Many traders at An Dong Plaza in Ho Chi Minh City’s District 5 on Tuesday gathered in front of the trade center to object to what they said is an unreasonable plan to increase booth rent by the developer.

The traders’ ten-year contract to lease booths at An Dong Plaza will expire in February 2015 but the new rent and terms and conditions set by the developer for the new agreement “are against our expectations,” according to a petition signed by 167 traders.

In 2005 the booths were leased to traders for US$15,000-20,000 for ten years, but the trade center is now demanding up to $100,000 per booth for the new contract, which is only valid for five years, newswire VTV, operated by national broadcaster Vietnam Television, said.

Vendors have complained that the quotes are too rich for their blood and will hurt their business.

“I just wonder how they made calculations to ask for such a hefty price,” trader Nguyen Thi Trang was quoted by VTV as saying.

“They informed us via a letter and demanded that we determine whether to extend the contract within 30 days; otherwise, we should move out of the trade center.”

A representative from the management board of An Dong Plaza said they were only tasked with notifying traders of the new rent, worked out by the developer of the trade center.

An Dong Plaza director Nguyen Van Hai confirmed the exorbitant new rent to Tuoi Tre (Youth) newspaper, but added that “no official decision has been made on the new price.”

He added that the new rent is still lower than the transfer rates of the booths among traders.

Around 300 booth lessees will see their contracts expire by February, according to the director.

“Traders can file their complaints to us for consideration,” he said.

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