Funeral rites will be held for Mr Vanchai until Friday at Wat Thepsirin.
Vanchai, the chairman of the Central Group of Companies, is survived by his four sons and one daughter.
The second son of Central founder Tiang Chirathivat, Vanchai took the helm of the Central Group in 1992 following the passing of his elder brother Samrit.
Vanchai is credited with helping oversee the group's expansion into the country's largest retail chain and the transition to a third generation of family business leaders.
In 2002, Vanchai restructured the group's interests by establishing the Central Group as a holding company and supervisory and management boards to direct strategy and run operations.
He joined the board of Post Publishing, the publisher of the Bangkok Post in 1993, and served as honorary chairman of the company from 2003.
Started as a general store in 1947, the Central Group now is one of the country's largest conglomerates with interests in retailing, real estate, hotels and restaurants.
Key companies of the group include listed property developer Central Pattana, hotel and food operator Central Plaza Hotel, Central Retail Corporation and the Central Marketing Group.
Forbes magazine this year estimated the Chirathivat family's worth to be US$6.9 billion (212.18 billion baht), the second-largest in the country.