At noon, Mr. Tri (53 years old, living in Ho Chi Minh City) did not rest but continued to look intently at the computer screen, checking his message box. With a little more effort, Mr. Tri hoped that a customer would contact him to order a sign.
However, his face soon became disappointed, when his inbox still showed "no new notifications".
The street specializing in signboards on Luong Huu Khanh Street (District 1) is in a gloomy business situation at the end of the year (Photo: Nguyen Vy).
Try your best to "support" the ground
Mr. Tri has been a small business owner in the street specializing in signboards, on Luong Huu Khanh Street (District 1, HCMC), for more than 20 years. He said that this is the most difficult and sluggish period he has ever witnessed.
"There are days when there are no customers, and days when there are customers, there are only a few. Since the beginning of the month, the number of customers ordering has not been much," Mr. Tri said sadly.
Accordingly, compared to previous years, the last months of the year are always the busiest time. Because many businesses and shop owners take advantage of the opportunity to order signs to complete construction before Tet; or buy stamps and medals to reward employees at the end of the year.
Mr. Tri regrets that the business situation of small traders here is in difficult situation (Photo: Nguyen Vy).
However, this year things did not go as expected, although the factory that Mr. Tri rented was ready to work, serving this peak period. According to Mr. Tri, the difficult business situation started after the Covid-19 period.
"This year, everyone is tightening their spending, including companies, businesses, and stores. Customers mainly come to buy items such as seals, souvenirs, etc., priced from a few tens to a few hundred thousand dong. As for signs worth tens of millions, no one has bought them," the merchant confided.
Mr. Tri said his store's revenue has dropped by more than half. But he is luckier than many other small businesses because he doesn't have to pay rent, so he can still hold out for the time being.
Not far away, Mr. Thanh Lam (51 years old) sat sadly listening to music, when no one came to his store to buy anything. Every month, his store has to "burden" more than 10 million VND for the premises, not to mention the costs of electricity, water, and other maintenance.
Mr. Lam sadly shared that he plans to return the premises by the end of this year to do business elsewhere (Photo: Nguyen Vy).
When asked about the business situation in the last months of the year, both he and his wife were silent, shook their heads and looked bored.
"This is a common difficulty, almost everyone along the street is struggling to do business. The revenue is not enough for my family to cover other expenses, so I plan to return the premises by the end of this year and go somewhere else to sell," Mr. Lam said regretfully.
Regret the golden age
Mr. Tri, a local trader, expressed regret that before the Covid-19 pandemic, this road was bustling with people and customers. At that time, business in particular and the sign manufacturing industry in general were growing.
The stores occasionally have a few customers coming in, but not all stores are "lucky" like that (Photo: Nguyen Vy).
"This work belongs to the field of fine arts, the workers used to do it by hand so the cost of the product is high. Since we had machines, we have gone through a transition period, using technology to produce, so the product has also lost value. Now the economy is in crisis, people are tightening their spending, small traders like us have to continue to face and hold on through this period," said Mr. Tri.
Along Luong Huu Khanh Street, a section of Nguyen Trai and Bui Thi Xuan Streets (District 1, Ho Chi Minh City), many shops specializing in selling signs and awards are also deserted. Occasionally, some shops have customers come by, but they just ask for the price and leave.
"Have you had any guests this morning?", the reporter asked.
"No, not much business!", a vendor replied sadly.
Small traders wait for customers on the first day of the week (Photo: Nguyen Vy).
The street specializing in billboards on Luong Huu Khanh Street is about 170m long, starting from the intersection with Nguyen Trai and Bui Thi Xuan Streets (District 1). In 1989, this street was still part of an abandoned railway.
Not far away is Pham Hong Thai Street, where many small traders come and go to do business, specializing in sign processing. Later, the small traders on this street were mobilized to move to Luong Huu Khanh Street to do business until now.
According to UOB Bank's Consumer Sentiment Study 2023, 76% of respondents in Vietnam expect to be in a better financial situation by June next year.
However, the top three financial concerns in Vietnam are the ability to save money (32%), the ability to maintain current lifestyle (32%), and the ability to meet parents' financial and healthcare needs (30%).
These include other financial concerns such as the ability to buy essential items; set aside an investment; pay utility bills; pay for education; the ability to buy/rent a home, etc.
Experts point out that consumers are becoming more cautious with their finances and investments. 65% of consumers have tracked their spending and money more closely through online banking platforms; 60% have researched more about products with incentives, rewards points or savings.
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