Vietnam Market Outlook 2025

Encouraging signs of movements were witnessed throughout 2024 in the Vietnam real estate market. With Vietnam GDP 2024 recorded a growth of 7.09%, one of the highest over the last ten years, positive momentum was present in various real estate sectors.
The residential sector displayed significant developments, especially in the North, where condominium supply rebounded strongly after several years of limited new supply, reaching more than 30,000 new units introduced to the market. Condominium prices in Hanoi recorded unprecedented growth levels, with average secondary prices rising up by 26%, and primary prices by 36%, approaching levels seen in HCMC.
The industrial sector saw another year of robust land take-up by manufacturing companies and factory operators, while leasing demand for ready-build facilities was highest last three years. The office market saw some encouraging signs in terms of take-up space, with HCMC’s CBD rental growth of 3.7% a bright spot, although average vacancy remained in double digits for both cities.  Finally, the retail real estate market in the two cities continued to see significant rental growth in CBD spaces, driven by strong absorption in shopping malls. This was fueled by a keen interest in expansion among both local and overseas retailers, especially Chinese brands.