Q2 2022 L Vietnam Real Estate Knowledge Report

Table of Contents
GLOSSARY .....................................................................................................................................3
VIETNAM ECONOMIC OVERVIEW ..............................................................................................4
OFFICE
Performance ...........................................................................................................................6
Supply & Demand ..................................................................................................................7
Outlook.....................................................................................................................................8
RETAIL
Performance .........................................................................................................................13
Supply & Demand ................................................................................................................14
Outlook...................................................................................................................................15
SERVICED APARTMENTS
Performance .........................................................................................................................20
Supply & Demand ................................................................................................................21
Outlook...................................................................................................................................22
CONDOMINIUM
Performance .........................................................................................................................25
Supply & Demand ................................................................................................................26
Outlook...................................................................................................................................27
LANDED PROPERTIES
Performance .........................................................................................................................35
Supply & Demand ................................................................................................................36
Outlook……………………………………………………………………………………………....………………37
INDUSTRIAL
Performance .........................................................................................................................40
Supply & Demand ................................................................................................................41
Outlook …………………………...................................................................................................42
2 QuarterlyReport
Quarterly Knowledge Report||Quarter
Q2 20222|2021
Vietnam
| Vietnam
2
Quarterly Report | Q2 2022
Glossary
GDP: Gross Domestic Product

The final value of all the finished goods and services produced within a country in a year.
CPI: Consumer Price Index
A measure of the average change over time in the prices paid by urban consumers for a market
basket of consumer goods and services.
FDI: Foreign Direct Investment
An investment made by a firm or individual in one country into business interests located in
another country.
y-o-y: Year on Year
Measures statistical changes against the same time period last year.
q-o-q: Quarter on Quarter
Measures statistical changes between one fiscal quarter and the previous fiscal quarter.
CBD: Central Business District
The commercial and business center of a city.
GFA: Gross Floor Area
The sum of the floor areas of the spaces within the building, including basements and external
walls, and excluding the roof.
NLA: Net Lettable Area
The total occupiable floor space in a building, and excludes areas such as common stairwells,
toilets and lift lobbies.
ARR: Average Rental Rate
The average cost to occupy the space, commonly stated as a dollar amount per square meter of
space per month.
IP: Industrial Park
An area of land developed as a site for factories and other industrial businesses.
LUR: Land Use Right
LUR is the remaining years of the industrial park or property. In Vietnam, the initial lease term is
usually around 50 - 70 years.
Vietnam Economic Overview
First half
Q2 2022 of 2022
GDP in the second quarter of 2022 was estimated to increase by 7.72% over the same
period last year, higher than the growth rate of the second quarter of the years in the
2011-2021 period. Besides, GDP in the first 6 months of 2022 increased by 6.42%, higher
than the growth rate of 2.04% in the first 6 months of 2020 and the growth rate of
GDP 5.74% in the first 6 months of 2021 but lower than the growth rate increased by 7.28%
and 6.98% respectively in the same period in 2018 and 2019. Finance, transportation, 7.72% 6.42%
wholesale and retail activities had a large growth proportion, contributing to the
increase in total added value of second quarter of 2022.
Average CPI in the second quarter of 2022 increased by 2.96% over the same period last
year. CPI in June 2022 increased by 0.69% compared to the previous month; an increase
CPI of 3.18% compared to December 2021 and an increase of 3.37% over the same period
2.96% 2.44%
last year. On average, in the first 6 months, CPI increased by 2.44% over the same
period last year; core inflation increased by 1.25%.
Total foreign investment capital registered in Vietnam as of June 20, 2022 including
newly registered capital, adjusted registered capital and value of capital contribution
and share purchase by foreign investors reached 14.03 billion USD, down 8.1% over the
same period last year. Of which, newly registered capital has 752 licensed projects with
FDI
a registered capital of 4.94 billion USD, down 6.5% in the number of projects and 48.2%
in the registered capital over the same period last year. Realized foreign direct 8.1%
investment in Vietnam in the first 6 months of 2022 was estimated at 10.06 billion USD,
up 8.9% over the same period last year. This is the highest amount of foreign direct
investment capital realized in the first 6 months of the year in the past 5 years.
Total retail sales of consumer goods and services in June 2022 was estimated at
20.5 billion USD, up 1.4% over the previous month and 27.3% over the same period last
Retail
Sales
year; the second quarter of 2022 is estimated at 60.7 billion USD, up 5.5% compared to
the previous quarter and 19.5% over the same period last year; 6 months is estimated 19.5% 11.7%
at 118.1 billion USD, up 11.7% over the same period last year.
International visitors to Vietnam in the first 6 months of the year reached 602 thousand
arrivals, 6.8 times higher than the same period last year but still down 92.9% over the
International same period in 2019, there has been no Covid-19 outbreak. International visitors to
arrivals Vietnam in June reached 236.7 thousand arrivals, up 36.8% over the previous month
1,174% 582%
and 32.9 times higher than the same period last year because Vietnam has opened up
tourism, international routes is restored.
Import turnover in the second quarter of 2022 was estimated at 97.6 billion USD, up
15.7% over the same period last year and up 11.3% compared to the first quarter of
2022; 6 months is estimated at 185.23 billion USD, up 15.5% over the same period last 15.7% 15.5%
year.
Trade
balance Export turnover in the second quarter of 2022 was estimated at 96.8 billion USD, up
21% over the same period last year and up 8.7% compared to the first quarter of 2022;
6 months is estimated at 185.94 billion USD, up 17.3% over the same period last year. 21% 17.3%
The balance of trade in goods in the first 6 months of the year was estimated at
710 million USD (the same period last year, the trade deficit was 1.86 billion USD).
(Compared y - o - y)
Office
HCMC – Ha Noi – Da Nang
Performance
Ho Chi Minh City HCMC Office, Average Asking Rent and

Occupancy Rate
After 2 years of being heavily affected when 60
many businesses withdrew from high-rise
50
buildings, the office market for lease in HCMC
USD/sqm/month
has become active again as occupancy rates 40
increase in all segments, there are even "sold 30
out" buildings. Some prominent Grade A projects
20
such as Deutsches Haus, Sunwah Tower, and
Times Square are no longer vacant. The 10
remaining projects all recorded occupancy rates 0
of not less than 80%. The lack of new supply has 2016 2017 2018 2019 2020 2021 2022F
pushed rents up to pre-pandemic levels. Rental Arr Grade A Arr Grade B Occ grade A Occ grade B
rates of Grade A buildings increase more than
Source: Colliers
2% q-o-q, while grade B projects increase slightly
1%. Ha Noi Office, Average Asking Rent and
Occupancy Rate
Ha Noi 40
The office market received many signs of 35
recovery when the demand increased in the
USD/sqm/month
30
second quarter. Office leasing transactions 25
increased significantly, especially in the Grade B 20
segment located in the western area of Hanoi 15
such as districts Cau Giay, Dong Da, Tu Liem, etc.
10
Most office buildings have kept stable occupancy
5
with vacancy always below 25%.
0
During the pandemic, many building owners 2016 2017 2018 2019 2020 2021 2022F
have had preferential policies for short-term
Arr grade A Arr grade B
rents to take care of tenants. Until now, when
Occ grade A Occ grade B
the market has stabilized, rents tend to increase
Source: Colliers
slightly, partly due to the influence of supply
shortage. Da Nang Office, Average Asking Rent and
Occupancy Rate
Da Nang 35 100%
In early 2022, the production and business 30
activities of enterprises in Da Nang took place 80%
USD/sqm/month
25
bustling. Since then, many office buildings have
20 60%
also started advertising after a short period of
"absence" of tenants. Leasing transactions show 15 40%
signs of being active again after a period of 10
silence. Accordingly, the average occupancy rate 20%
5
of Grade A and Grade B offices is about 83% and
nearly 88%, respectively. 0 0%
Grade A Grade B Grade C
Average Asking Rent Occupancy Rate

Source: Colliers Office | 6
Supply and Demand
HCMC Office, Notable Future Supply
Ho Chi Minh City
Expected
Unlike the quiet first quarter, the office market in Name of NLA
Grade District completion
Project (sqm)
Ho Chi Minh City in the second quarter became year
bustling when it recorded 1 new Grade B Techcombank
A 1 36,000 2022
Tower
projects. CMC Creative Space was launched at
Thu Duc
the beginning of the second quarter at Tan The Hallmark A - 2023
City
Thuan Export Processing Zone in District 7 with a Nexus Tower 1 A 1 32,000 2023
total GFA of 13,133 sqm with architectural Sun Tower A 1 67,500 2024
planning including 1 data center building in the The One Central A 1 14,800 2024
middle and 2 office buildings. IFC One A 1 30,000 2025
Elizabeth House A 1 31,000 2026
The official operation of Thu Thiem 2 bridge
George House A 1 42,000 2027
recently helped increase the value of the projects
Saigon Center
in Thu Thiem. Highlights such as Grade A project A 1 25,000 2028
Tower 3
The Hallmark is about to open in early 2023 with SJC A 1 10,000 2028
a total floor area of 68,000 sqm GFA. In general, BIDV Tower A 1 35,000 2030
the total supply of Grade A office space is SABECO A 1 30,977 2030
currently about 180,000 sqm, concentrated 289 THD A 1 51,525 2030
mainly in CBD, Grade B recorded nearly Thu Duc
Empire 88 A 10,500 2022
City
1,200,000 sqm and distributed mainly in
Cobi Tower 1,2 B 7 26,309 Q2 2022
neighboring districts and Thu Duc city. V Plaza Towers B 7 66,000 Q1 2023
E.town 6 B Tan Binh 35,000 2023
Ha Noi Source: Colliers
Demand for the Hanoi office market is still facing

