29.8 C
Vientiane
Sunday, August 3, 2025
spot_img
Home Blog Page 3336

Petanque Federation President Speaks Out over Laos Trophy Incident

Petanque Federation President Speaks Out over Laos Trophy Incident

The president of the International Petanque Federation has spoken with the Laotian Times to clarify the trophy handover incident.
The bizarre incident, which caused a stir in Lao social media, was caused by a simple misunderstanding and sudden changes to the scheduling of medal presentations on the part of the event organizers.

Mr. Claude Azema, President of the International Federation of Petanque, or Federation Internationale de Petanque et Jeu Provencal (FIPJP) in French, presented medals to the winning teams at the conclusion of the World Petanque Championships in Cambodia, in which the Lao team took second place.

Following the presentation of medals, a trophy was presented to Ms. Bolivak Thepphakan, who took her team to second place in the tournament. Rather than handing the trophy to her directly, Mr. Azema placed it on the floor.

The Laotian Times contacted Mr. Azema yesterday and promptly received a letter of explanation clarifying the misunderstanding.

He explained that traditionally the protocol of the World Championships designate the presentation of medals at the podium, in line with that of the Olympic Games and the SEA Games. However, the Cambodian hosts of the championship made a sudden, last-minute change to the schedule, requesting that trophies be presented at the podium.

This presented Mr. Azema with a dilemma, as athletes already had their hands full holding medals and national flags for photographs.

“I was called upon four times to deliver silver medals, and also the corresponding trophies, one for each athlete and one for the coach,” said Mr. Azema in his letter.

“Each time I advised the athletes to think of putting the cups and the FIPJP trophies on the ground in front of them so that their medals would be clearly visible in the photos, especially since most of them also held their national flag with their hands.”

“I systematically went around the four teams already on the podium to congratulate them and give them the same advice. Everyone will be able to see that most teams have followed this advice practically on all the podiums,” he said.

Other teams did indeed place their trophies on the floor, however, the photograph of the Lao team receiving the trophy at their feet was misunderstood and, taken out of context, quickly went viral.

Laos Women's Team Upset by Petanque Trophy Incident

According to Lao custom, the feet are considered the lowest part of the body, and leaving a trophy at the feet is considered disrespectful.

Mr. Azema was just as surprised as anyone when asked to hand the trophies over at the podium when typically trophies are handed over at the closing meal.

“Everyone knows for a long time in the world of Pétanque and elsewhere that I have the greatest respect towards all the players, whatever their origin and their level, and that I even manage to have cordial relations with many of them.”

“Nevertheless, if you consider that I did not behave well on this occasion, I beg you to understand the reason behind this incident and accept my apology from the depths of my heart. It is not my intention, nor has it ever been, to cause any offense, and I am really grieved to have been so badly reflected in social media.”

“I will also be present in Manila for the Petanque events of the SEA Games, and I hope to be able to give one more medal or two to your players – there will be no trophies! – and I hope that the Lao team will discuss with their shooter (with an interpreter please) to explain if necessary and together make a beautiful photo.”

Mr. Azema went on to say that he has ensured that Laos will be part of the teams invited for the 2020 petanque championships that will take place in France in October.

Lao Stock Exchange Sees Steady Growth

Lao Stock Exchange Sees Steady Growth

Almost a decade ago, the Lao Stock Exchange launched with only a few public companies. Now, it boasts 11 registered companies, all of which have been able to issue stock and raise over LAK 6.7 trillion (approximately USD 750 million). There are currently over 15,000 individual brokerage accounts that have invested in corporate stock in Laos’ primary stock exchange.

“Over the past nine years since the 10th of October, we have had many successes,” says Oth Phonhxiengdy, CEO of the Lao Securities Exchange.

The Lao Securities Exchange Building

The stock exchange has allowed 11 local companies to finance their corporate activities by selling LAK 6.7 trillion worth in equity, an option that is financially more attractive than bank loans, where the borrowing company is legally bound to pay back its lenders with interest. A publicly listed company is not obligated to pay back the equity investment within any specified time frame.

The importance of a stable and growing stock exchange

With a modern and safe T+2 settlement system and its digital “Home Trading” system, the Lao Securities Exchange (LSX) has become known as a transparent and neutral entity in facilitating the process of buying and selling stock, raising the country’s financial profile and making it easier to attract foreign direct investment.

By listing their stock on the exchange, local companies are able to upgrade their reputation and signal to the public that their companies are financially viable and ready for growth and expansion.

