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Economists Query Accuracy of Investment Figure

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Economists have queried the investment figure reported by the government, saying it does not reflect the reality of economic growth.

Minister of Planning and Investment Dr Souphan Keomixay told the National Assembly recently that the total investment figure over the past nine months of the 2015-16 fiscal year was 41.82 trillion kip, equal to 38 percent of Gross Domestic Product (GDP).

Investment funding came from both domestic and foreign sources, the state budget, Official Development Assistance (ODA), and the banking sector.

The minister was asked by Assembly members to clarify the figure, saying that if investment was equal to 30 percent of GDP, the country’s economic growth rate would be 7.5 percent.

However, the economy grew by only 6.9 percent this year so it must be impossible for total investment to equal 38 percent of GDP.

A senior economist at the National Economic Research Institute and a member of the National Assembly, Dr Leeber Leebouapao, told Vientiane Times this week the minister has told us that the investment figure was inaccurate.

Dr Leeber said government bodies calculated the value of project investment in their annual fiscal reports after the projects had been approved by the government.

But many of these projects failed to get off the ground or were postponed.

In addition, some mega projects took four or five years to complete, but all of the capital ploughed into them was included in the one-year report. To be accurate, we should calculate the actual money spent on a project each year (not the approved investment figure) since that is the amount that is in circulation in the economy, Dr Leeber said.

I think the figure on investment values is unclear. We still don’t know exactly how much investment funding goes into the economy each year.

According to the Ministry of Planning and Investment, 1,222 investment projects were approved for domestic and foreign businesses over the past nine months, with registered capital of over 25.5 trillion kip (US$3.13 billion).

Of the total, nine projects were approved in the form of concessions, worth US$447 million. Approval was given to another 33 projects for operation in special and specific economic zones, with a total value of US$443.9 million. The rest were general businesses.

However, only US$883.7 million of the money invested in these projects has been transferred through the banking system for investment in Laos.

Concerning the economic growth figure of 6.9 percent this year, Dr Leeber said he believed it was accurate because the calculation of GDP was based on productivity, not on the approved investment capital.

The government has projected that the economy will grow by 7 percent next year due to the revenue shortfall and the global economic slowdown.

Laos, Vietnam Highly Value Time-honoured Ties, Sign Deals to Deepen Cooperation

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Lao and Vietnamese leaders yesterday reiterated their deep appreciation of the time-honoured friendly relations, special solidarity and comprehensive cooperation between the two neighbours at the start of a three day state visit to Laos by the General Secretary of the Communist Party of Vietnam (CPV), Nguyen Phu Trong.

General Secretary Nguyen Phu Trong and his high-level delegation are visiting Laos at the invitation of the Secretary General of the Lao People’s Revolutionary Party and President, Bounnhang Vorachit.

An official welcoming ceremony took place at the Presidential Palace where General Secretary Nguyen Phu Trong and his delegation were greeted by Secretary General Bounnhang and other high-level Lao officials.

At the bilateral talks held shortly after the welcoming ceremony, the Lao Party and state leader officially welcomed General Secretary Nguyen Phu Trong and his delegation.

The Lao leader said he highly valued the visit to Laos by the Vietnam Party Chief, saying it would further strengthen the traditional friendly relations, special solidarity and comprehensive cooperation between the two Parties, states and peoples, which was engendered by President Ho Chi Minh, President Kaysone Phomvihane and President Souphanouvong and nurtured since by generations of leaders and citizens.

General Secretary Nguyen Phu Trong expressed his delight at leading his delegation to visit Laos, making his first overseas trip following his re-election as Party General Secretary in January 2016. He expressed heartfelt thanks to Party and state leaders and the people of Laos for the warm hospitality extended to him and his delegation.

The Vietnam Party Chief expressed his confidence that the Lao people under the leadership of the Lao People’s Revolutionary Party would enjoy greater achievements and successfully realise the Resolution of the 10th Party Congress.

The leaders briefed each other on the important issues taking place within their respective parties and countries. T hey reviewed the relations and cooperation between the two nations in recent years and discussed future cooperation in order to elevate the special relationship to new heights .

Following their talks, the leaders witnessed the signing of seven documents to enhance Laos-Vietnam relations and cooperation.

The documents are as follows: a Memorandum of Understanding (MOU) in which the Party, state and people of Vietnam will support the construction of a new National Assembly building for Laos. Another MOU undertook to build a school in Borikhamxay province as a gift from General Secretary Nguyen Phu Trong.

The third document is a five-year cooperation agreement (2016-2020) between the Lao Front for National Construction and its Vietnamese counterpart. The fourth is an agreement to revise the cooperation strategy between Laos and Vietnam in Huaphan and Xieng Khuang provinces until 2020.

