Construction of Latsavong Plaza, the tallest building in Vientiane, is to resume after the project was stalled for five years.
According to Director-General of the Department of Economy, Ministry of National Defence, Colonel Siphonexay Khamthongveun, the Latsavong Plaza project is a joint venture deal between the Ministry of National Defence and Chongqing Fund Real Estate Co. Ltd, under an agreement signed in 2013.
The project was to construct the tallest building in Laos, valued at over USD 99 million, including retail shops, a shopping mall, a hotel, and apartments and commercial space for lease.
In 2016, after construction had begun, the contractor ran into financial difficulty and was unable to continue work on the building.
The Ministry of Defence appointed a taskforce to address the unresolved issues and support the project with investors so construction could continue.
A ceremony to mark the resumption of activities was held on 23 December, attended by Deputy Minister of Defence, Major Vongkham Phommakone, Vice Chairman of the Laos-China Cooperation Committee, Xaysana Sitthiphone, Secretary of the Laos-China Friendship Association Houngphet Chanthavong, and General Manager of the Laos-China Railway Company, Xiao Qianmen.