many challenges as new supply has not been Ha Noi - Office, Notable Future Supply
recorded in many quarters. However, in the Expected
coming time, the market is expected to welcome NLA
Name of Project District Completion
(sqm)
many new Grade A and B projects. In Q3 2022, Year
TD Group will kick off two office building projects Oriental Sun
Hoan Kiem 19,200 2022
including Maslight Tower (grade A segment) and Tower
Epic Tower Cau Giay 24,000 2022
Maslight Business Center (grade B+ segment), in
36 Cat Linh Dong Da 18,428 Q4 2022
Cau Giay district, Hanoi. These two projects are Lancaster
expected to be completed in the fourth quarter Dong Da 28,839 Q3 2022
Luminaire
of 2024 and will provide nearly 100,000 sqm of Lotte Mall Tay Ho 46,000 Q3 2023
office space and commercial floors. Phase 2 with My Dinh Pearl 2 Nam Tu Liem 81,971 Q4 2023
office floors in My Dinh Pearl Complex is under Taisei Hanoi
Cau Giay 24,000 Q2 2024
Office Tower
construction and is expected to come into
Source: Colliers
operation in Q4 2023, which is also a potential
project in the near future. Da Nang - Office, Notable Future Supply
Da Nang Name of
Expected
District GFA (sqm) Completion
Besides The One Da Nang project with the Project
Year
25-storey construction scale, Viettel Building is
The One
the next upcoming project. This building has Hai Chau 25,000 TBC
Danang
been approved the design and is ready for Viettel
Hai Chau TBC TBC
construction soon. Da Nang is also considered an Buiding
ideal place to expand business, most businesses Source: Colliers
Office | 7
in the fields of technology, insurance, education
want to have more headquarters in Da Nang.
Market Outlook
Forecast of future Grade A office supply in Ho Chi Minh City is not only concentrated in District 1 but will
expand to Thu Duc City and Saigon South area thanks to the improvement of infrastructure.
The western provinces of Hanoi continue to be the bright spot attracting many office projects thanks to
the developed infrastructure and the saturated central area's land bank. In the central region, Da Nang
will still lead in terms of supply in 2022 with most of the major projects located in Hai Chau District.
Rents and occupancy rate of the whole office market are expected to increase sharply in the near future
thanks to the reopening of international routes. After the impacts of the Covid-19 pandemic, the office
trend is more focused on flexibility and most businesses have had experience with working from home.
However, the fact that working from home also causes some negative effects on corporate culture,
limiting opportunities for direct interaction within the business. Therefore, the traditional type of office
for lease is still the preferred choice of businesses when the epidemic has been controlled with most
restrictions removed, the demand is maintained and increased sharply with economic growth.
Besides tenants in the information technology and real estate industry, many businesses have the need
to rent office floors to operate co-working space. This model is a branch of the office market with the
flexibility to suit individuals and small businesses. Businesses can easily adjust the office size, increase
the size of the business when there is a growth in personnel. With a variety of service packages, users
can choose to fit their own usage needs. Co-working space is currently popular in big cities, it is expected
that this type will be applied more in other provinces in the near future.
Office | 8
HCMC Office – Notable Properties
Completion Total Area Service Occupancy ARR
No. Name Grade Address
Year (sqm) Charges (USD) rate (USD/sqm)
1 Saigon Centre Tower 1 A 65 Le Loi 1996 11,684* 6.50 97% 46**

2 Saigon Tower A 29 Le Duan 1997 14,020* 6.00 99% 46**
3 Sunwah Tower A 115 Nguyen Hue 1997 20,800* 6.50 100% 45**
4 The Metropolitan A 235 Dong Khoi 1997 19,000* 6.00 87% 39**
5 Diamond Plaza A 34 Le Duan 1999 14,418 8.00 98% 45
6 Me Linh Point Tower A 2 Ngo Duc Ke 1999 20,000* 7.20 95% 43-45**
7 mPlaza Saigon A 39 Le Duan 2009 35,700* 7.00 89% 45-47**
8 Bitexco Financial Tower A 2 Hai Trieu 2010 37,000 8.00 92% 48-50
9 President Place A 93 Nguyen Du 2012 9,200 7.00 87% 41**
10 Times Square A 22-36 Nguyen Hue 2013 12,704 7.00 100% 65
11 Vietcombank Tower A 5 Me Linh Square 2015 55,000 7.00 95% 50
12 Deutsches Haus A 33 Le Duan 2017 30,000 7.00 100% 65
13 Saigon Centre Tower 2 A 67 Le Loi 2017 34,018* 6.90 99% 58**
29A Nguyen Dinh
14 Lim Tower 3 A 2019 29,357 6.00 80% 42-45
Chieu
Grade A
1 The Landmark Tower B 5B Ton Duc Thang 1995 10,000* Included 98% 32**
2 Saigon Trade Center B 37 Ton Duc Thang 1996 34,120* 6.70 76% 28-33**
3 Central Plaza B 17 Le Duan 1998 7,935 7.00 86% 36
4 Ruby Tower B 81-85 Ham Nghi 2008 12,000 6.50 95% 27**
5 CJ Building B 5 Le Thanh Ton 2008 14,000 6.50 95% 30**
68-70-72 Le Thanh
6 Vincom Center B 2010 75,000* 5.00 33-35**
Ton 92%
7 Petro Vietnam Tower B 1-5 Le Duan 2010 30,000 7.00 98% 45
8 TNR Tower B 192 Nguyen Cong Tru 2010 24,250 5.00 89% 26
9 AB Tower B 76 Le Lai 2010 25,000* 7.00 89% 38-40**
10 Empress Tower B 138-142 Hai Ba Trung 2012 18,955 6.50 95% 34
11 Riverbank Place B 3C Ton Duc Thang 2013 9,125 7.00 70% 38-41
12 Lim Tower 1 B 9-11 Ton Duc Thang 2013 33,300* 6.50 93% 39**
13 MB Sunny Tower B 259 Tran Hung Dao 2014 19,954 5.50 95% 24
Mapletree Business 1060 Nguyen Van
14 B 2015 23,397 6.00 24
Center Linh 98%
15 Etown Central B 11 Doan Van Bo 2017 40,000 6.00 100% 27
285 Cach Mang
16 Viettel Complex Building B 2017 47,000 5.50 26
Thang Tam 100%
17 Sonatus Tower B 15 Le Thanh Ton 2019 33,691 6.00 90% 45
18 Sofic Tower B 8-10 Mai Chi Tho 2019 21,400 6.00 98% 35
C1-2, D1 Street,
19 One Hub Saigon B 2019 10,199 5.50 19
Saigon Hi-tech Park 30%
20 Friendship Tower B 31 Le Duan 2020 13,700 7.00 100% 47
21 Phu My Hung Tower B 101 Ton Dat Tien 2020 31,200 7.00 65% 29
22 Saigon View Building B 117 Nguyen Cuu Van 2020 9,948* 3.00 80% 19**
23 Pearl 5 Tower B 5 Le Quy Don 2021 10,680 6.50 TBC 37**
Grade B
Source: Colliers
Note:
*: Total Area in GFA
**: USD/GFA
Office | 9
Ha Noi Office – Notable Properties
1 Central Building A 31 Hai Ba Trung 1995 3,653 9.00 100% 35.00

2 International Centre A 17 Ngo Quyen 1995 6,500 7.00 95% 47.00
3 Ha Noi Tower A 49 Hai Ba Trung 1997 9,000 Included 99% 30.00
4 63 Ly Thai To Building A 63 Ly Thai To 1998 6,753 9.00 100% 38.00
5 Sun Red River Building A 23 Phan Chu Trinh 1999 13,459 7.00 96% 30.00
6 Vietcombank Tower A 198 Tran Quang Khai 2000 19,563 Included 100% 30.00
7 Opera Business Centre A 60 Ly Thai To 2007 3,787 Included 97% 24.00
8 Pacific Place A 83B Ly Thuong Kiet 2007 16,600 7.00 86% 31.00
9 Asia Tower A 2 Nha Tho 2007 3,100 7.70 82% 35.00
10 Sun City Building A 13 Hai Ba Trung 2007 6,400 TBC 100% 45.00
11 BIDV Tower A 194 Tran Quang Khai 2010 10,120 7.00 100% 30.00
12 AON Landmark 72 A Pham Hung-Me Tri 2011 95,000 6.00 90% 36.00
13 Corner Stone A 16 Phan Chu Trinh 2013 26,500 7.00 100% 35.00
14 Hong Ha Center A 25 Ly Thuong Kiet 2013 11,000 5.00 89% 25.00
15 Lotte Center A 54 Lieu Giai 2014 48,880 4.50 98% 34.00
54A Nguyen Chi
16 TNR Nguyen Chi Thanh A 2015 37,411 6.00 93% 24.00
Thanh
17 Thaiholdings Tower A 210 Tran Quang Khai 2018 34,458 7.00 45% 33.00
18 Capital Place A 29 Lieu Giai 2020 93,000 7.00 30% 35.00
19 Thai Nam Building A 22 Duong Dinh Nghe 2021 25,950 4.00 40% 25.00
20 Leadvisors Place A 63 Pham Van Dong 2020 26,445* TBC 50% 22.00
Grade A
1 Tungshing Square B 2 Ngo Quyen 1996 8,306 5.70 89% 23.00
2 Melia Hotel B 44B Ly Thuong Kiet 1997 8,500 TBC 99% 35.00
3 Prime Centre B 53 Quang Trung 1998 7,600 TBC 100% 27.00
4 VIB Hai Ba Trung B 59 Quang Trung 2006 3,000 TBC 100% 16.00
5 Capital Tower B 109 Tran Hung Dao 2010 21,089 7.00 70% 22.00
6 Ha Noi Tourist Building B 18 Ly Thuong Kiet 2010 7,600 TBC 99% 24.00
7 Capital Building B 72 Tran Hung Dao 2013 5,800 TBC 98% 20.00
8 Coalimex Building B 33 Trang Thi 2013 5,071 5.00 95% 26.00
9 VID Building B 115 Tran Hung Dao 2013 4,930 5.50 89% 18.00
10 Artex Port B 31-33 Ngo Quyen 2014 4,725 5.00 100% 18.00
11 IDMC B 15 Pham Hung 2020 12,000 Included 40% 19.00
Grade B
Source: Colliers
Office | 10
Da Nang Office – Notable Properties
Indochina Riverside
1 A 74 Bach Dang 2008 7,389 Included 85% 23.50
Towers
Heritage Treasure Tower
2 A 50 Bach Dang 2019 4,900 Included 80% 40.00
(Hilton Bach Dang)
Grade A
253-255-257 Hung
1 Vinh Trung Plaza B 2006 5,800 Included 95% 12.00
Vuong
2 Green Plaza B 238 Bach Dang 2008 4,400 Included 80% 16.00
3 Softech Tower B 02 Quang Trung 2009 20,000 Included 98% 14.00
4 PVFC Building B Lot A2.1, 30/4 2010 11,162 Included 100% 10.75
5 Thanh Loi Building B 249 Nguyen Van Linh 2011 3,020 Included 81% 12.00
6 One Opera B 115 Nguyen Van Linh 2013 4,234 Included 98% 12.00
7 Petrolimex Tower B 122, 2/9 2013 6,000 Included 100% 10.00
8 Post Office B 155 Nguyen Van Linh 2014 14,449 Included 98% 12.90
9 Crystal Tower B 65 Hai Phong 2020 9,223 Included 50% 19.00
Grade B
1 DanaBook C 78 Bach Dang 2008 3,500 Included 93% 6.75
2 SPT C 179 Tran Hung Dao 2009 15,863 Included 98% 6.00
Grade C
Source: Colliers
Office | 11
Retail Market
Performance
Ho Chi Minh City HCMC, average asking rents & occupancy rate
In the second quarter of 2022, the retail market 80

