Vientiane province enjoys surge in investment

Vientiane province enjoys surge in investment

Vientiane province looks set to receive increasing investment, with the authorities working hard to encourage more investment from both public and private sources.

From 2011-15 investment in Vientiane province climbed to 8 trillion kip, resulting in economic growth of 9.8 percent per year, according to a recent report from the province.

Provincial Deputy Governor Ms Singkham Khongsavanh heads a subcommittee that is preparing socio-economic reports for the province's 5th Party Congress to be held in May.

The report reveals that total investment in Vientiane province amounted to 8 trillion kip from 2011-15.

The government sunk 520 billion kip into various projects, while the private sector invested more than 4 trillion kip.

Agriculture continues to be a mainstay of the economy and plays a significant role in food security, with output being sufficient to meet local demand.

Farmers in Vientiane province earn a large part of their income from raising livestock and poultry, such as pigs, fish and ducks, for commercial purposes.

Over the five-year period, agricultural production amounted to 41.28 percent of the province's total productivity and was up 5.10 percent compared to the previous five-year period. Industry contributed 34.45 percent, up 13.70 percent.

Meanwhile the service sector accounted for 24.27 percent of productivity, an increase of 16.10 percent.

The province has also experienced a surge in the number of tourists. In 2010, more than 1 million tourists visited the province, which generated 419 billion kip for business operators and residents.

In 2015, tourist arrivals exceeded 2.4 million people, generating income of more than 870 billion kip.

The value of exports rose from US$6.43 million in 2010 to US$8.83 million this fiscal year, while the value of imports dropped from US$2.33 million in 2010 to US$0.35 million this fiscal year.