New Pakxan market to expand trading and services
New Pakxan market to expand trading and services
The new Pakxan market development project in Phonxay village, Pakxan district, Borikhamxay province is set to commence construction after the project completed a feasibility study and design plan recently.
A project development agreement was signed last week in the province between the provincial Planning and Investment Department Director, Mr Phonethilath Sithsathone and the Khayungkham Theelakhoun Mining Co., Ltd President, Mr Hatsady Theelakhoun, witnessed by the provincial Deputy Governor, Mr Bounpheng Phathammavong along with relevant officials.
The project comprises 52x102 metres of modern five-storey trading centre with an underground parking lot, fresh market, bus station and parking and other facilities.
It will be developed in three separate phases; the first is site clearance and allocating a temporary area for vendors.
The second phase will include the construction of the trading centre building, which comprises restaurants, conference rooms and offices as well as a bus station and other facilities while the third phase will focus on improving and constructing a fresh food building.
The project expects to spend around US$29.1 million (238 billion kip) developing the 33,000 square metre site with a 60 year concession period, according to the developer.
The company is planning to complete the project would spend four years and six months to complete construction, 100 percent funded by the company.
This project development will create facilities for local people in trading and services as well as attract more visitors, including passengers and travellers between Vientiane and the southern provinces.
The project will also help to promote the income of vendors and other business entrepreneurs in the area and increase revenue flows to the government budget.
In the future, the project will meet with the fifth Lao-Thai Friendship Bridge across the Mekong River between Pakxan and Bueng Khan province.
Both projects will help to boost trading and tourism services between the two provinces after they are finished.
The provincial authorities expect that construction of the 5th Lao-Thai Friendship Bridge will start in 2017, with the project currently in the design phase before a new funding proposal is made.
The friendship bridge project has been agreed upon as it will help to boost trade, investment, tourism and transport in the region.
Coming from Bueng Khan province, vehicles will travel around 150km to reach Nge An province in Vietnam via Lao National Highway No 8 in Borikhamxay province.
In Nge An, the route then links up with roads to Hanoi, Danang and other areas of Vietnam.
The new bridge will also further open up northern Lao provinces like Xieng Khuang and Huaphan to tourists from Thailand.
