MARKET REPORT

Q3 2024

Our Professionals Your Success

Content PART 1:
Economic Overview
PART 1: Economic Overview 1
GDP 2
CPI 3
FDI 4 VIETNAM ECONOMIC OVERVIEW Q3 2024
Exchange Rate 5
Trade Balance 6
Enterprises 7
PART 2: Real Estate 9
Apartment 12
Ho Chi MInh City 13
Hanoi 14
Da Nang 15
Office 17
Ho Chi Minh City 17
Hanoi 18
Da Nang 19
Retail 20
Ho Chi Minh City 22
Hanoi 24
Da Nang 26
Hotel 28
PART 3: Legal 30

Source: TMS Consultancy, Market Research Dept

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 Market Report | Q3 2024 Market Report | Q3 2024

CPI
Recently, Vietnam has faced severe damage caused
CPI IN VIETNAM | 2020 - Q3 2024
by storm No. 3, especially in the northern provinces.
However, thanks to timely intervention and strong
commitment to recovery, Vietnam’s economy has
achieved impressive growth, with GDP increasing by
7.4% YoY. Of which, the agriculture, forestry and fishery
sector grew by 2.58%, contributing 4.08% to the overall
growth of the economy. The industry and construction
sector grew by 9.11% (contributing 48.88%) and the
service sector also grew by 7.51% (contributing 47.04%).
Source: GSO Vietnam & TMS Consultancy, Market Research Dept.

VIETNAM GDP STRUCTURE | Q3 2024 In Q3/2024, following the global trend of inflation control,
Vietnam successfully maintained a stable average CPI of
3.48% YoY. This impressive figure indicates strong GDP
growth while keeping inflation well below 4%, signaling
positive prospects for the Vietnamese economy. The
price fluctuations of various goods and services affecting
the CPI are as follows:
GDP ◊ Medicines and healthcare services increased by
Source: GSO Vietnam & TMS Consultancy, Market Research Dept.
8.24%;
World Economy Vietnam Economy
In Q3/2024, GDP reached 1,561 trillion VND, with ◊ Other goods and services rose by 6.94%;
In Q3/2024, the global economy continued to see In the region, the Asian Development Bank (ADB)
Agriculture, Forestry, and Fishing accounting for ◊ Education increased by 5.4%;
resilience in the first half of 2024 on the back of sustained forecasts Singapore’s growth at 2.6%, up 0.2 percentage
10.4%; Industry and Construction for 27.6%; Services ◊ Housing, electricity, water, fuels, and construction
private consumption, while moderating inflation and points from its July 2024 projection, while Thailand’s
for 43.2%; and Taxes for 8.8%. Overall, this distribution materials rose by 4.98%;
expected interest rate cuts would support a steady growth is expected at 2.3%, down 0.3 percentage
has not changed significantly since the beginning of ◊ Food and dining services increased by 3.98%;
growth momentum in H2/2024 that will carry into points. Growth forecasts for Malaysia, Indonesia, and
2024, highlighting the importance and scale of the ◊ Beverages and tobacco rose by 2.4%;
2025. The ongoing tightened financial conditions, rising the Philippines remain unchanged at 4.5%, 5.0%, and
Industry and Construction and Services sectors in the ◊ Culture, entertainment, and tourism increased by
geopolitical tensions and policy uncertainty are however 6.0%, respectively. For Vietnam, the World Bank (WB)
Vietnamese economy. 2.21%;
factors that would undermine a stronger recovery of the and the IFM predicts GDP growth of 6.1%, while ADB
◊ Clothing, hats, and footwear rose by 1.24%;
global economy in the coming months. maintains its forecast at 6%.
From the perspective of the Market Research ◊ Household appliances and supplies increased by
VIETNAM REAL GDP BY QUARTER | 2020 - Q3 2024 Department at TMS Consultancy, with strong 1.15%;
According to “Global Economic Outlook - signals from the market and the government’s ◊ Postal and telecommunications services
September 2024”, Fitch Ratings expects world strong commitment to economic development, decreased by 0.74%;
growth to be in line with its historical trend in 2024 we believe that Vietnam’s economy can achieve a
◊ Transportation decreased by 0.88%, primarily due
at 2.7%, 0.1pp higher than the June 2024 Global growth rate of 6.5% in 2024 and continue to be a
to a significant drop in global oil prices.
promising destination for foreign investors.
Economic Outlook (GEO) forecast and then slow For the first nine months of the year, the CPI increased
to 2.5% in 2025. by 3.88% YoY, with core inflation rising by 2.69%. Given
the current global and domestic economic situation,
the government is working to control inflation in 2024
at a target range of 4% to 4.5%, aligning with set goals.
Source: GSO Vietnam & TMS Consultancy, Market Research Dept.
This will help stabilize the domestic economy in the
long term while paving the way for future growth.

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Compared to Q2/2024, investment in real estate EXCHANGE RATE

FDI
increased by about 26%, indicating the appeal of VIETNAM EXCHANGE RATE | Q3 2024
VIETNAM FDI INFLOW | 2020 - Q3 2024
Vietnam’s real estate market and signaling positive
signs for the sector’s recovery toward the end of 2024.
TOP COUNTRIES INVEST TO VIETNAM | Q3 2024

Source: Investing & TMS Consultancy, Market Research Dept.

Source: MPI Vietnam & TMS Consultancy, Market Research Dept.

