Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders
of The Thai Capital Fund, Inc.


In planning and performing our audit of the financial
statements of The Thai Capital Fund, Inc. (the "Fund") for
the year ended December 31, 2004, we considered its
internal control, including control activities for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.

The management of the Fund is responsible for establishing
and maintaining internal control.  In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of controls.  Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles.  Those controls include the safeguarding of
assets against unauthorized acquisition, use or
disposition.

Because of inherent limitations in internal control, errors
or fraud may occur and not be detected.  Also, projection
of any evaluation of internal control to future periods is
subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness
of their design and operation may deteriorate.

Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
Public Company Accounting Oversight Board (United States).
A material weakness, for purposes of this report, is a
condition in which the design or operation of one or more
of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in
relation to the financial statements being audited may
occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions.  However, we noted no matters involving internal
control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2004.

This report is intended solely for the information and use
of the Board of Directors, management and the Securities
and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified
parties.


PricewaterhouseCoopers LLP
New York, New York
February 16, 2005
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