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BCEL One Offers Alternative Way to Pay for 2017 Road Tax

By
Laotian Times
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The uncertainty and miscommunication regarding payment of the 2017 road tax may be coming to an end as BCEL offers to accept road tax payments through its popular online banking service, BCEL One.

A source from the bank has confirmed that as of October 30th, BCEL One app users will have the ability to pay for road tax fees conveniently through the BCEL One app. Though car owners won’t be able to avoid visiting a branch to receive the actual sticker, it may elevate bank traffic for those who have pre-paid the road tax. 

Drivers will have fees deducted directly from their BCEL account, they can then visit any bank branch, present their car registration and yellow book and walk out with the necessary road tax sticker.

Audit Uncovers Over One Trillion kip of Unauthorized Spending

By
Laotian Times
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Central Bank Warns over Fake Banknotes

Over one trillion kip of unauthorized state spending has been uncovered due to a 2015-2016 state budget audit.

Parliament has been notified by the state top auditor that more than one trillion kip of state spending has been spent without approval from the National Assembly (NA).

Funds had come from various sources, including revenue that state departments had collected but failed to relinquish to the state budget. Some funds were allocated for debt repayment but was spent for other purposes.  

The 2015-2016 fiscal-year budget report from the government suggested that more than 30.545 trillion kip of state expenditure, 28.12 percent of gross domestic product (GDP), was spent in the fiscal year.

However, during the NA’s ongoing ordinary session, the President of the State Auditing Organisation (SAO), Dr Viengthong Siphandone informed the National Assembly that, “the SAO found that an additional one trillion kip was spent without approval from the NA.”

Of this unauthorized spending, more than 688 billion kip was spent by central state organizations, while the remaining estimated 342 billion kip was spent by local departments. In addition, the auditors also discovered that state departments collected more than 689 billion kip of revenue which was not disclosed to the state budget as required by law. More than 516 billion kip was collected by central state departments with the remainder collected by local authorities. Money was collected from taxes, state asset fees and other sources.

The 2015-2016 fiscal-year budget report suggested that the government had collected total revenue of more than 22.287 trillion kip, which accounted for 20.52 percent of GDP.

Though Dr Viengthong did not explain what the funds were spent on, she did confirm to  lawmakers that the SAO found an additional 689 billion kip of revenue which was not passed on to the state budget. It was recommended that authorities in charge take action to claim back the revenue for the state budget.

To prevent unapproved spending in the future, the SAO President pressed on the need to fully observe financial discipline and resolutions of the NA regarding the state budget plan. In order to enable state departments to utilize money collected from their technical service fees for administration expenditure needs, Dr Viengthong recommended departments formulate plans that were accountable and seek approval from the authorities in charge.

Annual WIG Bazaar Announced for November 11

By
Laotian Times
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WIG Laos has announced that its annual WIG Bazaar will be held on Saturday, 11 November 2017 at the National University of Laos Faculty of Engineering, Sokpaluang Road, Vientiane from 10am to 5pm. The bazaar is an all-day family-oriented event, and provides an opportunity for new and old acquaintances alike to connect and enjoy a day out in a community setting.

In the preceding days, an estimated 200 stalls are erected under the trees and in the open spaces of the grounds, where local businesses, NGOs and diplomatic missions and embassies lay out their wares. There is food and drink from all over the globe, handicrafts from your favourite shops and social enterprises, examples of aid and development projects from all over Laos.

There are also live stage performances from schools, activity groups and entertainers from all corners of Vientiane.  There is a raffle, with some spectacular prizes donated by shops, hotels and businesses, and a special Children’s Corner offering fun and games for kids, young and old.

The WIG Bazaar 2017 is sponsored by a number of local businesses, including Gold Level: Embassy of Luxembourg and Phu Bia Mining. The Bazaar is also supported by the Faculty of Engineering of the National University of Laos.

