Business Confidence Assessment for Laos launched
Business Confidence Assessment for Laos launched
The Lao National Chamber of Commerce and Industry (LNCCI) and the European Chamber of Commerce and Industry in Laos (ECCIL) have jointly conducted a Business Confidence Assessment for the Lao PDR which they officially launched yesterday.
The launch ceremony at the Lao Plaza hotel was co-chaired by Vice President of LNCCI Mr Oudet Souvannavong, Vice President of ECCIL Mr Paul Simcock, and Director of the Human Resource Development for a Market Economic and Vocational Education in Laos Programme of GIZ, Mr Armin Hofmann.
According to ECCIL, the purpose of the Business Confidence Assessment, which focuses on Lao and European businesses, is to provide an up-to-date insight into views of company managers on different aspects of the economy in general and about their businesses in particular.
The results are a close-to-real time snapshot of the situation in the business sector and helps politicians, chambers and authorities to monitor economic development and thus make better informed decisions.
About 430 enterprises, almost 50 of them European, had been questioned in July about issues like the development of profits, exports, investment, staff members etc. during the first six months of 2014 and about their expectations for the second half of the year.
The survey covered Vientiane and almost all provinces.
The majority of the surveyed companies, both Lao and European, have seen a positive development of their businesses and expectations for the near future are by and large optimistic.
From most of the questions, it was noticeable that Lao and European firms have quite similar perceptions but for quite a few questions the disparities are significant.
For about 45 percent of the Lao and European companies their business situation has improved in the first six months of 2014 but only about 21 percent of the Lao companies had hired more staff whereas four out of ten European companies saw their staff numbers increase.
“This exercise has been a coordinated one that we conducted with the ECCIL and we wanted to continue because this is the third of its kind and in 2014 we hope to start a series of publications every six months,” Mr Oudet said.
He hoped that the information they would provide would not just be a duplication of official publications provided by the government and international organisations in Laos but also provide an insight into the views of the private sector.
LNCCI is working closely with ECCIL, Australian and New Zealand associations as well as with associations from China, Vietnam and others to really improve the business environment in Laos.
This publication will help to provide the view of the private sector and indicators for investment and trade. It is of course very important for all of us who are doing business in Laos, Mr Oudet said.
vientiane times
