Shop rentals fall in Hanoi following pavement crackdown

Rental prices for many shops in Hanoi have started to fall following the city’s fight against pavement encroachment.


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A shop offered for lease on Thai Ha Street


Since March 10, Hanoi has cracked down on pavement encroachment in inner-city districts. 

This is the latest attempt to deal with pervasive pavement encroachment in the city, and is being viewed as a more drastic campaign.  

The campaign has seen business now lack crucial parking space for their customers, affecting their business activities. 

So, shop rentals on streets in Hanoi have shown decreases, particularly on streets which have small pavements.

Phan Thi Dao who works as a commercial real estate agent in Hanoi said that many customers of her are concerned about the parking areas when introduced to shops on streets. 

Some people have even delayed their business plan to wait for the city. If the situation continues, more people may rent shops in alleys rather than on big roads, Dao said.

She added many people looking for shops to rent also ask local residents about how strict the local authorities have been towards to pavement violations.

Between March 20 and 22, shop lease signs are increasingly common along many major streets in Hanoi like De La Thanh, Minh Khai, Nguyen Chi Thanh and Lang.

Phan Thanh, owner of a sportswear shop on Le Trong Tan Street, said that local police had unrealistically suggested customers walk to shops on the street after parking elsewhere.

Many coffee shops and food stalls on streets on Hai Ba Trung Street have also seen fewer customers.

Dtinews

Shop rentals fall in Hanoi following pavement crackdown, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam reaking news
 
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