President Tharman, SM Lee send condolence letters to Vietnam after death of former president
Vietnam's former president Tran Duc Luong died on May 20 at the age of 88 after an illness. PHOTO: AFP
President Tharman, SM Lee send condolence letters to Vietnam after death of former president
SINGAPORE - President Tharman Shanmugaratnam and Senior Minister Lee Hsien Loong sent condolence letters to Vietnam's leaders on May 26, following the death of the country's former president Tran Duc Luong.
Mr Luong died on May 20 at the age of 88 after an illness, reported Viet Nam News . He served as Vietnam's president from 1997 to 2006 .
'On behalf of the people of Singapore, I would like to offer my deepest condolences on the passing of former president Tran Duc Luong,' President Tharman wrote to his counterpart, President Luong Cuong.
Mr Tharman noted that Mr Luong had 'served his country with steadfast determination during a time of profound transformation for Vietnam'.
He added that the late Vietnamese leader had helped to steer his country in the aftermath of Doi Moi, or a series of market reforms in 1986, seeing Vietnam through the Asian financial crisis of 1997, and 'its integration into Asean's structures' after it became a full member in 1995.
'His contributions were immense, and will be remembered,' said Mr Tharman.
SM Lee wrote to Vietnam's Prime Minister Pham Minh Chinh, remembering his introductory visit to Vietnam in December 2004 where he met Mr Luong as then Prime Minister of Singapore.
'President Luong was a statesman who devoted his life to serving his country,' said SM Lee.
'Under his leadership, Vietnam advanced steadily along its reform path and deepened its engagement with Singapore and the rest of the region. He played a crucial role in laying the foundation for the enduring trust and friendship between our two countries. His legacy will be remembered.'
Join ST's WhatsApp Channel and get the latest news and must-reads.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
40 minutes ago
- Business Times
Asia: Stocks track Wall Street up after jobs data, Seoul surges on Lee win
[HONG KONG] Asian shares extended a global rise on Wednesday following data indicating the US economy remained resilient, with South Korean equities and the won standing out as the election of a new president ended months of political paralysis. Speculation that US President Donald Trump and Chinese leader Xi Jinping will speak this week stoked optimism for a soothing of trade tensions between Washington and Beijing. However, Trump's ramped-up tariffs on aluminium and steel imports - announced on Friday - are due to kick in later Wednesday, highlighting the uncertainty caused by the White House's off-the-cuff policies. Traders in Asia took the baton from a positive Wall Street, where all three main indexes were lifted by data showing US job openings unexpectedly rose in April, calming worries about the impact of Trump's tariff blitz on the world's number one economy. The reading came ahead of crucial non-farm payrolls figures on Friday, which are closely followed by the US Federal Reserve as it maps monetary policy in light of weak growth and fears of tariff-fuelled inflation. 'Growth is sputtering, the second half looks increasingly cloudy, and everyone knows the Fed's rate-cut cavalry will ride in eventually. It's already priced, already scripted - no one's shocked by the plot twist unless, of course, inflation proves stickier than expected,' said Stephen Innes at SPI Asset Management. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'But what's genuinely keeping equities ticking higher is the soft hum of hope - that US-China tensions could thaw into something warmer than their current frosty detente,' Innes said. He added that the risk of tariffs, 'once a terrifying monster, now looks more like a toothless terrier's wag, comforting investors enough to hold their ground despite the global economy's chills'. Traders are awaiting further developments on the China-US front after White House officials said the two nations' leaders could talk this week, even after Trump accused Beijing of violating last month's detente that slashed tit-for-tat tariffs. News that eurozone inflation had eased in May to its lowest level in eight months - and slipped back below the European Central Bank's two-per cent target - added to the upbeat mood. Tokyo, Hong Kong, Shanghai, Sydney, Wellington, Taipei, Manila and Jakarta all rose. Seoul rallied more than two per cent - pushing into a bull market after rising more than 20 percent from its recent low - as Lee Jae Myung won South Korea's snap presidential election. The won gained around 0.3 per cent. The poll was called after the impeachment of predecessor Yoon Suk Yeol over his brief martial law attempt and ended six months of political turmoil in the country. It has also raised hopes that Lee will introduce fresh measures to boost the export-dependent economy, which faces a hefty hit from Trump's tariffs, particularly the huge levies on steel and aluminium. In his inauguration speech on Wednesday, the new president warned protectionism posed a threat to the country's 'survival'. On the campaign trail, Lee said Seoul needed to start tariff negotiations with Washington 'immediately' but also stressed there was no need to 'rush' a deal. AFP
Straits Times
an hour ago
- Straits Times
South Korean stocks eye bull market as new President Lee's win fuels reform bets
South Korea's Kospi Index jumped as much as 2.5 per cent while the won rose 0.5 per cent against the US dollar. PHOTO: REUTERS SEOUL – South Korea's equity benchmark climbed and is on track to enter a bull market, after Lee Jae-myung's widely-expected win in the presidential election ended a months-long political leadership vacuum. The Kospi Index jumped as much as 2.5 per cent on June 4, taking its gain from the April low to more than 20 per cent as investors piled into potential beneficiaries of Mr Lee's reform and growth agenda. Holding companies, financial firms and brokerage stocks charged the Kospi higher on anticipation that Lee would seek to implement a key legislative change as early as this month that aims to boost shareholder returns. The won rose 0.5 per cent against the US dollar, extending its rally into a second trading session. Korean government bonds underperformed with the 10-year yield rising about ten basis points – while the bond futures of