After over a year of opening to tourism, many rental properties on the streets of the Western Quarter, once known as "the paradise of entertainment" in Nha Trang City (Khanh Hoa) are still in a stagnant state of business.

Before the Covid-19 epidemic, these roads were once known as "playing paradise" in the coastal city, where locals used to call it Western Street, because it used to be crowded with international tourists. Bars and restaurants sprang up close by each other. However, a survey by PV Thanh Nien on April 16 showed that along the streets of Nguyen Thien Thuat, Hung Vuong, Biet Thu, Tran Phu... There were many signs of space hanging for lease or sale.

It has been more than 2 years since the rental sign was posted, but many accommodations on Hung Vuong Street have not yet found a tenant.

Before the epidemic, the rental price in the western quarters of Nha Trang could be up to hundreds of millions of dong/month, but up to this point, even though the price has been reduced, the space here is still very sluggish.

Anh Manh (owner of a rental shop on Hung Vuong Street), said that although the number of visitors to Nha Trang is increasing day by day, it is still mainly domestic and international visitors are still sparse, so many people still do not dare to rent space for investment. "They are still afraid, partly because the number of Chinese visitors to Nha Trang is still very small, because of the influence of the conflict, there are not many Russians. I hung the rental sign for more than 2 years, then reduced the price but no one asked for rent," Manh said:

Thiet Thuat Street is also in the same situation. Many rental signs are hung and left there without being repaired or embellished, so it is very tranquil.

There are many “For rent” signs hung along the street.

Although it is going to enter the tourism season, many premises are still closed.

In 2019, Khanh Hoa welcomed more than 7 million tourists. In particular, international visitors reached 3.56 million. In which, the market of Chinese and Russian tourists accounted for over 80% of the total number of international visitors to Khanh Hoa. But then, the impact of the Covid-19 epidemic caused serious damage to the local tourism.

The tourism industry as well as the owners of rental premises in Nha Trang City are still hoping that more international visitors will come in the near future, especially the number of visitors from China and visitors from other countries such as Korea, Thailand, India…

Leaders of Khanh Hoa Department of Tourism, said that in 2023, the tourism industry aims to welcome about 4 million tourists, including about 2.5 million domestic visitors and 1.5 million international visitors. The revenue of tourism is estimated at 21,000 billion VND. Khanh Hoa determines that the domestic market plays a key role in the recovery of the tourism industry.

However, according to many land owners, both now and in 2023, it will still be difficult to find tenants.

Source: Thanhnien