From July 1, 2024, to September 30, 2024, the

Overall, Vietnam’s efforts to enhance a healthy and exchange rate decreased from 25,450 to 24,580 VND/

safe investment environment for foreign investors, Source: MPI Vietnam & TMS Consultancy, Market Research Dept. USD, representing a decline of approximately 3%. The

combined with advantages like a low-cost labor A total of 71 countries and territories have invested exchange rate for the USD quoted by domestic banks

force, favorable geographical location, and supportive in Vietnam. In Q3/2024, South Korea was the largest has also been continuously adjusted downward.

government policies, have made it an attractive investor, contributing about $1,101 million, accounting This trend offers positive prospects for businesses,

destination for investment. In Q3/2024, Vietnam for 27.41% of total new investments. China followed particularly those with USD loans and import needs.

recorded 954 new registered projects (-0.73% YoY) with with $847 million, making up 21.09%, while Singapore However, the decline in the exchange rate reduces

a total investment of 4,017 million USD (+7.37% YoY). accounted for 18.84% with $756 million. Notably, the competitiveness of Vietnamese exports, leading

Singapore was the largest investor over the first nine to decreased revenues and challenges for exporters.
VIETNAM NEWLY FDI CAPITAL | Q3 2024 Overall, the government is implementing measures to
months of 2024, with $4.8 billion, representing 35.2%
of total newly registered capital. stabilize the exchange rate and mitigate its impact on
import-export activities and foreign investment flows.
TOP VIETNAM CITIES RECEIVING FDI | Q3 2024

Source: MPI Vietnam & TMS Consultancy, Market Research Dept.

In Q3/2024, foreign investors poured new investments

into 17 out of 21 sectors in Vietnam. Specifically, they
primarily invested in:
◊ The manufacturing and processing industry, Source: MPI Vietnam & TMS Consultancy, Market Research Dept.

with a total investment of around $2,194 million, In Q3/2024, Ninh Thuan received the largest share of
accounting for 54.62% of new capital in Q3/2024. new investment, amounting to around $911 million,

◊ The real estate sector, which attracted about nearly 23% of the total. This investment mainly focused
on sectors such as renewable energy (wind and solar
$507 million, making up 12.63% of total new
power), seaports, manufacturing, agriculture, and
investment.
tourism. Bac Ninh ranked second with $537 million,
◊ The production and distribution of electricity,
making up 13.37%, followed by Binh Duong with
gas, steam, and air conditioning sector, with
$348.8 million, or 8.68% of new investments. Investors
new investments of $898 million, accounting for have primarily targeted provinces with industrial
22.35%. zones offering advanced infrastructure, attractive
◊ The remaining sectors made up around 10.4%. investment policies, and abundant labor.

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 Market Report | Q3 2024 Market Report | Q3 2024

TRADE BALANCE
ENTERPRISES
VIETNAM TRADE BALANCE OF GOODS
2020 - Q3 2024 VIETNAM ENTERPRISE REGISTRATION STATUS
Q3 2024

Source: GSO Vietnam & TMS Consultancy, Market Research Dept.

One of the bright spots of the Vietnamese economy

Source: GSO Vietnam & TMS Consultancy, Market Research Dept.
in the first 9 months of 2024 is the positive results in
the export and import turnover of goods. In Q3/2024, In Q3/2024, over 53 thousand enterprises entered the

Vietnam achieved a trade surplus of more than 8,800 labor market across the country. Of which, the number

million USD (up 2% over the same period in 2023). of newly established enterprises was more than 41.4

Of which, the total export turnover reached 108,565 thousand (up 2.3% YoY) with a total capital of about 414.3

million USD (up 16% YoY) and imports were estimated trillion VND (up 9.2% YoY). Meanwhile, the total number

at 99,742 million USD (up 17.5% YoY). In the first 9 of enterprises withdrawing from the market was about

months of 2024, the total export turnover reached 48.2 thousand. This shows that the labor market is

299.6 billion USD, up 15.4% YoY; the import turnover gradually improving, the business force continues to

reached 278.8 billion USD, up 17.3% YoY. grow, a remarkable result when placed in the context
of many difficulties and fluctuations internationally and
VIETNAM IMPORT AND EXPORT MARKET
domestically.
9M 2024

Source: GSO Vietnam & TMS Consultancy, Market Research Dept.

Regarding the import and export market of goods in

the first 9 months of 2024, the United States is Vietnam’s

largest export market with an estimated turnover of
89.4 billion USD. China is Vietnam’s largest import
market with an estimated turnover of 105 billion USD.

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PART 2 In Q3/2024, Vietnam’s real estate market shows signs of gradual recovery, driven by the government’s
ongoing efforts to stabilize the economy and stimulate growth.

Real Estate The residential sector, particularly affordable and mid-end housing, is experiencing increased
demand as urbanization continues and the middle class expands. However, high-end properties
remain sluggish due to tightened credit conditions and cautious investor sentiment
◊ In both Ho Chi Minh City and Da Nang, no new projects were launched for sale, with most new

Residential
real estate
supply coming from ongoing phases of previous developments.
◊ Hanoi faced a prolonged shortage of new supply, particularly in the mid-end and affordable
segments, leading to a sharp rise in asking prices, reduced transaction volumes, and stagnation in
the apartment market.
◊ The villa and townhouse market showed no signs of recovery, while the land market attracted
growing interest from buyers, spurred by the early application of the 2024 Land Law in August,
which provided clarity and boosted confidence in land investments.

Vietnam’s office market showed signs of steady growth, particularly in major cities like Ho Chi Minh
City and Hanoi, as businesses gradually resumed or expanded operations.

