Vientiane economy remains healthy
Vientiane economy remains healthy
Vientiane's Gross Domestic Product (GDP) is on track to reach 19,200 billion kip (US$2.4 billion) this fiscal year, an increase of 12.4 percent compared to the previous year, according to a senior official.
Vientiane Planning and Investment Department Director Mr Visay Savanna yesterday delivered a report on the implementation of the Vientiane Socio-Economic Development Plan over the first six months of this fiscal year to members of the National Assembly representing the constituency of Vientiane.
According to the report, the agriculture and forestry sector will see 9.4 percent growth this fiscal year, accounting for 20.75 percent of GDP, the industry sector will see 17 percent growth, accounting for 41.65 percent of GDP, and the services sector will see 8.3 percent growth, accounting for 37.31 percent of GDP. Annual income per capita in Vientiane is US$2,750.
The economic data shows that Vientiane's economic structure is being transformed, with industry as the main driving force and the foundation of the capital's economy. The services sector has become second largest source of economic growth, while the agriculture and forestry sector is the third largest.
Over the first six months of this fiscal year, the inflation rate in the capital was stable at 6 to 7 percent, below the GDP growth rate, according to the report.
From October to March, Vientiane authorities imple-mented 208 state investment projects with a total investment value of about 54,592 million kip. Project implementation reached 55 percent of the annual plan. The capital also received additional funding of 3,376 million kip from the government to counter the negative impacts of last year's floods.
Over the same period, Vientiane authorities approved 23 private investment projects with a total investment value of US$56 million. This was a major drop compared to the same period last year, when the capital approved US$696 million worth of private projects.
The capital authorities were able to mobilise more than US$2.6 million in grants and loans from international organisations and friendly countries to carry out 15 state investment projects. The authorities also collected US$225 billion kip in revenue, accounting for 49 percent of the annual plan, and spent 193 billion kip, accounting for 41 percent of the annual plan.
Vientiane expected a rice yield of 333,000 tonnes over the past six months. Average rice production capacity in the capital was 4 tonnes per hectare. Cash crop cultivation took place on 2,172 hectares, or 32 percent of the plan.
The capital exported US$401 million worth of goods while importing US$655 million worth of goods, resulting in a trade deficit of US$254 million over the first six months of this fiscal year.
The capital authorities turned their attention to reducing the number of poor families. Some 72 families were able to rise above poverty, while only 196 families are still officially classified as poor, accounting for 0.10 percent of the total number.
vientiane times
