Thailand: Business Environment
Banks are open between 9.30am to 3.30pm, Monday to Friday. Foreign exchange counters are generally open between 7.00am to 8.00pm. Banks in department stores follow the opening hours of the stores which are usually 10.00am to 8.00pm. In some limited locations there are currency converting machines which convert foreign bank notes. These are open 24 hours.
Government offices are usually open between 8.30am to midday and 1.00pm to 4.30pm, Monday to Friday.
New Year's Day | 1 January |
Makha Bucha Day | February |
Chakri Day | 6 April |
Songkran Days | 13-15 April (12-16-17 in some areas) |
Labor Day | 1 May |
Coronation Day | 5 May |
Ploughing Day | 9 May |
Visakha Bucha Day | May |
Asarnha Bucha Day | July |
Buddhist Lent Day | July |
H.M. The Queen's Birthday | 12 August |
Chulalongkorn Memorial Day | 23 October |
H.M. The King's Birthday | 5 December |
Constitution Day | 10 December |
New Year's Eve | 31 December |
Labor Day | 1 May |
H. M. The Queen's Birthday | 12 August |
H. M. The King's Birthday | 5 December |
Constitution day | 10 December |
Status, connections and power tend to be more important than content in negotiations. Thais respect foreign businesspeople with strong connections in the country and will be more willing to accept their offers. While Thailand has a pro-business attitude, decisions are reached quite slowly and only after several meetings have taken place with more senior partners. Thus, it is important to remain patient. Pressure tactics are to be avoided. Planning is usually short-term, therefore it is a good idea to emphasise the immediate benefits of the offer.
Thais do not prefer direct communication and are unlikely to openly say 'no' to offers, as in most other East Asian cultures. They tend to give vague answers to remain courteous and expect foreigners to be subtle as well, especially when responding with a negative reply. Saving 'face' is paramount for Thai professionals, as people seek to maintain their reputation and those of their business and others. Sensitive or difficult conversations are usually initiated from more senior managers. Thais are good listeners and will rarely interrupt a speaker. Foreigners should also avoid interrupting Thais when speaking. Moments of silence are common as responses are considered carefully and foreigners should not appear too hasty to get an answer. It is also important for foreigners not to put their hands in their pockets while talking to someone. Waving hands while talking is to be avoided, as this gives Thais the impression that the person is angry.
Business entertaining is common, as it is seen to be an important aspect of building relationships. Business may or may not be discussed. It is important to let the Thai counterparts tackle the issue first. Foreigners should also wait before eating and drinking until the oldest/most senior person around the table has been served. The most honoured position is at the middle of the table and the honoured guest sits on the side of the table that is farthest from the door.
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Latest Update: November 2024