Home Blog Page 6390

Lao Securities Exchange to Close on Dec 27-Jan 1, 2020

Lao Securities Exchange to Close on Dec 27-Jan 1, 2020
The Lao Securities Exchange Building

The Lao Securities Exchange (LSX) has announced that it will be closed from December 27 to January 1, 2020, for last three business days of year’s end and on the New Year’s Day.

The bourse added that it will resume the operation on January 2, 2020.

The LSX was established in 2010 with technical and financial support from South Korea. The Korea Exchange has a 49 percent stake in the LSX.

Thailand provided technical advice to help build the exchange, and it became operational in January 2011.

The LSX saw a net loss of USD 3.5 million in 2013, USD 2.9 million in 2014 and USD 2.5 million in 2015. The bourse was able to reduce net loss significantly in 2016 when the figure stood at USD 1.6 million.

As of end-2018, it managed to further cut losses to USD 1 million. However, its operating revenue severely dropped from USD 1.3 million in 2017 to USD 140,530 in 2018.

Currently, a total of 11 companies are listed, all of which have been able to issue stock and raise over LAK 6.7 trillion (USD 750 million). There are currently over 15,000 individual brokerage accounts that have invested in corporate stock in Laos’ primary stock exchange.

Lucky Air flies New Route from Kunming to Luang Prabang and Vientiane

Lucky Air flies New Route from Kunming to Luang Prabang and Vientiane

China’s low-cost carrier Lucky Air has launched its first route that connects China’s city of Kunming to the Lao city of Luang Prabang and the capital Vientiane.

The two flights, which began on December 22, are scheduled on Wednesdays and Sundays, departing from Kunming at 3:35 pm. The return flight departs from Luang Prabang at 5:30 pm.

Separately, flights from Kunming to Vientiane depart at 8 pm, while those from Vientiane to the Chinese city leave at 10 pm. Tickets are available at around THB 7,000 (USD 232).

Kunming-based airliner Lucky Air, which was established in 2004, is the latest foreign carrier that launched a new route to Laos.

South Korea’s T’way Air announced in early December that it would launch a new route connecting the Korean city of Daegu and Vientiane.

Meanwhile, Singaporean airliner Scoot also launched new routes in April connecting Singapore to Luang Prabang and Vientiane.

Laos saw more than 3.4 million international visitors in the first nine months of this year, an 11 percent increase from the same period of last year.

Among them, the number of visitors from China soared by 26 percent, according to the Tourism Development Department, Ministry of Information, Culture and Tourism.

The department projected that more than 1 million Chinese visitors would visit Laos in 2019.

Vientiane Officially Bans Burning of Garbage

Burning garbage now illegal in Vientiane

A notice issued by the Mayor of Vientiane Capital has officially banned the burning of garbage in a move to reduce environmental damage.

The notice, dated 16 December, is addressed to the head of the Vientiane Capital Department of Natural Resources and Environment and outlines the types of household burning and other types of open burning that are officially prohibited citywide.

Citizens are now prohibited from burning garbage, dry rice fields, and trees or brush in all urban areas of Vientiane Capital.

According to the notice, a hotline will be created for citizens to report the burning of garbage or brush in urban areas, while volunteer units will be installed at the village and district levels to deal with forest fires or large garbage fires.

Measures against offenders, such as fines, have not been fully decided upon, however, according to the notice it is to be in relation to the size of the offense, with larger volumes of garbage attracting larger fines.

The response comes as Vientiane recalls last year’s extreme air pollution, during which a haze of smog covered much of the capital. The cause of the smog, which gripped several cities in Southeast Asia, was attributed to dust and large-scale open burning.

Many concerned citizens had been calling for stricter measures on open burning and garbage fires, which until now had been dealt with only at the village level, and on a case-by-case basis. While some village chiefs have been proactive, many had been awaiting clear instructions from the mayor’s office.

Fires continue to plague the capital, which topped a list of provinces with the most fires, with 68 fire incidences reported this year, costing the economy LAK 11,604,000,000 kip (USD 1.3 million) in damages.

Laos Opens New Earthquake Monitoring Center

Laos Opens New Earthquake Monitoring Center

Laos has opened a new earthquake monitoring center to provide information on seismic activity to the public promptly.

The center is designed to improve Laos’s ability to withstand earthquake disasters, promote the development of earthquake science and technology in Laos, protect the lives and property of Lao people, and provide a strong guarantee for economic and social development of the country.

It can provide information about earthquakes that have a magnitude of 3 or more on the Richter scale.

“Enhanced capacity building for the related expert team and the rapid distribution of seismic information will ensure the safety of people living in at-risk earthquake areas and around large-scale development projects,” said Director-General of the ministry’s Department of Meteorology and Hydrology, Mr. Khanmany Khounphon.