The remaining three documents comprise an agreement on investment for the planned Vientiane-Hanoi Highway Project, an agreement on the five-year transport cooperation plan (2016-2020), and an MOU to create an economic and trade cooperation website.

Later in the day, the Vietnam Party chief and his delegation called on Prime Minister Thongloun Sisoulith at the Prime Minister’s Office, and President of the National Assembly Ms Pany Yathotou at the National Assembly Office.

General Secretary Nguyen Phu Trong also received courtesy visits from the President of the Lao Front for National Construction Dr Xaysomphone Phomvihane, and President of the Laos-Vietnam Friendship Association Dr Vilayvong Boutdakham.

Secretary General Bounnhang hosted a banquet in honour of General Secretary Nguyen Phu Trong and his delegation.

 

Source: Vientiane Times

Huawei’s Seeds for the Future Programme Launches in Laos

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Ten students from the National University of Laos, University of Savannakhet, University of Champassak and Souphanouvong University in LuangPrabang province have been selected to take part in an ICT study trip to China.

Huawei, in collaboration with the Ministry of Education and Sports, yesterday organised a launch ceremony for the Seeds for the Future Programme in Vientiane, attended by Minister of Education and Sports Ms Sengdeuane Lachanthaboun, Chinese Ambassador to Laos Mr Guan Huabing and Chief Executive Officer of Huawei Technologies (Lao) Sole Co., Ltd., Mr ZangDongya.

This is Huawei’s global Corporate Social Responsibility programme that aims to nurture the ICT talents of Laos. It also aims to facilitate the transfer of ICT knowledge, thus supporting Laos to be a digitally empowered nation.

Initiated by Huawei in 2008, the Seeds for the Future Programme seeks to develop local ICT talent, enhance knowledge transfer, promote a greater understanding of and interest in the telecommunications sector, and improve and encourage regional building and participation in the digital community.

Every year, Huawei invites 1,000 students, 10 per country, to study at the company’s headquarters. There, they discuss future trends and are shown how to harness new opportunities.

During the trip, the students will experience Chinese traditional culture and take short courses in Chinese calligraphy and painting at the Beijing Language and Culture University for one wee k.

The students will also have opportunities to study cutting-edge technologies such as 5G, LTE, and cloud computing, and hands-on practice in Huawei Headquarters’ most advanced labs in Shenzen.

Speaking at the launch, Mr Zang Dongya explained how they are committed to long time contributions in Laos such as cultivating local talents. Thus, the Seeds for the Future Programme will greatly assist Laos, local communities, universities and students, and the Lao ICT industry.

Mr Zang also said Huawei wants to support the government in ICT development. Students in the programme can enhance their ability to adapt to the ICT industry as they learn about state-of-the-art technologies and skills, as well as the innovation needs of the Lao market.

By acquiring such skills, students will boost their confidence, which will help them to excel in their careers and in multi-cultural business environments.

Information and communication technologies have become crucial growth engines for many different industries. As an ICT leader, Huawei is committed to promoting ICT industry development in the countries it operates in, and aims to drive long-term economic, social, and environmental sustainability, Mr Zang said.

Source: Vientiane Times

Students Expand their Horizons with Talk on Chinese Culture

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Students from the Kong Zi Institution’s Chinese Language Department and the National University of Laos (NUOL) gained an exciting insight into Chinese culture on Wednesday after listening to a special lecture at the university.

The topic of the lecture was Integration of eastern and western culture and was delivered to mark the 400th anniversary of artists and literature of China and Europe, many of which have become firm favourites the world over.

The student audience learned a lot more about Chinese customs and traditions including traditional forms of dress, the arts, literature and traditional artistic practices.

Acting President of NUOL Professor Dr Somsy Gnophanxay said the university wanted to expand its arts and culture activities in relation to different ethnicities in order to broaden students’ education.

NUOL was also interested in more cultural exchanges and exposure to international cultures.

Prof. Dr Somsy said the students were fascinated and would long remember the lecture and what they had learned about Chinese literature.

This would inspire them to develop an interest in the literature produced by other countries, both old and modern.

The lecture was organised by the Chinese Cultural Centre in Laos and NUOL’s Chinese Research Centre.

It was delivered by a senior Chinese official and was attended by NUOL officials and lecturers, staff from the Chinese Embassy to Laos, and members of other organisations.

Source: Vientiane Times

Offline Internet System to Boost Connectivity in Laos

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Internet users will be able to access online data via smartphones anywhere with mobile telephone signal, including remote areas, through a new system which doesn’t require continuous connection to the internet.

