Over the past two years—particularly since Thailand announced incentives for EVs, including tax exemptions and reductions—there has been a clear trend of manufacturers relocating their facilities to Thailand. This shift is reshaping the country’s industrial landscape and creating significant opportunities in the real estate sector for companies looking to establish or expand EV manufacturing operations in Southeast Asia. Incentive-Driven Market Transformation The government’s tax exemptions and reductions have proven effective in attracting foreign investment, with Chinese manufacturers currently dominating the market. Most EV parts and car manufacturers operating in Thailand are from China, reflecting the prominence of Chinese EV brands that have already established a presence in the country. The sector encompasses manufacturers of electrical equipment as well as companies seeking to establish facilities for producing electric vehicle components, parts, and accessories. The surge in activity is evident across Thailand’s EV manufacturing sector, with legal practices handling these transactions experiencing unprecedented demand. Industrial Real Estate Framework and Market Dynamics Thailand’s industrial real estate framework provides compelling advantages for foreign manufacturers, who typically face restrictions on foreign land ownership under the Land Code. However, foreign investors can benefit from exemptions to these restrictions if the land is located within industrial real estate zones designated by the Industrial Estate Authority of Thailand (IEAT) or they obtain investment promotion from the Board of Investment (BOI) if the land is located outside an industrial estate area governed by the IEAT. Both the IEAT and BOI provide special tax and nontax incentives, including foreign land ownership, with even greater incentives available for land situated within the country’s Eastern Economic Corridor (EEC). This regulatory advantage has sparked a parallel trend in land development. Industrial real estate developers in the EEC are actively consolidating land into large plots to develop new industrial estate projects, recognizing that

Thailand’s consumer protection authorities have strengthened oversight of residential leasing businesses following numerous complaints about unfair lease terms, including unjustified deposit forfeitures and excessive utility charges. The Contract Committee of Thailand’s Office of the Consumer Protection Board issued the Notification of the Contract Committee Re: The Stipulation of Residential Property Leasing as a Contract-Controlled Business B.E. 2568 (2025), published in the Government Gazette on June 6, 2025. The notification becomes effective on September 4, 2025, and repeals the prior notification issued in 2019. The notification prescribes two types of standard residential lease contracts: short-term residential lease contracts (for leases of not more than three years) and long-term residential lease contracts (for leases of more than three years up to 30 years or for the lessee’s lifetime). However, use of these standard contract forms is not compulsory, and parties may use any form as long as the terms do not contradict the notification’s requirements. Expanded Scope The notification expands the scope of enforcement to include any lessor with at least three residential units, while the 2019 notification applies only to businesses leasing five or more residential units. Hotels and dormitory operators are excluded, as they are regulated under other specific laws. Residential lease contracts entered into under the 2019 notification will remain valid and enforceable until the expiration of the contract. Any residential lease contract executed from September 4, 2025, onward must comply with the new notification. The notification also expressly extends its applicability to lease contracts made through online platforms. Electronically executed lease contracts must comply with the required and prohibited terms specified in the notification as well as applicable laws governing electronic transactions in Thailand. Mandatory Terms and Conditions Residential lease contracts must contain clearly legible Thai text no smaller than two millimeters in size and no more

On August 12, 2025, Vietnam’s Ministry of Agriculture and Environment submitted a draft law amending several provisions of the Land Law 2024 (“Draft Amended Land Law” or “Draft”) for government consultation and public comment. The Draft primarily aims to address three controversial issues in Vietnam’s land regime concerning (i) land pricing, (ii) land clearance, and (iii) the allocation of land outside auctions, following policy set out by Resolution 18-NQ/TW and the newly adopted Resolution 69-NQ/TW on land governance modernization. Land pricing is potentially one of the most important areas among the proposed reforms. The Draft, however, has notably not addressed a major concern recently raised by the public: When a project has been allocated or leased land, but the relevant authority has not yet issued the land-price decision, a “supplemental charge” continues to accrue for the entire waiting period. Under current rules, this charge is calculated at 5.4% per year on the ultimately determined land-use fee or land rent, materially shifting project economics and pricing risks to developers or end-buyers. Core Reforms on Land Pricing The Draft Amended Land Law sets out a number of reforms on land pricing, including the following: Land price tables: The Draft maintains provincial land price tables but clarifies the scope of application: They are used to determine land-related financial obligations of land users and compensation when the state recovers land; the government will detail the adjustment coefficient regime, ratios for land-use fee calculation by land type/user/form, and deductible infrastructure costs. Provincial people’s committees will continue to issue land price tables every five years, effective from January 1 of the first year in the cycle, with authority to supplement within the cycle as necessary. In provinces with cadastral maps and digital land price databases, the tables may be established down to the land-parcel level,

On June 26, 2025, the National Assembly of Vietnam adopted Resolution No. 216/2025/QH15 to extend the duration of agricultural land use tax exemption through December 31, 2030. This policy extension reaffirms the government’s ongoing efforts to support the agricultural sector, ensure national food security, and promote rural development. Key Takeaways Tax Exemption Period Extended: The new resolution continues the full exemption from agricultural land use tax as stipulated under Resolution No. 55/2010/QH12, as amended in 2016 and 2020. The tax exemption, which was originally set to expire at the end of 2025, will now remain in effect until December 31, 2030. Scope of Exemption: The exemption applies to all types of land currently eligible under the existing legal framework for agricultural land use tax relief. This typically includes land used by households, cooperatives, and non-commercial organizations for agricultural production, aquaculture, salt-making, and reforestation. Effective Date: Resolution 216 will take effect on January 1, 2026. During the interim period, tax exemption remains valid under existing laws and resolutions until the end of 2025. Implementation Guidance to Follow: The government is tasked with issuing detailed guidance to ensure effective implementation of this extended exemption. Businesses, cooperatives, and individuals engaged in agricultural activities should monitor upcoming regulations and instructions from relevant ministries. Outlook Vietnam’s extension of agricultural land use tax exemption demonstrates a strong policy commitment to rural economic stability and environmental sustainability. For land users, the exemption represents meaningful financial relief that can be reinvested into modernizing farming techniques, improving land efficiency, or transitioning to sustainable practices. While the extension itself is automatic, it is recommended that agricultural land users and stakeholders review their land use documentation and tax profiles to ensure alignment with eligibility requirements. Future implementation regulations may also introduce new compliance obligations that should be tracked closely.