Relevant agencies in Ho Chi Minh City will halve retail rentals for July-December 2020 at traditional markets, a policy expected to provide the much-needed support for local small traders to recover from the COVID-19 slump.
The rental reduction was mentioned in an official document from Nguyen Thanh Phong, chairman of the Ho Chi Minh City People’s Committee, which endorsed the partial waiver of market stall lease in local traditional markets as proposed by the city’s Department of Industry and Trade.
The Department of Industry and Trade is requested to lead the initiative and collaborate with the Department of Finance on instructing district-level authorities to cut 50 percent of market space rentals between July and December 2020 for local vendors.
The rental cut initiative was first put forward by the Department of Industry and Trade in a written proposal to the People’s Committee.
It is to be financed by public budget revenue and funds.
The reduction of stall rent is anticipated to facilitate the recovery of the city’s vendor sector after the implementation of COVID-19 prevention measures, namely the enhanced social distancing mandate, which caused purchasing power at conventional markets to significantly taper off.