Vientiane night plaza expansion going ahead
Vientiane night plaza expansion going ahead
Local business investors are planning an expansion of Vangthong Night Plaza to accommodate an increasing number of traders.
“The capacity of the market area will be the same but construction work on new buildings is set to take up the remaining space,” the plaza's Director Phouvong Phamisith told Vientiane Times this week.
The market is located on a site of about 18,000 square metres in Thongkhankham village of Chanthabouly district, Vientiane, with a 40-year concession period secured by the investors.
Construction began in February 2008 after local businesses put up registered capital of 25 billion kip as a project guarantee.
“Currently, we don't know how much money we will spend on the expansion of the new buildings but our registered capital is 25 billion kip, contributed by a group of Lao businesses,” Mr Phouvong said.
Vangthong Night Plaza is located in the centre of Vientiane, giving shoppers easy access to the market, where they can purchase local products such as handicraft, jewellery and local food.
“Of course, Vientiane has quite a lot of shopping malls but Vientiane night plaza is located in the most suitable place, so that is a good reason for us to invest in providing shoppers with convenience and accessibility,” he said.
As the city's economy continues to grow rapidly, so does the purchasing power of Vientiane residents but the flow of customers to the upgraded market is still uncertain because of the high number of shopping malls.
“We don't expect an immediate return from the expansion of the night plaza but we do hope that we don't lose money in the longer term,” Mr Phouvong said.
Local traders are now booking stalls inside the new market buildings and some venders have begun to work on interior decoration so they can sell their products as soon as possible.
“Since the inception of the Vangthong Night Plaza, the operation process remains unchanged but we are trying to add some new activities to attract more visitors to the market,” he added.
vientiane times
