The area surrounding Hoan Kiem Lake is a shopping mecca for tourists. The streets radiating from the lake to the west, east and north are all full of stuff, from silk ties & scarves, wooden dolls, to pirated DVDs. Just be careful in moving from shop to shop and crossing the streets, as the shopping activities likwise bring in multitudes of motorbikes and peddlers.
A tip I would like to give is try to haggle for a 30% cut once, as this is almost expected. You will probably be counter-offered to a 20% cut. Tourists who overly try to bleed the sellers dry are frowned upon. Someohw, culture in Vietnam dictates that even for the locals, those who can afford are intrinsically expected to pay more in order that the not-haves will be soemhow alleviated. I reckon it is part of the socialist mindset that still of course lingers.
Around Hoan Kiem lake and perhaps everywhere else, motorcycle riders offer a "taxi" service for almost a 3rd of the price of a normal taxi. Of course there is no meter so you end up haggling again. If you must take a taxi, I suggest you avoid these motorbikes as they are drivers from hell. Take a normal taxi, and even then, choose carefully. You may wish to stick to my suggestions: Maianh Taxi, Hanoi Taxi and HanoiTourist Taxi only. These are managed by reputable companies.
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