Head of the Lao People’s Revolutionary Party (LPRP) Central Committee's Inspection Commission and the Central Anti-Corruption Commission of Laos and President of the Lao State Inspection Authority Khamphan Phommathat was welcomed by leaders of BIDV on June 4. - VNA/VNS Photo

HÀ NỘI - Head of the Lao People’s Revolutionary Party (LPRP) Central Committee's Inspection Commission and the Central Anti-Corruption Commission of Laos and President of the Lao State Inspection Authority Khamphan Phommathat held separate working sessions in Hanoi on June 4 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 highlighted the bank's extensive experience and strong presence in Vietnam. With nearly VNĐ2.32 quadrillion (US$90 billion) in assets and a network of over 1,000 branches and transaction offices at home and abroad, BIDV is Vietnam's largest commercial bank. Lam emphasised Laos's significance to BIDV, noting its status as the first foreign market the bank 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. This partnership fulfills the Vietnam-Laos cultural, scientific, and technical cooperation agreement established by both countries' leaders.

Lam pointed to BIDV's concrete contributions to Laos’s development. The bank has directly funded 11 projects worth over $480 million. These projects, now operational, have facilitated transport and trade between the two nations while generating jobs for hundreds of thousands of Lao workers.

BIDV remains committed to Laos as a key strategic market for long-term investment and expansion, aiming to be a trusted partner with a strong focus on social responsibility, he said.

In response, Khamphan expressed gratitude for BIDV's support and its role in financing Lao economic projects. He expressed his hope for BIDV's continued successes, believing it will further solidify the relationship between Vietnam and Laos.

Welcoming the Lao delegation, Viettel Deputy General Director Maj. Gen. Do Minh Phuong outlined the company's impressive growth in Laos. Viettel's joint venture, established in 2008, launched its mobile network Unitel in 2009. Today, Unitel boasts 3.5 million subscribers and a 57% market share, making it the country's biggest telecom service provider. Significantly, Unitel is a major contributor to the Lao State budget and generates jobs for about 27,000 workers.

The company has built over 9,400 base stations, with nearly half supporting 4G technology. Additionally, Viettel has laid over 37,500km of fiber optic cables. Unitel takes pride in its extensive network, covering all districts nationwide. With 4G service reaching 70% of villages, Laos boasts some of the best 4G coverage and speed in Southeast Asia, providing high-speed Internet access to a wider population.

Beyond infrastructure, Viettel is committed to social responsibility initiatives. The company has provided free internet access to schools, trained specialists in information technology, and supported the construction of schools, medical stations, and relief efforts following natural disasters and COVID-19 outbreaks, he said.

The Lao official hoped that Viettel will continue to reap more successes and further expand its business and investment in Laos. - VNS