Business News
Sleepy Vientiane booming
Aug 8, 2011, 6:04 GMT
Vientiane - The economy of Laos' sleepy capital Vientiane grew 12 per cent year-on-year in the first three quarters of the current fiscal year, media reports said Monday.
Vientiane's gross domestic product between October 1 and June 30 reached 21,437 billion kip (2.75 billion dollars), up 12 per cent compared with the same period in 2009-10, according to the city's planning and investment department.
The city of 800,000 which has seemingly missed the infrastructure explosions of other South-East Asian capitals over the past three decades, welcomed 948,000 tourists in the nine-month period, primarily from Thailand, generating 85 million dollars in spending, the Vientiane Times reported.
During the same period, authorities approved 7,300 billion kip (936 million dollars) worth of investment projects, an 84-per-cent increase compared to the same period the previous year.
According to the planning department, Vientiane authorities approved 1,052 investment projects between 2002 and 2010, with a total investment value of about 3.3 billion dollars.
Foreign investment in the capital was led by companies from Vietnam, followed by China, Thailand, South Korea and France.
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