Commercial real estate

◊ The market became more vibrant with a notable increase in supply from Grade A office projects,
leading to higher absorption rates and rental prices. The Grade B office segment remained stable,
continuing to meet consistent demand.
◊ In the retail sector, townhouses and shophouses have yet to recover, with many properties along
main roads still vacant. However, smaller premises in alleys experienced better occupancy.
◊ Meanwhile, the commercial center segment showed gradual stabilization, aided by the entry of
foreign brands such as Maison Margiela Paris and Ushi Mania, signaling growing confidence in
Vietnam’s retail market

Vietnam’s real estate market faced challenges, particularly in the serviced apartment and condotel

Hospitality real estate

segments, which continued to grapple with legal issues, leading to a gloomy supply outlook
◊ These regulatory uncertainties have hindered new project launches and investment interest.

◊ Additionally, the hospitality sector saw subdued performance during the recent September 2nd
holiday, as storm conditions affected coastal provinces, resulting in lower-than-expected hotel
occupancy rates.
◊ This underperformance in key tourist areas reflects ongoing difficulties in the recovery of the
hospitality market, despite growing domestic tourism demand.

◊ The industrial real estate sector, supported by Vietnam’s position as a manufacturing hub, remains
a strong performer, benefiting from continued foreign direct investment (FDI) and relocation of
global supply chains

real estate
Industrial
◊ The Southern region, in particular, has emerged as the most attractive destination for investors,
with increased activity in industrial development. Long An saw the establishment of the Gold Coin
Feedmill factory by Aboitiz Foods Group, while Dong Nai attracted investment from Coherent
Corp., which built two factories in Nhon Trach 1 Industrial Park. These developments highlight the
region’s growing prominence as a key player in Vietnam’s industrial expansion.

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 Market Report | Q3 2024 Market Report | Q3 2024

While the M&A market has yet to witness any major deals this year, foreign

investors continue to flow investment capital into Vietnam, with several

high-profile transactions still under negotiation. Notable deals included:

◊ In February, Singapore’s Mapletree Logistics Trust invested $68.4 million

to acquire two Class A warehouses in Binh Duong and Hung Yen
provinces.

◊ In April, Kim Oanh Group cooperated with Sumitomo Forestry, Kumagai

Gumi and NTT Urban Development to launch The One World project in
Binh Duong.

◊ In May, Taiwan’s Tripod Technology Corporation purchased an 18-hectare

industrial land plot in Ba Ria - Vung Tau province from Sonadezi Chau
Duc.

◊ In June, Japan’s Nishi Nippon Railroad acquired a 25% stake in the

Paragon Dai Phuoc project from Nam Long Group for about $26 million

Vietnam remains a bright spot for foreign investors, particularly as it

strengthens its position as a key manufacturing hub in Southeast Asia.
With the country expected to lead globally in high-tech imports, high-
tech exports, and creative goods exports by the end of 2024, the early
enactment of three major real estate-related laws will further unlock
opportunities for foreign direct investment (FDI).

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 Market Report | Q3 2024 Market Report | Q3 2024

Ho Chi Minh City Some Projects Are Expected To

APARTMENT Open For Sale In Q4/2024
HCMC APARTMENT SUPPLY | Q3 2024 In Q3/2024, average asking prices in Ho Chi Minh City
Global City
fell by 1.4% QoQ and 1.5% YoY. However, the branded Thu Duc City
housing segment defied the trend, rising by 3.51% QoQ
to $17,38/sqm. In contrast, the ultra-luxury and luxury
classes experienced moderate quarterly reductions of
0.5-1.9%, with prices ending at $10,700 and $5,700/sqm,
respectively. The high-end and mid-end segments
also saw small price decreases, decreasing by 0.3-2%
The Opus One
QoQ to $2,650 and $1,600/sqm, respectively. The early Thu Duc City
implementation of the 2024 Land Law has helped
Source: TMS Consultancy, Market Research Dept. stabilize the city’s pricing.

From Q3/2022 through Q3/2024, Ho Chi Minh City’s

apartment market has saw low growth, with new According to TMS Consultancy’s Market Research

supply declining and absorption rates staying low department, the average asking price is predicted
to increase by 2-3% in Q4/2024. Looking ahead,
due to ongoing economic challenges and cautious
Eaton Park
the apartment market is expected to lower
consumer spending. In Q3/2024, only two projects Thu Duc City
regulatory barriers, balance capital costs, adapt
– Fiato Uptown in Thu Duc City and Lavida Plus in
pricing strategies, promote new supply, and
District 7 – launched new sales phases, offering a total
increase buyer protections, resulting in a more
of approximately 800 units. The total new supply in
resilient market environment.
the first nine months of 2024 reached over 3,100 units,
primarily from projects in the eastern part of the city,
with an average asking price exceeding $2,180/sqm. APARTMENT IN HCMC BY AREA | Q3 2024
De La Sol
Looking ahead, the Eaton Park project in Thu Duc City District 4

is set to launch in early October, adding about 550

units across two buildings, The Alpine and The Forest.

