'Fever' of land on walking street in Vinh city

Located near Ho Chi Minh Square, Nguyen Van Cu and Ho Tung Mau streets are the places with the most shops and stores in Vinh City. Since the city has a policy to build a walking street here, the already "hot" rental price has become even "hotter".

Nguyen Van Cu Street is the busiest business street in Vinh City. Photo: Quang An

According to many people, the land price here in 2018 was only about 80 million VND/m2.², in 2019 and early 2020 it has reached 120 million VND/m²However, there is still little to trade. According to research, some families with land frontage here have sold it to other organizations and individuals to invest in large restaurants, tea shops, and coffee shops.

According to the survey of PV, on Nguyen Van Cu street there are 129 administrative units, establishments, and business households. Most of the front houses are business organizations, entertainment and food service industries. There are 35 fashion and cosmetics businesses, 4 entertainment service businesses, and 7 other service businesses (fresh flowers, express delivery, clinics, decorations, etc.).

Not only are land prices skyrocketing, the current rental price for premises on Nguyen Van Cu Street ranges from 15 to 50 million VND/month, depending on the location and area of ​​the kiosk.

Business on Nguyen Van Cu and Ho Tung Mau streets is very busy, so rental prices are always high. Photo: Quang An

On Ho Tung Mau Street, there are 40 administrative units, establishments, and business households, including 7 food service establishments, 4 grocery establishments, 11 fashion establishments, 4 beauty service establishments, and 9 other service establishments. The rental price on this street is "lighter" than on Nguyen Van Cu Street, however, it is still high compared to the general level, ranging from 10 - 30 million VND/kiosk/month.

Although the price is high, according to PV's research, the rental price of premises on these two streets is still on the rise.

Mr. Tuan, a business owner on Nguyen Van Cu Street, said: "We rent a storefront on Nguyen Van Cu Street, with a yearly contract for 20 million VND/month. However, the new landlord announced that it will increase to 25 million VND/month after the expiration date. Therefore, we are considering whether to continue renting because at this price, if the business is not good, we will suffer losses."

Households who have rented premises are actively renovating their shops, waiting for the walking street to open. Photo: Quang An

Although the rental price is about to increase, however, according to the reporter's observation, the shops on these two streets are currently full, finding a business premises here at this time is very difficult, the signs for renting premises are now replaced by "recruiting staff" signs. According to forecasts, from now until the opening of the walking street, the fever of premises prices will continue.

Recruitment signs appear frequently on the streets. Photo: Quang An

Ho Tung Mau Street's infrastructure has been completed. Photo: Quang An

Previously, Vinh City officially selected 4 walking streets, including: Ho Tung Mau Street (section from Nai Bridge to the starting point of Nguyen Trung Ngan Street); Nguyen Van Cu Street (starting point intersecting with Ho Tung Mau Street, ending point intersecting with Le Hong Phong Street); Nguyen Trung Ngan Street connecting with alley number 2 of Nguyen Trung Ngan Street, ending point intersecting with Nguyen Van Cu Street and Nguyen Tai Street./.