Market Overview
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 45.33 Billion |
| Market Size (2030) | USD 48.97 Billion |
| Growth Rate (2025 - 2030) | 8.04% CAGR |
| Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
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Vietnam Commercial Real Estate Market Analysis by Mordor Intelligence
The Vietnam commercial real estate market stood at USD 45.33 billion in 2025 and is forecast to expand at an 8.04% CAGR, reaching USD 48.97 billion by 2030. Healthy capital inflows, accommodative monetary settings, and large-scale infrastructure programs are widening both development and investment pipelines across offices, logistics, hospitality, data centers, and mixed-use assets. Commercial banks have cut lending rates by 0.8 percentage points since early 2025, reducing financing costs for developers and buyers alike. At the same time, government approval of USD 39.4 billion in expressway spending through 2030 and metro construction in Ho Chi Minh City (HCMC) and Hanoi is unlocking transit-oriented development corridors. Rising edge-computing and data-localization requirements are spurring a USD 1.5 billion, 150-MW data-center campus in Binh Duong[1]State Bank of Vietnam, “2025 Monetary Policy Report,” State Bank of Vietnam, sbv.gov.vn. Flood risk, construction-material shortages, and hybrid-work adoption temper the outlook, but overall demand remains robust as institutional investors, corporates, and an expanding middle class scale up exposure to professionally managed assets.
Key Report Takeaways
- By property type, Offices led with 34.0% of the Vietnam commercial real estate market share in 2024; logistics assets are projected to grow at an 8.68% CAGR to 2030.
- By business model, the sales segment held 70.0% of the Vietnam commercial real estate market share in 2024, while rentals are expected to record the fastest 8.84% CAGR through 2030.
- By end user, Corporates & SMEs accounted for 55.0% of the Vietnam commercial real estate market size in 2024; individual households represent the quickest-rising cohort with a 9.21% CAGR to 2030.
- By geography, HCMC dominated with 48.0% market share in 2024; Hai Phong is the fastest-growing location at an 8.58% CAGR through 2030.
Vietnam Commercial Real Estate Market Trends and Insights
Drivers Impact Analysis
| Driver | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Rising demand for Grade-A industrial & logistics parks | +1.8% | Binh Duong, Long An, Bac Giang | Short term (≤ 2 years) |
| Expressway & metro build-out lifting land values | +1.5% | National; focus on HCMC, Hanoi, Hai Phong | Long term (≥ 4 years) |
| Data-localization mandates driving edge data centers | +1.1% | Binh Duong, HCMC, Hanoi | Medium term (2-4 years) |
| Surge in institutional capital into core office assets | +1.2% | HCMC, Hanoi | Medium term (2-4 years) |
| ESG-compliant buildings securing premium rents | +0.9% | HCMC, Hanoi, Da Nang | Medium term (2-4 years) |
| Tourism rebound reviving CBD hotel RevPAR | +0.7% | HCMC, Da Nang, coastal provinces | Short term (≤ 2 years) |
Source: Mordor Intelligence
Surge in institutional capital into core office assets
Foreign direct investment (FDI) in Vietnam’s real estate sector rose 46% year-on-year to USD 2.4 billion in Q1 2025, funnelling mainly into Grade-A offices that command steady USD 55 per sqm monthly rents in HCMC and Hanoi. Investors favor completed, metro-linked towers that already host multinational tenants, locking in predictable cash flows while avoiding construction-cost volatility. January 2025 saw USD 4.33 billion of registered FDI—up 48.6%—underscoring persistent appetite for stabilized CBD properties.
Rising demand for Grade-A industrial & logistics parks
Vietnam’s 2023 e-commerce turnover reached USD 19.6 billion, propelling build-to-suit warehouses, cross-border fulfilment hubs, and automation-ready industrial parks. The USD 168 million International Logistics Center in Bac Giang integrates with 20 industrial zones to serve Foxconn and Luxshare. Industrial absorption in HCMC topped 85 hectares in Q3 2024, holding 89% occupancy as manufacturers began shifting to Long An and Ba Ria-Vung Tau[2]Vietnam E-commerce Association, “E-Commerce White Paper 2024,” Vietnam E-commerce Association, vea.gov.vn.