In Q4/2024, several projects are expected to hand over

units to buyers, including The Privia and Akari City –
Phase 2 in Binh Tan District, and Celesta Rise – Phase
1 in Nha Be District. Additionally, by the end of 2024,
Elysian Lo Lu
Akari City – Phase 1 and Mizuki Park – Flora Panorama Thu Duc City
Source: TMS Consultancy, Market Research Dept.
(Binh Chanh District) will complete the issuance of
land use right certificates, marking a key milestone In Q3/2024, the average asking price in Ho Chi Minh
for these developments. City was approximately 2,187 USD/sqm. The Eastern
HCMC APARTMENT AVERAGE ASKING PRICE area of the city continues to lead the market, reaching
BY SEGMENT | Q3 2024 2,597 USD/sqm, up 2.5% QoQ. In contrast, the Southern
area witnessed a 1.2% QoQ price reduction, reaching La Cosmo Residences
1,864 USD/sqm. In the West and North areas, the Tan Binh District

average asking prices was 1,351 USD/sqm (-4.2% QoQ)

and 1,269 USD/sqm (-6% QoQ), respectively.

Source: TMS Consultancy, Market Research Dept. Source: Collected by TMS Consultancy, Market Research Dept.

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 Market Report | Q3 2024 Market Report | Q3 2024

APARTMENT Hanoi

HANOI APARTMENT SUPPLY | 9M 2024 HANOI APARTMENT AVERAGE ASKING PRICE Some projects are expected to
BY SEGMENT | Q3 2024
open for sale in the future

Vinhomes Smart City - The Victoria

Nam Tu Liem District

Source: TMS Consultancy, Market Research Dept.

Source: TMS Consultancy, Market Research Dept.
In Q3/2024, more than 1,600 new apartments were
In Q3/2024, the average asking price is approximately
launched in Hanoi from key projects, including
2,255 USD/sqm (+3.8% QoQ and +10.7 YoY). The high-
Lumiere Evergreen, The Miami (Vinhomes Smart City),
end and mid-end segments had the strongest growth:
Lumi Hanoi, all located in Nam Tu Liem District, and
2,400 USD/sqm (+14.6% YoY) and 1,700 USD/sqm (+14.2%
Handico Complex in Thanh Xuan District. Over the first
YoY), respectively. The ultra luxury segment increased by
nine months of 2024, total new supply exceeded 13,400
14% YoY, about 10,200 USD/sqm. In the luxury segment
units, with an average asking price nearing $2,200/sqm. Vinhomes Ocean Park – The BayFront
prices increased by roughly 2.4% YoY, with an average Gia Lam District
The market absorbed over 11,700 units, particularly from
asking price of around 3,700 USD/sqm.
high-end developments in the eastern part of the city.

Looking ahead, the Capital Elite project in Nam Tu It is predicted that by the end of 2024, Hanoi will
maintain an average selling price increase of
Liem District and Khai Son City in Long Bien District
10-12% YoY. The reason is the lack of new supply,
are set to hand over apartments in Q4/2024, while
especially in the mid-range segment. While
major projects like Vinhomes Smart City - The Capony
people’s living standards have not improved,
Residences in Nam Tu Liem District and The Charm An spending levels have not increased.
Hung in Ha Dong District are slated for completion in
2025. Additionally, Vinhomes Global Gate apartment HANOI APARTMENT AVERAGE ASKING PRICE
building is under construction and expected to be BY AREA | Q3 2024
handed over in 2027. These ongoing developments
Hanoi Melody Residences
signal strong momentum in Hanoi’s residential market
Hoang Mai District
despite a challenging economic environment.

Source: TMS Consultancy, Market Research Dept.

The Western area of the city has been continued to lead the
market with an average asking price of about 2,066 USD/
sqm (+12.5% YoY). The average asking price in the Eastern
area was 1,879 USD/sqm (+14.6% YoY) and the Southern was
Source: Collected by TMS Consultancy, Market Research Dept.
1,813 USD/sqm (+27% YoY).

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 Market Report | Q3 2024 Market Report | Q3 2024

APARTMENT Da Nang
Da Nang
DA NANG APARTMENT SUPPLY | 6M 2024 In Q3/2024, Da Nang’s real estate market witnessed an
Some projects are expected to
increase in the average asking price, which reached
open for sale in the future
approximately 2,200 USD/sqm (+2.9% QoQ and +16.8%
YoY). In particular, the luxury segment performed
particularly well, achieving an average price of 3,793 FPT Plaza 3
Ngu Hanh Son District
USD/sqm (+4% YoY), while the high-end segment saw
prices rise to 2,391 USD/sqm (+7.5% YoY). In contrast, the
mid-end segment declined by 6.2% YoY, with an average
asking price around1,253 USD/sqm. This shift in pricing
Source: TMS Consultancy, Market Research Dept.
dynamics indicates that customers and investors are
In Q3/2024, Da Nang’s real estate market saw limited increasingly gravitating towards the luxury and high-
new supply, with only one new project, Sun Symphony end segments, driven by their favorable legal status and
(Son Tra District), launching 503 units for sale. Most other the potential for higher returns on investment.
developments continued selling in subsequent phases.
In the first nine months of 2024, Da Nang’s total new According to TMS Consultancy’s Market Research
supply exceeded 3,400 apartments, with over 2,000 department, the average asking price in Da Nang
units sold, primarily in luxury and high-end complexes. in the last 3 months of the year will have a slight The Estuary Da Nang
However, the absorption rate remained moderate increase by 2–3% QoQ. Legal barriers, lack of Hai Chau District

as buyers hesitated due to rising prices and legal capital, and rising construction costs will continue
uncertainties, causing many developers to delay sales to limit the supply of new apartments in the future.
launches. Notably, the Sang Residences (Ngu Hanh Son
District) and The 6Nature Da Nang (Son Tra District) DA NANG APARTMENT AVERAGE ASKING PRICE
BY DISTRICT | Q3 2024
were topped out in Q3 and are slated for handover in
December 2024 and June 2025, respectively.

