Vietnam Property Market Brief 1Q23
A special quarterly property publication provides insights on the HCMC and Hanoi markets
- Trang Le
Market Highlights:
- Vietnam’s Gross Domestic Product (GDP) in 2023 increased by 3.32% y-o-y.
- In 1Q23, total retail sales of goods were estimated at VND 1.19 trillion, increased 11.4% y-o-y.
- Total FDI registered in Vietnam in 1Q23 reached USD 5.45 billion, down 38.8% y-o-y.
- The average CPI in 1Q23 increased by 4.18% y-o-y.
Ho Chi Minh City and Southern provinces
- Office: Amid economic uncertainty, demand and transactions drop yet rent remains stable
- Retail: Wealthy demand, especially in new developments, enhances Prime Malls' performance.
- Residential: Market slows down with subdued demand, most transactions come from a single township project.
- Industrial: Logistics market is buoyed by domestic demand.
Hanoi and Northern provinces
- Office: Demand has been slowing down as companies be more cautious about relocations and expansions.
- Retail: Mall renovations to enhance customer experience are trending.
- Residential: Selling prices remains resilient amid slowing down supply and demand.
- Industrial: Abundant supply while subdued demand put weight on leasing performance.
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