The listing also conveys the message that these companies are willing to go to the next step in terms of their business vision. In addition, as the principles of business transparency are paramount and implemented strictly by the Lao Securities Exchange, it becomes more convenient for the government to collect tax revenue from larger businesses.

Also, the efficiency and professionalism of stock exchange have had a salutary effect on investor perception on Lao government bonds, instilling trust and confidence in the government’s governance capacity and economy.

As more and more companies list, it is expected that Laos will be seen as a destination for further investment, rendering the country higher on the Ease of Doing Business index, a policy strongly advocated by current Prime Minister Thongloun Sisoulith.

Image may contain: 1 person, table and indoor
Prime Minister Thongloun Sisoulith speaking at the 12th Lao Business Forum. Photo credit: Austcham Lao PDR FB Page

What’s next for the LSX?

The LSX aims to generate further public awareness of the benefits of investing in stock and the value of a strong and stable exchange for the country’s economic growth. By engendering a genuinely attractive investment climate and adhering strictly to strong corporate governance principles, the LSX hopes to be able to ensure that listed companies deliver dividends on time and attract even more companies to register on the exchange. It also expects to develop new financial products like Provident and mutual funds and incentivize more asset management companies to emerge.

Lao Asean Leasing Public Company (LALCO) is the latest company to register on the exchange, officially trading as of October this year.

The 11 companies that are listed on Lao stock exchange are:

  • Banque Pour Le Commerce Extérieur Lao Public (BCEL)
  • EDL Generation Public Company (EDL-Gen)
  • Lao World Public Company (LWPC)
  • Petroleum Trading Lao Public Company (PTL)
  • Souvanny Home Center Public Company (SVN)
  • Phousy Construction and Development Public Company (PCD)
  • Lao Cement Public Company (LCC)
  • Mahathuen Leasing Public Company (MHTL)
  • Lao Agrotech Public Company (LAT)
  • Vientiane Center Lao Public Company (VCL)
  • Lao ASEAN Leasing Public Company (LALCO)
Stock prices of Lao-listed companies as of 28 Nov

Laos, S Korea to Develop Port Management Information System

Laos, S Korea to Develop Port Management Information System

Laos and South Korea have agreed to jointly develop a port management information system in the landlocked country.

Under a memorandum of understanding signed November 26 at the First Mekong-Republic of Korea Summit held in Busan, the two countries agreed to jointly develop and manage the system, as well as nurture talent, share information and know-how, and discuss how to source necessary resources.

Laos is currently pushing for a project to develop a river port in order to overcome the difficulties of inland logistics as a landlocked country.

Upon the Lao government’s request, South Korea has worked with Laos since October last year in planning and researching the ambitious project.

The MOU is expected to increase cooperation between two countries in maritime and fishery affairs, as well as encourage South Korean firms to participate in port development in Laos, said South Korea’s Ministry of Oceans and Fisheries.

The leaders of South Korea and the five Mekong nations, including Laos, agreed to prioritize cooperation in seven fields, stepping up efforts for synergy between Seoul’s development experience and the Mekong region’s huge growth potential.

The seven sectors are culture and tourism, human resources development, agriculture, and rural development, infrastructure, information and communication technology, environment, and non-traditional security challenges, according to a joint statement issued after the inaugural Mekong-Republic of Korea Summit in Busan.

Bizarre Incident Upsets Lao Victory at Petanque Championships

Bizarre Incident Upsets Lao Victory at Petanque Championships

Despite winning a silver trophy at the World Petanque Championships in Cambodia, athletes from Laos have come home hurt by the actions of the President of the International Petanque Federation.

 

Ms. Bolivak Thepphakan took her team to second place in the Women’s World Championships, earning a medal for herself in the women’s shooting event, and a trophy for the Lao team.

The Lao Women's Team compete in the World Petanque Championships
The Lao Women’s Team compete in the World Petanque Championships

Celebrations were stifled, however, by a bizarre incident in which the trophy for the Lao team was not presented directly to Ms. Bolivak, but instead left on the floor at her feet, mystifying and upsetting both the athletes and the audience.

Her teammates each had medals presented to them personally.

Petanque Trophy Placed on the Floor
Petanque Trophy Placed on the Floor instead of Being Handed to Athlete

The actions of Claude Azema, President of the International Federation of Petanque, have drawn the ire of the Lao team, and also the Lao population, who felt cheated of their victory.

