Image from Laotian Times
VIENTIANE (Laotian Times): Laos capital Vientiane'seconomy grew by 5.85 per cent, surpassing the National Assembly’s initial target of 0.30 percent, according to the city Mayor Atsaphangthong Siphandone.
Atsaphangthong reported on December 16 that this robust growth was the result of strong performance across agriculture, industry, services, and investments. Key contributors to the economic surge included an 8.5 per cent increase in industrial factories and handicraft units, highlighting the city’s thriving industrial and artisanal sectors.
The industrial sector emerged as a major driver of growth, with a total production value of LAK 10 trillion (US$457.5 million). Handicraft production alone contributed LAK 134 billion (US$7.02 million), highlighting its significant role in the manufacturing landscape.
Meanwhile, the service sector increased by 3.95 per cent, fueled by targeted campaigns to boost tourism and international events such as the Visit Laos Year initiative and the Asean Summits. These efforts attracted over 1.53 million tourists to Vientiane.
The agriculture sector also demonstrated resilience with a 4.3 per cent growth rate, according to the mayor. Authorities focused on enhancing food security, ensuring a sufficient rice supply averaging 258 kilograms per person annually, and producing a surplus of 7,500 tonnes of goods.
Per capita vegetable production reached 101 kilograms, while meat production averaged 70.28 kilograms.
Overall, Vientiane’s total investments across various sectors also reached LAK 31 trillion (US$1.62 billion), exceeding the National Assembly’s target by 53.84 percent.
Atsaphanthong further noted that both domestic and foreign private investments played a pivotal role, with contributions totaling LAK 30.22 trillion (US$1.38 billion), exceeding the NA’s target by 85.9 percent and achieving 88.31 percent of the annual plan. Additionally, 407 state projects accounted for investments worth LAK 168.61 billion (US$7.70 million).
Mayor Atsaphangthong highlighted these achievements as evidence of Vientiane’s consistent economic development. With continued focus on key sectors and strategic planning, the city is well-positioned to sustain its growth trajectory in the coming years. - Laotian Times
