Vientiane to speed up investment projects
Vientiane to speed up investment projects
The Vientiane investment value in the first six months of this fiscal year did not meet half of the annual plan, according to the Vientiane Planning and Investment Department.
The Department General Director, Mr Phoukhong Bannav ong said the investment value was more than 4.37 trillion kip in the first six months of the year, which was about 35.8 percent of the yearly plan. “The annual plan was set at around 12.2 trillion kip,” Mr Phoukhong said.
He said the 4.37 trillion kip included investment from local and foreign private sectors on 182 projects, which had a total registered capital of more than 1.31 trillion kip.
The value, including loans and grants from international organisations and Official Development Assistance (ODA), was about 142.5 billion kip. This is around 47.5 percen t of the plan which was set at around 300 billion kip.
Meanwhile, the 4.37 trillion kip investment value includes investment in the form of loans issued by a local bank worth m ore than 3.08 trillion kip.
The government has also funded 491 projects worth around 83.36 billion kip, which is approximately 56 percent of the plan. Mr Phoukhong said he expected economic growth in Vientiane to be around 12.7 percent in the fiscal year of 2013-14, which would see a GDP value of around 29,912 billion kip. This would see an average annual income of US$3,800 per year.
He said GDP growth would include the agricultural sector, which currently accounts for 16 percent of GDP, while the industrial sector represents 47 percent of the economy and the service sector 37 percent.
The agricultural sector is projected to increase by 9 percent on last year, the indu strial sector by14 percent and the service sector by12 percent.
vientiane times