Additionally, Blooming Tower (Son Tra District) and The

Filmore (Hai Chau District) are in the process of applying
for Land Use Certificates, with customer handovers
expected in 2025. Despite these developments, cautious
investor sentiment and regulatory changes continue to Hiyori Aqua Tower
Son Tra District
influence the market.

DA NANG APARTMENT AVERAGE ASKING PRICE Source: TMS Consultancy, Market Research Dept.
BY SEGMENT | Q3 2024
Most districts had a lower average selling price than the
previous quarter. In Q3/2024, the average asking price
in Hai Chau district was about 2,656 USD/sqm (-0.6%
QoQ and +22% YoY), maintaining the top position in
terms of asking price since the beginning of the year.
In contrast, Ngu Hanh Son district reached 2,046 USD/
sqm (+0.4% QoQ).
Source: Collected by TMS Consultancy, Market Research Dept.

Source: TMS Consultancy, Market Research Dept.

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 Market Report | Q3 2024 Market Report | Q3 2024

OFFICE Ho Chi Minh City

OFFICE IN HO CHI MINH CITY Some notably successful
Q3 2024
transactions in Q3/2024:
Rental
Project
No Location Grade Area Tenants Industry
Name
(Sqm)
VFS Global
President Vietnam Co.,
1 District 1 A 617 Technology
Place Ltd - HCMC
Branch
Saigon
2 District 1 A 1,250 Worldquant Finance
Centre

Victory Global Poongin

3 District 7 B 4,412 Garment
Tower Vina

Pax Sky The Quarters

Source: TMS Consultancy, Market Research Dept. 4
Building
District 3 B 200
Vietnam
Real Estate

HDS
Phu
5 L'MAK 68 B 940 International Logistics
Nhuan
In July 2024, Ho Chi Minh City’s office market Group

welcomed a new supply of 11,780 sqm from the Source: TMS Consultancy, Market Research Dept.

Grade A project, ThaiSquare The Merit in District 1,

following the opening of the e.town 6 building in
Future Supply
Tan Binh District in June. The total supply of Grade NLA
Expected
No Building Location Grade completion
A and B office space in the city is now estimated (sqm)
year

to exceed 2.1 million sqm. In Q3/2024, the average

1 GTCC Building Binh Thanh B Q4/2024 7,000
rental price for Grade A offices was $46/sqm/month,
CMC Creative Space -
2 District 7 B 2024 13,500
Tower B
reflecting a slight decrease of 0.72% QoQ and 0.78%
Thu Duc
3 Techno Park B 2025 97,048
YoY. In contrast, Grade B offices experienced a rental City

increase of 1.64% QoQ, bringing the average price 4 Daikin Tower District 3 B 2025 18,868

to approximately $26/sqm/month, although this 5 A&T Building District 1 B 2025 6,000

segment also saw a 0.78% decline YoY. Occupancy 6 Marina Central Tower District 1 A 2025 87,000

UOA Tower II
rates improved for both grades, with Grade A offices 7
(Millennial Tower)
District 7 A 2026 44,487

achieving an occupancy rate of 85% (up 1% point 8 Lotus Tower District 1 A TBC 50,000

from the previous quarter), while Grade B offices Source: TMS Consultancy, Market Research Dept.
saw an occupancy increase of 3 percentage points
According to TMS Consultancy, the average office rental
to reach 90%. This positive trend in occupancy
price in Ho Chi Minh City is projected to rise by 2% QoQ in
suggests a gradual recovery in demand amidst a
Q4/2024, with occupancy rates expected to increase by
competitive office landscape.
3-4 % points compared to the previous quarter. Looking
ahead to 2026, the total future supply of office space is
anticipated to exceed 200,000 square meters, with more
than 70% of this new supply expected to carry green
certification. This commitment to sustainability, coupled
with the influx of significant foreign direct investment
(FDI) and the expanding scale of enterprises in the region,
is poised to further drive office demand. As businesses
increasingly prioritize modern, eco-friendly workspaces,
the market is set to benefit from these evolving trends,
creating a more dynamic and competitive landscape.

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 Market Report | Q3
Q2 2024 Market Report | Q2
Q3 2024

Hanoi Da Nang

OFFICE IN HANOI | Q3 2024 Some notably successful OFFICE IN DA NANG | Q3 2024 Future Supply
transactions in Q3/2024: No Building Location Grade
NLA
Expected
completion
(sqm)
year
NLA
No Building Location Grade Tenants Industry
(sqm) 1 TTC Plaza Cam Le N/A 30,000 2025

2 The One Danang Hai Chau B 25,000 Q2/2026

WHA
Capital
1 Ba Dinh A 256 Industrial Logistics
Place
Development 3 Viettel Building Hai Chau A 35,460 2026

Baker Source: TMS Consultancy, Market Research Dept.

