Private investment reaches 400 billion kip in Vientiane Capital

(KPL) Foreign and domestic private investment in Vientiane Capital has reached 400 billion kip, with 223 projects approved in the first six months of the current fiscal year. Investment by private domestic companies has outnumbered that of foreign companies. Some 214 of 223 projects are investments by local companies, according to a government report on the implementation of the socio-economic development plan in the first half of the 2012-2013 fiscal year. Most private investments were in basic infrastructure development, market-oriented agriculture and services, according to a report read by Minister of Planning and Investment, Mr. Somdy Douangdy at the 5th Ordinary Session of the National Assembly, July 8-26. Chinese investments top foreign private investment in Vientiane Capital, with Thailand, Vietnam and France, ranking second, third and fourth respectively. Companies from the Republic of Korea, the U.S.A and Australia also made investments in the first half of this year. The national economy has continued to expand in the first six months, despite uncertainties in the global economy, the report noted. It is expected that Laos will reach its 8.1 per cent growth target this fiscal year. All sectors, especially mining, hydropower, services, tourism and agriculture are trending toward increased expansion. Meanwhile, currency reserves are high with the central bank confirming the inflation rate remaining at 4.85 per cent.