Expressway & metro build-out lifting land values
The USD 6.75 billion North–South Expressway West and a USD 756 million Ninh Binh–Hai Phong segment exemplify how new corridors re-rate peripheral plots, with property prices along HCMC Metro Line 1 having climbed 20% in Q1 2025. TOD strategies, 11 of which are slated for rollout by 2028, knit residential, retail, and office functions around stations, broadening the Vietnam commercial real estate market.
Tourism rebound reviving CBD hotel RevPAR
International arrivals hit 1.53 million in May 2025, generating USD 1.54 billion in tourism receipts across the first five months. Hilton is launching 14 Tru by Hilton hotels with nightly rates near USD 36, signaling confidence in mid-scale demand. Upgraded transport arteries and visa facilitation underpin room-night growth in HCMC and Da Nang.
Restraints Impact Analysis
| Restraint | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Construction-cost inflation & labor shortages | −1.1% | National; acute in metros | Short term (≤ 2 years) |
| Persistent hybrid work softening CBD office uptake | −0.8% | HCMC, Hanoi CBD | Medium term (2-4 years) |
| Monetary tightening elevating cap rates | −0.6% | National, investment-grade assets | Short term (≤ 2 years) |
| Heightened climate-risk exposure | −0.4% | Coastal HCMC, Da Nang | Long term (≥ 4 years) |
Source: Mordor Intelligence
Persistent hybrid work softening CBD office uptake
Projected net absorption for offices may fall to 50,000 sqm in 2025 versus 88,000 sqm a year earlier as corporates rationalize footprints. Flexible-work hubs are proliferating in emerging centers such as Thu Duc City and Nghe An, reducing demand for premium CBD towers. Smart-building retrofits and shorter lease terms are becoming prerequisites for maintaining occupancy.
Construction-cost inflation & labor shortages
Sand, stone, and fill-soil costs surged 30% after late-2024, while Thanh Hoa faces a 3 million m³ material deficit. Circular 08/2025/TT-BXD adds 58 technical norms, inflating project budgets and stretching timelines. Skilled-trade deficits magnify wage pressures, prompting some developers to postpone launches until supply chains normalize.
Segment Analysis
By Property Type: Logistics Drives Industrial Transformation
Offices retained the largest 34% slice of the Vietnam commercial real estate market share in 2024, yet logistics assets register the quickest 8.68% CAGR to 2030. Institutional funds channel capital into last-mile hubs, cross-docks, and temperature-controlled facilities, while e-commerce tenants lock in multi-year leases to secure scarce Class-A supply. The Vietnam commercial real estate market size attributable to logistics is expected to approach double-digit billions by the end of the decade, supported by rising free-trade zones and duty-free clusters around Cai Mep port and Long Thanh Airport. CBRE cites 89% industrial-park occupancy in HCMC, prompting new parks across 3,833 ha that target green-tech manufacturers.
Retail assets occupy a mid-teen percentage of value and benefit from international brands and Vietnam’s fast-urbanizing consumer base. Hospitality, data-center, and mixed-use developments comprise the “Others” bucket, where integrated townships such as the USD 2 billion Can Gio Port area illustrate scale opportunities. Hilton’s forthcoming 14-hotel rollout signals more robust long-stay and mid-scale travel demand. Mixed-use masterplans like the Trump Organization’s USD 1.5 billion Hung Yen township blend golf, hospitality, and residential components to capture multiple revenue streams.
