Market Report Q1 | 2025

TMS Consultancy provides Vietnam’s economic outlook and benchmarks property market performance across key sectors — apartment, office, retail, and hotel — in Ho Chi Minh City, Hanoi, Da Nang, and Binh Duong.

Apartment: Ho Chi Minh City recorded an average asking price of USD 2,892/sqm (+5.6% YoY), while Hanoi reached USD 2,849/sqm (+37% YoY), reflecting strong alignment between the two leading markets. In Binh Duong, prices increased modestly by 2.1% YoY, led by new projects such as Emerald 68. Limited new supply and high construction costs are expected to keep prices on an upward trend in 2025.

Office: The segment remained stable across key cities. In Ho Chi Minh City, Grade A rents averaged USD 46.7/sqm/month with 89% occupancy, while Hanoi saw Grade A rents rise 6.0% YoY to USD 34.3/sqm/month. Da Nang maintained steady performance, supported by growing investment in logistics and trade-related sectors.

Retail: Retail sales grew strongly during Tet holidays, up nearly 10% YoY. However, prime retail spaces in HCMC and Hanoi remain limited, with occupancy rates of 99% and 95%, respectively. Rental prices reached USD 130–150/sqm/month in HCMC’s CBD and USD 45–85/sqm/month in Hanoi. The market is expected to see expansion in 2025 with new projects from Vincom and AEON.

Hotel: Vietnam welcomed over 6 million international visitors, led by China and South Korea. HCMC’s room rates increased 9.45% YoY, while Hanoi remained stable and Da Nang adjusted slightly to stimulate demand. The hospitality sector continues its strong recovery, with full normalization expected by late 2025.

Legal Update: The Government issued Decree No. 75/2025/NĐ-CP guiding pilot housing projects via land-use agreements, while the Land Law 2024 introduces annual land price tables from 2026 to improve transparency.