in Ho Chi Minh City did not have much 70
USD/sqm/month
fluctuation in rent. Specifically, the average rent 60
in the CBD was 105 USD/sqm/month, with an 50
average vacancy rate is 6-8 %. Rent for non-CBD 40
areas from about 32 USD/sqm/month, average 30
vacancy rate 35%. Besides, the average rent in 20
the downtown area of Ho Chi Minh City is 10
expected to increase from 3% to 5% in 2023 0
2016 2017 2018 2019 2020 2021 2022F
thanks to the typical infrastructure development
of Metro Line 1. Average Asking Rent Occupancy Rate
Source: Colliers
Ha Noi Ha Noi, average asking rents & occupancy rate
Similar to the Ho Chi Minh City market, in Hanoi, 60

the rent and occupancy rates have not changed
USD/sqm/month
50
much. In Hanoi, the average rent in the CBD is 40
from 95 USD/sqm/month, the average vacancy 30
rate is about 13-15%. Meanwhile, in the non-CBD 20
area, the rent is around 23 USD/sqm/month with 10
an average vacancy rate of around 32%. Along 0
with the market's recovery, in Hanoi, the average 2016 2017 2018 2019 2020 2021 2022F
rent is also forecast to increase by 1% to 1.5%.
Asking rental rate Occupancy rate
Source: Colliers
Da Nang
Da Nang, average asking rents & occupancy rate
In the first 6 months of 2022, Da Nang recorded
many positive signals from the real estate 30
segment. The rent of premises in the Da Nang
25
market tended to increase slightly compared to
USD/sqm/month
the previous quarter as the reopening of tourism 20

caused many retailers to return to the Da Nang 15
market after many years of absence due to the
10
pandemic.
5
0
2017 2018 2019 2020 2021 2022F
Average Rent Occupancy Rate
Source: Colliers
Retail | 13
Supply and Demand
Ho Chi Minh City HCMC, Future Supply
In the first half of 2022, Ho Chi Minh City did not Expected
Name of Project District NLA (sqm) Completion
record any new supply from the retail market.
Year
However, the economic recovery after the recent
Socar Mall Thu Duc City 40,000 Q4 2022
pandemic has boosted construction activities of Central Mall
the investor and it is expected that in the last 6 Thu Duc City 39,000 TBC
East Saigon
months of 2022, two projects with a total area of Sense City
Thu Duc City 50,000 TBC
more than 70,000 sqm will be put into operation. East Saigon
Besides, new supermarket models such as Nova Central Premium
District 8 30,000 Q3 2022
Mall
Market also contribute to making the market
Satra Mall
more vibrant and the absorption rate will (Centre mall)
District 6 29,161 Q4 2023
gradually improve. The Hallmark Thu Duc City 54,500 Q1 2023
At the same time, big companies like Thaco or Elite Mall District 8 40,000 Q4 2023
Vincom Megamall
Aeon will develop more projects in Ho Chi Minh Thu Duc City 45,000 2023
Grand Park
City. Specifically, Thaco will develop two more One Central Saigon District 1 31,800 2024
Emart projects in Go Vap and Thu Duc City, while
Source: Colliers
Aeon plans to open a commercial center in Hoc
Mon.
Ha Noi Ha Noi, Future Supply
In this quarter, Hanoi market welcomes new Expected

NLA
supply from Vincom Mega Mall Smart City. This Name of Project District Completion
(sqm)
is the first project in Vietnam built under the Year
model of 'Life - Design Mall' with a scale of up to
Lotte Ciputra Mall Tay Ho 200,000 2023
68,000 sqm with the presence of many big
domestic and foreign brands. Toshin – Starlake Bac Tu Liem 17,000 2023
In the upcoming period from 2023 to 2024, Aeon Mall Hoang
Hoang Mai 84,000 2024
Hanoi will have more large-scale projects such as Mai
Lotte Ciputra Mall, Aeon Mall Hoang Mai, this is a My Dinh Pearl 2 Nam Tu Liem 9,789 2023
future supply to help Hanoians have more Taisei Hanoi
options to buy and experience more services Cau Giay 1,720 2024
Office Tower
from shopping malls. Source: Colliers
Da Nang
Due to the impact of the epidemic for the past
2 years, the retail market in Da Nang has not yet
recorded a new supply of shopping centers,
because investors are still quite hesitant to invest
in the retail market in Da Nang.
However, the reopening of tourism is considered
one of the optimistic signals for the retail real
estate market, when it is forecasted that the
number of tourists will increase, the
consumption power will be larger and larger, and
it will also generate income attracts many
investors to invest in this market in the future. Retail | 14
Market Outlook
Wave development of a complex of commercial centers, offices, and apartments.

After many years of being affected by the epidemic, Vietnamese people's mentality has undergone many
great changes. Currently, people mainly focus on convenience and safety. Complexes of commercial
centers, offices and apartments are considered as safe and convenient solutions at the present time.
Many investors grasp the above trend, especially in densely populated locations, developed transport
infrastructure, more complex projects are built. Typically, in the Q3 2022, TD Group will start
construction of two projects, and it is expected that these two projects will provide nearly 100,000 sqm of
office space, commercial floors and services to meet the needs of the market in Hanoi. Besides that, the
My Dinh Pearl 2 at Hanoi project is built with the model of a commercial complex, a hotel, an office and is
expected to launch in Q4 2023.
International brands participate in the Vietnamese market and long-term orientation of many
famous brands.
In 2022, when Vietnam is ready to safely adapt, live with the epidemic and reopen the tourism market,
thanks to that, the retail market has also had positive recovery signals.
Grasping the recovery of the Vietnamese economy as well as the development of the retail market, many
well-known domestic and foreign retail brands also do not miss the opportunity to recover the retail
industry. Many brands quickly grasp the market when the rental price of new premises tends to increase
slightly and to choose a good site for a long-term strategy in Vietnam.
Many new international brands such as Columbia, Arabica, Ain & Tulpe, and 6ixty8ight along with brands
that have delayed their entry in 2021 such as Bath & Body Works, Prima Donna, and Sports Direct will
open stores in Vietnam. In it, Ho Chi Minh and Hanoi are still favorite destinations for new tenants.
At the same time, AEON will expand a large shopping center in Ho Chi Minh City in the future. Besides,
the group also intends to develop more AEON MaxValue chains in Hanoi and will aim to build a
supermarket network. This group also aims to open 100 AEON MaxValue supermarkets by 2025. This is a
signal that the Vietnamese market is still a potential market for giants like AEON to promote investment
and long-term development. In addition, BRG Retail Group will cooperate to expand the Fujimart
supermarket chain with Sumitomo Corporation with the goal of reaching about 50 new stores by 2028.
Retail | 15
HCMC – Notable projects
Completion ARR Occupancy

No Name of Project/Building Address Location NLA (sqm)
Year (USD/sqm/month) Rate (%)
1 The Manor 1 91 Nguyen Huu Canh Binh Thanh 2006 2,000 22.00 99%
2 The Manor 2 91 Nguyen Huu Canh Binh Thanh 2011 2,500 22.00 100%
3 Sheraton Saigon 88 Dong Khoi District 1 2003 750 120.00 95%
4 Opera View Lam Son Square District 1 2006 1,260 54.00 100%
5 Caravelle Hotel 19 Lam Son Square District 1 2007 150 105.00 95%
6 New World Hotel 76 Le Lai District 1 1994 1,000 92.00 98%
7 Hotel Continental Sai Gon 132-134 Dong Khoi District 1 2009 200 90.00 98%
8 mPlaza Saigon 35 Le Duan District 1 2010 6,830 80.00 90%
9 Rex Arcade 141 Nguyen Hue District 1 2011 2,000 130.00 100%
10 ICON 68 @ BFT 45 Ngo Duc Ke District 1 2013 8,000 90.00 85%
11 President Place 93 Nguyen Du District 1 2011 800 42.00 98%
12 Times Square 22-36 Nguyen Hue District 1 2011 9,000 300.00 100%
13 The Oxygen Mall An Phu Ward Thu Duc City 2017 5,000 18.00 100%
278 Nam Ky Khoi
14 Terra Royal District 3 2020 7,712 38.00 100%
Nghia
23-25-27 Nguyen Huu
15 Sunrise City - phase 1 District 7 2014 3,500 35.00 96%
Tho
16 Saigon Airport Plaza 1 Bach Dang Tan Binh 2013 7,623 22.00 88%
Retail Podium
1 Diamond Plaza 34 Le Duan District 1 1999 9,000 154.50 98%
2 Parkson Saigontourist Plaza 35 Le Thanh Ton District 1 2005 17,000 Turn over share 95%
117 Nguyen Dinh
3 RomeA District 3 2017 12,000 55.00 80%
Chieu
Department Store
1 Aeon Mall Binh Tan No.1 17A Binh Tan 2016 60,000 Turn over share 100%
Vincom Center Landmark
2 772 Dien Bien Phu Binh Thanh 2018 50,000 115.00 90%
81
85.00
3 Saigon Center 35 Nam Ky Khoi Nghia District 1 1996 44,000 + Turn over 98%
share
4 Vincom Center Dong Khoi 72 Le Thanh Ton District 1 2010 45,000 135.00 98%
5 Vincom Plaza 3/2 3C Ba Thang Hai District 10 2010 25,000 30.00 83%
6 Van Hanh Mall 11 Su Van Hanh District 10 2018 55,000 50.00 95%
7 Lotte Mart Phu Tho 968 Ba Thang Hai District 11 2010 24,500 25.00 80%
8 Lotte Mart Saigon South 469 Nguyen Huu Tho District 7 2008 24,000 83.20 90%
9 Crescent Mall 101 Ton Dat Tien District 7 2011 45,000 81.00 90%
10 Crescent Mall Phase 2 101 Ton Dat Tien District 7 2019 18,000 81.00 90%
11 Satra Pham Hung C6/27 Pham Hung District 8 2011 11,528 18.00 83%
12 Aeon Mall Tan Phu Celadon 30 Bo Bao Tan Thang Tan Phu 2014 84,000 Turn over share 100%
Vincom Mega Mall Thao
13 161 Ha Noi Highway Thu Duc City 2015 90,000 52.00 95%
Dien
14 GigaMall 242 Pham Van Dong Thu Duc City 2019 110,000 50.00 100%
15 Estella Place 88 Song Hanh Thu Duc City 2018 26,000 Turn over share 98%
Shopping Mall
Source: Colliers
Retail | 16
Ha Noi – Notable projects
Name of Completion ARR Occupancy