The Lao population has taken to social media, outraged by the incident.

According to a report in the Lao Post, the Present of the Lao Petanque Federation, Mr. Khamla Vinlaythong, has stated that the matter would be handled by the Lao Ministry of Education and Sports, and it is expected that a complaint will be filed to the Federation Internationale de Petanque (International Petanque Federation, in English) regarding the actions of Mr. Azema.

Meet Your Amazing New Office in Vientiane

Meet Your Amazing New Office in Vientiane

An average 21st-century person spends most of their waking hours in the office instead of with their families or at their homes. That’s why revitalizing the office as a space for creativity rather than a sterile, cubicle environment is extremely necessary.

As the first premium co-working space in Vientiane, Toong is a new generation serviced office developer dedicated to the city’s forward-thinking residents, where one can find a harmonious combination of unmatched productivity and extraordinary inspiration.

Your dream office is coming true

Have you ever imagined working in such a gorgeous office that you can check-in at every corner and proudly post on Instagram? Have you ever thought that operating your own office makes a nuisance of yourself and you want to spend more time and budget on profitable projects rather than office maintenance?

If yes, Toong might be the workspace you have always dreamed of. Renting an office at Toong, you will immediately gain access to an ecosystem of services: from high-speed wifi, reception, mail and handling service, business lounge, fully-equipped meeting rooms, coffee counter, library. Everything is ready-to-use. You just need to bring your laptop and start working.

It is calculated that by sharing facilities with other businesses, one business can save up to 60% of the monthly expenses compared to renting, investing in interior and operating a traditional office.

Aeksalack Oudomsouk, a native Laotian who is working for an IT company specialized in mobile apps and a long-term tenant at Toong, said: “Toong’s interior design is simple and minimalist. Everything satisfies me, from the friendly staff, modern facilities, high security to its affordable price and its quietness. Even the candy is good at Toong.”

Meeting Room at Toong Co-Working Space
Meeting Room at Toong Co-Working Space

Meanwhile, Benjamin Wichtham – an expat working in Laos told that he chose Toong “because of its modern look, the internet, free coffee, and it offers office for one person, with excellent price. “I traveled many countries in Asia and Toong in Vientiane is one of the coworking spaces with the most reasonable price”, said Wichtham.

Toong also offers Hot Desk services for freelancers and independent workers who are looking for some nice and quiet work corner, well-equipped Meeting Rooms which is suitable for board meeting, pitching, interviews, brainstorming sessions, training, meetups, and versatile Event Space with a capacity up to 30 people.

From an intriguing trend to the favorite-to-be workplace

Located within an A-level office complex directly connected to Crowne Plaza hotel and only 15 minutes drive from the airport, Toong awes you with its elegant interior design and its stunning views onto a lovely garden and the tranquil city.

And by blending very well a workspace with lifestyle services such as gym, swimming pool, spa, restaurants, Toong redefines a new standard for workspaces in Laos’ capital.

Toong Front Door

Many Vientiane residents, just because of curiosity, has come to Toong to try a day pass. However, after that, they are totally convinced by the superb experience at Toong. Petureau Maue, a foreign independent worker even praised Toong as the best workspace in Laos he has ever known.

After a few months in operation, Toong in Vientiane now has welcomed businesses and freelancers working in diverse fields such as real estate, finance, IT, tourism, chemicals, laws, fintech, NGO. Impressed by Toong services, some customers even introduced their partners to settle down here.

Without a doubt, a progressive community is emerging at Toong.

First Mekong-Republic of Korea Summit Held in Busan

First Mekong-Republic of Korea Summit Held in Busan

The leaders of South Korea and the five Mekong nations agreed Wednesday to prioritize cooperation in seven fields, stepping up efforts for synergy between Seoul’s development experience and the Mekong region’s huge growth potential.

The seven sectors are culture and tourism, human resources development, agriculture and rural development, infrastructure, information and communication technology (ICT), environment, and non-traditional security challenges, according to a joint statement issued after the inaugural Mekong-Republic of Korea Summit in Busan.

The document is titled “Mekong-Han River Declaration for Establishing Partnership for People, Prosperity and Peace.” President Moon Jae-in and the leaders of the Mekong five — Cambodia, Laos, Myanmar, Thailand and Vietnam — laid out a vision for closer partnerships in the pursuit of a Mekong River miracle.

