Investment sector fails to reach goals
Investment sector fails to reach goals
Vientiane has exceeded 12.7 percent in economic growth for the first six months of the 2013-14 fiscal year however, the investment sector has failed to achieve its goals, a senior official reported.
Director of the Vientiane Planning and Investment Department, Mr Phoukhong Bannavong recently told local newspapers that the growth of macroeconomics in Vientiane was impressive due to the stable exchange rate and public security.
He said the Gross Domestic Products (GDP) in Vientiane alone was valued at more than 29,912 billion kip or around 30 million kip per capita.
The authorities concerned were able to implement plans in many different sectors however, the investment sector failed to reach goals for the first six months.
The department was aiming for total investment to reach 12,200 billion kip for the fiscal year but actually was only able to reach 4,377 billion kip after 6 months, which is 35.88 percent of the plan.
The investments from local and foreign investors allowed 182 projects to be implemented with registered capital of more than 1,300 billion kip, which is equivalent to 12.97 percent of the plan.
Mr Phoukhong said the agriculture and forestry sector had increased 9 percent and covered 16 percent of GDP while the industry sector increased 14 percent covering 47 percent of GDP. Services had also increased by 12 percent covering 37 percent of GDP.
The value of exported products in the capital was worth more than US$34 million, including US$481,217 from wooden products and almost US$3 million from minerals.
Industrial goods and handicrafts generated an income of more than US$27 million.
Animal husbandry earned more than US$1.344 million with other miscellaneous sectors earning almost US$2 million.
Vientiane authorities also encouraged local rice farmers to grow rice in areas of more than 53,000 hectares in the wet season, which yielded more than 239,452 tonnes of rice.
At the sa me time, the growth of rice in the dry season from a total of 18,200 hectares of land is expected to yield more than 95,000 tonnes. For the duration of the fiscal year, the expected yield is 334,667 ton nes of rice.
Meanwhile poverty alleviation is constantly improving with only 58 families yet to be declared poverty-free, which amounts to 0.03 percent of poverty-stricken families in Vientiane.
vientiane times
