Dong Xuan JSC: Driving Local Economic Growth and Enhancing Hanoi's Image

2:46:04 PM | 3/19/2024

Over the past years, Dong Xuan Joint Stock Company has been relentlessly working to enhance the management and service quality for business activities at Dong Xuan Market, Dong Xuan Night Market and Hang Dao - Dong Xuan Pedestrian Street. As a result, political security, social order, and safety have been maintained, and business operations have been effective. This has not only contributed to the economic development but also elevated the image of Hanoi as a clean, beautiful and civilized city in the perception of investors and tourists.

Leaders of the Hanoi People's Committee, the Hoan Kiem People's Committee, the Vietnam Association of Historical Studies, Thang Long - Hanoi Heritage Conservation Center and Dong Xuan Joint Stock Company cut the ribbon to inaugurate the opening of the tram line connecting two historical and cultural heritages: Hoan Kiem Lake - Thang Long Imperial Citadel (February 5, 2024)

Nearly 30 years of supporting Hanoi economic and tourism development

Dong Xuan Joint Stock Company, established under License 2548/GP-UBND dated June 20, 1996 of the Hanoi People's Committee with 71% State controlling interest, manages, operates, leases space and provides services in Dong Xuan Market - the largest wholesale market in the Northern region.

Mr. Nguyen Song Tung, Chairman of the Board of Directors of Dong Xuan Joint Stock Company, said: Since its establishment, besides its core task of operating and managing Dong Xuan Market, the company has to date expanded its business operations into many fields like managing walking spaces in Hanoi's Old Quarter, tourist electric vehicles, public services and other service and commercial activities.

In 2004, following the city's direction for tourism development by tapping strengths of the “Old Quarter”, the Hoan Kiem People's Committee debuted a model of walking streets combined with commerce from Hang Dao Street to Dong Xuan Street on three weekend evenings. Extending this success, the committee assigned the company to manage and operate this business in 2009 and the company opened and expanded pedestrian streets to the Class 1 conservation area on six streets in Hang Buom Ward in 2014.

In addition, concretizing the contents of the Project and Plan on promoting cultural values in Hanoi Old Quarter to develop high quality services, in 2010, the company researched and constructed a pilot project on clean transportation (electric vehicles) to serve tourists in the Old Quarter and the areas around Hoan Kiem Lake, starting with more than 20 electric vehicles in use.

After more than 13 years of implementation, the project has affirmed its effectiveness in terms of politics, economics, society, urban traffic connection, and environmental protection. From July 2010 until now, the company has increased the fleet to 40 electric vehicles and has served nearly 7 million tourists. The company was estimated to make revenue of over VND150 billion and paid VND42.3 billion to the State Budget by the end of December 2023, thus helping boost tourism and trade development in Hoan Kiem district and the capital Hanoi.

As one of the long-standing business households in Dong Xuan Market, Mr. Nguyen Khac Ngoc said: Dong Xuan Joint Stock Company always propagates fire prevention and safety, security and order, and supports and facilitates merchants to do stable business.

Furthermore, through market management, the company has created a favorable business environment for more than 2,300 business households and created jobs for tens of thousands of workers. Merchants pay an average of VND70 billion of taxes to the State Budget a year. Dong Xuan Night Market along with walking streets in the Hanoi Old Quarter extended to Hoan Kiem Lake has become a landmark attraction of interest for international and domestic visitors enjoying sightseeing and shopping. In 2020-2023, the company earned total revenue of VND370.73 billion, earned a net profit of VND11.56 billion, and paid VND127.03 billion to the State Budget.

To improve the quality of market management, the company pays special attention to informing and guiding merchants to well comply with business regulations and policies. Their recommendations are all satisfactorily resolved.

Recently, many market items have been invested, renovated and upgraded. The market facade was decorated with lighting, the toilet system was furnished and repaired, and a solar battery system was installed to protect the environment, save electricity and create a civilized and modern landscape. Dong Xuan Market became the first of its kind in Hanoi to have wifi coverage and also a leader in adopting information technology, QR codes and non-cash payments to serve merchants, visitors and shoppers.

Besides, to better serve tourists, the company has constantly improved service quality, especially standards and criteria relating to facilities, management skills and staff behavior. The company regularly assesses the quality and demand of electric vehicle tour products to make appropriate adjustments.

Dong Xuan Market is not only a shopping place but also a historical and cultural symbol of Hanoi  

Harmoniously blending commercial and tourist elements

In January 2024, facilitated by Hanoi City, the Hoan Kiem People's Committee and competent agencies, Dong Xuan Joint Stock Company in conjunction with the Thang Long Imperial Citadel Management Board opened an additional tram route, linking Hoan Kiem Lake - Old Quarter to Thang Long Imperial Citadel. This is not only a meaningful heritage-connecting itinerary, but also demonstrates the company’s commitment to continuing its partnership with Hanoi’s economic and tourism development.

Board Chairman Nguyen Song Tung emphasized: Following Program 02-Ctr/QU dated August 6, 2021 of the Hoan Kiem Party Committee on promoting potential strengths and accelerating service and tourism development towards higher quality, efficiency, competitiveness and sustainability; Project 09-DA/QU dated November 1, 2021 of the Hoan Kiem Party Committee; and programs and plans on tourism development and heritage value promotion in the district, Dong Xuan Joint Stock Company will continue to enhance the business environment in the future. The company will make an overview plan of existing functions, add new functions and commercial activities at the market; create accessible public cultural spaces for tourists and uphold the unique inherent identity of Dong Xuan Market.

Mr. Jason, a Korean who has lived and worked in Vietnam for more than 8 years, said: On weekends, I often go to the Old Quarter and the Night Market and travel by electric vehicle, especially after the route was extended to Thang Long Imperial Citadel. I am very interested and satisfied with the traditional culture and cuisine of Hanoi people.

The company will research and plan for connected management and business of Cau Dong Market, Dong Xuan Market, Night Market and walking streets to form a diverse business complex to improve the quality of service, trade and tourism supply chains and play a greater part in night economic development as per Project 11-DA/QU dated November 1, 2021 of the Hoan Kiem Party Committee.

Besides, the company will facilitate merchants to do business in the market; direct its affiliated units to effectively deploy plans to ensure political security, social order and safety, fire and explosion prevention and control, and build joint models to ensure security and order; foster digital transformation in operations, business and management.

At the same time, Dong Xuan Joint Stock Company will carry out innovation in policies, mechanisms and organizational apparatus to suit development requirements. In the near term, the company will gradually standardize its operating model based on applicable organizational structures; and attract and retain truly capable, experienced and qualified workers who will stick with the company for a long time.

Regarding the Dong Xuan Market development orientation from now to 2025, according to Chairman Tung, the company will continue to invest in building and restoring wastewater treatment systems to ensure the market environment and upgrade the market into a modern wholesale market combined with rich tourism services which still carry traditional Vietnamese market characteristics. At the same time, the firm will continue to restore traditional cultural and historical values. It will focus on completing such projects as “Building Dong Xuan Market with tourism activities” and “Building beauty in business culture” in addition to the universal “Buy Vietnamese” Campaign.

Thus, Dong Xuan Joint Stock Company will gradually build Dong Xuan Market, Night Market and walking streets into “secure - friendly - elegant - attractive” destinations for domestic and international tourists and harmoniously combine two elements of trade and tourism, a move to help make Hanoi a civilized and modern capital city.

By Ha Thanh, Vietnam Business Forum