After several years of policy discussion and continued efforts led by the Ministry of Commerce (MOC) to relax the list of reserved businesses under the Foreign Business Act B.E. 2542 (1999) (FBA), the reform process has now reached a significant milestone. On May 12, 2026, the Thai cabinet approved in principle two draft subordinate legislative instruments aimed at delisting certain reserved business activities under the FBA and reducing licensing requirements for foreign business operators. These developments signal a renewed and concrete effort by the government to modernize Thailand’s business regulatory framework in order to attract foreign investment and boost Thailand’s competitiveness in the global market. Nine Businesses Set for FBA Delisting Below is a list of the nine businesses that are being targeted for delisting from the FBA’s restrictions. A draft ministerial regulation would delist the first eight reserved businesses, while a royal decree has been drafted to delist the ninth business: Telecommunications services (Type 1 license only, covering operators without their own telecommunications infrastructure), under the supervision of the Office of the National Broadcasting and Telecommunications Commission. Treasury center services subject to the Foreign Exchange Control Act B.E. 2485 and under the supervision of the Bank of Thailand. Securities-collateralized lending, pursuant to the laws governing securities and exchange and derivatives regulated by the Securities and Exchange Commission. Agency, dealer, advisory, or fund management services relating to derivatives where the underlying assets fall outside the scope of the Derivatives Act B.E. 2546 (2003) Intra-group shared services, including administrative, human resources, and IT functions Intra-group domestic debt guarantee services Leasing of partial space for installation of financial service machines and automatic vending machines for employee use Petroleum drilling services Trading of agricultural product derivatives through a futures exchange, with physical delivery or receipt of agricultural products at a futures exchange–designated

Thailand recently concluded the latest round of high-level trade discussions with its US trade counterparts. In addition to addressing concerns over claimed human rights abuses, forced labor, and the current trade imbalance with the US, one critical area of focus was US allegations of transshipment in Thailand’s import-export sector. Transshipment is the practice of routing goods through a third country to circumvent duties or tariffs on goods exported to the receiving country. Specifically, the US alleges that many Thai exporters declare a Thai origin for goods to qualify for preferential duties or exemptions without meeting the legal standards for establishing Thai product origin—an act that it claims masks the goods’ true origin. This is a particular matter of concern for US authorities, since transshipment is perceived to be a means by which Thai origin is claimed for many Chinese goods exported abroad. This perception affects a wide range of otherwise legitimate Thai-origin goods. The Thai trade delegation, led by Deputy Prime Minister and Commerce Minister Suphajee Suthumpun, met with counterparts from the Office of the United States Trade Representative (USTR) on May 3–6. A subsequent team of Thai trade representatives, led by the Thai Ministry of Commerce vice minister, met with the USTR on May 13–14. These discussions directly impact the trade enforcement environment in Thailand, potentially affecting numerous business operators involved in the manufacture, import, or export of goods and components. Thailand’s position is that it strictly adheres to and enforces the legal standards for determining qualifying origin and that allegations of transshipment are largely unjustified. Nonetheless, it has agreed to increase its focus on trade compliance and enforcement in Thailand in return for commitments on reciprocal trade benefits with the US, including consideration of tariff exemptions on certain critical Thai imports into the US. Notable Outcomes There

Vietnam’s education sector is entering a new regulatory era. On December 10, 2025, the National Assembly adopted a series of new and amended laws in the field of education, including the 2025 Law on Vocational Education, the 2025 Law on Higher Education, and the amended Law on Education No. 123/2025/QH15 (Amended Law on Education). These laws together took effect on January 1, 2026, marking a significant reform of Vietnam’s legal framework governing the education sector. The legislative package introduces a new lawmaking approach under which foundational and principle-based provisions are codified in the Amended Law on Education, while the Law on Higher Education and the Law on Vocational Education serve as specialized statutes providing supplementary, sector-specific regulatory detail tailored to their respective subsectors. The Amended Law on Education fundamentally restructures how educational institutions are established, governed, and licensed, with direct implications for private investors, foreign-invested entities, and education service providers operating in Vietnam. Below are several highlights of the key changes under the amended law, especially in the private sector, that stakeholders should understand: Change in the National Education System In addition to primary education, lower secondary (junior high school) education is now compulsory in Vietnam. Accordingly, diplomas are no longer awarded upon completion of lower secondary school but only for upper education levels. The national education system is also expanded through the introduction of vocational high school as a new level of vocational education. Such reform creates additional learning pathways that not only enable learners to pursue both further education and participate in the labor market, but also better align education and training with socioeconomic development needs. New Hurdle for Joint Investors: Mandatory Corporate Entity Requirement Where two or more investors jointly establish an education institution, the investors are no longer permitted to directly establish such an institution.