Many Stores on Hue Street in Hanoi, Vietnam are Closing Down

In recent times, numerous businesses on Hue Street in Hai Ba Trung District, Hanoi, have been closing down and putting up signs for rent. This trend is becoming increasingly common, with a pattern of one or two shops out of every three to four being closed and looking for new tenants[^1^].

Chu Hoang Ha, who owns a six-story building with an elevator, used to rent out her space for a fashion business at a rate of 150 million dong per month. However, due to the difficult economic situation, the business has declined, and potential tenants now only want to rent one floor. Chu Ha refused, so she decided to hang up a sign and search for new tenants[^2^].

Nguyen Cuong, the owner of a clothing store on Hue Street, also had to return the space after the Lunar New Year as business was slow, and the profits generated weren’t enough to cover the rental expenses[^3^].

Another shop, which used to sell food, has also given up the space. The owner, Chu Thu, currently rents out a two-floor space with a total area of 54 square meters. Previously, she had rented it out for 25-30 million dong per month, but due to the challenging economic situation, she had to lower the rental price to 20 million dong per month in order to find a tenant[^4^].

This particular space for rent has an area of about 25-30 square meters. Despite reducing the rent by 5-10%, it is still vacant and has not found a tenant yet[^5^].

Moreover, a 12 square meter space is being advertised for rent at a rate of 10 million dong per month. Despite various advertising strategies, the landlord has been unable to find a tenant[^6^].

According to local residents, many businesses on Hue Street have been closing down since the end of 2023. Only a small number of these stores have been lucky enough to find new tenants, while the majority still remain vacant[^7^].

Real estate agents claim that the rental prices on Hue Street are currently quite low compared to other central areas in Hanoi. Landlords have had to reduce their prices to attract tenants[^8^].

While some spaces have found new tenants and are undergoing renovations, others have been left abandoned and are becoming parking spaces for neighboring shops[^9^].

Many shop owners have decided to relocate in order to cut costs and survive in this difficult economic climate[^10^].

On real estate websites, it is not difficult to come across advertisements for rental spaces on Hue Street[^11^].

It is clear that the current economic conditions are taking a toll on businesses in Hue Street, with many shops struggling to stay afloat. Despite efforts to find new tenants, the majority of these spaces remain vacant. Landlords have had to reduce rental prices in order to attract potential tenants, but even with these adjustments, it has been challenging to find new businesses to occupy these spaces. As the situation continues, many shop owners have had to make the tough decision to close down and search for alternative locations to cut costs and ensure their survival in this challenging economic climate.

[^1^]: VTC News.
[^2^]: VTC News.
[^3^]: VTC News.
[^4^]: VTC News.
[^5^]: VTC News.
[^6^]: VTC News.
[^7^]: VTC News.
[^8^]: VTC News.
[^9^]: VTC News.
[^10^]: VTC News.
[^11^]: VTC News.