The Lao National Earthquake Data Center is a two-storey building, which is 12 meters high, 14 meters wide and 33 metres long, equipped with modern facilities in 12 workrooms to monitor seismic data, according to Vientiane Times.

In November, a magnitude 5.7 earthquake hit Laos’s Xayaboury Province, causing considerable damage to property in the district.

The earthquake damaged various structures, including residential properties. Many villagers spent the night under makeshift tents, afraid to re-enter their homes.

Meanwhile, the completion of center highlights the economic and trade cooperation between China and Laos, especially following the Belt and Road Initiative. The construction began in November 2018 with funding assistance from China.

“This project is a milestone in the cooperative ties and traditional amity between the Chinese and Lao nations, which have constantly strengthened,” said the Economic and Commercial Counsellor of the Chinese Embassy to Laos, Mr. Wang Qihu, quoted by Vientiane Times.

Provinces With The Highest Number of Fires in 2019

Provinces With The Highest Number of Fires in 2019

Fires, both accidental and natural, are relentless in causing mass devastation to both human property and lives. But some provinces in Laos have had it worse than others.

Lieutenant Colonel Vilaphone Vongkhamounty, Deputy Direct General of the Fire Prevention Department of the Ministry of Public Security reported a total of 197 fires that caused economic losses estimated at a walloping 44,700,000,000 kip (almost USD $5.1 million). The blazes killed 4 people, injured 2, and razed 240 houses. Faulty electrical wiring (64 cases), negligence (72 cases) in the form of ceremonial candle lighting (24 cases), cooking with coal (26 cases), and trash burning (22 cases) gone awry, and arson were among the top causes of fires in 2019.

According to Lao Security News, the media wing of the Lao police, the top ten provinces that have suffered from fire incidences in 2019 are the following:

10. Oudomxay

A total of 5 fire incidents have hit this northern province, with 2 occurring in houses, 1 at a wood processing factory, 1 in a bedroom, and another in a forest. It is estimated that the damages amounted to 7,134,600,000 kip (approximately USD $800,000).

9. Bokeo

Five episodes of fire wreaked havoc on 4 houses, 1 market which included 13 shops, 6 warehouses, incurring 8,483,491,000 kip (approximately USD $950,000) in damages. Authorities concluded that 4 fire incidents happened due to poor circuitry and another due to negligence.

8. Luang Namtha

Seven incidences involving fire occurred in this province causing damage to 5 houses, a convenience store, a rubber factory, a communications office, and a motorcycle. Three happened due to poor circuitry and another three happened as a result of negligence.

7. Sayaboury

Eight fires devastated parts of the province including 6 houses and 1 woodworking factory where valuable machinery and raw materials perished.

6. Khammouane

This province was hit by a total of 12 fires (10 houses, an apartment building, a warehouse, 2 vehicles) causing an estimated 931,398,000 kip (approximately USD $105,000) in damages. Police have been able to conclude that 1 was due to poor circuitry, 2 were due to arson, another caused by faulty machinery, and the rest remain under investigation.

5. Bolikhamxay

Eleven fire incidences destroyed several parts of the province including 10 houses, 2 cars, a bus, a 6-wheeler truck, and many other high-value items and possessions totaling an estimated 1,370,661,000 kip in damages (approximately USD $154,000). Police confirmed that the causes of the fires included poor circuitry (4 times), negligence (5 times), arson (1 time), and technical deficiency (1).

4. Xiengkhouang

This province, which is home to the world-famous Plain of Jars, was subject to 13 infernos that laid waste to 93 houses, a warehouse, 8 jewelry production shops, 4 bedrooms, and many more valuable possessions such as sound equipment and car parts. Damages amounted to 1,351,030,000. Police have ascertained that the fires had been caused by poor circuitry (4 times), arson (2 times), negligence (3 times), and unknown causes (4 times).

3. Champasack

A total of fifteen blazes hit this large southern province and ruined 34 houses, a kitchen, a convenience store, a storage room, a rice storage facility, and other high value items. It is estimated that damages amount to 8,502,346,000 kip (approximately USD $960,000). Police authorities have concluded that four fires were due to poor circuitry, three due to negligence, one because of a technical malfunction and the rest (7) remain under investigation. Fortunately, the Wat Phou Temple is untouched.

2. Savannakhet

The most populous province in Laos places second on this list of the top provinces with the most fires, with a shocking 27 fires. Together, these fires caused damage to 23 houses, a warehouse, a wood factory, 4 apartment rooms, and numerous other properties. The damages are estimated to be around 4,331,250,000 kip (approximately USD $490,000). Ten fires were due to poor circuitry, 8 were due to negligence, 1 due to a car accident, 1 due to arson, and 6 are under investigation.

