Lao Cai tourist market started construction in 2017 by the investor, the Cooperative for Construction and Exploitation Management of Cuong Phat market, based on the model of a tourist market combining traditional markets and modern shopping malls on an area of nearly 11,500m2.
In 2021, the market came into operation, but did not achieve the expected results.
According to the record on August 28, Lao Cai tourist market is located on the main road of Nguyen Hue, Lao Cai ward, adjacent to 4 major roads, near Lao Cai Station, international border gate, industrial park, school, hospital.
At the time of recording, through observation, besides the kiosks opening for business, there were still many shops and kiosks in a state of closed doors.
According to local people, the tourist market has been completed for a long time but business activities are not too vibrant, and are even somewhat quiet.
Ms. Nguyen Thi Phuong (residing in Lao Cai ward) shared: "This market has been in business for several years now, but many locations are still closed. Especially in July when the peak period of checking counterfeit and smuggled goods was, almost all markets stopped operating".
Ms. Nguyen Thi Hang - a business owner at Lao Cai tourist market - said that after the COVID-19 pandemic, people have gradually switched to online shopping, so the market is very deserted. Many kiosks have been closed, but some people are still staying there because they have spent money to buy and rent kiosks.
"Last July, everyone closed their doors to wait and see how the goods inspection situation was. Although I have resumed my business, the number of customers coming to see and buy goods is still very small," said Ms. Hang.
According to Lao Dong, recently, Vietnam Joint Stock Commercial Bank for Industry and Trade - Thanh An Branch (VietinBank Thanh An) announced the auction of assets of Cuong Phat Market Management Investment, Construction and Exploitation Cooperative.
Also according to VietinBank Thanh An, as of August 22, 2025, the total outstanding debt of this cooperative is nearly 64 billion VND (otherness is 45.7 billion VND, interest is more than 18 billion VND, accumulated interest is 17.6 billion VND, interest is more than 550 million VND).
Therefore, to recover the above overdue debt, VietinBank Thanh An will auction the Lao Cai tourist market project, which is the collateral of the Cuong Phat Market Management and Investment Cooperative when borrowing from the unit since 2018.
Some images of Lao Cai Tourist Market to be auctioned:
