Download Vietnam Real Estate H1/2025

🇻🇳 Vietnam – The Rising Destination for Asian Real Estate Capital

Discover the outlook of Viet Nam’s real estate market in the first half of 2025. Despite global uncertainties and trade tensions, Viet Nam remains one of Asia’s most dynamic property markets, backed by robust FDI inflows, infrastructure expansion, and evolving urban development policies. This report highlights key market data and sector performance in Office, Industrial & Logistics, Retail, and Residential segments.

MACRO OVERVIEW

During the first half of 2025, Viet Nam’s economy recorded robust expansion with GDP growth accelerating from H1/2024 levels, underpinned by resilient manufacturing output and strong domestic consumption. Registered FDI grew by 33% y-o-y in 6M 2025, signalizing sustained investor interest in Vietnam.

The Consumer Price Index (CPI) increased by 3.3% y-o-y, remaining within manageable levels, while external trade saw mixed performance: exports rose 14.4% y-o-y, supported by diversified markets, whereas imports dropped 37.2% y-o-y, partially reflecting weaker global demand. Tourism continued its recovery momentum, welcoming 10.7 million international visitors (+21.6% y-o-y), surpassing pre-pandemic levels.

Nevertheless, ongoing global trade tensions - particularly new U.S. tariffs on certain goods and transshipments - have introduced an element of caution among corporate occupiers and investors, shaping a more measured approach to expansion plans.

Vietnam Market Report H1/2025 - your snapshot of key real estate sectors in Ha Noi and Ho Chi Minh City for smarter investment moves.

Download the H1/2025 Market Report for a clear view of Viet Nam’s real estate landscape.

RESIDENTIAL

Hanoi

In H1/2025, Ha Noi’s residential market was dominated by high-end and luxury supply, with primary condominium prices reaching VND 79 million per sqm (+33% y-o-y) and landed property prices averaging VND 229 million per sqm (+13% y-o-y). Total market absorption remained healthy at 85% for condominiums and 175% for landed properties.

Ho Chi Minh

In contrast, the HCMC+ market - encompassing Binh Duong, Dong Nai, Long An, and Ba Ria–Vung Tau - recorded its lowest H1 new supply since 2015, with approximately 80% of upcoming stock located in suburban areas. Primary condominium prices in HCMC averaged VND 82 million per sqm (+29% y-o-y), with suburban areas registering notable increases, led by Long An (+90%), Binh Duong (+14%), and Dong Nai (+15%).

OFFICE

In H1/2025, Ha Noi’s office market saw Grade A average rents climb to US$31.8 per sqm per month (+2.33% y-o-y). Vacancy rates increased to 20% for Grade A and decreased to 15% for Grade B, largely due to new supply. Leasing activity was driven by flight-to-quality relocations, which accounted for 65% of transactions, with the IT and financial services sectors leading demand.

In Ho Chi Minh City, Grade A rents averaged ~US$48 per sqm per month (+2% y-o-y), while Grade B rents grew by 5% y-o-y. Vacancies stood at 15% for Grade A and 11% for Grade B, with expansion transactions representing over half of total leasing activity, again dominated by IT tenants.

INDUSTRIAL & LOGISTICS

In Q2/2025, industrial land rents averaged US$139 per sqm per term in the North (+4% y-o-y) and US$179 per sqm per term in the South (+3% y-o-y). Ready-built warehouses (RBW) and factories (RBF) continued to enjoy healthy demand, particularly in the South, where RBW rents reached US$5.2 per sqm per month (+6% y-o-y).



Market momentum was supported by ongoing manufacturing diversification, proposals for new Free Trade Zones in Ba Ria–Vung Tau and Dong Nai, and provincial mergers that unlocked significant industrial land banks, most notably the 15,500 hectares in Greater HCMC.

RETAIL

In H1/2025, Ha Noi’s retail market saw CBD rents climb to US$175 per sqm per month and non-CBD rents increased by 5.4% y-o-y, stood at US$37.1 per sqm per month. Leasing demand was led by lifestyle and F&B brands, with notable expansion from mainland Chinese retailers.

In Ho Chi Minh City, CBD rents averaged US$280 per sqm per month (+15.4% y-o-y), while non-CBD rents remained around US$50.