Thailand's PCB industry, November 2026 update: plants, results, BOI and trade

This update gathers what was published about Thailand's printed circuit board industry between 15 October and 14 November 2026: plant start dates, makers' third-quarter statements on their Thai plants, BOI figures and trade returns to September, and news from estates and training. It follows the world update of October 2026, and the dated record behind it is kept in the Thailand PCB tracker.

Key points

• Victory Giant reported building A1 of its Ayutthaya plant at full production in the fourth quarter of 2026, with building A2 to add capacity step by step in 2027.^[1] Avary Holding said its Thai plant in Prachin Buri was running at full capacity,^[2] and Dynamic said its Thai plant had begun mass production of AI server boards of 20 layers and more.^[3]
• The next starts are dated to 2027: Suntak's first phase in the first quarter,^[4] Sihui Fuji's first mSAP line in the second quarter,^[5] Fulltech's glass cloth in the third quarter,^[6] and Benchuan, Weiergao and Dynamic's new capacity in the fourth quarter.^[7][8][3]
• Thai exports of bare boards (HS 8534) were US$1,902.4 million from January to September 2026, 67.1% more than a year earlier (year on year) and already above the total for 2025. Third-quarter exports more than doubled (year on year), and multi-layer boards were 54.3% of the nine months' exports.^[9]
• BOI applications from January to September were worth 1,707,430 million baht, 28% more than a year earlier (year on year); electronics and electrical appliances were 189,370 million baht, up 7% (year on year).^[10] Actual investment by promoted projects in the third quarter was 260,680 million baht, up 28% (year on year), and the BOI named PCB among the groups still investing.^[11]
• New commitments came from plants already running: Chin Poon's Thai subsidiary plans 6.823 billion baht of equipment from 2026 to 2029,^[12] Victory Giant's board approved up to US$800 million more for its Thai subsidiary,^[13] and Gold Circuit Electronics' Thai subsidiary is buying US$28.08 million of equipment.^[14]

Announcements from 15 October to 14 November 2026

Statements on how Thai plants are ramping up are in the sections that follow; the table lists the other dated announcements of the period.

Plant start dates, 2026 to 2028

The chart sets the start dates that companies report or plan for their Thai plants against one time axis. A filled mark is a step a source reports as done; a hollow mark is a stated plan. The width of a mark is the precision of its date: a quarter is drawn as a quarter, a year as a year.

Plants that started or ramped up in 2026

Victory Giant's Thai subsidiary is registered in Bang Pa-In, Ayutthaya.^[13] The company told investors on 29 October that building A1 of the plant had reached full production in the fourth quarter of 2026, that the main works of building A2 were complete, with capacity to be released step by step in 2027, and that audit and certification of the Thai plant for North American customers was largely complete.^[1] The background is in Victory Giant proposes up to US$800 million more for its Thai PCB plant.

Avary Holding, the Zhen Ding group's board maker, answered a question on its Thai plant's third quarter by saying that the plant was running at full capacity.^[2] Zhen Ding's October presentation says the first Thai plant entered mass production in the third quarter of 2025, has passed qualification with several customers, and that three further buildings and a mechanical drilling centre are under construction, with trial production to begin in stages from the fourth quarter of 2026.^[22] On 29 October the group's chairman called on the Prime Minister at Government House; the government said the expansion plan was in the process of applying for BOI promotion.^[19] The park is described in Zhen Ding in Prachin Buri.

Dynamic's presentation for its investor meeting of 12 November says its Thai plant has begun mass production of AI server boards of 20 layers and more, with small-volume shipments expected from the end of 2026. Its additional Thai capital budget of NT$8.05 billion is for capacity due from the fourth quarter of 2027, with a target of NT$12 billion of added output a year from 2028.^[3]

Shenzhen Zhongfu Circuit said its Thai base mainly makes boards for primary power supplies, began small-batch shipments of secondary power boards in the third quarter of 2026 and will introduce secondary and tertiary power products from the fourth quarter.^[23] Guangzhou Delton Technology said its Thai plant had completed audit and certification by its core customers as planned, and that equipment added to the first phase would start production from the fourth quarter of 2026, adding capacity in 2027.^[24] The plant is in Prachin Buri and began production in June 2025.^[25]

In materials, Ventec opened its laminate and prepreg plant at the Hi-Tech industrial park in Ayutthaya on 26 October, with small-volume shipments under way, formal mass production expected at the end of 2026 and coating capacity to follow in 2027.^[18] The plant is the subject of PCB materials made in Thailand: Ventec opens in Ayutthaya.

