Home Blog Page 6330

Laos, Australia Further Strengthen Customs Cooperation

By
admin
-

Laos and Australia concluded a customs related agreement in Vientiane last week, aiming to promote customs-to-customs ties between the two countries.

According to a press release from the Australia Embassy in Vientiane, Australian Border Force Commissioner Roman Quaedvlieg is visiting the region to further cooperation on countering the trade in illicit drugs and precursors and enhance the Australian government’s immigration and border protection relationships with its Lao counterparts.

Commissioner Quaedvlieg said Australia’s strong relationship with Laos was underpinned by the two countries’ shared interests in facilitating the legitimate flow of people and goods throughout the region.

Australia’s Ambassador to Laos, John Williams, and Deputy Minister of Finance, Ms Thipphakone Chanthavongsa, also attended the ceremony where Commissioner Quaedvlieg and the Customs Department Acting Director General, Mr Bounpaseuth Sikounlabout, signed a Memorandum of Understanding for Cooperation and Mutual Assistance on Customs Matters.

“This arrangement provides a framework for future engagement with a particular focus on information exchanges to help counter the trafficking of illicit drugs and precursors in the region,” Commissioner Quaedvlieg said.

“It reflects the importance of working in partnership with our regional neighbours to combat transnational crime and the movement of illicit drugs, particularly through information sharing.”

Bilateral cooperation between the Department of Immigration and Border Protection and the Customs Department of Laos has increased significantly over the past 18 months.

“This year, we have provided training to our Lao counterparts in vessel search, information analysis, document examination and English language courses,” Commissioner Quaedvlieg said.

The Commissioner also met the Chairman of the Lao National Commission for Drug Control and Supervision, Mr Kou Chansina, and gifted equipment to help Laos expand its national coordination centre and two border outposts in support of Operation Safe Mekong – a sub-regional cross border initiative to combat the illicit trade in narcotics.

Noting its synergies with Australia’s 2015 National Ice Action Strategy, Commissioner Quaedvlieg met the Director General of the Lao Department of Immigration, Lieutenant Colonel Saysaming Sivilay, to discuss Laos’ hosting of the ASEAN Directors-General of Immigration Department and Heads of Consular Affairs Divisions of the Ministries of Foreign Affairs Meeting (DGICM) in 2017.

“The Department of Immigration and Border Protection welcomed the opportunity to support Lao officials to travel to Indonesia earlier this year to observe the preparations and running of the 2016 DGICM,” Commissioner Quaedvlieg said.

“In addition to our bilateral engagement, the department remains committed to a number of multilateral initiatives in which Laos participates.”

Australia supports the United Nations Office on Drugs and Crime Container Control Programme being established at Thanalaeng in Vientiane, and the Partnership against Transnational Crime through Regional Organised Law Enforcement, to combat the illicit trafficking of drugs and other transnational organised criminal activities.

 

Source: Vientiane Times

NA Session Ends after Approving Laws, Financial Targets

By
admin
-

The National Assembly (NA) has approved a GDP target of 600 trillion kip over the next four years, also setting the average economic growth rate at 7.2 percent a year, and average GDP per capita at US$2,978 by the end of 2020.

The targets were set during the Assembly’s second ordinary session of the Eighth Legislature, which ended on Friday, with other issues of national importance also approved during the past 20 days of debate.

The government is aiming for 7 percent economic growth next year and in 2018, with 7.3 percent in 2019, and 7.5 percent in 2020. To achieve this, funding of 173 trillion kip (about US$21.4 billion) amounting to 29 percent of GDP will be required.

The NA agreed with the government’s goal to collect 111.6 trillion kip in state revenue over the next four years, with expenditure set at 137 trillion kip, and the average budget deficit not to exceed 4.39 percent of GDP.

Assembly members also debated the progress of the National Socio-Economic Development Plan and state budget for 2015-16, and plans for 2017.

The session approved a report on the resolution on audit results for 2013-14, the audit of the budget for the 2014-15 financial year, a report on the audit plan for the budget in 2015-16, and the audit plan for next year.

The session praised the State Audit Organisation (SAO) and the State Inspection Authority (SIA) for ensuring that the audit for 2013-14 was presented to the National Assembly in good time.

