The Association of Investment Management Companies (AIMC), led by Pote Harinasuta, CEO of One Asset Management Limited (ONEAM), has announced strategic initiatives aimed at ensuring sustainable growth in the Thai stock market.
The AIMC’s first key initiative proposes expanding the Thailand Individual Savings Account (TISA) scheme to include Thai ESG funds as an additional investment option. Investors could use up to THB 300,000 invested in Thai ESG funds for tax deductions, within the overall THB 800,000 allowance.
If the government does not agree to include Thai ESG funds under TISA, AIMC’s backup plan is to revamp the Thai ESG fund structure by increasing its equity allocation. Currently, up to 70% of these funds are invested in fixed income, resulting in less than THB 10 billion channeled into Thai equities.
The association would introduce an ESG Share Class, rather than launching a new fund, to minimize investor confusion. Their goal is to grow the cumulative value of ESG funds to THB 500 billion, attracting about THB 100 billion in fresh inflows annually, similar to the once-popular Long-Term Equity Fund (LTF).
Furthermore, AIMC is seeking to raise the tax-deductible ceiling from THB 800,000 to THB 1 million for TISA, hoping to reignite investor interest and create incentives comparable to the LTF.
The third initiative focuses on encouraging long-term resident expats, particularly the roughly 500,000 Middle Eastern nationals currently residing in Thailand, to invest in the Thai market. If just 25,000 of these expats invest THB 1 million each, substantial new capital could enter the market.
The association is also pushing for mutual funds to qualify as eligible assets for the Long-term Resident Visa, which currently only recognizes investments in debt instruments or real estate of $500,000. AIMC recommends adopting a Singapore-style policy, obligating these investors to allocate at least 10% of their wealth to Thai capital markets.
AIMC aims to attract over THB 1 trillion in new capital to Thailand’s markets in two years, increasing the proportion of institutional investors from 10% to 20%. Thai mutual funds, Pote noted, offer high security because of strict Securities and Exchange Commission oversight, providing clear asset traceability and inheritance options — a safer choice compared to digital assets or conventional savings, which can be subject to fraud.
Pote expressed confidence in these measures, stating that their success would materially boost institutional investments—which currently stand at about THB 1 trillion—and reinforce Thailand’s stock market attractiveness relative to the United States.
AIMC will discuss these plans with the Capital Market Development Fund and the SEC on April 1, 2026, and with the Federation of Thai Capital Market Organizations (FETCO) and the Ministry of Finance in the ensuing months.
On the market outlook, if average earnings per share (EPS) surpass THB 95, the SET Index could reach 1,600 points by year-end. Short-term projections place the index around 1,475, with risks including Middle East tensions, especially concerning Iran, and oil price volatility that could trigger inflation—factors that could impact global markets. Despite these challenges, AIMC maintains a positive view on the Thai market, highlighting its comparatively attractive valuation and limited downside risk.
