Business outlook gloomy for firms based in Old Quarter of Hanoi

Many business owners in Hanoi’s famous Old Quarter are becoming increasingly concerned about the decline in customers, causing their revenue to sharply decrease, and resulting in many stores closing their doors following COVID-19 epidemic.

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Although normally bustling with trade, a series of business outlets on Luong Van Can street in Hanoi have been forced to close their doors.

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Sinh, the owner of a fashion store on Hang Dao street, says she mainly sells items wholesale for traders based in Hanoi, in addition to cities and provinces nationwide. However, the volume of purchases has decreased by 80% compared to period before the COVID-19 hit. Now a typical day sees her simply selling only a few retail items.

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Tien, owner of a souvenir shop on Hang Bo street, notes he has been forced to cut half of his shop’s staff due to a plunge in revenue of 80% on-year, adding that whilst the shop serves both domestic and foreign tourists, it is now challenging to attract such customers.

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Plenty of toy store owners based on Luong Van Can street feel impatient at the lack of customers purchasing their goods.

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Tung, a landlord on Hang Gai street, shares that he is now offering a free month of rental fee, along with a discount from VND50 million to VND40 million per 20-square-metre outlet. Despite this offer, renters can’t afford it because they have suffered huge losses during this period, forcing plenty of them to end their various leasing contracts.

 
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Typically, the summer is a great time for business when tourists flock to come on vacation, in contrast, this year has seen many business outlets on Hang Dao street shut down.

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A store situated on Hang Bong street closes its door in June. (Photo: Laodong.vn)

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The site of a souvenir shop on Hang Gai street. Now online business is becoming an increasingly-popular trend with businesses not needing to rent any specific location. (Photo: Laodong.vn)

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A store on Hang Bong street features a notice advertising premises for lease. (Photo: Laodong.vn)

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