The session entrusted the SIA to continue to encourage inspections of budgetary units over violations of financial discipline.

The Assembly asked the SAO to investigate the common causes of violations by budgetary units and to further examine the operations of mega investment projects and rural development and poverty reduction projects to ensure they are effective and efficient.

The Assembly approved a report on its oversight of decrees and orders issued by the government, and a report on the results of an inspection into the use of chemicals considered harmful to crops and human health. The body also advised the government to more closely regulate the use of potentially dangerous substances, and build public awareness of the dangers.

The NA approved reports on the work of the Office of the Supreme Public Prosecutor and Supreme People’s Court over the past five years, their next-five year plans, and plans for 2017.

Sixteen newly drafted laws and draft amendments to promulgated laws were approved during the session, which began on October 24.

The newly drafted laws that have been approved are the Law on Information and Communication Technology, Law on Management of Chemical Substances, and Law on Special Economic Zones.

The draft amendments relate to the Law on Public Roads, Media Law, Law on Government, Law on Handling Petitions, Law on Defence Lawyers, Law on Investment Promotion, Law on Audit, Law on Livestock and Veterinary, Law on Plant Protection, Law on National Assembly, Law on Provincial People’s Councils, and the Law on Oversight by the National Assembly and Provincial People’s Councils .

A draft of the Criminal Code was also submitted to Assembly members to sound out their opinion.

In her closing remarks, NA President Ms Pany Yathotou praised the achievements of the government in following the National Socio-economic Development Plan over the past 10 months, especially in terms of revenue collection and improvements to administrative structure.

The session also asked the government to pursue the path to building a state governed by the rule of law, to ensure better economic management.

During the session, representatives from nine ministries and ministry-equivalent agencies responded to queries raised by NA members and addressed public complaints concerning issues under these bodies’ responsibility. These issues related to economic, financial, social and environmental concerns.

Prime Minister Thongloun Sisoulith told Assembly members about additional policies and essential measures to address economic and financial difficulties, improve the investment climate, boost commercial production, improve the government structure, and rein in financial violation by budgetary units.

President Bounnhang Vorachit, other Party and government leaders, and former leaders attended the closing ceremony.

 

Source: Vientiane Times

Amended Investment Law Offers Tax Incentives, Shortens Concession Period

By
admin
-

Amendments to the Investment Promotion Law offer more tax incentives and shorter investment concession periods in a bid to attract more investors while ensuring closer scrutiny of their operations.

A draft amendment to the law, which was passed by the National Assembly (NA) last week, shortens the investment concession period from 99 years to 50 years, a change that was widely welcomed by NA members during parliament’s ordinary session.

Deputy Minister of Planning and Investment Dr Khamlien Pholsena told Vientiane Times yesterday he believed that the proposed 50 year concession period would remain unchanged even though changes could be made to the original draft in line with recommendations by lawmakers.

However, the 50-year period was not set in concrete. “If deemed necessary, an investment project concession can be extended,” Dr Khamlien told parliament as he was presenting the draft.

The newly-added Article 40 defines the criteria that enable an investor who fulfils the criteria to transfer their investment projects or businesses. This is aimed at limiting the problems that can arise when an investor seeks to sell an investment project for which they have been granted a concession.

In an attempt to encourage investment in rural communities, the amended law specifies three incentive levels. Investors in education, health and agriculture in areas of extreme hardship will be granted the maximum profit tax exemption of up to 10 years or more. Different levels of hardship and fields of investment will attract different incentives.

The amendments require investors to fulfil their obligations to the state as well as their social and environmental obligations.

Amendments to the 2009 version of the law also promote public-private partnership (PPP) and Lao outbound investment. This is the first time that PPP and Lao outbound investment will be incorporated into law.

In an effort to improve ease of doing business, the amended law defines the structures of the central and provincial Investment Promotion and Management Committees to oversee investment affairs through a one-stop service channel. The central committee will be chaired by a deputy prime minister and provincial committees will be chaired by provincial governors.

The measures, regulations and principles defined in the amended law are aimed at promoting and regulating investment in order to ease and quicken the investment process in a transparent manner so that investors are protected by the state, Dr Khamlien told parliament.