Plants due in 2027 and 2028

Suntak's first phase in the Rojana industrial park in Prachin Buri, an investment of about 1 billion yuan for high-layer-count and HDI boards, is due to be built in the first quarter of 2027.^[4] Sihui Fuji said the phase-two building of its Thai plant would be finished at the end of November; the equipment has largely been selected, the first mSAP line is due to start production in the second quarter of 2027, and after a ramp-up of about a quarter it is expected to contribute revenue from the fourth quarter of 2027.^[5] The plant, run by its subsidiary FSQuality, is at Amata City Rayong.^[26] The steps are set out in Sihui Fuji's Thai mSAP line moves to 2027.

Three projects are dated to the fourth quarter of 2027. Benchuan Intelligent, which broke ground in March 2026, expects production then, with a capacity of 400,000 square metres of high-layer-count boards;^[7] its Thai subsidiary is at the Bangpoo Industrial Estate in Samut Prakan.^[27] Jiangxi Weiergao Electronic broke ground for the second phase of its Thai plant in September 2026 and expects production in the same quarter.^[8] Dynamic's new capacity is due from then as well.^[3]

In materials, Fulltech plans mass production of glass cloth at the Apex Green industrial park in Chachoengsao in the third quarter of 2027 and says its Thai capacity is fully booked by customers.^[6] Panasonic Industry's new MEGTRON laminate building at its Ayutthaya plant in the Rojana industrial park is scheduled to begin operation in November 2027,^[28] and a second new building there, about ¥37 billion, in April 2029.^[20] ITEQ expects its Thai plant to reach 600,000 laminate sheets a month at the end of 2026 and 1.2 million a month by the end of 2028 with a second plant.^[29] Nanya New Material broke ground for its Thai laminate base in Prachin Buri on 22 October.^[16] The supply of these materials is the subject of Glass cloth and laminate for Thai PCB plants.

What third-quarter statements said about Thai plants

Besides the statements above, makers described their Thai plants in these terms in the period:

KCE is listed on the Stock Exchange of Thailand; the other makers in the table are Thai subsidiaries of Chinese parents. Huizhou China Eagle Electronic listed its Thai PCB smart production base, carried out by the subsidiary the filing names 广泰电子, at a total investment of 548.625 million yuan, of which 300 million yuan comes from the share placement it completed in September.^[21] Delton noted that local supply-chain support was still limited and that much of its raw material was bought from mainland China and elsewhere,^[24] which is the opening for suppliers of laminate, chemicals and consumables that the materials plants above are starting to fill.

The corridor this month

Thai board and materials plants sit in a corridor running from Ayutthaya, north of Bangkok, east to Prachin Buri and south-east to Chachoengsao, Chon Buri and Rayong on the Eastern Seaboard. The map places the plants named in this update at their provinces.

Industrial estate operators reported the same pull. WHA Corporation sold 1,545 rai of land in the first nine months of 2026 and named printed circuit boards among the industries of the prospective customers it is negotiating with.^[34] LCY Technology, a maker of electrolytic copper foil, approved the purchase of industrial-estate land in Thailand for its Thai subsidiary, with the seller and the amount to be announced.^[35] Starteam Global's partnership with Würth Elektronik gives Würth's customers access to Starteam's Prachin Buri plant for volume production.^[36] Dongshan Precision's prospectus put its Chon Buri PCB plant, established in 2023, at 155,976 square metres of floor area, and recorded an increase in MFLEX Thailand's registered capital from 3.5 billion to 5 billion baht on 8 June 2026.^[15] Who owns which plant is in Who owns Thailand's PCB plants.

BOI figures for January to September 2026

The Board of Investment published its nine-month figures on 26 October 2026. From January to September it received 1,954 applications for investment promotion worth 1,707,430 million baht, 28% more than a year earlier (year on year).^[10] Electronics and electrical appliances were the second-largest group, with 262 projects worth 189,370 million baht, 7% more than a year earlier (year on year), after digital industries.^[10] The BOI approved 1,951 projects worth 1,512,600 million baht in the nine months, and issued 1,961 promotion certificates worth 1,047,710 million baht, 10% more than a year earlier (year on year); the certificate is the step it describes as closest to actual investment.^[10]

The release does not give a separate nine-month figure for printed circuit boards. It counts PCB within 111 applications tied to the AI supply chain, worth more than 1.2 trillion baht, together with data centres, chip design, semiconductors and photonics.^[10] Among the named applicants is Delta Electronics, for electronic circuit boards and power systems.^[10]

