Many shops in the Hanoi’s Old Quarter have closed, and renters are returning commercial properties to landlords due to sluggish sales as foreign tourists are not allowed to enter Vietnam yet.
Around Hoan Kiem Lake area, many hotels have been closed and there is no sign of reopening yet. Some locations have removed the signboards, and are in the process of being transfered or returned to tenants.
The situation of catering services and fashion shops is desperate.
|Many hotels cut room prices by 50% to 70%.|
A row of silk shops on Hang Gai street had to shut down.
Some stores on Hang Gai street are still open because they are family shops and don’t have to pay ground rent. Other shops were forced to close because they could not afford the monthly rent.
Hang Bong street is considered to be the busiest business area for silk products and handicrafts but now it looks like a ghost street.
The closures, temporary shutdown, transfer of commercial properties or return of premises to landlord have been rampant in the Old Quarter in the past few months. The plummet in number of tourists forces many shops to close.
Many small bars on Ma May street also had to close. The atmosphere here is gloomy. The vibrancy has long gone.
Souvenir shops on Hang Giay street closed because there are no tourists.