Patong Police reported they were called to a rental room on an alley off Soi Klong Bang Wat, off Ratchapathanusorn Road, at 7:02pm, where they found Mr Zaw Min Win, 38, lying in a pool of blood outside his accommodation.
Rescue workers from the Kuslodharm Phuket Foundation attempted CPR at the scene and rushed him to Patong Hospital, but he was later pronounced dead.
Police said the victim, who was shirtless and wearing black jeans, had suffered severe stab wounds to his torso. A 22cm knife, believed to have been used in the attack, was recovered as evidence.
Witnesses told investigators that the suspect, described as a Myanmar man and a friend of the deceased, had been drinking with Mr Zaw before an argument broke out, leading to the stabbing. The suspect fled the scene before officers arrived.
Patong Police confirmed they have obtained a description of the suspect and are continuing their investigation to track him down.