Shoppers will no longer have to cross the border to buy brand-name products after a new high-profile shopping centre opened in Vientiane on Saturday.
The shopping centre is a jointly developed three-phase project by the Yunnan Construction Engineering Group Company Limited and Krittaphong Group Company Limited. They have a concession period of 50 years and the option to extend for a further 20 years.
The four-storey Vientiane Centre is one part of the three-phase project, which is being developed on a 5.3 hectare site on Nongchan marsh in Xaysettha district.
The developers have signed agreements with the suppliers and owners of internationally renowned products, cinema chain, brand-name fashions and cosmetic products.
Many brand-name products are on display at the shopping centre including Gucci, Longines, Omega and other well-recognised watch brands.
Sporting equipment made by Adidas, Nike and other globally known names are also on display in the various shops.
The newly-opened shopping centre also features a wide range of cosmetic products such as Shiseido, CK, Dior and other high-end goods.
The Bank of China has also opened a branch at the centre to boost economic exchange in Laos and other Asean countries.
Deputy Prime Minister Mr Somsavat Lengsavad, Mayor of Vientiane Dr Sinlavong Khoutphaythoune, Chinese Ambassador to Laos Mr Guan Huabing, General Manager of Yunnan Construction Engineering Group Company Limited Mr Chen Wenshan, Managing Director of Krittaphong Group Company Limited Ms Orlathay Santikhongkha and other invited guests were present at the opening ceremony.
In his opening remarks, Mr Somsavat said the Vientiane Centre will help to boost economic development in Laos by attracting more Chinese traders.
“The opening of a high-profile shopping centre is a boost for the image of Vientiane and will bring in the world’s well-recognised and high quality products for Lao consumers. At the same time, it will also attract more foreign visitors to Laos,” he said.
Mr Chen Wenshan said the Vientiane Centre would also create more than 300 jobs for local employees.
The shopping centre, and a nine-storey office block which has not yet been built, are being developed under the project’s first phase at a cost of US$70 million.
According to the plan, the second phase of the project will involve the construction of hotels, clubs and lakefront businesses, and is expected to be finished by the end of this year.
The third phase of the project will see residential apartments constructed in 2016.
The last two phases will cost about US$50 million, bringing the total investment in the Vientiane Centre to US$120 million, according to the project developers.
Source: Vientiane Times