VIENTIANE, June 14 (Xinhua) -- The Lao government is endeavoring to stabilize the prices of various goods, including food items, against the backdrop of rising costs in the processing industry, local daily Vientiane Times on Friday quoted the Lao prime minister as reporting to the National Assembly (NA).
The value of traded goods in the first four months of 2019 stood at 15,500 billion kip (about 1.7 billion U.S. dollars), an increase of 11.8 percent compared to the same period last year. The value represented 23.8 percent of the NA's annual plan, Prime Minister Thongloun Sisoulith told the ongoing NA ordinary session this week, according to an NA press release.
"The value of the processing industry and handicraft production touched 3,240 billion kip (about 374 million U.S. dollars), an increase of 33.6 percent compared to the same period last year, and 26.1 percent of NA's annual plan," Thongloun said.
He noted that the Lao Ministry of Industry and Commerce has recently issued One District One Product (ODOP) certification to 18 products across six business units. "Currently, the country comprises a total of 171 ODOP business units with 647 products," he added.
Food items in Laos are more expensive as domestic production is still minimal, and the cost of financing capital is high. More investment is required to minimize imported products, according to the ministry. Other factors effecting local production included the lack of advanced farming methods and modern equipment plus the relatively high cost of labor.
