Insight Loy Krathong: The Festival of Lights in Thailand The name โLoy Krathongโ derives from the Thai words โloyโ, meaning โto floatโ, and โkrathongโ, meaning โsmall religious offeringโ. Each year, on the night of the full moon in the 12th month of the lunar calendar, communities across Thailand gather together; accompanied by Hindu and Buddhist prayers,