“It aims to guarantee the rights and interests of investors, the state and the people,” he said, adding that the amendments will also facilitate efforts to integrate with regional and international economies to drive Laos’ social and economic development.

In 2015, Laos was ranked 134th for ease of doing business out of 189 countries. This was five points better than in 2014 when Laos ranked 139th.

The draft of the amended law comprises 13 parts, 17 chapters and 106 articles.

 

Source: Vientiane Times

Govt Vows Cutbacks in Lavish Spending

By
admin
-

Prime Minister Thongloun Sisoulith has announced that his administration will pursue its plan to curb extravagant spending by state departments, with leaders required to act as role models.

This could be done by restricting the use of state vehicles, ensuring that all state investment projects undergo bidding, and reviewing the unit price for construction projects funded by the state, among other things, the prime minister told the National Assembly (NA) recently.

“Spending in these areas has been too lavish,” Mr Thongloun told the ordinary session of the NA, which ended on Friday.

He made the comment in response to questions raised by NA members regarding the need for frugality.

The premier said the government was about to issue an order condemning extravagance. The government plans to issue several orders in relation to specific areas, he said, adding that the National Policy on Frugality against Extravagance adopted in 2015 was too general and it was necessary to issue specific orders to implement the policy effectively.

Mr Thongloun said he wanted a practical order that could be implemented once it was issued, adding that the government would also seek recommendations from the NA’s Standing Committee before issuing it.

The relevant sectors have been entrusted and prepared to work out details with regard to what unnecessary expenditure will be cut.

The Politburo, the Party’s top decision-making body, has agreed in principle with moves to cut wasteful spending, Mr Thongloun told parliament.

He stressed the need for state officials and leaders to act as role models when it comes to being frugal so that the order, which is set to be issued, is effectively implemented.

“The public keep a watchful eye on officials. Junior officials keep their eyes on their superiors. Leaders must be role models, thus the order will be effective,” Mr Thongloun said. “I believe the NA members will agree on this issue.”

It was important to clarify what should be allocated to leading officials in the way of vehicles and spending on overseas trips. This should include the class of air travel and allowances for different levels of officials, he added.

Spending restrictions during field trips to provinces in Laos also needed to be specified so that duplicate expenditure was avoided, as could happen when both central and local departments covered the spending for a trip.

“Details on these things are needed; although it’s a comparatively small issue, it reflects transparency in ensuring frugality,” the prime minister said.

During the debate, NA member for Attapeu province Mr Leth Xayaphone called on the government to curb lavish spending on the vehicles used by leading officials.

 

Source: Vientiane Times

PM to Attend Development Triangle Summit in Cambodia

By
admin
-

Prime Minister Thongloun Sisoulith will lead a Lao delegation to attend the 9th Cambodia-Laos-Vietnam (CLV) Development Triangle Area Summit, taking place from November 22-24 in Siem Reap, Cambodia.

The participation of Mr Thongloun and his delegation is in response to an invitation from Cambodian Prime Minister Hun Sen, according to the Ministry of Foreign Affairs.

During the summit, leaders will take the opportunity to discuss progress in implementing the master plan on socio-economic development for the triangle development area until 2020.

The three countries will hold talks about the MoU on special preferential policies for the CLV Development Triangle Area, signed during the 8th Cambodia-Laos-Vietnam Development Triangle Area Summit, held in Laos in 2014.

The leaders will also discuss results achieved, especially in infrastructure development; promoting trade, investment and tourism between the three countries; encourage young people’s participation in the Development Triangle Area; and security cooperation, to ensure a secure and stable environment in the region.

The CLV Development Triangle Area, established in 1999, aims to strengthen and promote comprehensive economic cooperation and good friendship between the CLV countries.

Since then, the Development Triangle Area has contributed to political and social security on the borders of the three countries. Border trade has grown and trade regulations and procedures have been simplified.

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

The Development Triangle Area 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, Dak Lak, Dak Nong and Binh Phuoc).

Laos and Vietnam realised the target of achieving a two-way trade volume of US$2 billion in 2015 compared to an estimated US$1.5 billion this year.

