Illustrative image (Source: Internet)
The Lao Ministry of Industry and Commerce expects the country’s exports to continue growing next year despite the challenges faced in achieving this year's target.
Local daily Vientiane Times quoted a report submitted by the ministry to the National Assembly as saying the Lao government anticipates that next year's export turnover will reach 5.5 billion USD,
The new export target was set despite a November report by the Ministry of Planning and Investment showed that Laos was able to achieve only 78 percent of this year's target.
The Lao government projected that the export value would reach 5 billion USD in 2018, but over the first nine months of this year, goods worth only 3.9 billion USD were shipped abroad, the report said. It is still unclear whether the country will achieve this year's export target.
The government has lowered the GDP growth forecast after the country was hit by widespread flooding, which affected productivity.
According to another government report submitted to the National Assembly, the construction and operation of 12 hydropower plants will be completed in 2019. A large proportion of the power generated by these plants will be exported./.