BOI clears 87 billion baht of PCB plant expansions in 2026
The first Zhen Ding project took about two years from approval to production, which sets the clock for the three newer ones.
Thailand's Board of Investment (BOI) approved two large printed circuit board packages in 2026: more than 65 billion baht for Zhen Ding Technology's Thai venture in January, and 22.2 billion baht for three more makers in May. Together that is about 87 billion baht, our own sum of two separate approvals.
Zhen Ding in Prachin Buri
The January package belongs to Peng Shen Technology (Thailand), a joint venture of Zhen Ding Technology and Saha Pathana Inter-Holding, Thansettakij reported on 19 January. It covers four promoted projects in Prachin Buri. The first was approved in 2023 and began production in September 2025. Three more applications were approved in this round.
The plant makes multilayer, flexible, substrate-like and high-density interconnect boards for smartphones, AI servers and other electronics, for export worldwide. It is Zhen Ding's first and only production base outside China and Taiwan. The company has ranked as the world's largest PCB maker since 2017, Thansettakij said, with annual revenue above 180 billion baht. The venture expects about 5,600 Thai employees and has signed cooperation agreements with five Thai institutions, among them KMITL, Kasetsart University and NIDA.
DigiTimes put the package at US$2.1 billion in its 20 January report.
Three makers return for a second phase
In mid-May the BOI approved second-phase expansions for three PCB makers that arrived in Thailand in the past one to two years, Infoquest reported:
- Compeq Technology (Thailand): 9.17 billion baht for flexible boards at the Asia Industrial Estate in Samut Prakan, after 13 billion baht in phase one.
- Multi-Fineline Electronix (Thailand), a subsidiary of China's Dongshan Precision: 5.8 billion baht for multilayer and flexible boards at Rojana Nong Yai in Chonburi, after 14 billion baht.
- Gold Circuit Electronics (Thailand): 7.23 billion baht for multilayer and HDI boards at Industrial Estate 304 in Prachin Buri, after 8 billion baht.
The three phase-two projects add more than 5,000 jobs. Phase one, in 2024 and 2025, came to more than 35 billion baht and more than 7,000 jobs.
The wider pipeline
In early August the BOI said that Thailand drew more than US$26.8 billion in applications for semiconductor and advanced electronics projects between 2023 and mid-2026, Bernama-Xinhua reported. That was 880 projects. PCBs were the biggest segment at 224 projects worth US$9.85 billion.
Thailand has emerged as a premier global manufacturing base for printed circuit boards.
The BOI estimates the advanced electronics market at US$48 billion to US$52 billion in 2026. Pitharn Ongkosit, president of the Thailand Printed Circuit Association, projects 15% to 20% yearly growth for semiconductors and advanced packaging, and up to 22% for demand tied to AI servers and data centres.
Counts differ by period and definition. Infoquest cites 222 PCB and PCB-material projects worth 320.08 billion baht for 2023 to 2025 and calls Thailand ASEAN's largest PCB producer and the world's fifth. The BOI's own 2026 count is narrower on products and longer in time.
What the approvals do not say
A promotion certificate is permission for tax privileges, not a production line. Zhen Ding's first project needed about two years from approval in 2023 to output in September 2025. If the three newer projects take as long, their output arrives from 2028 at the earliest. That is our reading of the timeline, not a company forecast.
Power is the pinch point. After its May board meeting the BOI said it had discussed urgent power needs for incoming investment, especially in the Eastern region, with the energy ministry and regulator.
The next thing to watch is the BOI's next board meeting, which will show whether PCB approvals keep pace or the money moves toward data centres.
FAQ
What does a PCB maker produce?
Printed circuit boards, the boards that connect chips and components inside phones, servers and cars. The new Thai plants make multilayer, flexible and high-density interconnect types.
Does BOI approval mean the plant is already running?
No. The approval grants investment privileges. Zhen Ding's first Thai project took about two years to reach production after approval, according to Thansettakij.
How much PCB investment has applied to the BOI?
Infoquest reported 222 PCB and material projects worth 320.08 billion baht from 2023 to 2025. The BOI separately counted 224 PCB projects worth US$9.85 billion between 2023 and mid-2026.
Sources
- Thansettakij: ZDT, world number one PCB maker, expands Thai investment by 65 billion baht
- DigiTimes: Thailand emerges as ASEAN PCB hub with Zhen Ding Tech's US$2.1B investment
- Infoquest: BOI approves three major PCB makers' phase two expansion worth 22,000 million baht
- New Straits Times (Bernama-Xinhua): Thailand attracts US$26.8bil in chip, electronics investment bids
- Board of Investment: Thailand approves $29 billion investment wave as data center demand surges
