Laos, as a least developed country, is still largely dominated by microbusinesses, which account for 94.2 per cent of all enterprises in the country, the results of the latest survey revealed on February 16 show.
Vientiane authorities have pledged to carry out 30 large-scale development projects from now until 2025 in a bid to accelerate the Lao capital’s economic growth.
Business operators will find it easier to make decisions about investment in Savannakhet now that the Lao province has created a website which provides all the information needed by potential investors.
Laos' domestic revenue is expected to decline further from 13.5 per cent last year to 10.2 per cent of gross domestic product (GDP) this year, the World Bank said in a report.
Laos could face a trade loss of $102 million under the special tariff scheme if the country graduates from the UN’s Least Developed Country (LDC) status in 2024, a recent study found.
The Lao government has approved more than 6,000 investment projects with combined funding of nearly $37 billion since the introduction of the market-oriented economy in the 1980s.
The Lao Ministry of Industry and Commerce’s Department of Enterprise Registration and Management has eased the registration process for foreign investors, local entrepreneurs and those who want to start a new business in Laos.
A new set of challenges is likely to affect Laos’ economy this year, mainly the long dry season, the coronavirus outbreak and the Sino-US trade war.