Vientiane sets 10 priority projects for the city’s economic expansion
Vientiane sets 10 priority projects for the city’s economic expansion
Vientiane requires foreign investment in 10 priority projects for commercial and sustainable development in the city.
The projects include commercial cattle breeding, processing meat products, producing organic agriculture, producing commercial rice products, making home and furniture products, producing animal feed, promoting the sale of native fish from the Mekong River, promoting coconut planting, and the promotion and sale of service and goods in industrial zones.
These projects were proposed by President of Lao Front For National Construction of Vientiane MrBounthiengKhounsy at the Kunming International Sister Cities Cooperation Development seminar on Tuesday.
Potential investment in Vientiane included good natural resources and comprised five industrial zones and five specific and special economic zones..
Vientiane’s gross domestic product expanded an average 11 percent a year with per capita income reaching US$5,150, said MrBounthieng.
The agriculture and forestry sector expanded seven percent, the industry sector expanded 16 percent, and the service sector expanded 11 percent, making up 17, 47, and 36 percent of the GDP respectively.
Vientiane cooperated on trade and investment with 62 countries and the most exported products were garments, wood and bamboo, handicrafts, and agriculture, he explained.
China is a major source of foreign investment in Vientiane. Since 2009, Chinese investors have registered 185 business units worth about 3.5 trillion kip and US$6.45 million.
Seventy four of the total were 100 percent Chinese-owned while others were joint venture investments, MrBounthieng said.
The main sectors of investment are construction, retail and whole sales, service, agriculture, forestry, fisheries and processing industries.
Chinese investors also invested in three projects worth US$1.77 billion in Vientiane’s special economic zones, the Saysettha Development Zone, That Luang, Marsh Specific Economic Zone and VITA Park, he added.
An important strategic location,Vientiane is the heart of the country’s development as well as the centre for national governance, politics, culture, science, economics, and international trade and services.
This year, Vientiane authorities aim to expand the capital’s economy by 11 percent and expect the GDP value to increase by 41.6 trillion kip, according to Vientiane Planning and Investment Department figures.
To reach the target, Vientiane must invest a total of 14.9 trillion kip in socio-economic development, of which 103 billion kip will come from the state budget, representing 0.7 percent of the total.
