Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

HCMC Retail market Q4 2022

Quynh Dang • 30/12/2022

Commercial activities and consumer services in 2022 recovers strongly as Covid-19 went under control. According to the General Statistics of Vietnam, in 2022, the total sales of consumer goods and services increased by 19.8% over the previous year, estimated at 5,679.9 trillion VND. In which, total retail sales of goods were estimated at VND 4,475.9 trillion, up 14.4% over the previous year.

Also according to the General Statistics Office, total tourism revenue is estimated at 24.5 trillion VND, up 271.5% over the previous year. The number of international tourists to Vietnam in the whole year was recorded at 3.66 million arrivals, 23.3 times higher than in 2021. In which, visitors from Asia account for nearly 2.6 million arrivals, and 3,3 million are arrivals via aerial transportation.

HCMC Retail market Q4 2022

In 2022, multiple shopping centers are planning or are already carrying out renovation and change their layout. This is a positive development of the market as outdated retail premises are getting upgraded to meet the demand for high-quality retail space in the market. Hung Vuong Plaza is currently undergoing renovation and is expected to re-enter the market in 2023.

According to the latest Cushman & Wakefield report, the total active retail space reached 1,052 million sqm. This includes Thiso Mall, a new shopping center in the East of HCMC in Q4 2022, contributing about 33,000 m2 to the total supply. Four projects are expected to launch in 2023, namely Central Premium plaza, Vincom Megamall Grand Park, Sunrise City Central and Emart 2 on Phan Huy Ich Street, contributing more than 116,000sqm of new retail space.

HCMC Retail market Q4 2022

Together with the renovation/relocation as well as the increase of new supply by the end of 2022, this quarter's occupancy rate reached 88%, lower year-on-year and quarter-on-quarter. Rents recorded positive growth thanks to new and upgraded supply, reaching US$49.3 USD/sqm/month.

HCMC Retail market Q4 2022

Upcoming supply from Thu Duc City includes commercial centers and residential community commercial centers: Services for residents, food & beverage, home decoration, lifestyle & entertainment.

The upcoming supply from District 1 is mainly community commercial centers: High-end fashion brands, employee-oriented personalized services, and tourist-oriented entertainment.

Table of prominent brands entering, expanding and relocating in Ho Chi Minh City's retail market

HCMC Retail market Q4 2022

Notably in Q4, Diamond Plaza reopened on December 16, 2022 after renovation, with many high-end and luxury brands such as Jo Malone, Chanel, Lilliput, % Arabica, Beauty in the Pot hotpot,... Thiso Mall (Thu Duc City) officially came into operation in late 2022 - early 2023, meeting the needs of both affordable and high-end consumers: Uniqlo, Starbucks, Highlands Coffee, Pizza 4P's, Levi's, Adidas, Valetino Creation. The Thao Dien area, Thu Duc district is gradually becoming a center of entertainment and high-class dining with an array of new brands such as Runam, Yen Sushi, L'Usine...

Besides the entry and expansion of international brands, domestic brands also grew significantly with rapid expansion throughout the market. Retail brands are paying more attention to product experience space in their store design, providing a more comprehensive and well-rounded experience for customers.


 Buoyant real estate M&A market in the first half of 2022
Buoyant real estate M&A market in the first half of 2022

While the region's more developed economies are facing a slow-down, Vietnam’s GDP reached a new height in 11 years, reaching 7,72% in Q2 2022. 

Xuan Pham • 26/07/2022

Phu My Hung area
Will demand for office space drop as hybrid working gets trendy?

The latest Q2 report from Cushman & Wakefield saw office rental price remain relatively stable, even at final units in prime location buildings. 

Quynh Dang • 18/07/2022

The role of Southern Vietnam in the global supply chain

The South of Vietnam is fully capable of competing with Singapore and Hong Kong as a global goods transshipment hub and utilizing its production capacity to become an inseparable link in the global supply chain

Quynh Dang • 12/07/2022

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All