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Economic Census III to operate in Laos

Vientiane Times, December 7, 2018


Laos’ economy will be surveyed by collecting data and registering all business units operating in the country to contribute to its socio-economic development.
The 1st National Steering Committee Meeting on Economic Census III in 2018 was held in Vientiane yesterday, which was chaired by the Deputy Prime Minister and Minister of Finance, Mr Somdy Duangdy.

The Economic Census is conducted at five year intervals and provides relevant statistics on the nation’s economic profile. The census plays a critical role in allowing millions of private and public decision makers to make more informed economic plans and decisions.
It was revealed at the meeting that the National Steering Committee at the central level has representatives from the Ministries of Finance, Industry and Commerce and the Bank of Lao PDR as well as provincial and district steering committees, which were appointed by the Prime Minister in May this year.
The target of the census is to list every business unit operating in Laos – such as state and private sectors, foreign investors, joint ventures businesses and SMEs – as per the Lao Statistics Bureau.
The census will exclude family businesses, especially breeding fish, pigs and chickens, but farming systems will be surveyed.
The census will not take into account small size business groups operating at schools, hospitals and camps of police and soldiers, as well as state enterprises and shops that closed their businesses in less than three months.
The meeting also discussed questionnaires for business units, fixing responsibility in each sector, operational and budget plans as well as establishing the National Steering Committee office, the head of office and coordination officers.
The number of newly registered and expanded businesses in the country has further increased given the improvements in state services and the robust growth of the economy.
During the six-month period this year, the industrial and commercial sector in Vientiane registered 570 new units, including firms that expanded their activities, with a total registered capital of more than 2,068 billion kip.
During the same period in 2017, just 209 new businesses were registered, according to Vientiane authorities.
These business units are a source of entrepreneurial dynamism, revenue for the state and job opportunities for locals.
This year, the government has forecast that Gross Domestic Product (GDP) would grow at 6.5 percent, amounting to 152,425 billion kip with GDP per capita reaching US$2,599.
Next year, GDP is forecast to grow at least 6.7 percent, the government told the Parliament.

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