Rai, who was lying 13th at the end of third round with rounds of 72, 69 and 67, finished at seven-under 275.
The other Indian in the weekend rounds, Chiragh Kumar had four birdies and three bogeys in his final round of 71 for a total of three-under 285 for tied 42nd place.
Rai had an eventful front nine with four birdies, three bogeys and just two pars. He made a double bogey on 11th, the second day running, and had a bogey on 16th and a birdie on 17th.
Kiradech, who led by four shots heading into the final round, fired five birdies against a bogey for a winning total of 24-under-par 264 in the four million baht (approximately USD 111,808) Asian Development Tour (ADT) event.
Local veteran Prayad Marksaeng put up a strong fight before settling for second place following a 67 while home town hero Prom Meesawat and American Berry Henson shared third on 269 after signing for rounds of 68 and 69 respectively at the majestic Black Mountain Golf Club in Hua Hin.
Kiradech will take home a winner's prize purse of USD 19,368 and receive six Official World Golf Ranking (OWGR) points courtesy this victory.
Thongchai is the third Asian Tour player after Korea's K J Choi and compatriot Boonchu Ruangkit to host his own tournament.
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