Vientiane Eyes 12.8 Percent Growth This Year

Vientiane’s economic growth is projected to reach 12.8 percent this fiscal year with its forecast at 35.4 trillion kip, a slight increase from last year’s 12.7 percent.

The economic projection would see Vientiane Gross Domestic Product (VGDP) equating to an average income of around US$4,390 per person per year, higher than anywhere else in the country.

Vientiane has seen progress in various sectors over recent years as the political and business heart of the nation.

In addition to this the capital had achieved economic growth of over 12 percent, with per capita income reaching US$3,800, Vientiane Mayor Dr Sinlavong Khoutphaythoune recently told local media.

The economic growth resulted in substantial domestic and foreign investment which the government has approved in past years, and this would continue to deliver funds to carry out projects this year.

There were between 700 to 800 investment projects in Vientiane, which were mainly funded by private investment in Specific and Special Economic Zones, general businesses and government land concessions, according to Vientiane Planning and Investment Department.

Dr Sinlavong said this fiscal year Vientiane authorities would pursue economic growth of 12.8 percent with GDP forecast at 3 5.4 trillion kip.

To achieve their goals authorities need to raise funding sources for 14,700 billion kip in socio-economic development, an increase of 18 percent compared to last y ear.

In addition, they would strive to collect revenue of over 876 billion kip and conduct expenditure of 613 billion kip.

Authorities would continue to implement 143 government investment projects worth 58.9 billion kip and pay debt of over 60 billion kip in the meantime, he said.

Authorities hope to build Vientiane to be a liveable and secure city and to become the centre of political, economic, cultural, education and international relations in the country.

Further development in the city would focus on implementation of overall and defined schemes related to environment issues. People’s houses must be built systematically according to urban mapping, he stressed.

Authorities will pay more attention to successfully defining areas of land use, declaring boundaries and issuing maps in each district.

They need to define clear areas for agriculture and forest, public works, residences, offices, culture and social activities, public security and defence forces, public health and so on.

Source: Vientiane Times