The iconic Little Saigon market in Footscray has been gutted by fire, devastating traders who were gearing-up for Christmas.
Firefighters say the blaze, which is expected to burn for hours, started in the refrigeration system above the cool room on Tuesday morning.
TNT Seafood owner Phat Tran arrived at the Nicholson Street market about 6am to find smoke coming from the building. He alerted emergency services to the blaze.
Mr Tran, speaking through an interpreter, said he had just finished renovated his shop, which he has had for a decade. "He feels sad and it affects his family's income," the interpreter said.
"He doesn't know how long it will be until he has income."
His supplier Peter Simpson said the fire was devastating for the traders, who were preparing for a busy Christmas period, and the community.
"It's an institution, it's world-renowned and it's the hub of the Vietnamese community," Mr Simpson said.
"It's loss after loss."
The fire also burned thousands of school textbooks and Christmas presents donated to the Les Twentyman Foundation, which were using part of the second level to store the goods.
Mr Twentyman, who was watching smoke billow from the building, said it was devastating. "The kids are going to miss out at school next year," he said.
Metropolitan Fire Brigade assistant chief fire officer Martin Braid said firefighters have been unable to get inside to fight the blaze because of the structural damage.
"At this stage firefighters have been outside the building because of structural collapse...the fire has taken hold of the building," Mr Braid said.
He said the fire started in the coolroom, most likely in refrigeration machinery, but they wouldn't know for certain the fire was not suspicious until they were inside.
"At this stage, we're just treating the fire as a fire," he said.
He said the fire was likely to burn for several hours and he urged nearby residents to stay inside and turn off their air-conditioning.
Neighbour Lang Ly, pulling a shopping trolley, stopped in her tracks when she walked around the corner and into the scene.
"Oh my God," she said. "I was just going to go shopping there."