VIENTIANE (Xinhua): Laos' Ministry of Finance has announced substantial revenue growth for the first 10 months of 2024, with total revenue reaching more than 46 trillion kip (over US$ 2 billion), equivalent to 92 per cent of the annual target, marking a 40 per cent increase compared to the same period in 2023.
The impressive revenue performance can be attributed to several factors, including the growth of the economy, the launch of the Visit Laos Year campaign, and Laos' hosting of the Asean Summit and related meetings, according to the ministry's report.
Foreign investment is increasing, and many activities are growing due to the implementation of measures and legislation as part of the national development agenda.
The Lao government has also addressed gaps leading to fund leakage, improved legislation and law enforcement, and modernized revenue collection management, which has resulted in increased revenues.
The government is striving to ensure that annual expenditure does not exceed the ceiling set by the expenditure plan approved by the National Assembly, in line with the principles of savings and reducing luxury. - Xinhua
