Laos’s ruling party, at its 10th congress, has set a target to maintain high economic growth and “people’s democracy” over the next five years.

The Lao People’s Revolutionary Party was officially opened yesterday at the National Convention Centre in the capital Vientiane.

It drew 684 representatives of the 250,000-strong party.

The five-day event, held every five years, has delivered the party’s new five-year socio-economic development plan (2016-2020).

Its new leadership will also be announced at the congress.

The eighth five-year socio-economic development is designed to ensure the graduation of the country from the list of least-developed-country status by 2020.

During that period, Laos aims to have the annual economic growth rate of at least 7.5 per cent, balance its national economic structure, address poverty, and create favourable conditions for national industrialisation and modernisation, according to party chief Choummaly Sayasone.

The party has ruled the land-lock country in Marxim-Leninism communist style since 1975. It has achieved many objectives over the past five years including high economic growth and increasing per capita income from US$319 in 2011 to US$1,970 last year, Choummaly said.

A reduction in the percentage of poor families to 6.59 per cent and an increase in the percentage of families with access to electricity to 89 per cent had also been achieved, he said.

Most of the country’s 6.8 million people live in rural areas.

The launch of the communication satellite Lao Sat 1 and the groundbreaking ceremony for the Lao-China high-speed railway project on the 40th anniversary of the communist regime last year were among the great achievements, said Choummaly during the opening ceremony of the congress, broadcast live nationwide.

Prime Minister Thongsing Thammavong said the party had also set the 2030 vision and the 10-year (2016-2025) strategic development plan.

With the visions and plans in place, Laos would be released from the status of least developed and be recognised as a developing country by 2020, he said.

Laos would be a high middle-income country by 2030, he said.

“Since 2011, the World Bank has upgraded Laos from a low-income country to a low-middle income country,” he said.