Business News
Duty-free shopping complex in Lao capital gets green light
Jan 17, 2012, 6:07 GMT
Vientiane - A Malaysian-owned firm has received permission to build a duty-free shopping complex in Vientiane to curtail the outflow of foreign exchange to Thailand, state media said Tuesday.
The Lao government granted UPL Lao Company a permit to establish a special economic zone in Hadxaifong district Monday, the Vientiane Times reported.
UPL chairman Terence Lai said the zone will include a hypermarket, shopping mall, hospital, hotels, shophouses, flats and entertainment complexes.
The district in near the Lao-Thai Friendship Bridge, used by hundreds of Lao nationals daily to so shopping in Nong Khai, Thailand, across the Mekong River.
'Vientiane Nelamit is expected to reduce the loss of foreign exchange revenues when its planned development is completed because Vientiane residents can now shop in Vientiane Nelamit at prices much lower than what they pay in Thailand due to its important tariff-exempt status,' Lai said.
UPL expects to build most of the infrastructure within 24 to 36 months, Lai said.
A prime ministerial decree dated October 26, 2010, allows all items at UPL's specific economic zone to be imported duty free.
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