Despite rising trade uncertainties recently, large businesses tend to take a long-term view, resulting in continued inflows of foreign direct investment (FDI) into ASEAN and Thailand, particularly from Chinese capital ready to expand their businesses.
Giorgio Gamba, Chief Executive Officer and Head of Corporate Clients at HSBC Thailand. He said ASEAN remains a market of opportunity, as reflected in 2025 when ASEAN's share of global exports rose to 9.4% from about 7.4% in 2023. Meanwhile, ASEAN accounted for 14.5% of global FDI. The growing trade value is why investors worldwide are interested in ASEAN and Thailand.
Regarding Thailand, whose GDP grew 2.8% year-on-year in Q1 2026, he believes growth will remain strong throughout the year. Thailand benefits from the global upcycle in investments in data centers, AI trends, and hardware, supporting continued growth in Thailand’s electronics exports.
Over the past three years, net FDI from China totaled 412 billion baht. Although in 2025 Singapore ranked first and Hong Kong second as sources, deeper analysis shows funding still originates from China, indicating Chinese businesses still see investment opportunities in Thailand.
Therefore, in 2026, HSBC aims to bring more than 50 major Chinese companies annually to invest in Thailand. They have established the HSBC China Meta Team, a specialist task force of about 17 members fluent in Chinese, drawn from various departments to provide comprehensive services to this target group.
Additionally, HSBC Group has a Sustainability and Transition Credit Facility worth 4 billion US dollars (about 130 billion baht*), supporting Chinese companies expanding abroad in low-carbon businesses. Most investments are expected in ASEAN and Thailand, as prior digital economy loans mostly funded investments in Thailand.
Initial data from current clients shows large Chinese companies are interested in investing in Thailand’s core industries, including electronics, logistics, automotive, tire manufacturing, and digital sectors.
On the flip side, HSBC Thailand has supported large Thai companies with potential to invest in China over the past year, in sectors such as agriculture, beverages, and food.
Although credit issuance in some industries slowed early this year, HSBC Thailand expects to grow faster than the industry average and believes it can compete with Chinese banks offering investment loans in ASEAN.
*Exchange rate used is 32.66 baht per US dollar.
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