1. Vientiane Capital

It is no surprise that the capital city would take the crown for the most fires as it is the economic center of the country. A whopping 68 fire incidences were reported in Vientiane Capital, 38 of which were houses, a wood factory, a manufacturing facility, 6 restaurants, 1 electricity shop, a mushroom farm, two monk quarters, several apartment rooms, 21 convenience stores and other property totaling 11,604,000,000 kip (USD $1.3 million) in damages. Police authorities have deduced that 22 of the fires were caused by faulty circuitry, 26 because of negligence, and 20 others are still being investigated.

Saysomboun, the youngest of the provinces, reported no fires this year.

Lao Stock Exchange Resumes Trading of PCD

Lao Stock Exchange Resumes Trading of PCD

Lao Securities Exchange (LSX) has announced that it resumed the stock trading of Phousy Construction and Development Public Company (PCD) as of November 29.

The bourse said in October that it decided to suspend the trading of PCD stocks since the company failed to disclose a semi-annual report for 2018, annual report for 2018 and semi-annual report for 2019. The trading was suspended starting from October 23.

In August, LSX designated PCD as an “Unfaithful Disclosure” Corporation, after the company failed to disclose its semi-annual and annual 2018 reports via LSX disclosure portal.

Since then, the “Unfaithful Disclosure” warning signal has been displayed on the symbol of PCD on the LSX trading system and website.

Ridesharing Service LOCA Now Available in Luang Prabang

Ridesharing Service LOCA Now Available in Luang Prabang

Lao ridesharing service LOCA has begun its trial service in the city of Luang Prabang, aiming to provide 24-hour service in the northern tourist town by February next year.

The service became available on December 23 in Laos’s iconic ancient city. It is the first city outside the capital Vientiane where LOCA service is available.

LOCA founder Mr. Souliyo Vongdala said the company sees “high number of registrations” when it comes to the number of drivers, without providing the exact number.

He said LOCA will “slowly” add and train drivers in Luang Prabang before putting them on the road.

The service has more than 300 drivers in Vientiane, with each undergoing a strict and competitive screening process. The service is available 24 hours in the capital.

Since LOCA has no on-the-ground office in Luang Prabang, the company works with a local partner and sends out Vientiane-based team members there to train the first patch drivers.

The monitoring of drivers will be done from the headquarters in Vientiane, said Mr. Souliyo.

Since its establishment in 2018 as the first local ride-sharing service in Laos, LOCA has seen dramatic growth over the years. Its sales volume has grown 600 percent and has teamed up with several third parties to enhance service safety and capabilities.

In October, it signed a memorandum of understanding with Vientiane-based Minivan Association to have 240 minivan association members to the LOCA platform, increasing ease of access to minivan services in Vientiane.

Separately, the company teamed up with Lanexang Assurance Public Company in a move to enhance the protection standard of the service. With the agreement, two companies agreed to start providing standard insurance coverage for LOCA service, while exploring healthcare for its drivers.

Two firms are currently in talks to provide trip insurance that will cover each valid trip passenger regardless of the driver insurance status or liability in case of the accident, according to Mr. Souliyo.

Lao Domestic Tourism Targeted for 2020

Lao Domestic Tourism Targeted for 2020

The Lao government has announced it will begin promoting domestic tourism next year as a way to boost tourism in addition to attracting foreign arrivals.

In a succession of visit year campaigns, 2018 saw Visit Laos Year, which helped the country attract large numbers of overseas visitors. Following the campaign’s success, this year was dubbed Vist Laos-China Year 2019, and included bilateral activities and tourism promotion between Laos and China.

The apparent success of the previous two visit year campaigns has prompted the government to go for a third, with the yet to be named domestic tourism year happening in 2020.

Sources say the campaign may be dubbed Lao Thiao Lao 2020, meaning “Lao visit Laos Year 2020”.

Tourists in Laos at Kuang Si Waterfall

Vientiane Times reported that the department of Tourism Marketing under the Ministry of Information, Culture, and Tourism, is working on a campaign to encourage Lao people to travel within the country, as part of the national socio-economic development plan for 2020.

Consultation with tourism operators has already begun, while an exact target for visitor numbers has not yet been released.

International Tourism Target Set

In 2020, the government expects to attract around 4.7 million international visitors and raise more than US$ 900 million in revenue.

More than 756,900 Chinese visitors came to Laos this year, an increase of about 26 percent over the same period in 2018, with the Vist Laos-China Year being hailed as a success by authorities.

Newly appointed Lao Minister of Information, Culture, and Tourism Mr. Kikeo Khaykhamphithoune, recently met with Trip.com Group CEO Ms. Jane Sun for discussion on ways the website may assist tourism in Laos.