According to Báo Người Lao Động, small business owners operating in Thủ Đức market (Thủ Đức City, HCMC) are concerned after receiving a notification about an increase in the rental prices for stall space in the market (rental fee), according to document number 14664 issued by the Thủ Đức City People’s Committee in November 2023.
According to the document, three locations including the commercial center, Thủ Đức Market A, and Thủ Đức Market B are increasing their stall rental fees. The new prices do not include land rent and costs for electricity, water usage, sanitation and waste disposal services, and other additional costs.
Specifically, for Thủ Đức Market B, the rent for stalls located at the main entrances and large corridors range from 29,000 – 38,000 Vietnamese dong per square meter per month, increasing to 111,000 Vietnamese dong per square meter per month; stalls without entrances and small corridors range from 30,000 – 34,000 Vietnamese dong per square meter per month, increasing to 103,000 Vietnamese dong per square meter per month (including VAT)… which is three times the initial fees.
Ms. Đoàn Thị Thu Thủy (69 years old), a shoe vendor (under the name Phan Thị Thu Vân) in the commercial center, expressed her concern about the declining business since the COVID-19 outbreak in 2020.
“The market is getting quieter every year. As an elderly person, I am trying to survive in order to support myself in my old age. My monthly stall rent is about 135,000 Vietnamese dong, and if the rent is increased to 336,000 Vietnamese dong per month, plus an additional 75,000 Vietnamese dong per month for sanitation and security fees, it will be over 400,000 Vietnamese dong per month, not to mention the electricity and water bills… Meanwhile, my monthly revenue is only around 4-5 million Vietnamese dong, and the profit margin is very small,” Ms. Thủy said.
 A shoe stall empty of customers
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Ms. Nguyễn Thị Kim Cúc (54 years old), the owner of a cosmetic and souvenir stall named Kim Cúc at booths 95-100 (with a total area of 18 square meters), located nearby, also mentions that the surge in online shopping has led to a significant decrease in sales at her stall.
“I currently pay a monthly rent of 810,000 Vietnamese dong for my stall. If it increases according to the new regulation, I will have to pay about 2,016 million Vietnamese dong per month (excluding sanitation and security fees), which is 2.5 times higher. However, my business is struggling, and I still have to support two children studying at university. It’s very difficult!” Ms. Cúc lamented.
 Market A of Thủ Đức market deserted despite being located on the main street |
In the case of Market A, Mrs. Hoàng Thị Thu Hằng, a small business owner selling leather shoes at booths 38-40-42-44 (with a total area of 32.55 square meters), stated that the monthly rent she currently pays is about 980,000 Vietnamese dong (equivalent to 30,100 Vietnamese dong per square meter), and if it is increased according to the new announcement, she would have to pay up to 3.64 million Vietnamese dong per month, which is almost 4 times higher.
According to other small business owners, after receiving the notification of the price increase, some have requested to follow a gradual increase or wait until the market recovers before raising the prices. Others have jointly submitted petitions and requests to the Thủ Đức City People’s Committee to postpone the increase in rental fees.
Ms. Đoàn Thị Thu Hà, the representative of the market management unit, said that the market is managed by a business entity, while the stall rental prices are determined by the Thủ Đức City People’s Committee. Currently, Thủ Đức Market has 936 stalls, but only 634 stalls are active, 232 stalls are inactive, and 70 stalls are temporarily closed. Upon hearing about the rental price increase during the approaching Lunar New Year, some traders are worried to the point of not daring to order new goods.
Explaining the reactions of small business owners, Ms. Hà stated that the stalls located at the main entrances and large corridors, which seemed to have the best business opportunities, are currently closed the most due to poor sales. Some even went bankrupt and incurred debts. Therefore, when they heard about the increase in rental fees, they became extremely concerned.
“I hope the Thủ Đức City People’s Committee will consider postponing the rental fee increase for the first 6 months of 2024, as the market is facing many difficulties. After that, the fees can gradually be increased to make it easier for traders. We will try our best to raise awareness and persuade the traders to accept this change, in order to avoid the market’s decline,” Ms. Đoàn Thị Thu Hà suggested.
Petition letters from small business owners
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 Small business owner browsing on her phone while waiting for customers |
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