To purchase a stall, interested parties can register at Joma Phonthan (Joma 2) on one of the stall sale dates on Friday, 20 October (9-11am); Monday, 23 October (1-3pm); Wednesday, 25 October (9-11am); Friday, 27 October (1-3pm).

WIG is also currently accepting donations of goods for the popular Second Hand Stall. Community members are welcome to donate clothing, books, bric-a-brac, household items, toys and more. Drop off points for donations are Common Grounds Café, Gringo’s Taco Bar, and Panyathip School.

WIG Laos, formerly the Women’s International Group, was founded in 1990 and is a voluntary group, administered and operated by its members on a voluntary basis. The group welcomes men and women of all nationalities to join together in Vientiane for a variety of social, welfare and cultural activities. The money raised from stall sales, WIG activities and donations from the vast majority of funds available for our welfare projects – in Education and Health – for the following year.  Traditionally, these have included subsidizing transport, food and clothing for surgical patients in Vientiane and at provincial outreach clinics, providing materials to build schools, and other educational initiatives.

Daiso Japan Enters Lao Market

By
Laotian Times
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Everyone’s favorite budget-friendly chain has just made landfall in Laos, opening its doors for the very first time to the Lao public at the beginning of this month. The monster discount brand originated in Japan and is known for quality household items at highly affordable prices.

Established in 1977, Daiso Japan has now expanded to over 3600 stores in 27 countries. With almost all of its items priced at only 18,000kip (VAT included), Daiso Laos is the perfect place to find helpful everyday products, gifts, novelty items and even seasonal decorations.  

Daiso Laos plans to open additional locations in Vientiane within the next 3 years.

Daiso Laos is located in Ban Wat Nak, Sisattanak District, Vientiane Capital near MK Restaurant, they are open 7 days a week from 10am-9pm. Tel: 021-316316 fb: DaisoLaos

Red Cross Urges Public for Blood Donations

By
Laotian Times
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In an effort to secure an adequate blood supply for the country, Red Cross officials are urging people to donate blood due to the rising demand in medical situations.

According to a Red Cross official, in order to maintain an adequate blood supply,  at least 1% of the population in a country are required to donate blood. However, Laos falls far below par, with only .48% of the population donating.

Head of the Lao Red Cross National Blood Transfusion Centre, Mr Phengthong Banchanthavong, stated at a blood drive held in Vientiane, “The vision of the National Blood Transfusion Centre is to increase the number of blood donors to 1% of the population in the country by 2020.”

He added that every year, the target is ambitiously set at an estimated 60,000 people to give blood, however the reality is only 30,000 people give blood annually.

Blood donation is especially needed for patients with thalassemia, anaemia, dengue fever, accident victims, among others.

80% of current blood donations in Laos are contributed by high school and university students, civil servants, military officers and those from the business community.

For more information on blood donations, please contact : Lao Red Cross National Blood Transfusion Centre Phainam Rd, Ban Sisaket, Chanthabouly District, Vientiane Capital, Lao PDR.  856 21 21 8922,  Fax: 856 21 218923

JCV Increases Healthcare Aid in Laos

By
Laotian Times
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familyplanning
familyplanning

Thanks to Japanese Committee for Vaccination (JCV), mothers-to-be and children under five in rural areas of Champassak province have seen improvement in their health due to having proper access to immunizations.

JCV has granted more than US$1.7 million in assistance to Laos through UNICEF since 2007, aiding hundreds of thousands of children and pregnant women.

Dr Somkiet Volalath, of the Champassak Provincial Health Department, has stated that the program has assisted those in the focus areas and is expected to decrease rates of maternal and child mortality. This would help the country eliminate preventable infections and diseases, specifically measles, whooping cough, and diphtheria.

Dr Somkiet, who is also the Vice President of the Provincial Commission of Mother and Child, explained that new types of vaccines have been developed to prevent other infections such as pneumonia and diarrhea as well.

He also stated that, “All children have the right to be protected. If children have not been vaccinated they are at a higher risk of illness, permanent disability, poor nutrition and even death.”

Child mortality rates in Champassak province, (neonatal, infant and under-five) are significantly higher than the national average.