New technology set to be introduced will allow smartphone users to access data connections with only a local telephone signal.

Be-Bound and its Lao development partners are planning to offer mobile internet access without 3G or Wi-Fi in Laos, as users will have internet access wherever they may be through existing 2G networks.

Be-Bound, whose office is located in Paris, France, are one of the leaders in offline internet technology globally. Currently, they are focusing on enlarging their services for developing countries.

According to Be-Bound, there are about 4 billion users in many countries including India, Africa and Vietnam as well.

Chief Commercial Officer of Be-Bound, Michel Ktitareff said at a workshop held in Vientiane recently that Be-Bound would like to launch its operation in Laos with the aim to support new technology for business operations, education, health, agricultural enterprises, services and economic development in the regions.

In addition, it will be able to support local communities in remote areas which lack internet signals, enabling them to visit websites and other applications via their smart phones.

According to Be-Bound, they and their development partners are preparing to produce the new Be-Bound’s application for a pilot programme in Laos, which is focusing on remote areas.

Concerned officials will hold a press conference again to officially announce the new Be-Bound application but no official date has been set as yet. Officials will also be able to provide more information to those who would like to register the application, Be-Bound said.

The new app will let users access the internet anywhere for less than the price of a text and you don’t even need a data connection. The app is free to download from Google Play with users paying for the service.

According to Be-Bound, using the app is much cheaper than standard roaming costs and so is ideal for use when traveling abroad. It features built-in email, weather, news and Twitter functionality with the company claiming that it can even help users to save money on their existing mobile tariffs.

When connectivity isn’t an issue, Be-Bound can still be used when on Wi-Fi or 3G networks, with the company claiming it provides a faster means of accessing the internet than traditional smartphone apps while also reducing data usage.

Source: Vientiane Times

Mekong Nations Strengthen Partnership to Combat Human Trafficking

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Laos has reaffirmed its commitment to work with its neighbouring countries Cambodia, China, Myanmar, Thailand and Vietnam to combat human trafficking across the Mekong region.

The Mekong countries will enhance their joint efforts to track down and punish those who carry out this scurrilous trade and help the victims to return home.

This was the message delivered by the Head of the Secretariat of the National Steering Committee on Human Trafficking, Colonel Dr Phengsavanh Thiphavongxay, when addressing the Coordinated Mekong Ministerial Initiative against Trafficking (COMMIT), taking place in Vientiane from November 23-24.

Human trafficking is the acquisition of people by improper means such as force, fraud or deception, with the aim of exploiting them, Col. Dr Phengsavanh said.

The smuggling of migrants involves the procurement for financial or other material benefit of the illegal entry of a person into a State of which that person is not a national or resident.

Col. Dr Phengsavanh said that virtually every country in the world is affected by these crimes. The challenge for all countries, rich and poor, is to target the criminals who exploit desperate people and to protect and assist victims of trafficking and smuggled migrants, many of whom endure unimaginable hardships in their bid for a better life.

Col. Dr Phengsavanh said the member countries have focused on the implementation of the programme, based on the capacity and real situation of each country, in cooperation with international organisations and civil society. Each country has met with varying degrees of success.

This week’s meeting is a follow-up to the last one held on February 18-19 in Bangkok to review and further develop an action plan to implement Phase 4 of the regional programme.

During this meeting we will get an update on the progress of Phase 4, under which each country has conducted activities with a focus on outstanding events, he said.

Col. Dr Phengsavanh noted that participants would discuss the sustainability of the programme, work to identify victims and referral mechanisms, the involvement of young people and social organisations, and progamme priorities for 2017.

He called on participants to take charge and be decisive, to discuss matters frankly and fully, and to be creative and effective, so that the meeting could achieve its targets.

Some experts and researchers said they were afraid that human trafficking would get worse when the ASEAN Economic Community is fully integrated, referring to the regional bloc’s aspirations to create a single market with a free flow of goods, services, investment, capital and skilled labour by 2020.

Between 2006 and 2015, thousands of victims of trafficking were officially repatriated from neighbouring countries. They were mostly women, and girls and boys under the age of 18.

The meeting was attended by representatives from the UN-ACT Regional Office, the COMMIT Task Force and other invited guests from the Mekong region.

Source: Vientiane Times

Cambodia, Laos, Vietnam Expand Cooperation

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The leaders of Cambodia, Laos and Vietnam (CLV) have agreed to expand their economic cooperation through their joint territorial areas to accelerate the development of the three neighbours.

