Yula.la News

According to the 2020 census, Vientiane has a population of 948,477 with a total area of 3,920 square kilometers, that’s 241.96 people per square kilometer. Vientiane prefecture is currently the most populated urban center in the country, with malls, office buildings, condominiums start to pop up left and right, mainly in the district of Sisatanak and Chantabuly. Not to mention Special Economic Zones like Thatluang Lake Specific Economic Zone, Vientiane Industrial and Trade Area, Saysetha Development Zone, Dongphosy Specific Economic Zone, and Longthanh – Vientiane Specific Economic Zone that have been developing the areas to become the industrial and urbanized areas.

That Luang Special Economic Zone

Together with tourist landmarks such as That Luang Stupa, Patuxay, and Chao Anou Park at the riverside of Mekong river and an abundance of temples within the center of the city, colonial-style buildings from the French occupation, Vientiane has a good blend of civilization and history, giving tourists and expatriate the best of both worlds.   

The economy in Vientiane has been a driving force of the economic changes in Laos, in that way that the city’s economy experienced rapid growth of foreign investment; becoming the economic center of Laos. The financial sector in Vientiane also has plenty of growth since the opening of the stock exchange (LSX) in 2011, with two listed company stocks, with the cooperation of South Korea. As of 2019, LSX had raised approximately USD $750 million from securities and corporate bond trading of 11 companies. 

According to the 2019 Statistical Report on Tourism, almost 2 million visitors arrive in Vientiane The first Lao - Thai Friendship Bridge in Vientiane attracted one million visitors, taking about 27% of the total visitors in Laos. Wattay International Airport has been reconstructed in 2018 to handle more routes in the future, in 2019 it has 574,137 tourist arrivals, which is 11% of the total arrivals by the port in Laos. The report also forecasts tourist arrival in 2021 in a total of 5,083,328 people, and might goes up to  5,823,202 in 2025, expect to earn an estimated revenue of $1,210,169,259. Vientiane is where the tourist would arrive first before traveling to famous tourist destinations like Luang Prabang and Vang Vieng.

Please note that the records on the report were released in the midst of COVID-19 pandemic, in which there will be significant changes in the statistic.

Real Estate in Vientiane has the highest value per square meter in the country due to the high demand and influx of citizens from other provinces. As the retail sector in Vientiane is growing, retail spaces in commercial centers, for example, Vientiane Life Center (VLC) cost $6 per square meter per month. For the condominium, VLC offers $2300 per square meter, a total of $60,000.  

There is an influx of brand new shopping centers in Vientiane such as Naga Mall, World Trade Center, Vientiane Center, VLC and Thatluang Plaza. International brands are interested to enter the local market due to the existent of new shopping centers, especially Naga Mall and Vientiane Center, where are surrounded by the finishing VLC condominium and World Trade Center.  Parkson is one of the notable international department stores that has been recently established in Vientiane. We can see that there is a vast change in retail property due to these emerging shopping malls, people will start to change the buying habits from shopping at the market to shopping at the mall. 

Office space property is also growing within Vientiane, with the emerging of office buildings like Vientiane Center, Royal Square near Crown Plaza hotel, as well as Vieng Vang Tower and NNN office building in Phonsinuan area. Not to mention the upcoming World Trade Center which will attract an influx of foreign investors in the near future. Co-working spaces like Toong and TOHLAO are also available for start-ups and small-scale companies. The usual price for renting office space in Vientiane is around $10 - $12 per square meter per month, as for co-working space, subscription of membership and monthly rental are available from $90 and up.

Living up to be the most urbanized capital city in Laos, the property market in Vientiane is growing, attracting both local and foreign investors to open up businesses in Vientiane. With the determination to graduate from the least developed country, Vientiane will be the main driving force of the country’s economy as many developers have launched and establishing diverse property projects in the city.