed market status by 2040, supporting the government's ambition to become a high-income economy while strengthening the country's long-term competitiveness.
Speaking at Fetco's July 2026 media briefing, Paiboon Nalinthrangkurn, chairman of Fetco, said the vision extends beyond expanding market capitalisation. Rather, it aims to build a capital market recognised for efficient fundraising, deep liquidity, a broad investor base, financial innovation and international credibility.
"Our ambition is to make Thailand the preferred fundraising destination for high-quality companies while earning the confidence of investors worldwide," Mr Paiboon said.
FIVE-PILLAR STRATEGY
According to Mr Paiboon, the roadmap is built around Fetco's five-pillar strategic framework, covering investor expansion, listed company development, market infrastructure, governance and investor relations.
On the demand side, Fetco proposes establishing a Thailand Individual Savings Account (TISA), expected to take effect later this year, creating a National Pension Fund, attracting high-net-worth global investors through visa and tax incentives and exempting capital gains tax on overseas investment profits repatriated by Thai investors and reinvested in the domestic market.
The supply-side strategy focuses on improving the quality of listed companies through infrastructure funds, expanding capital market access for SMEs, supporting the growth of world-class Thai companies and providing tax incentives to firms participating in the government's Jump+ programme.
Fetco also plans to modernise market infrastructure by integrating traditional and digital capital markets, developing a National Investment Portfolio Data Platform, establishing an SME Credit Scoring Agency, and reforming capital market regulations. Additional initiatives include strengthening corporate governance, enhancing investor protection, promoting overseas investment roadshows and continuing publication of the monthly Fetco Investor Confidence Index.
PATH TO DEVELOPMENT
Mr Paiboon said Thailand's transition to developed market status depends on three key factors: achieving and maintaining high-income country status; expanding market size and liquidity; and improving market accessibility through internationally competitive regulations, stronger liquidity, higher free-float levels, and more efficient trading mechanisms.
He stressed that developed market recognition is not merely an index classification, but requires higher standards of governance, transparency, regulation and financial infrastructure. Fetco believes these reforms would attract more global institutional and passive investment, lower corporate fundraising costs, and strengthen Thailand's position as a regional financial hub.
"The Thai stock market has remained an emerging market for more than 40 years. It is time to raise our ambitions and set a clear goal of becoming a developed market," Mr Paiboon said.
CAPITAL REPATRIATION TAXES
To support the roadmap, Fetco will ask the Finance Ministry to exempt capital gains tax on overseas investment profits repatriated by Thai investors and reinvested in domestic assets. It also wants tax incentives for listed companies participating in the Jump+ programme to encourage business expansion and improve long-term productivity.
According to Fetco, these measures would boost market liquidity, encourage the return of Thai capital, and enhance the competitiveness of listed companies.
SENTIMENT REMAINS BULLISH
Fetco also reported that the July Investor Confidence Index remains in bullish territory at 123.77. While retail investor sentiment eased to neutral, proprietary traders, institutional investors and foreign investors all remained bullish.
Government stimulus measures were cited as the strongest positive driver, supported by foreign capital inflows and improving domestic economic activity. However, investors continue to monitor the US Federal Reserve's policy outlook, geopolitical tensions and Europe's economic slowdown. Commerce, tourism and healthcare were the most favoured sectors, while automotive, fashion and paper were viewed as the least attractive.
SECOND-HALF OUTLOOK
Thailand's equity market remained resilient in June, with the SET Index rising 1.46% from a month earlier to 1,591.24, supported by 7 billion baht in net foreign buying despite persistent global inflation, tighter monetary policy in Europe, and tensions in the Middle East.
Year-to-date net foreign buying totalled 27 billion baht.
Looking ahead, Fetco expects the Thai market to benefit from government stimulus measures, a continued domestic economic recovery, and sustained foreign fund inflows, particularly if the proposed tax reforms receive government support. At the same time, investors will closely monitor global central bank decisions, US-Iran peace negotiations, second-quarter corporate earnings, movements in the Thai baht, and the recovery of the tourism sector.
Fetco believes that successful implementation of its reform agenda will strengthen Thailand's long-term investment appeal and accelerate its journey towards becoming Asean's leading capital market by 2032 and achieving developed market status by 2040.