Capital
Source: TMS Consultancy, Market Research Dept. 2
Place
Ba Dinh A 595 McKenzie Law Source: TMS Consultancy, Market Research Dept.
Vietnam
TMS Consultancy forecasts that in Q4/2024, the
In Q3/2024, no new supply was recorded, Da Nang’s
In Q3/2024, Taisei Square building (Cau Giay district) Hai Ba
ACC average office rental price in the whole city will
3 HDI Tower
Trung
B N/A Chiropractic Health total existing office supply was 238 thousand sqm.
opened on September 4th with a leasing area of up Clinic increase by 1-2% QoQ, and the occupancy rate will
The average rental price of Grade A offices was increase by 2-3 % QoQ. This anticipated growth
to 45,500 sqm. The total existing office leasing area
Source: TMS Consultancy, Market Research Dept. approximately $18/sqm/month (+2.46% YoY), Grade B reflects a strengthening demand for office space
in the Hanoi market is roughly 3.9 million sqm. The
average rental price of Grade A was 32 USD/sqm/ Future Supply was $11/sqm/month (-1.65% YoY). Grade A occupancy as businesses adapt to evolving market conditions
rate increased slightly, reaching 85% (+2% QoQ), while and seek to establish a presence in a competitive
month (-0.53% YoY), and Grade B was 17 USD/sqm/ Expected
No Building Location Grade
NLA
comple- Grade B occupancy rate increased by 5 percentage urban environment. As the city continues to attract
month (-5.01% YoY). Grade A and B occupancy rates (sqm)
tion year investment and expand its commercial landscape,
points to 87%.
increased by 5 percentage points QoQ, to 85% and Q3 - these trends suggest a positive outlook for the office
1 Heritage West Lake Tay Ho A 18,180
Q4/2024
87%, respectively. sector in the coming months.
Vincom Center Office Hai Ba
2 B 16,000 Q4/2024
(renovate) Trung

Nam Tu
3 Pearl Tower B 40,000 Q4/2024
Liem

4 Gelex Ly Thai To Hoan Kiem A 12,000 2025

Bac Tu
5 Oriental Square A 22,900 2025
Liem

6 Thaisquare Caliria Dong Da B 8,436 2025

Source: TMS Consultancy, Market Research Dept.

According to TMS Consultancy, average office

rental price in Q4/2024 will increase by 2% QoQ, and
occupancy rates will increase by 2-3 percentage points
QoQ. By 2026, the total future supply is expected to be
more than 400,000 sqm.

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 Market Report | Q3 2024 Market Report | Q3 2024

RETAIL
Ho Chi Minh City
In Q3/2024, townhouses on central streets in District 1, such as In Q3/2024, Parc Mall shopping center (District 8) has officially opened and begun
Ly Tu Trong, Mac Dinh Chi, Le Loi, and Hai Ba Trung, continued operations, offering the retail market with 55,000 sqm of NLA. The total existing
to face high vacancy rates, with prime locations like Dong Khoi retail NLA supply was estimated at nearly 1.4 million sqm. The average rental price
Street – one of the most expensive streets globally by late 2023 – was approximately 118 USD/sqm/month. Of which, rental prices at CBD shopping
still seeking tenants despite an average rental price exceeding malls are 172 USD/sqm/month (+9.1% YoY), whereas non-CBD shopping malls
200 million VND/month. Conversely, properties located were around 63 USD/sqm/month (+14.55% YoY). The occupancy rates reached
in alleys, which offer lower rental prices, are experiencing 90% (no change from the previous quarter) and 75% (up 5 percentage points
higher occupancy rates. Meanwhile, shophouses at the base compared to the previous quarter), respectively. Most of the strong absorption
of apartment complexes are showing signs of stabilization. has come from fashion and culinary brands.
Investors are focusing on completed residential areas with
Successful lease transactions in Q3/2024:
high population density, where investment opportunities
New Stores Coming soon
are more promising. For instance, the number of operating
shophouse podiums at the Westgate complex (Binh Chanh)
is expanding due to effective payment assistance programs,
while at Vinhomes Grand Park (Thu Duc City), shophouses –
despite commanding monthly rents as high as 100 million VND
(approximately 4,000 USD) for a 130 sqm unit—are successfully
attracting tenants. This reflects a shift in demand towards
integrated retail spaces within residential projects, which offer
better occupancy prospects.
Source: Collected by MR Dept., TMS Consultancy.

HCMC RETAIL MARKET PERFORMANCE | Q3 2024

Future Supply

Central Premium Sun Tower

District 8 District 1

Source: TMS Consultancy, Market Research Dept.

Source: Collected by MR Dept., TMS Consultancy.

In Q4/2024, TMS Consultancy expects an average rental rate at shopping

malls to increase by 2% QoQ. The occupancy rate of the CBD shopping
malls will increase by 1%, while that of non-CBD will increase by more than
5% after newly opened shopping malls gradually come into operation.

22 23
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 Market Report | Q3 2024 Market Report | Q3 2024

RETAIL Hanoi
The rental market for townhouses in Hanoi has remained In Q3/2024, the Diamond Plaza project (Thanh Xuan District) opened on
stagnant, with prices continuing to decline on central streets September 7th, providing an additional 14,800 sqm of leasable area. The total
like Kim Ma, Lieu Giai, Dien Bien Phu (Ba Dinh), Hoang Cau, existing retail floor supply was around 1.3 million sqm. The average rental price of
Ton Duc Thang, Xa Dan, Lang Ha, and Thai Ha (Dong Da). For shopping malls was $80/sqm/month. The CBD shopping malls had an average
example, a townhouse on Tran Duy Hung Street, priced at rental price of $113/sqm/month (+8.94% YoY), while the non-CBD malls had an
over 100 million VND/sqm for an area exceeding 200 sqm, has average rental price of $47/sqm/month (+14.44% YoY). Occupancy rates in both
remained vacant for more than six months despite efforts to areas increased by 2 percentage points compared to the previous quarter, to
find tenants. In contrast, townhouses with rental prices ranging 92% and 87%, respectively.
from 30 to 50 million VND per month are still the most sought-
after. The situation is similarly challenging for shophouse
Notably successful lease transactions in Q3/2024
podiums, with rental prices in Tay Ho District fluctuating New Stores

between 100 and 150 million VND/month, depending on size

and location. Despite extended periods of vacancy and “for
rent” signs, demand remains low. The market is facing stiff
competition from e-commerce platforms and shopping malls,
which have significantly reduced the appeal of traditional
townhouses and shophouse podiums as retail spaces.

