Market Report | Q4 2025
TMS Consultancy provides a comprehensive overview of Vietnam’s macroeconomic environment and real estate market performance in the final quarter of 2025—a period marked by market re-positioning and increasing segmentation across asset classes and locations. The report focuses on key markets including Ho Chi Minh City, Hanoi, and Da Nang, integrating data on pricing, supply, absorption, and capital flows to support informed investment decisions amid improving legal clarity and policy developments ahead of 2026.
Apartment: Apartment prices continued to rise amid constrained new supply, particularly in Ho Chi Minh City and Hanoi. Market liquidity remained concentrated in the mid-end and affordable segments, reflecting end-user-driven demand. Investment capital increasingly shifted toward satellite areas and infrastructure-led corridors, where pricing remains more aligned with household purchasing power and offers stronger medium-term upside.
Office: Office demand stayed resilient, with a clear “flight to quality” toward Grade A, green-certified buildings with strong connectivity. Ho Chi Minh City maintained high occupancy levels, while Hanoi and Da Nang entered a more competitive phase due to upcoming supply. Investment performance is increasingly dependent on asset quality, pre-leasing capability, and operational execution.
Retail: A strong recovery in domestic consumption continued to underpin the retail market in Q4/2025. Integrated shopping centers, experience-led retail formats, and TOD-based developments gained further traction. Investors are prioritizing assets with stable footfall, transit accessibility, and the ability to deliver sustainable cash flows.
Hotel: The hospitality sector benefited from the rebound in international tourism and supportive visa policies, while showing clear geographic divergence. Gateway cities and major tourist destinations maintained advantages in occupancy and room rates. Branded assets with clear positioning, long-term operating strategies, and effective seasonality risk management remain the primary focus for investors.
Beyond asset-class analysis, the report reviews real estate M&A activity, highlighting a concentration in control transactions and selective participation by financial investors. The legal update section summarizes key laws and regulations expected to take effect from 2026, offering greater transparency and a stronger framework for long-term investment planning.
Learn more by clicking our Vietnam Market Report | Q4 2025
