SUPPLY: NO NEW SUPPLY RECORDED
No additional new supply was introduced in Q2 2025. Year-to-date (6M 2025), the Hanoi market welcomed an additional 13,658 sqm of new retail space from the Aeon Mall Cầu Giấy project.Total retail stock in Hanoi is estimated at approximately 1.4 million sqm, up 1.3% year-on-year. Shopping malls remain the most prevalent retail format, accounting for 86% of total stock in Hanoi.
DEMAND: A SLIGHT ADJUSTMENT IN OCCUPANCY RATE
In Q2 2025, the average occupancy rate across the market reached 85.4%, down 0.06 percentage points QoQ and 1.27 percentage points YoY. This was primarily due to several projects undergoing temporary renovations to enhance customer experience. In addition, the market witnessed the arrival of new retail brands such as Mr. DIY, Oh!Some and the convenience-store chains GS25 and 7-Eleven into Hanoi.
High occupancy rates continued to be maintained at large-scale, professionally managed projects, thanks to their ability to meet diverse customer needs and provide quality space for retailers. Conversely, some older shopping centres and retail podiums with lower competitiveness have shifted focus to attract tenants in the office and service sectors.
PRICE: GROUND FLOOR RETAIL RENTS CONTINUE TO RISE SLIGHTLY
In Q2 2025, average ground-floor rent reached 47.1 USD/sqm/month, up 0.8% QoQ and 6.7% YoY. This increase was mainly driven by periodic rental adjustments at some projects in the CBD Fringe and West area – locations benefiting from improved infrastructure and the arrival of new retail brands.
Furthermore, demand for space in high-footfall locations with professional management continued to rise, helping keep rents stable or slightly higher despite some pressure from new supply and the shift of consumption towards online shopping channels.
OUTLOOK: THE WEST AREA BECOMES THE NEW RETAIL HUB
During the 2025–2027 period, the retail market is expected to receive approximately 324,000 sqm from 17 new projects, with the West area accounting for 37% of total future supply.
Beyond expansion within Hanoi, retail developers are also actively moving into neighbouring provinces. Notable projects include Vincom Mega Mall Ocean Park 2 in Hung Yen and Aeon Mall Ha Long in Quang Ninh, demonstrating the strong growth potential of the retail sector in suburban and satellite-province markets.
Learn more by download our most recent Hanoi Retail MarketBeat.