HANOI RETAIL MARKET PERFORMANCE | Q3 2024

Source: Collected by MR Dept., TMS Consultancy.

Future Supply

Taisen Hanoi Office Tower Tien Bo Plaza

Cau Giay District Ba Dinh District

Source: TMS Consultancy, Market Research Dept.

Source: Collected by MR Dept., TMS Consultancy.

Average rental rates of shopping malls are expected to increase by 1-2% QoQ
in Q4/2024. The occupancy rate of CBD shopping malls will increase by 1%,
while non-CBD will be stable.

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 Market Report | Q3 2024 Market Report | Q3 2024

RETAIL
Da Nang
The townhouse rental market in Da Nang has still continued In Q3/2024, the retail market in Da Nang recorded no new supply. The total
to struggle, with no signs of improvement in recent months. existing retail NLA was around 126.5 thousand sqm. The average rental price of
Rental prices along key commercial streets such as Nguyen shopping malls was 32 USD/sqm/month (+3.23% QoQ) with an occupancy rate
Van Linh, Le Duan, and Dien Bien Phu have steadily declined. of 89% (+1% QoQ). The retail market in Da Nang has been looking for demand
Meanwhile, shophouse podiums remain in a state of from foreign brands to meet the shopping needs of residents and also tourists.
“hibernation” due to limited supply, low transaction volumes,
and ongoing issues such as project violations and delayed Future Supply
construction progress. These factors have significantly
impacted investor confidence, further slowing activity in both Aeon Mal Mega Mall Market Da Nang
Cam Le District Lien Chieu District
the townhouse and shophouse markets.

DA NANG RETAIL MARKET PERFORMANCE | Q3 2024

Source: Collected by MR Dept., TMS Consultancy.

Source: TMS Consultancy, Market Research Dept.

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 Market Report | Q3 2024 Market Report | Q3 2024

HOTEL Structure of
Vietnam by country
international tourists visiting growth, rising by over 6% YoY in Hanoi and Quang Ninh
to approximately $88 and $50/room/night, respectively.
TOP 10 COUNTRIES HAVE THE HIGHEST Ho Chi Minh City followed with an average rental price
INTERNATIONAL TOURISTS VISITING VIETNAM of $92/room/night, up 4.5% YoY. However, in Khanh Hoa,
9M 2024 the average rental price fell by 8.6% to nearly $47/room/
night. Hotel occupancy rates reached 80% in Ho Chi Minh
City and 76% in Hanoi, while provinces like Khanh Hoa,
Binh Thuan, and Kien Giang – affected by recent storms –
recorded lower occupancy rates of around 50%.

Looking ahead, hotel rental rates are expected

to rise by 5-10% YoY in 2024, driven by the recovery

a
di
bo
of the Chinese market, diversified tourism

m
Ca
Source: Vietnam Tourism & TMS Consultancy, Market Research Dept. offerings, and supportive visa programs.

South Korea continues to be Vietnam’s largest tourist

The total tourism revenue and the number market in the first nine months of 2024, with 3.3 million From Q4/2024 to 2026, Vietnam’s hotel market is
of domestic and international tourists to arrivals (accounting for 26.5%). China ranked second,
anticipated to add over 1,900 rooms from high-end
Vietnam projects, predominantly operated by IHG Hotels &
with 2.7 million arrivals (accounting for 21.3%). These two
PERFORMANCE OF TOURISM INDUSTRY IN Resorts, in key regions such as Quang Ninh, Quang
markets alone contributed 47.8% of the total number of
VIETNAM | JAN 2023 - SEP 2024 Nam, Hanoi, and Ho Chi Minh City.
international arrivals in the past nine months. Next are
Expected
Total
Taiwan (954 thousand arrivals), the US (579 thousand No. Project Operator Provinces launch
supply
time
arrivals), Japan (529 thousand arrivals), Malaysia (357
Hotel Indigo Saigon IHG Hotels &
thousand arrivals). Australia, India, Cambodia, and 1
Resorts
HCMC 2024 150
The City
Thailand also round up the top ten major markets for
Moire Hoi An IHG Hotels & Quang
2 2024 128
Vietnamese tourism. Vignette Collection Resorts Nam

3 Fairmont Hanoi Accor Hotels Hanoi 2024 241

Hotel market in some provinces/cities in Vietnam Four Points by Marriott

Source: Vietnam Tourism & TMS Consultancy, Market Research Dept. 4 Ha Giang 2024 151
Sheraton Ha Giang International
HOTELS IN VIETNAM’S PROVINCES/CITIES | Q3 2024
New World Nha New World
Vietnam welcomed nearly 1.3 million international 5 Hotels &
Khanh
2024 306
Trang Hoa
Resorts
visitors in September 2024. In the first nine months
Sol by Melia Cam Meliá Hotels Khanh
6 2024 816
of 2024, the total number of international visitors Ranh Bay International Hoa