Note: Segment shares of all individual segments available upon report purchase
By Business Model: Rental Gains Momentum Amid Institutional Interest
The sales model dominated with 70% of the Vietnam commercial real estate market share in 2024, reflecting local ownership culture and developers’ preference for quick capital recycling. Rentals, however, are forecast to expand at an 8.84% CAGR as pensions, insurers, and sovereign investors chase steady cash yields. Vietnam's commercial real estate market size for rentals could rise sharply as sale-leasebacks, build-to-rent schemes, and institutional PRS pipelines mature. Mortgage rates near decade lows—banks offer home loans starting at 4.9%, also allowing households to buy assets for leasing purposes
Build-to-rent projects and specialised student or expatriate housing signal evolving investor sophistication. Vinhomes’ tie-up with VTK to create Korean community rentals within Ocean City highlights segmentation beyond traditional condo sales. Corporate demand for leased logistics and industrial premises is especially strong among electronics and apparel manufacturers seeking operational flexibility without tying up capital.
By End User: Individual Participation Accelerates
Corporates and SMEs comprised 55% of demand in 2024, leveraging Vietnam commercial real estate market size for offices, factories, and R&D centers linked to FDI manufacturing. Yet individual households are scaling fastest at a 9.21% CAGR as rising disposable income and mortgage access democratize investment. Smaller investors gravitate toward shophouses, strata offices, and small warehouses in transit-oriented districts offering stable rental yields.
Government agencies, educational institutions, and NGOs in the “Others” band ensure baseline absorption of specialized assets such as data centers and training facilities. Digital-nomad inflows into secondary cities like Nghe An widen demand for co-living and coworking formats that blur residential and commercial boundaries. Investors increasingly screen for ESG certifications and metro proximity to secure long-term liquidity, reflecting the Vietnam commercial real estate industry’s maturing retail-investor profile.
Note: Segment shares of all individual segments available upon report purchase
Geography Analysis
HCMC commanded 48% of the Vietnam commercial real estate market in 2024, due to its role as the nation’s financial and trade nucleus. Completion of Metro Line 1 and Ring Road 3 by 2025 will redirect investment to emerging sub-centers such as Thu Duc and Binh Duong, easing CBD congestion. The USD 2 billion Can Gio International Transshipment Port and adjacent logistics districts are expected to accelerate distribution-center construction along the southern corridor cafef.vn. Vinhomes’ USD 10 billion Cam Lam New Urban Area spanning 10,400 ha demonstrates confidence in large-scale township formats.
Hanoi ranks second, buoyed by political-administrative functions and sustained FDI. The Star Lake precinct is on track to host a LEED Gold 23-story office tower by 2027, augmenting the capital’s Grade-A stock. Planned high-speed rail to HCMC will tighten the north–south business corridor and support demand for mixed-use hubs near new terminals.
Hai Phong is forecast to grow fastest at an 8.58% CAGR to 2030, leveraging deep-sea port capacity and a planned 6,300 ha free-trade zone offering 10% corporate tax rates for 30 years[3]Hai Phong People’s Committee, “Proposal for 6,300-Hectare Free-Trade Zone,” Hai Phong People’s Committee, haiphong.gov.vn. Special-policy packages aim to attract regional logistics headquarters and high-value manufacturing, mirroring Dubai-style free-trade models. Binh Duong, Da Nang, and Ba Ria-Vung Tau round out key growth nodes, each benefiting from targeted infrastructure links to airports, ports, or data-center clusters.
Competitive Landscape
Vietnam commercial real estate market competition is moderate and stratifying. Conglomerates such as Vingroup and Vinhomes integrate land banking, construction, and property management to secure prime plots and deliver township-scale projects spanning residential, retail, and industrial precincts. Foreign developers including CapitaLand, Keppel Land, and Mapletree inject international design, sustainability standards, and capital discipline, lifting overall market professionalism. Recent divestments—Keppel’s USD 72.5 million sale of an additional 22.6% in Saigon Centre Phase 3—reflect portfolio rotation toward higher-yield or greener assets.
Joint ventures are proliferating as local partners supply land and licensing know-how while foreign groups contribute funding and technical expertise. Data-center specialists align with telecom majors to meet edge-computing demand, while logistics operators collaborate with industrial-park developers for automated fulfilment hubs. Technology adoption constitutes a key battleground: smart-metering, tenant apps, and predictive maintenance platforms differentiate Class-A buildings, helping landlords secure multinational tenants at premium rents.