They agreed to “work together to bring about economic development and prosperity in the Mekong region, akin to the Miracle of the Han River, the rapid economic development that the ROK has experienced,” the Busan declaration read. It used the acronym of South Korea’s official name, the Republic of Korea.

They also agreed to “develop ICT-driven projects including e-Government and Smart Cities that will promote digital economy toward the 4th Industrial Revolution and technological advancement in the region based on the shared vision that ICT is a driving force for innovation, sustainable economic development and prosperity in the region,” it added.

For sustainable development, the two sides plan to establish a joint “biodiversity center” to contribute to biodiversity conservation in the Mekong subregion and a “water resources joint research center in South Korea.

PM Thongloun speaks at the Mekong - Republic of Korea Summit
PM Thongloun speaks at the Mekong – Republic of Korea Summit in Busan

Kicking off the session at the seaside Nurimaru APEC House conference hall earlier in the day, Moon said that if South Korea’s experience is combined with the “dynamics” of the Mekong region, the Miracle on the Han River will lead to the Miracle of the Mekong River. “South Korea will be with Mekong, with a belief that the development of Mekong is that of South Korea,” he stressed.

Thai Prime Minister Prayut Chan-o-cha co-chaired the meeting joined by Lao Prime Minister Thongloun Sisoulith, Myanmar’s State Counsellor Aung San Suu Kyi, Vietnamese Prime Minister Nguyen Xuan Phuc and Cambodian Deputy Prime Minister Prak Sokhonn.

Cambodian Prime Minister Hun Sen canceled his trip to Busan this week, citing his mother-in-law’s poor health. Although Hun Sen was absent, Moon thanked him for proposing that the South Korea-Mekong summit replace an annual ministerial meeting that began in 2011.

“Mekong has become a land of opportunity,” Moon said, adding that South Korea has become a “special friend” of Mekong, as it has forged relations of co-prosperity with ASEAN in preparation for the Asia-Pacific era.

South Korea-Mekong trade volume totaled US$84.5 billion in 2018, a 2.4 times increase over eight years. “Mekong has become a core development partner” to account for 20 per cent of South Korea’s official development assistance (ODA), the president noted.

Laos to Teach Korean Language at Secondary School Next Year

Laos to Teach Korean Language at Secondary School Next Year

Laos is to begin teaching Korean language at secondary schools from next year.

The decision came after Laos and South Korea signed a memorandum of understanding on November 26.

Under the agreement, three schools will offer Korean language courses on a trial basis.

In addition, South Korea’s Ministry of Education will send Korean language teachers to Laos and promote cooperation between universities in the two countries to nurture Korean language teachers at Lao universities.

The ministry will also support research projects on Korean studies to be carried out at Souphanouvong University in northern Laos, and the development of teaching materials in the Lao language.

Apart from Laos, Cambodia and Myanmar have also decided to introduce the Korean language course at selected secondary schools.

Currently, a total of five Southeast Asian countries, including Thailand, are officially teaching the Korean language at secondary schools.

In Thailand, for instance, more than 40,500 students from 133 schools are learning Korean, and it has also been included in the college entrance exam since 2016.

Some 4,900 students from 43 schools in Indonesia, 1,300 from 18 schools in the Philippines, 1,600 from 12 schools in Vietnam and 1,000 students from 10 schools in Malaysia are currently learning Korean, according to statistics by the South’s education ministry.

Laos to Bolster Tax Collection via New Laws

Laos to Bolster Tax Collection via New Laws

Laos has teamed up with the World Bank, revealing new laws on taxation that would boost the productivity of businesses and ensure accurate and full tax collection.

These laws determine the principles, regulations, procedures, and measures related to the management and inspection of taxation activities.

Under the new laws, the profit tax, in particular, has been revised from 24 percent to 20 percent, and it will be presented twice a year. In addition, tax for business operators who earn LAK 12 million (USD1,350) to LAK 50 million will be exempted.

The changes will take effect at the beginning of next year.

“New laws aim to balance the interests of business operators, the public and all citizens impartially, while boosting productivity and ensuring accurate and full collection of taxes to the state budget, thereby contributing to national socio-economic development,” the paper explained.

Vientiane Times quoted Tax Department Director-General, Mr Phouthanouphet Xaysombath as saying that the improvements in the laws would help facilitate the use of new technology in issuing personal tax file numbers, along with informing and payment of taxes through electronic systems.

These measures come amid challenges facing the Lao government in collecting taxes and mitigating financial leakage during collection.