exceeded 12.7 million, an increase of 43.0% over the InterContinental IHG Hotels & Quang Q4/2024 -
7 60
Halong Bay Resort Resorts Ninh 2025
same period last year, higher than the figure of 12.6
Wink Hotel Hai Hai
million in 2023. However, compared to August 2024, 8
Phong
Wink Hotels
Phong
Mid-2025 225

the number of visitors this month fell by 11.9%. The

IHG Hotels &
9 Sheraton Vinh Nghe An 2025 N/A
Resorts
main reason for this decline was the impact of super
Source: TMS Consultancy, Market Research Dept.
typhoon Yagi in the North, which severely impacted 10 Shilla Hotel
The Shilla
Hotels & Hanoi
2025 -
540
2026
tourism service providers in numerous key tourist In Q3/2024, Vietnam’s hotel market expanded with over Resorts

locations such as Quang Ninh, Hai Phong, Hanoi, 400 new rooms, including two projects operated by Holiday Inn Ha Long IHG Hotels & Quang
11 2026 N/A
Bay Resorts Ninh
Thai Binh, Nam Dinh, and Tuyen Quang… Total Banyan Group: Angsana Quan Lan - Ha Long Bay Hotel in
Quang Ninh and Garrya Mu Cang Chai in Yen Bai. Driven by Source: TMS Consultancy, Market Research Dept.
revenue from tourists in the first nine months of
2024 reached 637.7 trillion VND (reaching 76% of the increased tourism demand during the recent September

industry’s revenue target). 2nd holiday, the average hotel rental price saw notable

28 29
 Market Report | Q3 2024 Market Report | Q3 2024

PART 3
Regulations Content Effects
Legal Update Clause 1, Article 28 Supplementing the land use rights Increase possibilities to acquire, hold, and use land
Article 37, Article 41 and obligations of Vietnamese resources more effectively, while also encouraging
and Article 44 individuals living overseas. remittances and investment from overseas
Vietnamese to benefit real estate industry
development and the economy.

Article 28 Economic organizations with foreign Attract foreign investors with large financial
Article 41 investment capital can directly receive potential and technical expertise to participate in
transfers of real estate projects and developing real estate projects
sublease land use rights in industrial >> Improve the quality of implemented real
and high-tech parks. estate projects.

Article 60 Innovation in planning and land use Ensuring consistency and shortening the time
planning in the process of land use planning, solving the
long-standing legal difficulties due to planning
problems for businesses in the process of
developing real estate projects.

Article 78, 79, 80, Specific regulations on land recovery The real estate market is transparent, completely
81, 82 for socio-economic development limiting direct land allocation according to the
designated mechanism, arranged bidding...

Clause 27 Article 79 Land acquisition for commercial Create economic development momentum,
housing projects only applies to promote increased urbanization rate, create
large-scale projects with synchronous spillover effects for the whole region, the whole
infrastructure (with adequate area, associated with job opportunities and
electricity, roads, schools, stations, etc.). amenities for residents.

Article 30 Promote the form of land lease with Help put an end to the practice of enterprises
annual payment, narrow down the retaining commercial and service land plots
case of land lease with one-time in prime locations, waiting for prices to rise,
payment. then selling or applying to alter the purpose to
residential business.

Article 159 Land price list will be built annually Create conditions for land valuation close
Clause 5 Article 158 Regulations on 4 land valuation to market prices, removing long-standing
Article 160 methods to determine land prices shortcomings in price determination.

1 Amendments
Clause 2, Article 1 of the Law on
and Supplements
2 Pursuant to Article 2 of the Law on
Amendments and Supplements
3 Pursuant to Article 3 of the Law on
Amendments and Supplements
to a Number of Articles of the to a Number of Articles of the to a Number of Articles of the
2024 Land Law, the 2023 Housing 2024 Land Law, the 2023 Housing 2024 Land Law, the 2023 Housing
Law, the 2023 Real Estate Law, the 2023 Real Estate Law, the 2023 Real Estate
Business Law and the 2024 Credit Business Law and the 2024 Credit Business Law and the 2024 Credit
Institutions Law amending and Institutions Law amending and Institutions Law amending and
supplementing Clause 1, Article supplementing Clause 1, Article supplementing Clause 1, Article 82
252 of the 2024 Land Law. 197 of the 2023 Housing Law. of the 2024 Real Estate Business
Law Real estate 2023.

Source: TMS Consultancy, Market Research Dept. Thus, 03 laws on real estate will take effect from August 1, 2024, including the Land Law 2024, the Housing Law
2023, and the Real Estate Business Law 2023.

30 31
 Note: The property market research contained is verified to the best of TMS
Consultancy’s abilities. TMS Consultancy reports reflect an overview of the
current property market and are indicative research only. TMS Consultancy
does not guarantee the accuracy of research and forecasts contained herein.
TMS Consultancy does not accept any responsibility for losses arising from
reliance on the research and forecasting. TMS Consultancy recommends that
the reader obtain a detailed market study of the specific sector of interest
should a deeper understanding of the market be required.

MARKET
REPORT
Q3 | 2024

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GENNIE PHAM Level 1, Master Building, 41-43 Tran Cao
Market Research Director Van, Vo Thi Sau Ward, District 3, HCMC
+84 906 787 134
+84 906 787 134
gennie.pham@tms-investment.com
info@tms-investment.com
NHI LE www.tmsconsultancy.com.vn
Market Research Analyst
linkedin.com/company/tms-investment
+84 394 867 674
nhi.le@tms-investment.com

HUONG HUYNH
Business Development Manager
+84 706 399 796
huong.huynh@tms-investment.com

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