"Thanks."

[uvlalid]

I've not encountered "vám" yet. What does it mean?

[VladaFu]

"to you"

[ChudyBohac]

As VladaFu stated, it means "to you." This is because it's "vy" (you) in the Dative case, which you can think of as "indirect object" case.

[xibaca]

What is this "vám" about? I was never introduced to it

[BoneheadBass]

Answered above.

[profedelenguas]

I disagree with the answer. Děkuji vám is much too formal to be translated as "thanks."

[endless_sleeper]

We thank you for your opinion.

[nickie193554]

Duo did not specify to whom we are speaking. Dakujem is perfectly polite. Dakujem Vam is more formal or plural.

[endless_sleeper]

'Ďakujem' is Slovak, not Czech.