Is there a way to format the vbLongTime without displaying the seconds?

Maybe

rs("TimeCompleted").toString("hh:mm")

Here is the msdn article on custom formats

http://msdn.microsoft.com/en-us/library/8kb3ddd4.aspx

I've tried it and this is the error I get:
Object doesn't support this property or method: 'toString'
Maybe because my page is written in Classic ASP

I suppose if you included the trailing space in the replace, you'd be fine:

replace(FormatDateTime(rs("TimeCompleted"),vbLongTime),":00 "," ")

But it would only work if you always had 00 seconds in your field as om_prakash_p mentioned.

In classic asp then I think just format(string,"HH:MM") works well.

Both methods work for me, thank you very much for your help.
The seconds are always 00, so I don't need to display them

See this for vb6 style format that should work with classic asp

http://www.vb6.us/tutorials/formating-dates-and-times-vb6

Ok I was way off.  

http://classicasp.aspfaq.com/date-time-routines-manipulation/can-i-make-vbscript-format-dates-for-me.html

It has been a while but here is one method.