MOIT VIETNAM | Vietnamese Businesses Promote Investment in Laos

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Vietnamese Businesses Promote Investment in Laos

11th November 2023 post by MOIT Vietnam

In a significant move to strengthen bilateral ties and technological infrastructure, Vietnam has made substantial investments in Laos, totaling nearly $5.5 billion across 241 projects over the past six decades. A key aspect of this investment includes the expansion of 4G coverage and the provision of high-speed internet services to the Laotian populace.

The "Vietnam - Laos Special Friendship Festival 2023" commenced on the morning of November 11 in the city of Hue, marking a series of events orchestrated by the Ministry of Information and Communications in collaboration with the People's Committee of Thua Thien Hue Province. This festival is a celebration of the enduring friendship and diplomatic relations between Vietnam and Laos, commemorating 61 years since the establishment of their diplomatic ties (1962-2023) and 46 years since the signing of the Treaty of Friendship and Cooperation (1977-2023).

Dignitaries in attendance at the opening ceremony included Mr. Nguyen Thanh Lam, Deputy Minister of Information and Communications of Vietnam; Mr. Phosy Keomanivong, Deputy Minister of Information, Culture, and Tourism of Laos; Mr. Nguyen Van Phuong, Deputy Secretary of the Provincial Party Committee and Chairman of the People's Committee of Thua Thien Hue Province; along with leaders from various localities, departments, and citizens from both nations.

The investments by Vietnam have been strategically diversified across several sectors, with a significant emphasis on technology and communications. This has been a part of a broader initiative to not only enhance economic cooperation but also to bridge the digital divide between urban and rural areas in Laos.

The deployment of 4G networks and the introduction of high-speed internet services are expected to have a transformative impact on Laotian society. By facilitating better access to information, education, and e-commerce, these advancements are poised to contribute to socio-economic development and integration into the global digital economy.

The festival in Hue serves as a platform to showcase the achievements and future commitments of this partnership. Cultural exchanges, exhibitions, and discussions during the event highlight the shared history and aspirations of the two countries. The technological advancements, particularly in telecommunications, are a testament to the progressive vision shared by Vietnam and Laos.

The Vietnamese investments in Laos are not just limited to telecommunications. They span a variety of sectors including energy, mining, agriculture, and education. These projects are designed to be mutually beneficial, fostering sustainable development and creating job opportunities for Laotians while also opening new markets and resources for Vietnamese enterprises.

The collaboration in telecommunications, however, stands out as a symbol of the modern dimension of the Vietnam-Laos relationship. By enabling digital connectivity, Vietnam is playing a pivotal role in supporting Laos's National Socio-Economic Development Plan, which aims to achieve middle-income status by 2030.

The festival will continue to host a series of activities aimed at strengthening the special bond between the two countries. The focus on technology and digital infrastructure is expected to be a recurring theme, reflecting the importance of connectivity in the 21st century and the commitment of both nations to work together towards a prosperous future.