MOIT VIETNAM | Laos sets an economic growth target of at least 4% for the next 5 years
/ News / Activities
Laos sets an economic growth target of at least 4% for the next 5 years
The Lao government strives that by 2025, the agricultural sector will grow at 2.5%; industry growth 4.1%; the service industry grew by 6%; income growth of 5.8%. At the first session, the 9th National Assembly of Laos is taking place in Vientiane, the new Prime Minister of Laos Phankham Viphavanh, presented to the National Assembly on the 9th five-year national socio-economic development plan, period 2021-2025.
In which, there are 6 major goals and 25 focused plans to be implemented in the next term, especially striving to achieve economic growth of 4% or more.
.jpeg)
Accordingly, the Lao Government strives that by 2025, the agricultural sector will grow at 2.5%; industry growth 4.1%; the service industry grew by 6%; increase tax revenue by 5.8%. By 2025, the economic structure of the agricultural sector will account for 15.3%; industry account for 32.3%; service sector accounts for 40.7% and tax accounts for 11.7% of gross domestic product (GDP).
The Lao government also considers the problem of solving economic and financial difficulties in the next 5 years as a key task, striving to collect enough budget, tightening loopholes causing losses and making policy regulations. to build a sustainable economy.
To achieve the 4% growth target set out for the period 2021 - 2025. Laos must strive to collect 169,000 billion kips (equivalent to 18.02 billion USD), equal to 16.0% of GDP, an increase 40% compared to the plan of the past 5 years. Budget expenditure is not more than 190,000 billion kips, equal to 18.0% of GDP, up 22% compared to the past 5 years and the budget deficit is about 21 trillion kips, equal to 2% of GDP.
Along with that, ensure monetary stability, control the inflation rate at an allowable level of no more than 6%, and maintain exchange rate stability at +5%/year against the USD.
In addition, the Lao government will also make efforts to reduce the poverty rate across the country to 13.9%. Striving to 2025, the forest cover area will account for more than 70% of the whole country.
-
/ News
The First Vietnam-Laos-Cambodia Border Defense Friendship Exchange
In an unprecedented tripartite defense engagement, the opening ceremony of Vietnam-Laos-Cambodia Border Defense Friendship Exchange was held today,...
-
/ News / Activities
Laos Encourages Agricultural Commodity Production with New Credit Policies
Vientiane, Laos – In a significant move to increase agricultural commodity production, the Lao government has unveiled a series of credit policies ...
-
/ News / Activities
Tri-Border Landmark: A Testament to Vietnam-Laos-Cambodia Solidarity And Trust
In the remote northern reaches of Vietnam’s Central Highlands, a landmark not only marks the convergence of three nations but also symbolizes the e...
Others
