Doing Business in Thailand: Opportunity Rewards the Well Prepared

Expert Views with Hans van den Born | Dutch | Executive Director, Netherlands-Thai Chamber of Commerce (NTCC)

Why Thailand continues to attract investors

After attending a full-day Board of Investment seminar on doing business in Thailand, Hans van den Born came away with a renewed sense of why the country remains attractive to international companies and entrepreneurs. The precise advantages will always depend on the individual business, but several strengths consistently stand out.

Thailand's location within ASEAN gives companies access to established logistics networks, regional supply chains and a growing range of free trade agreements. It also offers access to capable, competitively priced staff, support from government agencies such as the Board of Investment and the Eastern Economic Corridor Office, and a quality of life that can make the country an appealing long-term base for both businesses and their people.

What newcomers most often underestimate

Most companies now understand that there are cultural differences to navigate. What they often underestimate is the time required to assess the market properly, identify reliable business partners and, once the decision has been made, establish the company with the necessary licences and documentation.

The process demands both time and money. It can also be frustrating when the path is not entirely straightforward. Hans's message is not that the opportunity is inaccessible, but that realistic preparation matters. A company entering Thailand with a short timetable and little margin for delay may create problems before the business has even begun.

"Thailand offers real opportunity, but success begins with preparation, patience and the right relationships."

Dutch directness can work - when respect comes first

The Dutch are known for direct communication, while Thai business culture places greater emphasis on sensitivity, context and relationship building. Hans believes experienced Dutch entrepreneurs generally understand this and are capable of adapting without losing their own identity.

Interestingly, many Thai businesspeople - particularly those who have studied or worked abroad - appreciate a degree of Dutch directness. The decisive factor is how it is delivered. Mutual respect must come first, and the relationship cannot be treated as a formality that is completed before the 'real' business begins. In Thailand, the relationship is part of the business.

When both sides invest time in understanding one another, opportunities tend to emerge naturally. Trust reduces friction, makes difficult conversations easier and creates the foundation for business to begin flowing.

Where the next opportunities are emerging

Thailand is participating in the global energy transition, creating opportunities in battery storage, electric mobility and renewable energy. The government's promotion of the Bio-Circular-Green economy may also provide additional support and incentives for companies entering sectors that combine innovation, resource efficiency and sustainability.

Digital transformation is another major theme. Data centres, in particular, are attracting attention. These facilities require substantial and dependable supplies of electricity and water - resources that can be challenging in some markets, but which Thailand appears well positioned to manage as the sector develops.

Hans also sees a less obvious but increasingly important opportunity in education and human-resource development. New foreign investment will create demand for a larger and more highly trained workforce. Companies capable of helping people reach the skills level expected by incoming investors may therefore find themselves supporting one of Thailand's most important long-term economic needs.

Long-term thinking beats the quick win

Thailand is rarely a market for effortless short-term gains. Entrepreneurs need to understand whether their product or service meets a growing domestic demand, whether they are prepared to remain committed through delays and setbacks, and whether they have sufficient financial reserves. Local credit facilities can be difficult for newcomers to obtain, so under-capitalisation can become a serious weakness.

This long-term mindset also applies to networks. A reliable Thai partner with strong local connections can be invaluable, but such relationships must be selected carefully and maintained continuously. Credibility is built over time.

Five questions to ask before entering Thailand

Hans recommends that every prospective company or entrepreneur answer a few practical questions before committing time and capital:

1. Is your proposed line of business permitted? The Foreign Business Act restricts certain activities and professions, so the legal structure and scope must be checked first.
2. Do you have a reliable Thai business partner with a strong and relevant network?
3. Do you understand the Thai market well enough - including its customers, competitors, decision-making processes and regulatory realities?
4. Are you genuinely committed for the long term, and does your product or service answer a growing demand?
5. Do you have sufficient financial reserves to absorb delays, setbacks or slower-than-expected income, especially if local credit is difficult to secure?

Use the network before you need it

Many of these questions become easier to answer when newcomers use the experience already available to them. Hans advises joining a bilateral chamber of commerce. A good chamber provides a platform for honest, practical information from experienced business owners and entrepreneurs, helping newcomers avoid common mistakes while building both professional and social networks.

Thailand's advantages are substantial: location, people, incentives, infrastructure and lifestyle. But the country rewards businesses that combine ambition with realism. The opportunity is there. The strongest results will belong to those who prepare carefully, invest in relationships and arrive ready to stay.

Expert Views is a Town & Country Property editorial series featuring first-hand perspectives from people who help shape Pattaya and Thailand.