Although immunization coverage for most essential vaccines (BCG1, DPT3, Polio, and Measles) is on par with the national average, essential maternal and child health services such as; antenatal care, postnatal care, delivery by trained personnel, and ORS/home fluids for children with diarrhea, reach less than 40 percent of pregnant women and children in Champassak province.

BCG1 coverage has been maintained above 70 percent during the 2014-2016 periods. However, there is a vast inequality between districts: where Phonthong district shows BCG1 coverage of 93 percent and Pakxong district report only 61 percent coverage.

Over 80 percent of Champassak’s population relies on integrated health outreach for accessing essential maternal, child health and nutrition services and information. This underlines the importance of ensuring adequate frequency and quality of integrated outreach services.

Less than 35 percent of villages are provided health services by district and provincial hospitals, whereas almost 70 percent of villages receive services by health centers.

Visit Laos Year 2018 Kicks off end of October

By
Laotian Times
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Coinciding with the That Luang Festival celebrations, government officials have planned several activities to promote the launch of  “Visit Laos Year 2018” on October 28.

In an effort to boost tourism and attract foreign travelers to the country, Mr Soun Manivong, Head of Tourism Promotion Department, Ministry of Information, Culture and Tourism has stated that the Visit Laos Year 2018 campaign is scheduled to kickoff at the end of this month.

“Since tourism is a key world economic driver, recording rapid growth, countries have focused attention to the tourism sector as a main foreign exchange earner,” said Mr Soun. He added, “In the Lao PDR, the government has promoted and developed the tourism industry since 1989, contributing a constant growth in the sector.”

Laos has seen a 35 percent increase of foreign visitors annually between 1990 and 2000. Since then, this number has continued to increase moderately by 15 percent every year.

However, in 2016 foreign visitor arrivals witnessed a 10 percent year-on-year decrease, with 9.8 percent less foreign visits as compared to the same period last year.

Several national activities promoting Visit Laos Year 2018 have been scheduled. Meanwhile at provincial level, festivals, off road car caravans, art and cultural events have been announced to take place over the next twelve months by provincial governments.

Laos Prints Largest and Longest Sovereign Bond Issue

By
Laotian Times
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Laos has successfully completed its largest and lengthiest bond issue, with a 14 billion baht ($419 million) six-tranche offering in the Thai debt capital markets.

Not only did the sovereign offering surpass the 12 billion baht issue Laos completed in 2015, it also pushed out its curve from 12 to 15 years, and printed the largest tranche at the longest tenor, demonstrating to Thai investors’ positive long-term view on the credit.

The 2.7913 billion baht three-year, 1.0198 billion baht five-year, 340.9 million baht seven-year, 2.967 billion baht 10-year, 1.5055 billion baht 12-year and 5.3755 billion baht 15-year tranches priced at par to yield 3.65 percent, 4.00 percent, 4.60 percent, 5.20 percent, 5.40 percent and 6.05 percent, respectively.

A portion of the proceeds will be used to relinquish a 1.794 billion baht bond maturity on October 10, as well as other debts, while half will be invested in infrastructure projects. Laos’ debut 1.5 billion baht three-year bond matured in May 2016, and a further 434 million baht bond was redeemed in December.

Financial institutions acquired 57.7 percent of the issue, high net-worth investors took 27.8 percent, asset managers booked 13.9 percent, and others bought 0.6 percent.

The bonds are rated BBB+ by Tris Ratings, so the deal also marked the first time that an issuer with that rating had sold 15-year bonds in the Thai market.

The Ministry of Finance issued the bonds on behalf of the government, and received approval in mid-September to sell baht bonds, converting part of the proceeds into US dollars in the onshore foreign currency market.

The total issue size was capped at 14 billion baht, which Thailand’s Ministry of Finance had approved.

Bangkok Bank, Siam Commercial Bank and Thanachart Bank were joint lead arrangers, while Twin Pine Group was an advisor.

Source: Reuters

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