No Address Location NLA (sqm)
Project/Building Year (USD/sqm/month) Rate (%)
1 Sky City Tower 88 Lang Ha Dong Da 2010 7,072 65.00 100%

2 International Centre 17 Ngo Quyen Hoan Kiem 1995 4,000 130.00 100%
3 Pacific Place 83B Ly Thuong Kiet Hoan Kiem 2007 2,700 55.00 85%
4 Golden Palace Me Tri Nam Tu Liem 2015 8,000 30.00 85%
5 Handico Tower Me Tri, Pham Hung Nam Tu Liem 2016 4,250 33.00 100%
Retail Podium
Lotte Department
1 54 Lieu Giai Ba Dinh 2014 21,480 Turn over share 90%
Store
2 Ho Guom Plaza Ha Dong Ha Dong 2013 23,380 20.00 100%
3 The Garden (Bitexco) Me Tri Nam Tu Liem 2007 24,063 27.50 90%
Department Store
Vincom Center
1 29 Lieu Giai Ba Dinh 2018 38,000 76.50 98%
Metropolis
2 Indochina Plaza Ha Noi 241 Xuan Thuy Cau Giay 2012 17,000 22.00 75%
Vincom Nguyen Chi
3 54A Nguyen Chi Thanh Dong Da 2015 65,328 88.20 95%
Thanh
Vincom Center Pham
4 2 Pham Ngoc Thach Dong Da 2016 20,250 55.80 95%
Ngoc Thach
Vincom Center Tran
5 119 Tran Duy Hung Dong Da 2019 45,000 85.50 90%
Duy Hung
Vincom Mega Mall
6 Kieu Ky Gia Lam 2020 56,000 45.00 80%
Ocean Park
7 Aeon Mall Ha Dong Hoang Van Thu Ha Dong 2019 74,000 25.00 95%
Vincom Center Ba Trieu
8 191 Ba Trieu Hai Ba Trung 2004 17,700 84.70 95%
- Tower A&B
Vincom Center Ba Trieu
9 191 Ba Trieu Hai Ba Trung 2004 10,974 71.10 90%
- Tower C
Vincom Mega Mall -
10 458 Minh Khai Hai Ba Trung 2013 83,950 49.50 85%
Times City
11 Sun Plaza Ancora 3 Luong Yen Hai Ba Trung 2019 27,253 80.00 95%
12 Trang Tien Plaza 24 Hai Ba Trung Hoan Kiem 2013 12,000 112.00 80%
13 Savico MegaMall 7-9 Nguyen Van Linh Long Bien 2011 43,500 54.35 90%
Vincom Center Long
14 KDT Vincom Long Bien 2011 29,000 18.00 70%
Bien
15 Aeon Mall Long Bien 2 Co Linh Long Bien 2015 72,000 17.00 100%
16 Syrena 51B Xuan Dieu Tay Ho 2008 3,668 25.00 70%
Vincom Mega Mall -
17 72A Nguyen Trai Thanh Xuan 2013 181,317 77.20 75%
Royal City
18 Artemis 3 Le Trong Tan Thanh Xuan 2017 27,000 30.00 85%
Cell No. GS-CCTP1,
Vincom Mega Mall
19 Vinhomes Smart City Nam Tu Liem 2022 68,000 TBC TBC
Smart City
Urban Area
Shopping Mall
Source: Colliers
Retail | 17
Da Nang – Notable projects
Name of Completion ARR Occupancy

No Address Location NLA (sqm)
Project/Building Year (USD/sqm/month) Rate (%)
Indochina Riverside
1 74 Bach Dang Hai Chau 2008 5,251 27.60 90%
Towers
HAGL - Lake View
2 72 Ham Nghi Thanh Khe 2012 7,200 9.40 99%
Residences
Retail Podium
Parkson Vinh Trung Pay off the space and have no plans
1 253-257 Hung Vuong Hai Chau 2011 8,000
Plaza to reopen
Department Store
1 Da Nang Square 35 Thai Phien Hai Chau 2011 3,280 5.10 79%
2 LOTTE Mart 06 Nai Nam Hai Chau 2016 19,200 21.90 93%
Vincom Plaza Ngo
3 910A Ngo Quyen Son Tra 2015 36,800 18.20 100%
Quyen
4 VV Mall 08 Vo Nguyen Giap Ngu Hanh Son 2019 35,000 33.20 90%
Shopping Mall
Source: Colliers
Retail | 18
Serviced Apartment
HCMC – Ha Noi
Performance
Ho Chi Minh City HCMC Serviced Apartments, Average Asking

Rent and Occupancy Rate
Currently, the market is gradually returning to
normal as before the pandemic, however, the 50
average rental price of serviced apartment

40
projects has not changed much, there has been
USD/sqm/month
a slight increase in rental price of several 30
projects in comparison with that of the first
quarter of 2022. Average rental price of Grade A 20
segment is 31 USD/sqm/month, while in Grade B
it is 23 USD/sqm/month. While the occupancy 10
rate of projects recorded positive numbers with
Grade A and Grade B segments at 76% and 70% 0
2016 2017 2018 2019 2020 2021 2022F
respectively thanks to easy entry and travel
policies between countries. Arr grade A Arr grade B Occ grade A Occ grade B
Source: Colliers
Ha Noi Ha Noi Serviced Apartments, Average Asking

Rent and Occupancy Rate
Meanwhile, the rent for this segment in Hanoi
remained stable at 30 USD/sqm/month for 50
Grade A and 17 USD/sqm/month for Grade B.
40
Similar to Ho Chi Minh City, the occupancy rate
USD/sqm/month
of Hanoi market in this quarter also had positive 30

changes with occupancy rates in Grade A
segments are 80% and Grade B segments are 20
71%. The serviced apartment market is gradually
10
improving this quarter and is expected to
recover soon in 2022. 0
2016 2017 2018 2019 2020 2021 2022F
Arr grade A Arr grade B Occ grade A Occ grade B
Source: Colliers
Serviced Apartment | 20
Supply and Demand
Ho Chi Minh City HCMC Serviced Apartment, Future Supply
In the second quarter of 2022, Ho Chi Minh City

did not record any new supply of serviced Expected
No. of
apartments. In the near future, the famous Property Location completion
Keys
serviced apartment management unit The Ascott year
Limited is planning to launch a new brand for the
first time in Ho Chi Minh City called "lyf" in 2024 lyf Thao Dien Thu Duc
with 150 apartments. lyf is a new co-living 150 2024
Saigon City
concept designed and targeted at Millennials
generation customers. Currently, young people Berkley Serviced Thu Duc
85 TBC
in Southeast Asia tend to choose to live in this Residence City
kind of accommodation, where they can meet
Saigon One District 1 180 TBC
people who have the same the lifestyle and
hobbies live together as a family with cost Source: Colliers
savings.
Ha Noi - Serviced Apartment, Future Supply
Ha Noi No.
Completion
Since the beginning of the year, the serviced Property Location of
year
apartment market in Hanoi has not recorded any Keys
new supply, a series of projects are still being PARKROYAL
implemented. It is expected that by the end of Serviced Suites Tay Ho 126 2022
2022, Hanoi will have new supply from the Ha Noi
PARKROYAL Serviced Suites Hanoi project of Pan Sun Grand City
Pacific Hotels Group in Vietnam with Tay Ho 1,905 2023
Tay Ho View
126 apartments. However, the remarkable event The Serviced
in the second quarter of 2022 is the topping out Residence -
over the progress of the 23-storey serviced Tay Ho TBC 2023
Lotte Mall
apartment tower (SR tower), which is part of the Ha Noi
Lotte Mall Hanoi complex project of Lotte Group. The Heaven - Bac Tu
317 2024
By 2024, the serviced apartment market in Hanoi Starlake Ha Noi Liem
will have more than 3,000 luxury apartments Somerset
coming from projects of major developers such West Ha
Metropolitan 364 2024
Noi
as Sun Group, Lotte Group and CapitaLand. In West Ha Noi
addition, the increased industrial development in Gateway Tower
Bac Giang, Thai Nguyen and Hai Duong has Nam Tu
- Vinhomes 513 TBC
Liem
boosted future supply of serviced apartment Smart City
segment in the suburban areas of Hanoi. Somerset
Tay Ho 207 2024
Regency Ha Noi
Source: Colliers
Market Outlook
FDI capital has a great impact on the demand of the serviced apartment market. The fact that foreign
investors still have chosen Vietnam as a destination for their long-term investment, it has led to a
adequate flow of FDI capital into the country and a large number of foreign experts coming to Vietnam to
live and work, increasing demand for accommodation, especially serviced apartments. As of June 20,
2022, the total registered foreign investment capital in Vietnam reached 14.03 billion USD, down 8.1%
over the same period last year, according to the Ministry of Planning and Investment (MPI). However,
disbursed FDI capital in Vietnam in the first 6 months of 2022 was approximately at 10.06 billion USD, up
8.9% over the same period last year. This is the highest amount of foreign direct investment capital
disbursed in the first 6 months of the year in the past 5 years.
Since Vietnam fully opened on March 15, 2022, the government has issued policies to create the most
favorable conditions for people to enter, such as restoring visa-free and entry-exit policies as before
pandemic, a certificate of vaccination against Covid-19 vaccine is no longer a requirement. With favorable
conditions, according to data from the Google Destination Insights travel trend analysis tool, the
international search volume for Vietnam tourism (for airlines and accommodation establishments) is
growing rapidly from 50%-75%, ranked among the highest increase in the world. With things gradually
returning to the way they were before the pandemic, it is expected that the serviced apartment sector
will record more positive results in 2022 and ahead.
HCMC Serviced Apartments – Notable Properties
Completion Number of Occupancy Rate ARR (USD/sqm/

