LVMCHoldings Accelerates Smart Mobility Business with Kakao Mobility

[Asia Economy Reporter Jang Hyowon] LVMC Holdings announced on the 31st that it has signed a business agreement with Kakao Mobility in Vientiane, Laos, to establish a Laos-exclusive service platform within the year and launch mobility services suitable for the local market. The signing ceremony was attended by LVMC Holdings Chairman Oh Se-young and Kakao Mobility Vice President Ahn Gyu-jin, along with executives from both companies.

The two companies will simultaneously launch the mobility platform service and introduce and distribute eco-friendly electric mobility devices. They also plan to expand cooperation in mobility businesses such as maps and points of interest (POI), and will pursue new data-driven businesses in the future.

A company official stated, "The Indochina Peninsula countries have a car ownership rate of less than 5% per household, making them markets where the need for smart mobility services is steadily emerging, with very high growth potential. The Laos government has promised active support for expanding the distribution of eco-friendly vehicles, and the people have high expectations for improved quality of life through enhanced transportation services."

He added, "By applying the Laos business model, we will continuously expand the mobility business across the entire Indochina Peninsula by leveraging online and offline synergies."

LVMC Holdings is a company that has grown over the past 30 years centered on mobility-related businesses such as automobile manufacturing and sales. It has logistics bases and service centers throughout Laos, so synergy is expected when this smart mobility-related business is established. Additionally, it operates automobile manufacturing plants in Vietnam, Myanmar, and Cambodia, with plans to expand its business further.

Meanwhile, LVMC Holdings signed a business agreement last year with the Laos Ministry of Construction and Transport and the Ministry of Planning and Investment, and was selected as the main operator of the smart mobility business connecting all regions of Laos. This project provides mobility services linking online and offline across Laos and neighboring border countries such as Vietnam, Cambodia, Thailand, and Myanmar. It includes various businesses such as customized ride-hailing services, intermodal transportation platforms and integrated payment systems, vehicle sales and after-sales services, and the expansion of electric vehicle charging stations.

Along with business promotion, LVMC Holdings is also working on infrastructure development. It signed a business agreement related to establishing a joint venture to expand electric charging stations nationwide, large commercial facility construction, and smart parking lot projects with the state-owned Laos Electric Authority. Furthermore, it plans to launch long-term installment financing products in cooperation with Indochina Bank to enable vehicle ownership and participation without financial burden.