A corner of Ba Chieu market, Binh Thanh District, HCM City. Traditional markets have been a part of everyday life for many Vietnamese generations, so moving them will prove to be a tricky business. — VNA/VNS Photo The Anh

HCM CITY (Biz Hub) — A plan to rebuild a traditional market in HCM City's Tan Binh District has been suspended following protests by shop owners about the compensation rate.

Le Son, deputy chairman of Tan Binh District's People's Committee, said on Monday, that the plan called for clearing the traditional 22,000-square-metre Tan Binh Market and replacing it with a modern six-storey structure and 17-floor trade centre.

He said despite efforts made by the District Committee to hold negotiations between the shop owners and the authorities, many traders had gathered in front of the Committee's office to protest the decision, which was announced over a week ago.

Le Ngoc Dao, deputy director of the city's Industry and Trade Department, said the city authorities had succeeded in moving many traditional markets thanks to public relations activities.

She added that it had been difficult to relocate the traders because of unfair compensation rates, unsound policies and disagreement between the authorities and traders on how to relocate shop owners and move the market.

Construction costs are estimated at VND4 trillion (US$190 million), which will come from the Tan Binh Phu Trading, Service and Real Estate Company, a joint-venture between the Tan Binh District Public Service Co. and Tan Quang Co. Ltd.

Son told the media at the meeting in early September that the 2,956 traders in the traditional market would be allotted 3,336 kiosks.

Two temporary markets were scheduled to be built at the site at a cost of VND272 billion (nearly US$13 million). The traders would remain there until the new buildings are completed. —VNS