return icon

Hanoi Old Quarter hotels up for sale due to Covid-19

Many hotels in Hanoi’s Old Quarter area are for sale due to big losses resulting from the Covid-19 pandemic.

An owner of a hotel chain in Hanoi’s Old Quarters area said that this was the biggest loss for his business to date. Since being affected by the pandemic, his firm has had to suffer losses of around VND10 billion (USD434,782).




The room price discount of a hotel in Hanoi's Old Quarter.



Room occupancy rates have plummeted due to Covid-19, in some cases to zero percent, compared to 70-90% previously, he added.

He had to temporarily close two three-star hotels, leaving just one open. He and his relatives take turns to be receptionists and security staff to save costs. Room prices have also fallen by 70% to VND349,000 each.

At present, his hotel often receives a small number of visitors at weekends, he noted.

Meanwhile, another hotel owner Le Xuan Vinh sold his entire eight-hotel chain, sacking 200 staff. He has to pay VND150 million (USD6,521) for each hotel per month in operating costs.

So far this year, he has lost VND20 billion amid the tourism slump, Vinh said, noting if the situation does not improve, he would have to look at other business areas.

One of his difficulties was getting banking loans. "We wanted to use our land use rights certificate as the collateral for the loans, but were refused as his business is in the tourism sector,” Vinh said.

A 302-square metre hotel on Hang Bong Street which has 12 floors with 90 rooms is being put up for sale for VND510 billion (USD22.17 million); while a 200-square metre hotel on Hang Dau Street is being offered for sale at VND210 billion.

Vu Van Thanh, head of the Hotel Management Department under the Vietnam National Administration of Tourism (VNAT) said that the room coverage of hotels in Hanoi’s Old Quarters is less than 10%, a record low.

The VNAT has proposed measures to help ease difficulties for tourism service providers.

In the first eight months of this year, Vietnam served only 3.8 million international visitors, down 66.6% on-year, the record low for many years.

By August 31, up to 950 tourism accommodation facilities in Hanoi had suspended their operations, making 16,000 people unemployed. The more luxury end of the market has been hardest hit.



Hotels for sale due to COVID-19

Hotels for sale due to COVID-19

The decline in the number of visitors and revenue due to the COVID-19 pandemic has led many investors to sell their hotels.


State to divest capital in 141 enterprises

Deputy Prime Minister Le Minh Khai, on November 29, signed Decision No.1479/QD-TTg approving the plan to rearrange State-owned enterprises and enterprises with State capital in the 2022-2025 period.

German players visit the banned Hanoi rail track area

A photo of some Bundesliga club Borussia Dortmund footballers sitting on the banned train track area in Hanoi has gone viral on the internet since Tuesday evening.

Domestic enterprises must focus on trademark registration in foreign markets

Domestic enterprises looking to do business in foreign countries have been reminded of the importance of registering their trademarks in foreign markets.

Vietnamese enterprises expect policies to unlock credit flow

Enterprises are hoping for more policies to help them overcome financial difficulties, maintain operations and to take advantage of post-pandemic recovery opportunities.

IPO market awaits opportunities to boom

There were no new IPO deals in Vietnam in the third quarter of 2022, according to recent data from Deloitte, as the figure was only counted in the first half of the year.

UNESCO honours Vietnam’s art of pottery making of Cham people

The United Nations Educational, Scientific and Cultural Organisation (UNESCO) has inscribed the art of pottery making of the Cham people on the List of the Intangible Cultural Heritage in Need of Urgent Safeguarding.

Vietnamese representative finishes among Top 20 at Miss Earth 2022

Thach Thu Thao, the Vietnamese contestant at Miss Earth 2022, claimed a Top 20 finish in the grand final of the pageant held in the Philippines on November 29.

Vietnam to have an effective match against Borussia Dortmund: Coach Park

Vietnam will have an effective match against German football club Borussia Dortmund, heach coach Park Hang Seo stated at a press conference in Hanoi on November 29, a day before the friendly match.

Investors hunt for real estate as prices fall

As the real estate market has been cooling down over the last two months, now is the time for investors to buy land and housing at reasonable prices.

Green logistics to reduce costs for Vietnamese goods

Logistics firms want the government to provide capital to develop technology and digitization to manage the flow of goods to minimize import-export costs.

Foreign trade may hit record of 780 billion USD in 2022

Surmounting difficulties to boost economic recovery, Vietnam is expected to post a foreign trade record of 780 billion USD in 2022.

Golden days are over for leading seafood firms

Seafood companies no longer see bright prospects as the global situation has worsened compared with the previous period. Domestically, the situation is also problematic with interest rates rising sharply.

Traffic congestion is biggest obstacle to southeast’s development

Traffic congestion is the biggest challenge for the economic development of the nation’s southeast region, given that only 50 kilometers of expressway has been built among the six key provinces in the past 10 years, according to the prime minister.

Lonely Planet reveals eight attractive treks in Vietnam

Tribal treks around Bac Ha and Cultural treks from Sa Pa have been named among the eight best treks for travelers to enjoy when visiting the nation, according to the Australian version of renowned travel guide Lonely Planet.

Vietnam posts US$10.6 billion trade surplus in Jan-Nov

The country’s exports amounted to US$342.2 billion while its import spending totaled US$331.6 billion between January and November, generating a trade surplus of US$10.6 billion, according to the General Statistics Office of Vietnam.