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Lao Officials Meet with BIDV and Viettel Leaders to Strengthen Economic and Technological Ties
High-level meetings focus on financial and telecommunications collaboration between Laos and Vietnam
In Hanoi on June 4, Khamphan Phommathat, Head of the Lao People’s Revolutionary Party (LPRP) Central Committee's Inspection Commission and the Central Anti-Corruption Commission of Laos, held separate working sessions with leaders of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and the Viettel Military Industry and Telecoms Group (Viettel).
BIDV General Director Le Ngoc Lam emphasized the bank's extensive experience and significant presence in Vietnam, with assets totaling nearly 2.32 quadrillion VND (90 billion USD) and over 1,000 branches and transaction offices. Highlighting the importance of Laos, Lam noted that it was the first foreign market BIDV entered in 1999. Through a joint venture with the Banque Pour Le Commerce Exterieur Lao Public (BCEL), BIDV established the Laos-Vietnam Joint Venture Bank, fulfilling a bilateral cooperation agreement.
BIDV has funded 11 projects in Laos worth over 480 million USD, facilitating transport and trade and generating jobs for hundreds of thousands of Lao workers. Lam reiterated BIDV's commitment to Laos as a key strategic market for long-term investment and expansion, focusing on social responsibility.
Khamphan expressed gratitude for BIDV's support and its role in financing Lao economic projects, hoping for continued success to further solidify the Vietnam-Laos relationship.
At Viettel, Deputy General Director Maj. Gen. Do Minh Phuong discussed the company's growth in Laos through its joint venture launched in 2008. Viettel's mobile network Unitel, which started in 2009, now has 3.5 million subscribers and a 57% market share, making it Laos's largest telecom service provider. Unitel has built over 9,400 base stations, with nearly half supporting 4G technology, and laid over 37,500km of fiber optic cables. The network covers all districts nationwide, with 4G service reaching 70% of villages.
Viettel has also committed to social responsibility initiatives, providing free internet to schools, training IT specialists, and supporting the construction of schools and medical stations. The Lao official hoped Viettel would continue its success and expand its business and investment in Laos.
BIDV General Director Le Ngoc Lam emphasized the bank's extensive experience and significant presence in Vietnam, with assets totaling nearly 2.32 quadrillion VND (90 billion USD) and over 1,000 branches and transaction offices. Highlighting the importance of Laos, Lam noted that it was the first foreign market BIDV entered in 1999. Through a joint venture with the Banque Pour Le Commerce Exterieur Lao Public (BCEL), BIDV established the Laos-Vietnam Joint Venture Bank, fulfilling a bilateral cooperation agreement.
BIDV has funded 11 projects in Laos worth over 480 million USD, facilitating transport and trade and generating jobs for hundreds of thousands of Lao workers. Lam reiterated BIDV's commitment to Laos as a key strategic market for long-term investment and expansion, focusing on social responsibility.
Khamphan expressed gratitude for BIDV's support and its role in financing Lao economic projects, hoping for continued success to further solidify the Vietnam-Laos relationship.
At Viettel, Deputy General Director Maj. Gen. Do Minh Phuong discussed the company's growth in Laos through its joint venture launched in 2008. Viettel's mobile network Unitel, which started in 2009, now has 3.5 million subscribers and a 57% market share, making it Laos's largest telecom service provider. Unitel has built over 9,400 base stations, with nearly half supporting 4G technology, and laid over 37,500km of fiber optic cables. The network covers all districts nationwide, with 4G service reaching 70% of villages.
Viettel has also committed to social responsibility initiatives, providing free internet to schools, training IT specialists, and supporting the construction of schools and medical stations. The Lao official hoped Viettel would continue its success and expand its business and investment in Laos.
Translation:
Translated by AI