No. Name of Project/Building Address Location
Year units (%) month)
1 The Landmark 5B Ton Duc Thang District 1 1995 64 94% 28.60

2 Sedona Suites 67 Le Loi District 1 2017 195 85% 58.00
InterContinental Asiana
3 39 Le Duan District 1 2009 260 85% 34.00
Saigon
4 Sherwood Residence 127 Pasteur District 3 2007 240 70% 35.00
5 Lafayette De Saigon 08 Phung Khac Khoan District 1 2010 18 80% 27.00
6 Nikko Saigon 235 Nguyen Van Cu District 1 2011 53 75% 28.00
7 SILA Urban Living 21 Ngo Thoi Nhiem District 3 2016 217 62% 42.00
157 Nam Ky Khoi
8 Mai House District 3 2019 44 50% 35.00
Nghia
Grade A
Riverside Services
1 53 Vo Truong Toan Thu Duc City 1992 136 75% 26.00
Apartment
2 Saigon Domain 1057 Binh Quoi Binh Thanh 2001 45 TBC 13.00
3 Ibis Saigon Airport 02 Hong Ha Tan Binh 2016 20 70% 19.00
1056A Nguyen Van
4 Oakwood Residence Saigon District 7 2018 237 40% 34.00
Linh
Grade B
Source: Colliers
Ha Noi Serviced Apartments – Notable Properties
Year Occupancy ARR (USD/sqm/

No Name of Project/Building Address Location Rooms
completion Rate month)
1 Sun Red River 23 Phan Chu Trinh Hoan Kiem 1999 46 70% 23.50
2 Diamond Westlake Suites 96 To Ngoc Van Tay Ho 2005 165 68% 29.60
3 Calidas Landmark 72 E6 Pham Hung Cau Giay 2007 346 86% 36.00
InterContinental Ha Noi
4 5 Tu Hoa Tay Ho 2007 25 92% 38.00
Westlake
5 Lotte Center 54 Lieu Giai Ba Dinh 2014 258 90% 35.00
6 Hyatt Regency West Hanoi 36 Le Duc Tho Nam Tu Liem 2020 519 70% 33.20
7 Fraser Residence Ha Noi C5 Do Nhuan Bac Tu Liem 2021 162 65% 35.00
Grade A
1 Oriental Palace 33 Tay Ho Tay Ho 1994 59 80% 15.00
2 Rose Garden 170 Ngoc Khanh Ba Dinh 1998 96 TBC 17.80
3 Jana Garden Terrace 06 Kim Dong Hoang Mai 2000 72 75% 13.50
4 May Fair 34B Tran Phu Ba Dinh 2016 48 80% 14.00
5 Novotel Suites Hanoi 5 Duy Tan Cau Giay 2016 151 80% 15.23
Grade B
Source: Colliers
Condominium
Performance
Ho Chi Minh City HCMC Condominium, Asking Price

8,000
Primary price in Ho Chi Minh City continued to
7,000
increase around 5% q-o-q, especially in the
6,000
Eastern areas of city. The market in some hot
5,000
USD/sqm
spots like Thu Thiem that is quite silence due to
some issues from the land auction since Q4 2021 4,000
which made developers become more careful 3,000
and keep postponing new projects in this area. 2,000

However, it is forecasted that the price in coming 1,000
month of new project in Thu Thiem will be 0
minimum 9,000 USD/sqm. On the other hand, 2016 2017 2018 2019 2020 2021 2022F
transactions in this quarter increased slightly in
Luxury High-end Mid-end Affordable
comparison with the first three months of 2022
while most of them came from bookings and the Source: Colliers
new phase from projects which already
introduced in previous months.
Ha Noi Condominium, Asking Price
Ha Noi 6,000
With the appearance of luxury projects from 5,000

Masterise and CapitaLand in the last quarter, the 4,000
USD/sqm
primary price in the capital city is increasing

greatly, approximately 10% y-o-y. The selling 3,000
price in Tay Ho, Tu Liem, Hoang Mai districts 2,000

continues to grow up with the development of
1,000
infrastructure, metro skyline and the join of new
developers who used to be focus on the -
Southern provinces only. 2016 2017 2018 2019 2020 2021 2022F
Luxury High-end Mid-end Affordable
Source: Colliers
Da Nang Da Nang Condominium, Average Asking Price

Da Nang market in Q2 2022 has not much 3,500
change in comparison with the previous quarter. 3,000
Selling price and absorption rate here are quite 2,500
USD/sqm
stable when most of customers tend to seek for 2,000

mid-end projects and landed projects. 1,500
1,000
500
-
2017 2018 2019 2020 2021 2022F
Source: Colliers
Condominium | 25
Supply and Demand
Ho Chi Minh City HCMC Condominium New Supply

Q2 2022, Ho Chi Minh City condominium market
50,000
witnessed the return of many hot projects which
already launched in previous quarters which are
40,000
Urban Green, Vinhomes Grand Park - Solari,
Masteri Centre Point - Lumiere Boulevard and 30,000
the most recently is King Crown Infinity. There is
Units
the fact that all of these projects located in Thu 20,000
Duc City and almost sold out when they first
launched. Hence, it can be seen that the demand 10,000
for condominium in this area is high. Adding to
this success, the selling prices of these projects 0
are moving around 2,200 - 3,400 USD/sqm with 2016 2017 2018 2019 2020 2021 2022F
the average quantum only 2 billion VND to Luxury High-end Mid-end Affordable
5 billion VND which are affordable to many
Source: Colliers
customers with the support from banks.
However, government is now tightening the
policy for real estate loan so it may challenge
both buyers and developers in coming time. In
terms of luxury sector, Grand Marina Saigon and
The Grand Manhattan still continue to introduce
the remaining units. Ha Noi Condominium New Supply
Ha Noi 80,000
60,000
Till June 2022, condominium market in Hanoi is
Units
not as vibrant as Ho Chi Minh City. Supply in this 40,000

quarter mostly came from previous projects such
as The Grand Hanoi, Heritage West Lake, The Zei 20,000
or UDIC Westlake. Customers in these projects 0

are 30% foreign investors came from Hongkong, 2016 2017 2018 2019 2020 2021 2022F
Taiwan and investors from other provinces. In Luxury High-end Mid-end Affordable
the second half of 2022, market may welcome Source: Colliers
new projects from big players: BRG, FLC and
Vingroup. A notable project Mailand Hanoi, the
very first project of Keppel Land in this city, is Da Nang Condominium New Supply
expected to be introduced in Q3 2022. 2,000
Da Nang 1,500
Units
1,000
The future supply of Da Nang in coming months
500
will mainly be high-end or luxury sectors, which
locate in tourism districts: Son Tra and Hai Chau. -
Being different from other big cities, projects in 2017 2018 2019 2020 2021 2022F
Da Nang will be exploited to be flexibly rent out Luxury High-end Mid-end Affordable
that will support tourism business. Meanwhile, Source: Colliers
Da Nang citizens are mostly seeking for mid-end
Condominium | 26
apartments or landed townhouses.
Market Outlook
After the success of Grand Marina Saigon and the Grand Hanoi, in coming time, branded residence
projects will surely become a new product line in the market which will attract customers seeking for
luxury place with 5-star-hotel standard. Swissbel-residence Upper East Saigon will be the next branded
residence project introduced in Ho Chi Minh City. It is expected to provide 360 units to the market in
Q3 2022. Luxury sector will continue to dominate the market in next couple of months while The Nexus,
Lancaster Legacy, The Amaris and the next phases of Empire City are going to launch their first selling
event. Another player from Lotte Land - Eco Smart City is announced to be fully legal for construction.
This project will be soon introduced in Q1 2023 with estimating price around 10,000 USD/sqm –
highlighting the first project of Lotte Land in Ho Chi Minh City .
As Ho Chi Minh City committee already received the suggestion to set Hoc Mon, Cu Chi, Can Gio as new
urban areas, these districts in the future will be new potential spots for investors. The most popular
coming project here which must be mentioned is Vinhomes Can Gio – a 3,000-ha ecosystem located
along the Can Gio coast. With the appearance of this project, it is predicted that the selling price in Can
Gio may increase at least 15% in comparison to the current one. In addition, CBD is now the location for
luxury and upper high-end products, hence, other projects, whose prices are lower, are tending to
developed in nearby districts and suburban. In Ho Chi Minh City , Urban Green, The 9 Stellars, Zeigeist,
Vinhomes Grand Park and Van Phuc City are new coming supply in the last half of 2022.
In Hanoi, the condominium market here is a bit slower than Ho Chi Minh City but after the success of The
Grand Hanoi and Heritage West Lake, luxury apartment and branded residence will also a compromise
product line for investors in the future. In near future, most new projects are located in suburban which
will provide more than 10,000 units to the market.
Due to the small population density and being a tourism city, Da Nang market is not as vibrant as two big
cities above. However, with the decision from government that will take Danang as the sample for a
modern smart city will soon change the current situation. More projects will be established in the future
by big developers. Also, with the advantages of a coastal city, branded residence is going to be a hot
product here which investors should consider.
Condominium | 27
HCMC – Notable Future Supply
Total
Expected
No Name of Project/Building Developer Location expected supply
launch time
(unit)
1 Centana Dien Phuc Thanh Centana Thu Duc City TBC 1,720
2 D-Aqua DHA District 8 2022 652
3 Stella Vo Van Kiet Kita Group Binh Tan District Q4 2022 1,200
4 Swiss - Belresidence Upper East Hasco Group Thu Duc City 2022 360
5 Eco Smart City Lotte Thu Duc City Q1 2023 1,455