ESG accreditation is now essential for accessing green loans and attracting corporate occupiers. The LEED Platinum IPH building and EDGE-verified industrial plants underscore growing green premiums, nudging laggards toward retrofit programs. In hospitality, brands such as Hilton and Marriott pursue asset-light franchise models, partnering with domestic owners to expand quickly while limiting balance-sheet exposure. Market entry into secondary locales—Hai Phong, Binh Dinh, Tuyen Quang—signals broader geographic diversification as connectivity improves and land values remain compelling.
Vietnam Commercial Real Estate Industry Leaders
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Vingroup JSC
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CapitaLand (Vietnam) Holdings
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Keppel Land Vietnam
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Sun Group
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Novaland Group
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- June 2025: Keppel Corporation sold an additional 22.6% stake in Saigon Centre Phase 3 for USD 72.5 million as part of Vietnam portfolio optimization.
- June 2025: Vinhomes posted Q1 2025 net profit of USD 106.1 million, a 193% surge driven by Royal Island and Ocean Park sales.
- June 2025: Vinhomes consortium won approval for the USD 10 billion Cam Lam New Urban Area (10,400 ha, 584,000 residents).
- May 2025: Hilton confirmed the opening of 14 Tru by Hilton hotels across Vietnam by end-2025, debuting the brand in Asia-Pacific.
Vietnam Commercial Real Estate Market Report Scope
Commercial real estate is a property used exclusively for business-related purposes or to provide a workspace rather than a living space, which would instead constitute the residential real estate. Commercial real estate is often leased to tenants to conduct income-generating activities. In general, it includes buildings used for commercial purposes, such as office buildings, warehouses, and retail buildings (e.g., convenience stores, big-box stores, and shopping malls). This report aims to provide a detailed analysis of the Vietnamese commercial real estate market. It focuses on the market dynamics, technological trends, insights, government initiatives in the commercial real estate sector, and COVID-19 impact on the market. Also, it analyzes the key players in the market and the competitive landscape.
The commercial real estate market in Vietnam is segmented by type and key cities. The report offers market size and forecast for Vietnam's commercial real estate market in value (USD billion) for the above segments.
| By Property Type | Offices |
| Retail | |
| Logistics | |
| Others (Industrial Parks, Hospitality, Mixed-Use) | |
| By Business Model | Sales |
| Rental | |
| By End-User | Individuals / Households |
| Corporates & SMEs | |
| Others (Institutions, Government, NGOs) | |
| By Region | Ho Chi Minh City |
| Hanoi | |
| Hai Phong | |
| Binh Duong | |
| Da Nang | |
| Rest of Vietnam |
By Property Type
| Offices |
| Retail |
| Logistics |
| Others (Industrial Parks, Hospitality, Mixed-Use) |
By Business Model
| Sales |
| Rental |
By End-User
| Individuals / Households |
| Corporates & SMEs |
| Others (Institutions, Government, NGOs) |
By Region
| Ho Chi Minh City |
| Hanoi |
| Hai Phong |
| Binh Duong |
| Da Nang |
| Rest of Vietnam |
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Key Questions Answered in the Report
What is the current size of the Vietnam commercial real estate market?
The market was valued at USD 45.33 billion in 2025 and is projected to expand to USD 48.97 billion by 2030.
Which property type holds the largest share of investment?
Offices command 34% of Vietnam commercial real estate market share, making them the dominant asset class.
Which segment is growing fastest?
Logistics properties are forecast to grow at an 8.68% CAGR through 2030, driven by e-commerce and export manufacturing.
Which city offers the strongest growth outlook?
Hai Phong is expected to post the fastest 8.58% CAGR through 2030, supported by a 6,300 ha free-trade zone and port expansion.
How is ESG influencing real estate in Vietnam?
Tenants and investors increasingly demand certified green buildings, enabling LEED or EDGE assets to secure premium rents and higher resale values.
What risks could constrain near-term supply?
Flood exposure, hybrid-work trends, and construction-material shortages—sand and stone prices have risen 30%—may delay project completions.