Laos and Cambodia agreed to promote investment and trade cooperation between their neighbouring provinces after the value of bilateral trade reached US$24.5 million last year.

 

Source: Vientiane Times

Irrigation Systems all Pumped Up for Dry Season Agriculture

By
admin
-
An Theun-Hinboun Power Company irrigation canal carries water from the Nam Hai River to the newly resettled Nongxong village farmland.

Irrigation systems will be able to supply water to about 180,000 hectares of crops this dry season, even though some systems are in need of repair.

About 120,000 hectares of the irrigated land will be given over to rice, while other crops will be cultivated on the remainder, according to the Irrigation Department.

Department officials are concerned that the prolonged dry spell could lead to a shortage of water in some irrigation reservoirs but are confident that many pumping stations will continue to function.

Last dry season, irrigation systems were able to deliver water to about 113,000 hectares of rice although farmers planted rice on only about 99,000 hectares or 88 percent of the area targeted, and 659 hectares of rice was damaged, the Ministry of Agriculture and Forestry said.

To ensure that farmers grow more rice this dry season and to ensure a good quality crop, Minister of Agriculture and Forestry Dr Lien Thikeo has instructed the relevant sectors in Vientiane and all provinces, especially those responsible for agriculture and forestry and rural development and poverty eradication, to actively encourage farmers to harvest their wet season rice and prepare to plant dry season crops.

Dr Lien stressed the importance of supplying rice seed to farmers and advising them on the best areas to sow the seeds to avoid damage by cold weather and drought.

He also told agricultural authorities to advise farmers on the correct use of chemical fertiliser, insecticides and pesticides to avoid impacts on the environment and human health.

Authorities were also told to instruct farmers on the right type of animal feed and the need to get livestock vaccinated.

Agricultural authorities were also urged to encourage farmers to mechanise harvesting wherever possible so as to reduce the amount of labour needed and to move away from outdated farming methods to farming on an industrial scale. This would produce higher yields so there would be more crops for sale.

Despite weather extremes and pest infestations, each year farmers are able to produce yields that match the government’s plan and quantities increase every year.

Rice production in Laos for 2012-13 reached about 3.52 million tonnes while 4.12 million tonnes was harvested in 2015-16. This was sufficient for domestic consumption and a surplus was produced for export.

The government spends a lot of money each year to mitigate damage due to weather extremes and pest outbreaks, as well as to increase the quality of the rice crop to ensure food security and enable Laos to be a supplier of rice.

 

Source: Vientiane Times

BCEL-KT: Trade Summary (Nov 18, 2016)

By
admin
-

Trade Summary

On the last trading day of the week, Lao Stock Exchange’s index saw unmoved at 982.76 points. Following 56,200 shares traded for the turnover of 271,625,000 kip, the trading volume should have been better for the favorable prices of the listed stocks. The two stocks traded today were EDL-Gen’s and BCEL’s, while other stocks have been quietly during this session. EDL-Gen stayed at 4,800 kip on 50,000 shares matched. In the mean time, BCEL also closed at unchanged price as 5,150 kip with just 6,200 shares changed hands. In addition, LWPC, PTL and SVN were not able to witness the exchange of their shares, closing flat at 6,100 kip, 2,500 kip and 3,000 kip respectively.

BCEL-KT: Trade Summary (Nov 17, 2016)

By
admin
-

Trade Summary

On Thursday, Lao Securities Exchange’s index reversed previous’ gain by having loss of 982.76 points amid mixed trading. Form the execution of EDL-Gen and BCEL, the total market turnover was 536,435,000 kip, translating into 110,800 shares which were slightly higher than the previous session. EDL-Gen closed in red for second day of this week, the energy stock moved between 4,800 kip to 4,850 kip, but finally considered to close at 4,800 kip on 108,500 shares traded. In the mean time, BCEL kept its persistence at 5,150 kip, having only 2,300 shares matched which generated 11,835,000 kip of trading value. Unfortunately, LWPC, PTL and SVN were quietly closing at 6,100 kip, 2,500 kip and 3,000 kip, respectively.

1...6,3296,3306,331...6,476Page 6,330 of 6,476