6 De La Sol Capitaland District 4 Q2 2022 193
7 Grand Sentosa Novaland Nha Be Q3 2022 TBC
8 The Global City (Saigon Binh An) Masterise Homes Thu Duc City 2023 10,000
Source: Colliers
Ha Noi – Notable Future Supply
Total
Expected
launch time
(unit)
1 Sunshine Green Iconic Sunshine Long Bien 2023 384

2 FLC Premier Park FLC Tu Liem 2022 548
3 BRG Smart City Sumitomo Dong Anh 2022 7,000
4 Vinhomes Co Loa Vinhomes Dong Anh Q4 2022 3,000
5 Mailand Ha Noi Kepple Land Hoai Duc 2023 TBC
Source: Colliers
Da Nang – Notable Future Supply
Total
Expected
launch time
(unit)
1 Risemount Sea Boutique Vicoland Ngu Hanh Son 2022 487

2 Athena Luxury Da Nang Riverside Dong Do Group Son Tra 2022 1,196
3 The Filmore Da Nang Filmore Hai Chau 2022 206
4 Asian Luxury Residences Gotec Land Lien Chieu 2023 487
5 The Ori Da Nang Green Archi Lien Chieu Q4 2022 3,358
Source: Colliers
Condominium | 28
HCMC – Residential Listing Value
Completion Expected supply Asking Price Asking Price
No. Name of Project Developer District
year (dwelling) Min (USD/sqm) Max (USD/sqm)
1 Avalon Avalon Saigon District 1 2005 51 3,650 5,000

2 Central Garden Chuong Duong Corp District 1 2014 380 1,050 1,600
3 D1 Mension CapitaLand District 1 2018 102 4,800 9,100
4 Horizon Tower FICO District 1 2011 264 2,100 2,500
5 IndoChina Park Tower CB Richard Ellis District 1 2012 100 2,500 2,800
6 Madison Novaland District 1 2018 115 6,700 -
7 Sailing Tower CC1 District 1 2009 56 2,000 3,500
8 Vincom Center Vingroup District 1 2010 94 5,500 9,400
9 Vinhomes Golden River Vingroup District 1 2018 6000 4,000 9,700
10 The Lancaster TTG District 1 2008 109 3,450 7,690
11 The Marq Hong Kong Land District 1 2021 515 8,000 -
12 Cantavil An Phu Daewon Thu Duc City 2010 390 1,500 1,900
13 Cantavil Premier Daewon Thu Duc City 2012 200 1,500 1,900
Dien Phuc Thanh,
14 Centana Thu Thiem
Phuoc Thanh
Thu Duc City 2016 422 1,720 1,980
15 Diamond Island Kusto Group Thu Duc City 2019 1275 2,500 5,500
16 Estella Heights Keppel Land Thu Duc City 2018 872 2,600 3,980
17 Feliz en Vista Capitaland Thu Duc City 2019 873 2,050 2,760
18 Gateway Thao Dien SonKim Land Thu Duc City 2017 539 2,200 -
19 Hoang Anh Riverview SIC Thu Duc City 2011 576 1,050 1,800
20 Imperia An Phu INVESKIA Thu Duc City 2012 700 1,500 2,530
21 Lexington Novaland Thu Duc City 2016 1312 1,700 2,300
22 Masteri An Phu Masterise Group Thu Duc City 2018 1100 2,300 -
23 Masteri Thao Dien Masterise Group Thu Duc City 2017 3012 2,500 -
24 Nassim Thao Dien SonKim Land Thu Duc City 2018 238 2,800 -
25 New City SSG Thu Duc City 2018 1229 2,480 2,800
26 Parkland Masterise Group Thu Duc City 2021 TBC 3,000 3,760
27 Palm Height Keppel Land Thu Duc City 2019 816 2,100 -
28 River Garden Indochina Land Thu Duc City 2015 210 1,500 2,780
29 Sala Sadora Dai Quang Minh Thu Duc City 2017 605 2,500 -
30 Sala Sarica Dai Quang Minh Thu Duc City 2015 175 4,210 -
31 Sala Sarimi Dai Quang Minh Thu Duc City 2015 368 3,000 4,500
32 Sala Sarina Dai Quang Minh Thu Duc City 2019 186 3,560 -
33 Thao Dien Pearl SSG Thu Duc City 2013 466 1,860 2,110
34 The Ascent Tiến Phát Thu Duc City 2016 280 2,500 4,100
35 The Estella Keppel Land Thu Duc City 2012 719 2,500 4,260
36 The Sun Avenue Novaland Thu Duc City 2018 1400 2,000 2,750
37 The Vista Phu Gia, CapitaLand Thu Duc City 2011 750 1,900 3,180
38 Tropic Garden Novaland Thu Duc City 2016 1008 1,630 1,920
39 Vista Verde CapitaLand Thu Duc City 2017 1152 2,300 3,200
40 Waterina Suites Meda, Thien Duc Thu Duc City 2019 98 2,800 3,350
Source: Colliers
Note: The information table is for reference only
Condominium | 29
HCMC – Residential Listing Value
41 Xi Riverview Palace GS Sai Gon Thu Duc City 2012 270 2,000 6,780
42 Leman Luxury C.T Group District 3 2016 218 2,000 4,950
43 Saigon Pavillon Phu Hung Gia District 3 2011 87 4,000 -
44 Serenity Sky Villas SonKim Land District 3 2019 45 4,170 7,780
45 Terra Royal INTRESCO District 3 2020 366 3,700 4,630
46 Galaxy 9 Novaland District 4 2015 500 1,800 -
47 ICON 56 Novaland District 4 2015 312 2,200 3,030
48 Masteri Millennium Masterise Group District 4 2018 650 2,500 4,780
49 RiverGate Novaland District 4 2017 418 2,440 2,900
50 Saigon Royal Novaland District 4 2019 414 2,480 4,300
51 The Tresor Novaland District 4 2017 504 2,490 3,460
52 EverRich Infinity Phat Dat District 5 2017 436 2,960 3,120
53 Docklands Saigon Bao Gia District 7 2014 356 1,500 1,900
54 Eco Green Saigon Xuan Mai Corp District 7 2021 4000 2,200 2,510
55 Midtown Phu My Hung District 7 2019 2125 2,250 2,800
56 Richlane Residences Mappletree District 7 2018 243 2,060 -
57 Riverpark Residence Phu My Hung District 7 2012 290 1,420 2,000
58 Sunrise City Novaland District 7 2014 2200 1,650 2,150
59 Sunrise City View Novaland District 7 2018 657 1,650 2,470
60 Star Hill Phu My Hung District 7 2014 1351 1,850 2,020
61 The Grandview Phu My Hung District 7 2006 313 1,550 2,190
62 The Infiniti Keppel Land District 7 2022 801 1,770 1,950
63 The Panorama Phu My Hung District 7 2013 276 1,460 2,320
64 Cantavil Hoan Cau Daewon Binh Thanh 2010 189 2,200 -
65 City Garden Refico Binh Thanh 2018 927 2,600 5,500
66 Green Field ACSC Binh Thanh 2019 322 1,450 1,650

67 Landmark 81 Vingroup Binh Thanh 2018 900 4,780 5,100
68 Opal Saigon Pearl SSG Binh Thanh 2019 456 1,960 2,280
69 Pearl Plaza SSG Binh Thanh 2015 123 2,200 3,070
70 Saigon Pearl SSG Binh Thanh 2010 2112 1,770 3,900
71 Sunwah Pearl Sunwah Group Binh Thanh 2020 1250 2,220 5,500
72 The Manor Bitexco Binh Thanh 2010 1049 1,580 2,360
73 Vinhomes Central Park Vingroup Binh Thanh 2018 13000 2,600 3,680
74 Wilton Tower Novaland Binh Thanh 2018 494 1,840 -

75 Botanic Tower Botanic Towers Phu Nhuan 2006 286 1,660 -
76 Garden Gate Novaland Phu Nhuan 2017 272 2,040 -
77 Golden Mansion Novaland Phu Nhuan 2018 709 1,870 2,050
78 Kingston Residence Novaland Phu Nhuan 2017 173 2,110 2,720
79 Newton Residence Novaland Phu Nhuan 2018 161 2,410 2,580
80 Orchard Garden Novaland Phu Nhuan 2015 189 2,300 2,580
81 Orchard Parkview Novaland Phu Nhuan 2018 399 1,860 2,020
82 Prince Residence Novaland Phu Nhuan 2015 277 2,500 2,850
83 Saigon Airport SSG Tan Binh 2018 242 1,660 2,000
84 Sky Center Hung Thinh Tan Binh 2017 495 2,070 2,370
85 The Botanica Novaland Tan Binh 2017 564 2,190 2,300
Source: Colliers
Condominium | 30
Ha Noi – Residential Listing Value
Golden Lake B7 Giang

1 Hoa Binh Group Ba Dinh 2020 366 4,900 5,150
Vo
2 C7 Giang Vo Handico Ba Dinh 2013 136 1,940 2,150
3 D2 Giang Vo Gia Bao Ba Dinh 2013 254 1,980 2,200
4 Platinum VIID Ba Dinh 2015 190 1,900 2,200
5 20 Nui Truc - Lancaster Trung Thuy Group Ba Dinh 2013 296 2,860 3,040
6 Imperia Sky Garden Terra Gold Vietnam Hai Ba Trung 2019 1,866 1,760 2,070
7 Hinode Minh Khai Vietracimex Hai Ba Trung 2019 1,100 1,940 2,420
8 VinaHud Vinaconex Hai Ba Trung 2017 TBC 1,400 1,500
9 Kinh Do Tower Kinh Do TCI Group Hai Ba Trung 2008 TBC 1,720 2,020
10 Hoa Binh Green City Hoa Binh Group Hai Ba Trung 2014 1,314 1,500 1,700
Thang Long Garden
11 May Thang Long Group Hai Ba Trung 2013 316 1,320 1,540
250
12 Sky Light COMA Hai Ba Trung 2013 300 1,230 1,540
Ha NoiSouthern City
13 Times City Hai Ba Trung 2017 12,000 1,370 2,640
Development JSC
14 Cho Mo Plaza Vinaconex Hai Ba Trung 2013 100 1,140 1,450
Vincome Center Ba
15 Vingroup Hai Ba Trung 2004 208 3,000 4,000
Trieu
16 Pacific Place Song Hong JSC Hoan Kiem 2006 179 2,200 5,200
17 84 Tho Nhuom Thu Ha JSC Hoan Kiem 2015 360 3,500 5,100
18 Hoang Thanh Tower Tran Hung Dao JSC Hoan Kiem 2014 192 3,400 5,100
Vinhomes Nguyen Chi
19 Viettronics Dong Da 2016 378 2,400 3,200
Thanh
20 Mipec Tower Mipec Dong Da 2010 300 1,600 2,000
21 Petrowaco Petrowaco JSC Dong Da 2017 180 1,400 3,200
Meco Complex - 102
22 Meco Dong Da 2014 473 1,600 1,700
Truong Chinh
23 Sky City 88 Lang Ha Hanotex Dong Da 2010 456 1,700 2,000
24 Five Star Garden GFS Group Thanh Xuan 2017 1,219 1,100 1,800
25 Diamond Flower Tower Handico 6 Thanh Xuan 2010 228 1,400 1,900
26 Ha Noi Centerpoint Hacinco Thanh Xuan 2017 360 1,600 1,900

