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CBRE Vietnam MarketView Q1 2017

A slow start amid signs of increasing interest rates
Vietnam GDP
5.10% y-o-y
7.46% y-o-y
Hanoi GDP
7.06% y-o-y
28.70% y-o-y
*Arrows indicate change from the same period of the previous year.
FDI continues to be a key catalyst of Vietnam’s economy. Total registered capital in Q1 2017 reached US$7.7 billion, an increase of 77.6% from the same period last year. However, there were concerns on the lower than expected GDP growth rate and increase in interest rate.
Condominium market: Hanoi and HCMC went on two divergent paths in terms of new launch supply in Q1 2017. 9,398 units were launched in Hanoi, an increase of 3% q-o-q. Meanwhile, 5,083 units were launched in HCMC, a drop of 52% q-o-q. Growth in primary prices were recorded in both HCMC and Hanoi. The market is moving toward affordable and mid-end segments with more supply in these segments.
Retail market: Supply increased in HCMC by 17,500 sm NLA while it was stable in Hanoi, though Hanoi’s retail market was active in terms of investment activity. Flat rents were recorded in both cities for this quarter. New projects in 2017 will mainly be retail podiums which emphasize convenience and necessity for the consumers.
Office market: In Q1 2017, Hanoi and HCMC welcomed one Grade B building each, which added 8,385 sm NLA and 5,404 sm NLA to the total supply, respectively. Rise in asking rent was observed for both grade A and grade B buildings in both cities, with grade B in HCMC recording the highest increase. Q1 2017 also witnessed the opening of two Coworking Spaces in HCMC.
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