Foreign investment (i.e. in which foreign shareholding exceeds 49% of the voting capital) in the production of tobacco products is allowed only for exports. 
"Article 1: The following investment sectors shall be restricted on the basis of national security, social welfare, or economic needs as listed in the sensitive list for the opening of industries and for the granting of national treatment in the attached annex.
Annex 1 
[...] II. Industries Open with Restriction to Foreign Investors: Manufacture of tobacco products [cigarette]: Only for export (100%); Distilling, rectifying and blending of spirits; ethyl alcohol production from fermented materials [production of alcoholic beverages]: subject to prior approval from relevant Ministries [...]; Manufacture of grain mill products [rice milling]: subject to local equity participation" (Sub-decree 80/ANK/BK on Measures Restricting Certain Investment Sectors, 27 August 1999, Art. 1 and Annex 1)
Sub-decree 80/ANK/BK on Measures Restricting Certain Investment Sectors, 27 August 1999, Art. 1 and Annex 1.
[<a href="https://www.wto.org/english/thewto_e/acc_e/khm_e/wtacckhm3a3_leg_4.pdf">Sub-decree</a>]