Coi Market has not yet achieved effective business results.

(Baonghean)The old, dilapidated Coi Market, which had been operating for decades in Hung Loc commune (Vinh City), has been replaced by a new, spacious Coi Market, built with 14.7 billion VND contributed by cooperative members. However, the new Coi Market, after being put into operation, has not achieved the expected results commensurate with the investment.

From 1998 to the present, Hung Loc Cooperative has had 32 hectares of agricultural land confiscated out of a total of 184 hectares of cultivated land belonging to 1,787 members. Currently, each member of Hung Loc Cooperative has an average of only 450 square meters of land for production, plus supplementary occupations such as freelance construction work and guesthouse business, yet their lives remain difficult.

Since 2009, the People's Committee of Vinh City has had a plan to rebuild Coi Market to create more jobs and improve the lives of the people. The approach involved the Cooperative Management Board mobilizing a capable private company, owned by a local resident, to voluntarily invest in the market's construction, and then reimbursing the investment through a bidding process for the sale of the project. After 14 months of construction, the project was put into operation on May 1, 2012.

On a 7,000m2 plot of land (out of a total planned 8,638m2), Coi Market was built with a total area of ​​3,000m2, accommodating 160 stalls ranging from 4-5m2 each. A 220m2 centralized livestock slaughterhouse has been completed but is not yet in use. Infrastructure including roads, drainage ditches, lighting, septic toilets, and fire protection systems has been completed. The market's internal roads and courtyards are paved with concrete, and there are parking areas and security guard houses; in addition to the main gate, there are several secondary gates for convenient access. After the project was completed, the Cooperative Management Board held a meeting with its members to approve a bidding plan to raise capital. The bidding process was conducted publicly, with all stalls priced according to their size and location. Stalls facing the main building were priced from 100-170 million VND, while those inside the main building were priced from 40-60 million VND.

According to the regulations approved by the cooperative members, only those from within the commune must participate in the bidding process before those from outside the commune are considered. As a result, 220 households in Hung Loc Cooperative contributed capital, with some individuals from the wards of Hung Dung, Trung Do, Ha Huy Tap, and Quang Trung also participating. The total capital contributed by the people through the bidding process was 13.2 billion VND, and the Cooperative Management Board contributed 1.5 billion VND. The market's opening has created jobs for many workers in the area.

However, upon closer examination, Coi Market has yet to achieve effective business results. The main market area has 146 stalls, but most sell clothing, shoes, and cosmetics, lacking other essential consumer goods. Many stalls in the main market are closed, and some are listed for rent. The auxiliary market area, comprising 160 stalls, each only 4 square meters in size, displays a jumble of fresh produce, vegetables, seafood, and dried goods, resembling a traditional rural market. The market is surrounded by three rows of attractive two-story buildings, but only a few stalls are currently operating on the first floor, while the entire second floor remains empty. According to the head of the cooperative, Nguyen Van Khai, 60 stalls are currently inactive. Posing as shoppers, we were asked by several vendors if we needed to buy a stall, offering to introduce us to potential buyers. A shoe vendor outside the market said: "Some wealthy individuals have participated in bidding to buy stalls and then resell them for profit..."

Coi Market has many business advantages (located on the Vinh - Cua Hoi road, near Military Hospital 4, the College of Education, Hong Lam Vocational School of Economics and Technology, with a future campus of Vinh Medical University, and surrounded by a concentrated residential area), and has the potential to develop into a commercial and service center. However, currently, the market mainly provides employment for the children of cooperative members and some poor laborers, therefore the business capital is not large. To maximize the business efficiency of Coi Market, the Market Management Board must create conditions for stall owners to have sufficient capital to sell a variety of goods to meet the diverse needs of consumers. Policies to attract those with large capital to do business in the market need to be implemented. According to the initial regulations, cooperative members have the right to transfer stalls to others, but precautions must be taken against speculation in stall trading.