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CBRE Vietnam MarketView Q3 2017

Sound premise for a positive last quarter
Vietnam GDP
6.41% y-o-y
7.79% y-o-y
Hanoi GDP
8.10% y-o-y
17.31% y-o-y


*Arrows indicate change from the same period of the previous year.
Vietnam’s GDP was reported to grow at an impressive rate of 7.46% y-o-y in Q3 2017, mainly driven by strong growth of manufacturing and exports. For 9M 2017, the aggregate growth rate reached 6.41% y-o-y, and the government still aims to achieve the target growth rate of 6.7% for the whole year of 2017. High dependence on FDI enterprises, sustainability of credit growth and bad debts are some concerns amidst the positive figures.
Condominium market: New launch units for high-end segment in Q3 decreased considerably in both cities, by 45% y-o-y in Hanoi and 23% y-o-y in HCMC. Meanwhile, the number of sold units decreased 26% y-o-y in Hanoi and only 3% y-o-y in HCMC, showing good absorption for this segment in Q3, especially for projects with good locations. Positive market sentiment is expected to sustain in the last quarter.
Retail market: Even though there was no new supply in both cities in Q3 2017, the market was active with entries of new brands and expansion of existing tenants, among which the entry of H&M was the most notable event. Rental rates were stable or slightly improved in both cities, for both CBD and non-CBD segments. Fast fashion and F&B are expected to continue driving demand for the market.
Office market: In Q3 2017, only Grade A office segment in HCMC welcomed new supply of 32,000 sm NLA, from Saigon Centre Phase 2, whose anchor tenants are mainly technology companies. Rental rates are on an upward trend in both     cities compared to the same period last year, except for Grade A segment in HCMC, due to introduction of a decentralized Grade A project in Q4 2016.
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