Trade Center's Naga Mall prepares for December opening
Trade Center's Naga Mall prepares for December opening
Malls are an increasing feature of the capital's commercial landscape.
Naga Shopping Mall, the first stage of the World Trade Center (WTC) project of Lao International Development Co., Ltd, is expected to open to the public by the end of this year, according to its developers.
Construction is now 70 percent complete with interior-exterior decoration of the A-B buildings well underway.
Naga Shopping Mall commenced construction in early 2016, with more than 70 percent of the retail space booked in the A building, especially the Parkson department store which will bring various brands to the mall.
Meanwhile, the B building has continued to increase its booking each day and is expected to reach its target when it is ready to open.
According to a WTC project representative, Naga Mall will have five floors including an underground car park which can accommodate more than 2,000 vehicles.
The WTC project is also currently constructing apartments as part of its' second phase, which is expected to open in October next year.
The project hopes to create a centre of attention for both domestic and foreign investors.
The WTC project is located in Nongchanh, part of the city's downtown area on a concession of 520,000 square metres.
The representative said the project would comprise an international shopping centre, commercial street, integrated food and beverage venues, apartments, high-end business hotel, office buildings, and other facilities to serve both locals and foreign visitors.
According to the developers, WTC is also intended to build Laos' international image and promote city development within the capital.
The Domestic Commerce Department under the Ministry of Industry and Commerce reported that Vientiane now has 26 shopping malls with nine open for business and 17 under construction.
Five shopping malls are now registered for operation and 12 are not yet to be registered.
Last year, Vientiane saw rapid growth in the construction starts for malls, with investment from Chinese, Vietnamese, and Malaysian investors.
Some malls are under construction such as Thongkhankham market in Chanthabouly district led by Lao World Company which is expecting to open next month.
Meanwhile That Luang Plaza, located in That Luang Tai, Xaysettha district, Vientiane, will open its doors by the middle of the year after project officials confirmed that its construction is now more than 80 percent complete.
Lasavong Plaza and Sangjiang shopping mall have seen investment from Chinese backers but have not confirmed when they will open for business.
Some malls have registered their construction but projects have not progressed smoothly.
Fluctuations can also be noted in terms of investment sources. According to general investment in 2015, the Ministry of Planning and Investment reported that Vietnam had a total annual investment value in Laos of more than US$466 million.
Malaysia was over US$430 million, and China was almost US$89 million.
Last year, China had a total annual investment value over US$1 billion, Malaysia was about US$7 million, and Vietnam was around US$4.5 million.