27 Imperia Garden HBI JSC Thanh Xuan 2017 42 1,400 2,100
28 AquaSpring Living Hanco 3 Thanh Xuan 2016 98 1,200 1,700
29 Gold Season JSC Ame Property JSC Thanh Xuan 2018 1,500 1,200 1,800
Ecogreen City Thanh
30 Viet Hung Thanh Xuan 2018 1,800 1,200 1,600
Xuan
31 Sapphire Palace - so 4 Song Hong IRE JSC Thanh Xuan 2016 214 970 1,400
32 Golden Land Hoang Huy JSC Thanh Xuan 2014 170 1,050 1,400
33 Hapulico Complex Hapulico Thanh Xuan 2012 800 1,300 1,600
34 Liberation Geleximco Geleximco Hoang Mai 2022 819 1,300 1,700
35 Mandarin Garden 2 Hoa Phat Group Hoang Mai 2018 640 1,450 1,800
The Two Residence -
36 Gamuda Land Vietnam Hoang Mai 2018 550 1,300 1,500
Gamuda
Udic River - 122 Vinh
37 UDIC Hoang Mai 2018 324 1,450 -
Tuy
38 Hateco Hoang Mai Hateco JSC Hoang Mai 2017 744 930 1,000
39 Rainbow Linh Dam BIC Vietnam Hoang Mai 2014 260 1,200 1,360
Dong Phat Park View Dong Phat Investment
40 Hoang Mai 2017 672 1,000 1,300
Tower JSC
41 THE ARTEMIS ACC Hoang Mai 2017 365 2,000 3,000
42 Ruby Tower Dinh Cong AZ Land Hoang Mai 2016 500 1,000 1,500
Source: Colliers
Note: The information table is for reference only Condominium | 31
Ha Noi – Residential Listing Value
43 Luxury Park Views Phan Nguyen JSC Cau Giay 2019 120 1,670 2,100
44 Thanh An Tower Ba Dinh JSC Cau Giay 2017 400 1,280 -
45 Ha Noi Paragon VT JSC Cau Giay 2021 367 1,370 1,720
Central Point Trung
46 MB Land Cau Giay 2017 494 1,140 1,760
Kinh
Dong Do - BQP Invest
47 Dong Do Ngo Cau Giay 2015 160 1,230 1,540
JSC
48 Yen Hoa Thang Long Thang Long Company Cau Giay 2016 312 1,230 1,540
49 Le Grand Jardin Handico Long Bien 2020 1,120 1,200 1,700
50 Suncrise Sai Dong Handico Long Bien 2012 240 1,200 1,600
51 Imperia River View MIK Group Long Bien 2023F 426 1,200 1,800
52 Happy Star Tower VINTEP Long Bien 2017 156 1,000 1,500
53 New space Giang Bien HIDC Long Bien 2016 124 800 1,500
54 GoldSilk Pho Huu Hano - Vid Ha Dong 2017 795 1,000 1,500
55 La Casta Van Phu Hibrand Vietnam Ha Dong 2021 614 1,100 1,700
56 Anland Premium Nam Cuong Group Ha Dong 2020 591 900 1,800
57 Anland lake view Nam Cuong Group Ha Dong 2021 619 1,000 1,600
58 Tabudec Plaza Cau Buu Constrade JSC Ha Dong 2017 252 650 950
59 TSQ Europe land TSQ Vietnam Ha Dong 2013 614 700 950
Eco Springs
60 Eco Spring Ha Dong 2023F 460 1,000 1,600
Development Sdn. Bhd
61 Season Avenue Capitaland Ha Dong 2018 1,300 1,200 2,000
62 Ha Noi Landmark 81 Vingroup Ha Dong 2018 1,350 900 1,200
63 Sun Garden Ha Tay Company Ha Dong 2016 160 1,000 2,000
Vinhomes Smart City
64 Vingroup Tu Liem 2022 6,120 1,200 2,030
Tay Mo
Mai Linh Investment
65 The Matrix One Me Tri Tu Liem 2021 1,700 1,940 2,300
JSC
66 Phu My Complex Hanacorp Tu Liem 2018 287 1,900 2,250
67 Viwaseen Tower Viwaseen Tu Liem 2018 64 1,370 -
Lac Hong Investment
68 Lac Hong Lotus Tu Liem 2018 295 1,680 1,940
JSC
MBLand Central Point
69 MBLand Tu Liem 2017 357 1,460 1,760
My Dinh
Taseco Complex - N03-
70 Taseco Tu Liem 2016 310 1,800 2,000
T2
Thu Do Investment and
71 Ecolife Capitol Tu Liem 2017 760 1,240 1,600
Trading JSC
72 Goldmark City Ho Tung Viet Han Co., Ltd Tu Liem 2017 5,000 1,150 1,760
FLC Complex 36 Pham
73 FLC Tu Liem 2016 480 1,150 1,460
Hung
74 Green Stars An Binh Star JSC Tu Liem 2015 930 1,370 1,760
C37 Bộ Công An - Bac
75 Bac Ha Technology Tu Liem 2015 1,100 1,100 1,500
Ha Tower
76 Resco Co Nhue OCT1 Hadiresco Tu Liem 2014 252 800 1,240
Hai Phat Investment
77 CT1B - Tan Tay Do Tu Liem 2014 400 490 840
JSC
78 Intracom 1 Trung Van Intracom Tu Liem 2011 250 930 1,150
79 CT2 Trung Van Vinaconex Tu Liem 2014 340 1,200 1,240
80 My Dinh Plaza PC1 Group JSC Tu Liem 2013 352 930 1,720
Hai Phat Investment
81 Phuc Thinh Tower Tu Liem 2013 400 1,410 1,765
JSC
Nam Cuong Ha Noi
82 CT3 Co Nhue Tu Liem 2013 680 1,320 1,460
Group
Mai Linh Investment
83 Golden Palace Tu Liem 2013 1,000 1,100 1,540
JSC
Source: Colliers
Note: The information table is for reference only Condominium | 32
Da Nang – Residential Listing Value
Risemount Apartment
1 Vicoland Hai Chau 2019 300 2,300 3,000
Da Nang
2 The Royal Da Nang Sun Frontier Hai Chau 2023 286 3,900 5,000
Nagomi Waterfront
3 Sun Frontier Hai Chau 2022 286 3,800 4,200
Tower
4 Central Point Da Nang Thanh Dat Group Hai Chau 2019 189 1,500 2,700
5 Filmore Da Nang Filmore Hai Chau 2023 206 5,000 5,500
Blooming Tower Da
6 KID Hai Chau 2012 486 1,100 1,500
Nang
The Sang Residence Da
7 THE SANG Ngu Hanh Son 2022 298 2,000 2,500
Nang
Golf View Luxury
8 Empire Group Ngu Hanh Son 2021 700 1,500 2,000
Apartment Da Nang
9 FPT Plaza 2 FPT Da Nang Ngu Hanh Son 2022 700 1,000 1,500
10 Time Square Da Nang Kim Long Nam Group Son Tra 2019 1,250 1,800 2,500
11 Monarchy NDN Son Tra 2020 781 1,300 1,800
12 Ocean View Da Nang MERIDIAN LAND 1 Son Tra 2018 356 1,000 1,400
13 The 6nature Da Nang Minh Dong Son Tra 2022 486 2,000 3,200
14 Fusion Suites Da Nang KTG Son Tra 2014 124 1,800 2,300
15 Hamorny Tower Land Central Son Tra 2013 124 1,350 1,800
16 The Summit Meridian Son Tra 2011 146 1,000 3,000
17 Azura Da Nang VinaCapital Son Tra 2012 225 1,900 2,500
18 Hiyori Garden Tower Sun Frontier Son Tra 2019 306 1,900 3,000
Premier Sky
19 Minh Dong Son Tra 2020 486 2,300 3,800
Residences
Alphanam Luxury
20 Alphanam Son Tra 2017 234 1,500 3,000
Apartment Da Nang
Olalani Riverside
21 United Trust JSC Son Tra 2010 2,500 2,900 3,500
Towers
Wyndham Soleil Da
22 PCC An Thinh Da Nang Son Tra 2018 3,000 3,200 5,200
Nang
23 Da Nang Sunview Green Realty Son Tra 2021 176 600 900
Source: Colliers
Condominium | 33
Landed Properties
HCMC – Ha Noi
Performance
Ho Chi Minh City Van Phuc City, HCMC

The market of villas and townhouses in Ho Chi
Minh City in the second quarter of 2022 has not
recorded many fluctuations as transactions seem
to have slowed down. In addition, the scarcity of
land funds and the lack of timely response after
the recovery in the past two quarters made the
selling price of this type of real estate in the
second quarter of 2022 increase, by 10–15%
q-o-q. The news about capital controls for high-
risk industries and tighter licensing processes for
projects also influenced the growth of this real
estate segment.
Ha Noi
In the second quarter of 2022, the market for The Manor Central Park, Ha Noi
villas and townhouses in Hanoi was also less
active because of the limitation on capital and
land fund. The selling price of villas and
townhouses in the Hanoi area is at a high level,
around 7.000 USD/sqm, while projects in satellite
areas and neighboring areas have a suitable
selling price, around 3,800 - 4,000 USD/sqm,
green and quality living space along with the
ability to connect to CBD and neighboring areas
such as Bac Ninh or Hung Yen is constantly
improving, the market in suburban areas,
therefore, is become vibrant. The land prices in
Hanoi and surrounding areas estimate to
increase by 5-10% in the coming time.
Da Nang Castia Palm, Da Nang