On 13 November the BOI reported actual investment by promoted projects: in the third quarter it was 260,680 million baht, 28% more than a year earlier (year on year), and 796,540 million baht in the nine months, 27% more (year on year). Electronics and electrical appliances accounted for 61,170 million baht in the third quarter, 20% more than a year earlier (year on year), and the BOI named PCB and AI-related equipment as the groups still investing.^[11]

The materials that go into boards are counted separately. On 24 October the BOI said makers of advanced materials had filed 35 projects worth about US$690 million (23.5 billion baht) since 2023, and named Fulltech Fiber Glass, which makes glass fabric for printed circuit boards, including high-performance grades for AI servers.^[37] How BOI privileges apply to a board plant is set out in Investing in Thai PCB plants: BOI incentives and what the money buys.

Bare-board trade to September 2026

The Ministry of Commerce has published Thailand's trade in bare printed circuits (HS 8534) to September 2026, four months beyond the UN Comtrade series the site has charted so far, which ends in May. The two sources give the same values for every month both carry, January 2025 to May 2026.^[9]

Exports of bare boards from January to September 2026 were US$1,902.4 million, 67.1% more than in the same months of 2025 (year on year), and already above the US$1,576.9 million exported in the whole of 2025.^[9] The step came in the third quarter: exports from July to September were US$840.8 million, 102.5% more than a year earlier and 43.0% more than in the second quarter (quarter on quarter). August, at US$300.6 million, and September, at US$301.1 million, were the two highest of the 21 months since January 2025.^[9]

Multi-layer boards (HS 85340030) carried most of the rise. They were US$1,033.9 million of the nine months' exports, 145.3% more than a year earlier (year on year) and 54.3% of the total, against 37.0% in January to September 2025.^[9] Boards for servers, networking equipment and optical modules are multi-layer boards, although the customs code does not record what a board is used in.

Imports rose too, to US$4,603.2 million in the nine months, 88.5% more than a year earlier (year on year).^[38] Thailand imported US$2.73 of bare boards for every dollar it exported from January to May, and US$2.14 in the third quarter: in the third quarter exports grew faster than imports.^[9][38]

The earlier months and the annual series back to 2015 are in Thailand PCB exports: forecast for 2026 to 2030, which sets out the export forecast these figures can now be read against.

Workforce and training

On 22 October the BOI announced, with the Thai Printed Circuit Association (THPCA), that Thailand will host the 17th Electronic Circuits World Convention at BITEC in Bangkok from 18 to 20 August 2027, the first in ASEAN. The BOI presents the convention as a way for universities and researchers to work with industry, extend research and train people for fast-changing technology.^[17] Earlier in October, King Mongkut's University of Technology Thonburi met the Thailand Institute of Scientific and Technological Research and the THPCA to discuss modular short courses for upskilling and reskilling in the PCB and semiconductor industries; the network and a memorandum of understanding were still under discussion.^[39] Employment at the plants is covered in Jobs at Thailand's PCB plants in 2026.

Dates to watch

• End of November 2026: Sihui Fuji's phase-two building in Rayong.^[5]
• Fourth quarter of 2026: trial production in Zhen Ding's three new buildings in Prachin Buri,^[22] Delton's added equipment,^[24] Dynamic's first shipments of AI server boards^[3] and Ventec's formal mass production.^[18]
• 2027: Suntak in the first quarter,^[4] Sihui Fuji's mSAP line in the second,^[5] Fulltech's glass cloth in the third,^[6] Benchuan, Weiergao and Dynamic in the fourth,^[7][8][3] Panasonic's new building in November^[28] and ECWC17 in Bangkok in August.^[17]
• Pending decisions: the shareholders' meeting on Victory Giant's US$800 million^[13] and the BOI's decision on the Zhen Ding group's application.^[19]

What the pipeline means for output to 2030 is in Thailand's PCB plant pipeline.

Data and method

This update covers material published from 15 October to 14 November 2026, with earlier documents cited for context where they date a plan, and every source was opened on 14 November 2026. Company statements come from filings and investor records on CNINFO, HKEXnews, MOPS and the Stock Exchange of Thailand, company presentations and the trade press; BOI figures from its press releases; trade figures from the Ministry of Commerce's monthly tables for HS 8534 and its eight-digit lines, in US dollars. For January 2025 to May 2026 the Ministry's values equal those Thailand reported to UN Comtrade.

Reported steps are kept apart from plans; a date keeps the precision its source gives, and a plan is not counted as output. Amounts are in each source's currency, without conversion. Provinces on the map are those the sources name. Interpretation is MPBxChange analysis.