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New Year a golden time for traders
The New Year period has boosted jewellery sales in Vientiane markets, especially as people enjoyed a public holiday yesterday.
Shops saw plenty of action on Monday despite the government announcing it a holiday.
President of the Lao Gem and Jewellery Traders Association Mr Phouvong Phamisith told Vientiane Times yesterday the New Year period is traditionally the high season for gold trading.
Despite the price of gold increasing from 4.9 million kip to 5.6 million kip per 15g at the beginning of last year, more people than ever are buying jewellery as gifts.
Mr Phouvong said jewellery purchases are up 10 percent compared to the same period last year.
This can be put down to people earning higher incomes and businesses expanding over the past year.
Most companies, factories, banks and offices in Vientiane and the provinces were shut on Monday due to the public holiday but will open again today.
The holiday followed the government's announcement that the public, including officials, should take more vacations.
It is believed holidays are good for business and production as they help boost expenditure as people look to enjoy their time off.
Over the New Year period, the price of goods remained normal because supply met demand.
Yesterday, the business areas of Vientiane and the provinces were quiet, traffic was minimal and parking spaces vacant.
Deputy Director of Industry and Commerce in Champassak province Mr Bounthan Nalisavad said that on Monday trading and services operated as normal, but were not exceptional because most people were going about New Year activities in the outskirts of the city.
Vientiane Times
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