Lao World Public Company (Lao World) plans to build the biggest ever market in Laos with the project announced on Saturday as the company’s showpiece development.
An event to introduce the shopping complex took place at the Lao International Trade, Exhibition and Convention Centre (Lao ITECC) in central Vientiane.
The project, named ITECC Market, will comprise a supermarket, duty free shop, sports stores, grand convention halls, business and entertainment venues, health and beauty centres, financial services, and restaurants.
ITECC Market is the second phase of the Lao ITECC project. It will be nine storeys high and is being built on a 106,000 square metre site in front of the existing Lao ITECC building.
There are several big markets and malls in Vientiane that can provide venues suitable for various events and receptions. But Lao ITECC Managing Director, Visanh Nalongsak, said that while there are many markets and shopping centres in Vientiane, none of them offer the same facilities as can be found in the new Lao World complex.
This development will be able to house shops selling all types of consumer goods, while also offering entertainment venues and business facilities under the same roof.
“The market will also focus on high-end purchasers, while products made under the ‘One District, One Product’ scheme and other brand name products will also be displayed,” he said. Visanh said another major difference is the complex’s convenient location and large parking area, which can accommodate about 3,000 cars.
Lao World also has similar developments in Savannakhet and Champassak provincial capitals.
Visanh said the company would create the new ITECC development with a view to it being a tourist attraction. The company plans to complete the project by November next year and has an 80 year lease on the site. Visanh said the precise amount of the company’s investment is being finalised, and will be revealed soon.
A lucky draw for ITECC customers took place at the introduction ceremony, with a car offered as the main prize. Director of Vientiane’s Department of Information, Culture and Tourism, Vanpheng Keonakhone, and representatives from other Vientiane authorities attended the ceremony.