the same tenor dropped to the lowest since February – reflecting concerns about more supply due to the new administration's likely expansionary fiscal policy. The election outcome removes one of the biggest overhangs impacting the local market – how the country proceeds politically after former President Yoon Suk Yeol's brief imposition of martial law in 2024, which led to his ouster and June 3's snap election. Market focus now turns to Mr Lee's policies aimed at shoring up growth, centered on more government spending, improved corporate governance and stronger labour protections, as well as wrapping up ongoing tariff negotiations and currency talks with the Trump administration. South Korea's economy contracted in the first quarter, underscoring its weakness even before US President Donald Trump's announcement of tariff hikes in early April. But the post-election rally was a sign that investors are anticipating a longer-term structural rebound in the market, Han Sang-Kyoon, chief investment officer at Quad Investment Management, said. 'For the first time in history, we have a president who promised to strengthen the corporate boards' fiduciary duty to shareholders,' he said. 'This is very positive because it would resolve what the market sees as the biggest cause of the Korea discount.' Despite political uncertainties and a sluggish economy, South Korean stocks and the won have shown resilience this year, outperforming most of their Asian peers. The won got support after Mr Yoon was removed in April, and it's one of Asia's best performers. The Kospi is up 15 per cent so far this year, reflecting investors' scouring for value after it dipped into a bear market earlier this year on concerns over US tariffs. The rally has extended across different sectors, with more stocks hitting their 52-week high late last month than at any point in recent years. On the campaign trail, Mr Lee stated his target for Kospi to reach the 5,000 level, a sharp jump from the current level, and vowed to end the 'Korea discount.' His emphasis on corporate reform 'would pave a path for valuation re-rating,' Mr Han said, predicting that legislative changes that target increasing dividends and shareholder returns could push the Kospi above the 4,000 level. Unlike his predecessor, Mr Lee will have the National Assembly in his corner. His party's control of the unicameral legislature may accelerate the implementation of election pledges, Jin-Wook Kim, an economist at Citigroup, said. Still, the bond market move was a reminder that investors are keeping tabs on potential risks, including possibly more debt. Relatively strict labour regulations and direct debt relief for small businesses also could be on the horizon that may cloud the outlook, Citigroup's Mr Kim said. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
an hour ago
- Straits Times
‘Rested' Manny Pacquiao relishing boxing comeback at 46
Manny Pacquiao speaks prior to his WBC welterweight fight versus Mario Barrios at The NOVO at L.A. PHOTO: AFP LOS ANGELES – Manny Pacquiao on June 3 shrugged off concerns about his decision to return to boxing at the age of 46, as he prepares for his world welterweight title comeback against Mario Barrios in July. The charismatic Filipino boxing icon stunned the sports world in May after announcing he would take on World Boxing Council (WBC) champion Barrios on July 19 in Las Vegas, four years after his last fight ended in a disappointing defeat. Pacquiao, who won 12 world titles in eight different weight classes during a glittering professional career that began in 1995, told reporters that the glamour of championship boxing had prompted his return. 'I'm returning because I miss my boxing,' he said at a press conference in Los Angeles. 'Especially these situations – being interviewed, press conference, training camp, everything like that. 'I missed that. But it has been good for me – I've rested my body for four years. And now I come back.' Pacquiao also said that he had been left devastated following his decision to retire in the wake of his loss to Yordenis Ugas in 2021. 'I always thought, even when I hung up my gloves, 'I can still fight, I can still feel my body, I can still work hard',' he added. 'That moment when I announced hanging up my gloves four years ago – I was so sad. I was crying, I cannot stop the tears coming out my eyes.' Some in boxing have expressed concerns about whether Pacquiao's comeback against Barrios, who is 16 years his junior, represents a risk to the Filipino's safety. Addressing those concerns, he noted that his family and loved ones were firmly behind his comeback. 'The people who really concern me, is my family,' he said. 'My family saw how I move, saw how I train, saw my body condition. They support me because they can see the old Pacquiao style.' Pacquiao is able to challenge immediately for a title due to a WBC rule that allows former champions to request a title fight when coming out of retirement. WBC president Mauricio Sulaiman said that Pacquiao had been cleared to return to the ring by the Nevada Athletic Commission after undergoing medical exams, describing the fighter's comeback as 'low risk'. Barrios said he would set aside the Filipino's status as one of the most beloved fighters of his era. 'There's nothing but good things to say about him outside the ring,' he said. 'He's a hard guy to dislike. But at the end of the day, you know it's kill or be killed. 'So I just have to go in there and make sure that my hand is raised at the end of the fight.' In other boxing news, World Boxing has apologised after Imane Khelif was named in its announcement on mandatory sex testing for all boxers in its competitions, saying the Paris Olympics gold medallist's privacy should have been protected. The global body, which will oversee boxing competitions in the 2028 Olympics, made the announcement last week, less than a year after Khelif won gold in Paris amid a gender-eligibility row. The announcement specifically said the body had sent a letter to the Algerian Boxing Federation saying Khelif 'may not participate in the female category' of any World Boxing event until she undergoes the test. However, a source said World Boxing president Boris van der Vorst had personally written to Algerian Boxing Federation president Abdelkader Abbas to apologise for including Khelif's name. AFP, REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
