Data is the oil of the 21st century, and Southeast Asia risks pumping its reserves into foreign tanks. The need for the region to develop its own technological infrastructure has never been more pressing.

With nearly 700 million people and rapidly growing economies, Southeast Asia has become a pivotal region in the global geopolitical landscape. The technological revolution sweeping across its diverse nations is reshaping traditional industries and governance structures at an unprecedented pace. As digital innovation accelerates, Southeast Asian countries are strategically positioning themselves to maintain sovereignty over their technological futures while fostering vibrant innovation ecosystems amid intensifying global tech rivalries amongst states and their respective firms. At a time when a multipolar world order is characterized by intensifying strategic competition and fluid geopolitical realignments, the imperative for the region to develop autonomous technological infrastructure and digital sovereignty has never been more critical. 

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The IMF projects Vietnam’s GDP growth at 6.1% for 2024, supported by external demand and government policies, despite risks in exports and the real estate sector.

In its recent September report, the International Monetary Fund (IMF) significantly upgraded its 2024 GDP growth forecast for Vietnam to 6.1%, anticipating that the country’s GDP will achieve $468.5 billion by year-end. This optimistic projection stems from several positive indicators such as robust external demand, a resilient inflow of foreign direct investment (FDI), and supportive government policies targeted at economic recovery.

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The fifth Thai – Lao friendship bridge, which links Bueng Kan province of Thailand with Pakxan town of Laos, is scheduled to open this November.

Deputy Transport Minister of Thailand Manaporn Charoensri said recently that the project features a 1.35km crossover with a dual-lane road traversing the Mekong River and a four-lane bypass on the Thailand side.

The bypass links Highway No.222 (Bueng Kan – Phang Khon) with Nong Khai, Nakhon Phanom and Sakon Nakhon provinces of Thailand. Additionally, a 2.86km dual-lane bypass in Pakxan is also included in the project.

Manaporn noted the project, worth 3.9 billion THB (105 million USD) in total, aims to facilitate transportation between Thailand and Laos. When operational, the bridge will help transporters decrease costs and time spent on cargo transportation between the two countries, thus benefiting logistics and tourism.

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Thailand has been a popular expatriate destination for investment and retirement for decades, but foreign land ownership has long been restricted.

Foreigners can own no more than 49% of any condominium development and are restricted from owning most freehold estates. Yet Thailand is keen to attract wealthy international investors — particularly those from China.

Thailand’s now-suspended Prime Minister Prayut Chan-ocha proposed a policy that would allow foreigners to own land for residential use on July 15, 2022. Thai officials claim this will boost the economy by luring wealthy foreigners to spend and invest in the country.

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A nation disadvantaged by geography, Laos has turned to intense infrastructural development and foreign direct investments to accelerate economic growth. As the landlocked nation opens its doors to foreign money, who is it inviting, and what troubles lay ahead?

Once an ancient kingdom and a hub for overland trade, Laos has found it difficult to thrive in a globalised world, after decades of colonisation and war. The country’s mountainous terrain and modest population of 7.2 million have also left it with limited economic opportunities. To solve this, the government has generously welcomed foreign direct investments (FDI) since the 1980s, especially in major infrastructural developments, hoping to leverage capital and skills transfer to improve its economy.

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A recently promulgated update to a 2003 law on investment is redefining incentives for more than a dozen business sectors. This is only the Kingdom’s second investment law and it expands the range of environmentally focused organisations eligible for incentives.

The list of eligible business sectors includes environmental management and protection, biodiversity conservation, the circular economy and green energy including technology contributing to climate change adaptation and mitigation.

“Overall, I find it quite encouraging that the environment is being mentioned as a priority area for incentives,” said Karolien Casaer-Diez, Cambodia representative for the Global Green Growth Institute. “It reflects a growing awareness that sustainability is becoming key for Cambodia to ensure its competitiveness in global markets.”

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Laos has authorised the mining and trading of cryptocurrencies, in a policy shift by the debt-laden south-east Asian nation that positions it to profit from the crackdown on digital currency mining in China.

Analysts said the move was a logical step for the landlocked, communist-ruled country of 7m, which produces a surplus of hydroelectric power, but some warned that criminal gangs could seek to profit from the trade.

The crypto push marks an about-face after the country’s central bank last month warned banks, companies and people against using cryptocurrencies. The office of the prime minister this week said six companies, including construction groups and a bank, had been authorised to begin mining and trading cryptocurrencies such as bitcoin, ethereum and litecoin.

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Delta Offshore Energy said Tuesday it had secured the environmental approval for the LNG to Power Project, the 3.2 GW power plant, and LNG Terminal in Bac Lieu, Vietnam.

“Environmental Impact Assessment (EIA) is an extremely important key regulatory milestone towards the financial close and validates DOE commitment to the environment,” the company said.

“A key driver to growth is Foreign Direct Investment and this project is a low hanging fruit for such disbursements. The EIA is a key step in unlocking this capital,” says Ian Nguyen,  Ian Nguyen, Co-Founder and Managing Director of DOE.

Vietnam is a developing economy that is undergoing the coal-to-gas conversion to enable the sustainable development of renewable energy and to follow the path of its Organization for Economic Co-operation and Development (OECD) nation peers, DOE said.

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The Thailand Board of Investment (BOI) at a meeting today approved incentives to encourage companies to reduce greenhouse gas emission as well as an enhanced scheme for electric vehicles and measures to mitigate COVID-19 impacts and support local vaccine development, Ms Duangjai Asawachintachit, Secretary General of the BOI, announced today.

Measures to Encourage Greenhouse Gas Reduction

The board approved a series of promotion measures to encourage investments that will reduce impact on the environment, support sustainable development, and participate to the development of the BCG model (Bio, Circular and Green economy) which the Thai government has set as a priority to lead the post-COVID-19 recovery.

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New reports of Lao military operations against ethnic Hmong communities suggest the government is tightening its control over areas targeted for development and investment.

According to a Radio Free Asia report on April 1, Lao military forces have repeatedly attacked Hmong living around Phou Bia mountain in Xaysomboun province, north of Vientiane. Local sources and civil society advocates say the military campaign is an attempt to push the Hmong out to ensure that foreign investment projects and other government-backed initiatives can proceed unimpeded.

In March, one fighter with a group of unidentified gunmen was killed during fighting with Lao military forces in Xaysomboun. Following the attack, authorities in the province issued an order prohibiting anyone from entering the area from March 15-30 and the Lao military sent in reinforcements, blocking roads around Thathom district. On March 19, local officials declared three villages in Thathom to be “developed”, citing significant production of paddy rice and animal husbandry, according to the government-backed Vientiane Times.

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