SUPPLY: NO NEW PROJECT RECORDED
In Q2 2025, HCMC’s retail market recorded no new project launches. Total accumulated retail stock remained at 1.2 million sqm, up 6.26% year-on-year.
DEMAND: RISING DEMAND FOR RETAIL SPACE
Retail occupancy in HCMC reached 93.6% in Q2 2025, a slight increase quarter-on-quarter and up 4.16% year-on-year, reflecting stable QoQ demand and a clear YoY growth trend.
This expansion has been driven not only by international brands—such as Miki House from Japan at Takashimaya and Oh!Some at Vincom Đồng Khởi—but also by domestic players. Notably, the Poseidon buffet chain is extending its leasing needs into outlying districts.
High demand persists, with many flagship retailers registering waiting lists for prime mall locations, fueled by growing numbers of international tourists and their spending on major retail brands.
RENT: SLIGHT DECLINE YEAR-ON-YEAR
In Q2 2025, average asking rents for retail space in HCMC stood at USD 53.36/sqm/month, down 0.21% from Q1 2025 and 3.32% compared with Q2 2024.
MARKET OUTLOOK
HCMC’s retail market is projected to add approximately 38,000 sqm of new space in 2025 and nearly 80,000 sqm over the following three years. Although constrained by land scarcity and rising development costs, most of this future supply will be concentrated in CBD, driven by the 2025 openings of two major malls—Marina Central Tower and Lancaster Legacy.
These projects are poised to catalyze strong growth in downtown retail, meeting escalating demand from international brands and tourists. Moreover, with international visitor numbers continuing to climb, HCMC’s retail sector will benefit from a luxury-shopping trend, as prominent brands and investors increasingly target prime locations with significant revenue potential.
Learn more by download our most recent Ho Chi Minh City Retail MarketBeat.