The agreement was reached yesterday at the 9th CLV Development Triangle Area (DTA) Summit in Siem Reap, Cambodia, the Lao Ministry of Foreign Affairs reported.

Prime Minister Thongloun Sisoulith led the Lao delegation attending the summit, which the ministry said was convened successfully.

Prime Minister Thongloun, his Cambodian counterpart Samdech Hun Sen and Vietnamese Prime Minister Nguyen XuanPhuc signed a joint statement at the summit vowing to continue shared efforts to maintain peace, stability and security in the designated 13-province Development Triangle Area.

The DTA covers four Cambodian provinces (Ratanakiri, Stung Treng, Mondulkiri and Kratie), four Lao provinces (Attapeu, Saravan, Xekong and Champassak), and five Vietnamese provinces (Kon Tum, Gia Lai, DakLak, DakNong and BinhPhuoc).

The leaders agreed to work together to bolster socio-economic development in order to create more jobs, improve the livelihoods of their peoples and eliminate poverty in the 144,600-square-kilometre DTA which is home to about 6.7 million people.

Following their talks, the representatives of the three governments inked a cooperation agreement to promote and facilitate trade and investment in the DTA and increase its value.

In pursuit of this goal, the countries pledged to promote trading, create conditions favourable for business operations, and facilitate goods transport and people-to-people visits.

In this regard, the leaders approved 15 priority projects to enhance their cooperation.

During the summit, the leaders reviewed the progress made in implementing the DTA socio-economic development master plan and agreements they reached at the last summit held in 2014 in Vientiane.

Established in 1999, the CLV DTA aims to strengthen and promote comprehensive economic cooperation and good friendship between the three countries.

As of 2013, the average GDP in the Development Triangle Area had grown by 10 percent annually and GDP per capita was recorded at US$1,340.

The Lao foreign ministry said the DTA’s cooperation frameworks had brought a number of benefits to Laos. Cooperation projects under frameworks carried out over past years have seen the improvement of road connectivity in the region.

In Laos, schools, hospitals and other essential facilities have been built using funds provided by the government and its development partners, notably Japan, as well as investment by the private sector.

Previous reports showed that the government of Japan had provided financial assistance to Laos amounting to more than 60.3 billion kip for various projects.

The Japan-funded projects have seen the construction of eight primary schools, a hospital, four dispensaries, and improvement of the 20km 1H road linking Thateng district in Xekong province to Saravan province among others.

In addition, the government of Vietnam has extended significant assistance to Laos for human resource development.

Source: Vientiane Times

Residents Await Compensation for Nongkhang Airport Lands

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Huaphan province wants to help the people affected by Nongkhang airport construction that are suffering from a lack of rice to eat after losing their rice plots to the scheme.

The Hoang AnhGia Lai Joint Stock Company (HAGL) is responsible for the construction of the airport in Xamneua district’s Nongkhang village.

Deputy Governor of Huaphan province, Mr Phanthong Phenxaysomphan told Vientiane Times on Wednesday that based on the signed contract, the construction company committed to pay compensation valued at some 6.8 billion kip.

However the company has run out of money and subsequently asked the government to make the payments, saying that it will repay the government at a later date.

This matter has been detailed in a report sent to Prime Minister Thongloun Sisoulith but he has yet to reply. Right now, we are waiting on the answer from PM Thongloun regarding the payment of compensation to them, he said.

A number of people affected by the construction of Nongkhang Airport in the province don’t have rice to eat as they lost their rice plots for the scheme.

Scores of people in Xamneua district’s Nongkhang village where the project was under construction called the hotline of the National Assembly (NA)’s second ordinary session of the Eighth Legislature in Vientiane, which ran from October 24 to November 18.

In their reports to the NA hotline, some families said they are now selling goats they have been raising in the village area in order to purchase rice for their families to eat.

But some families who don’t have animals to sell are seriously hungry without land for growing crops because their former fields have been covered in fill after the land was surrendered to the project.

The people affected have so far been waiting three years for compensation for their rice plots and crops from the construction company.

The HonghAhnGia Lai company is responsible for the construction of the airport, which is valued at more than US$74 million.

The company suspended construction of the airport last year after signing a contract in 2013.

The new airstrip was scheduled to be finished in 2017, but construction came to a halt when the project was about 30 percent complete.

In the National Assembly session, Minister of Public Works and Transport, Dr Bounchan Sinthavong responded to questions put by Assembly members concerning the compensation payments.

The company has approved the payment but at present it has no money to pay any compensation to households affected by the project and has asked the government to make the payments instead.

Upon completion, the new airport should be able to accommodate aircraft with 70 to 100 seats, such as the ATR72.

Source: Vientiane Times

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