Regarding the real estate market of villas and
townhouses in Da Nang in the second quarter of
2022, the concept of "second home" can be
considered a kind of attractive investment,
especially the villas that are drawing the
attention of investors. Besides the purpose of
living, they consider second-home products as a
channel to generate profits or accumulate assets
in the long term. Many payment support policies
of investors such as an extension of the payment
schedule, the grace of principal, and loan interest
support after the Covid-19 pandemic have
increased the absorption rate of projects,
Landed Properties | 35
reaching about 30-40%.
Supply and Demand
Ho Chi Minh City HCM Landed Properties, New Supply by Year
Land fund in the central area is increasingly 4,000

scarce and Thu Thiem 2 bridge officially put into
3,000
use in the second quarter of this year has made
Units
the prices of villas and townhouses in the East of 2,000
the city increase. In addition to existing projects
that are still open for sale, the new supply mainly 1,000
comes from large developers such as Khang Dien 0

and SGC with projects such as The Classia and 2016 2017 2018 2019 2020 2021 2022F
Pho Dong Village, expected to provide more than
Source: Colliers
726 villas, and townhouses in late 2022 and early
HCM Landed Properties, Percentage of Supply
2023.
25%
Ha Noi 40%
The main supply still comes from existing

projects. The western area of Hanoi received 20%
more expectations when recording the 15%
participation of large investors such as FLC and
Thu Duc City Nha Be Binh Chanh Other
Lotte Joint Venture with the project of a
commercial townhouse complex project, FLC Source: Colliers
Premier Parc villas with more than 6 ha and

Vingroup with 299 ha Vinhomes Co Loa villa and Ha Noi Landed Properties, Number of projects
townhouse areas. Villas and townhouses located & Accumulated dwelling
in large urban areas are more attractive to 60,000
investors due to improved and quality technical
infrastructure and facilities. 40,000 No. of Projects
Units
20,000
Da Nang
0
Da Nang market has a high number of tourists, 2016 2017 2018 2019 2020 2021 2022F
so the commercial townhouse segment becomes
potential in the Da Nang landed properties to Dwelling No. of projects
Source: Colliers
market, serving the needs of accommodation
and bringing efficiency in terms of commerce. Ha Noi Landed Properties, Percentage of
Dat Xanh Mien Trung with 2 commercial Supply
townhouse projects Regal Pavillon 2.5 ha and
Castia Palm project built on a land fund of 30% 30%
19.9 ha, increasing the attractiveness of the

commercial townhouse market in Da Nang in the
second quarter of this year. 10%
20%
10%
Tay Ho Ha Dong Hoai Duc Dan Phuong Others
Market Outlook
Branded real estate gradually penetrates the market of villas and townhouses
The rapid increase in Vietnamese people's income in recent years is a great driving force for the strong
development of the Branded Residences market. Economic conditions have increased, and the
Vietnamese elite demands the best standard of living, conditions even on par with other countries in the
world. Along with the collection of fashion, supercars, and watches... luxury real estate is the next goal in
the brand-building journey of the elite.
Fashion brand ELIE SAAB cooperates with Masterise Homes to develop The Rivus villa project in Thu Duc
City - marking a non-hotelier’s first entry into the villa and townhouse real estate market in Vietnam. The
scarce number of ELIE SAAB mansion projects around the world is also a guarantee for the sustainable
added value of this branded real estate.
Public policies affect future supply
Traffic routes such as the urban railway pilot No. 3, section Nhon - Hanoi Railway Station; the project of
urban railway No. 2, section Nam Thang Long - Tran Hung Dao; investment policy on urban railway
project No. 3, section Hanoi - Hoang Mai Station; Line 5, Van Cao - Hoa Lac section shortens the distance
between the center of the capital and the surrounding areas, which is a positive signal for the
development of the real estate market in the suburbs, especially after a period of time of the impact of
the Covid-19 epidemic. The market has begun to establish a new price level and especially in the villa
segment, the demand for Hanoi suburban villas is always at the top search. Especially in areas with
favorable conditions for development, synchronously invested infrastructures such as Hoai Duc, Dong
Anh, and Gia Lam districts.
The information such as abolishing the land price bracket, regulations to ensure publicity and
transparency such as publicity of land prices, compulsory transactions through trading floors, paying via
banks, not using cash; strictly handling violations, and controlling financial funding that can reduce the
group of speculative and speculators, thereby creating conditions for real investors. This is a positive
signal because it shows that the market is purging towards more sustainable and healthy development.
HCMC – Notable Future Projects
Expected launch Total expected supply

No Name of Project Developer Location
time (dwelling)
1 The West TTC Land Binh Chanh 2022 200
2 Zeit Geist GS E&C Nha Be 2022 138
3 Him Lam City Him Lam Group Thu Duc City 2023 325
4 Green Diamond SDU Thu Duc City 2023 9
5 The Classsia Khang Dien Thu Duc City Q3 2022 180
6 The Global City Masterise Thu Duc City 2023 22
7 Van Phuc City - New phase Dai Phuc Thu Duc City Q4 2022 TBC
Source: Colliers
Ha Noi – Notable Future Projects
Expected
No Name of Project Developer Location Expected scale (ha)
launch time
1 6th Element Bac Ha Tay Ho 2022 2
2 FLC Premier Park FLC Tu Liem 2022 6.4
3 Him Lam Vinh Tuy Him Lam Long Bien 2022 16
4 Mailand Ha Noi Phu Long Hoai Duc 2023 TBC
Source: Colliers
Industrial
Performance
Ho Chi Minh City HCMC Industrial, Average Asking Rent and

Occupancy Rate
In the second quarter of 2022, the occupancy
350
rate in Ho Chi Minh City industrial parks
300
remained stably at 90% and the average rent
USD/sqm/term
250
increased by 26% y-o-y, to 189 USD/sqm/term. 200
The industrial park real estate market in 150
neighboring areas such as Binh Duong, Dong Nai 100
and Long An provinces has become more 50
attractive and potential due to the large land 0
District Cu Chi Binh Binh Nha Be District Tan Thu
bank and effective investment attraction policies. 12 Tan Chanh 7 Phu Duc
City
Asking Rental Rate Occupancy Rate
Source: Colliers
Ha Noi Ha Noi Industrial, Average Asking Rent and
The real estate market in Hanoi's industrial zones Occupancy Rate
in the second quarter of 2022 became more 300
vigorous after the recovery in the first quarter of 250
USD/sqm/term
2022. The occupancy rate remained at 90% and

200
the average rental price reached
150
143 USD/sqm/term, up 10% over the same
period last year. Hanoi's industrial zone market 100
continues to shift from the central area to 50

neighboring provinces. Therefore, Bac Ninh, 0
Long Dong Tu Liem Thach Me LinhSoc SonChuong Phu
Hung Yen and Hai Phong provinces in the second Bien Anh That My Xuyen
of 2022 have a high land occupancy rate. Asking rent Occupancy Rate
Source: Colliers
Da Nang Da Nang Industrial, Average Asking Rent and

Occupancy Rate
Da Nang industrial market shows potential when
93 96%
recorded 3 industrial cluster projects being
94%
implemented in the second quarter of 2022, 92
USD/sqm/term
including Cam Le Industrial Cluster with an area 92%

91
of 29 ha, Hoa Nhon Industrial Cluster with 90%
90
24.7 ha and Hoa Khanh Nam Industrial Complex 88%
with an area of 20.08 ha. The occupancy rate is 89 86%
90% and the average rent is 83 USD/sqm/term, 88 84%
up 13% over the same period last year, showing Cam Le Lien Chieu Son Tra
the attractiveness of the Da Nang industrial park
market to domestic and foreign investors. Average Asking Rental Rate Occupancy Rate
Source: Colliers
Industrial | 40
Supply and Demand
Ho Chi Minh City HCMC Industrial, Upcoming Supply
Currently, the supply of industrial parks in the Industrial Park Name District GFA (ha)
second quarter of 2022 has not yet recorded Le Minh Xuan Industrial
Binh Chanh 319
new projects. Supply mainly comes from the Park - Phase 2
Le Minh Xuan IP -
vicinity of Ho Chi Minh City such as Binh Duong, Binh Chanh 110
Expansion
Long An and Dong Nai provinces, which have the Automotive - Mechanical
appearance of large investors such as Nam Long, Cu Chi 65
IP Phase 2
Vingroup, CapitaLand and Novaland. Typically, a Pham Van Hai IP Cu Chi 381
13.4 ha ready-built factory and warehouse
Vinh Loc I - Phase 3 Binh Chanh 200
project in Phu An Thanh Industrial Park (Long An
Phong Phu Industrial
province) has been invested by CapitaLand Binh Chanh 148
Park
Development (CLD) with an investment of Hiep Phuoc Industrial
Nha Be 500
1 billion USD. Park – Phase 3
Source: Colliers
Ha Noi Industrial, Upcoming Supply

Ha Noi
Industrial Park Name District GFA (ha)
Hanoi industrial park market shows its potential Quang Minh II Industrial
when attracting many domestic and foreign Me Linh 266
Park
investors. The North is home to many large-scale Thanh My - Xuan Son
and famous enterprises such as Canon, Foxconn, Son Tay 108
Industrial Park
Petragon, Samsung, etc. Neighboring areas have
also become more vibrant with many projects Soc Son Industrial Park Soc Son 306
being implemented, typically BW Industrial's Soc Son II Industrial
Soc Son 204
Phase III ready-built factory area at VSIP Hai Park
Duong, also contributing to the heat of the HANSSIP IP – Phase 2 Phu Xuyen 300
Northern industrial park market after more than Phung Xa Industrial
Thach That 84
one year of the impact of the Covid-19 pandemic. Park
Source: Colliers
Da Nang Industrial, Upcoming Supply

Da Nang Industrial Park Name District GFA (ha)
With the trend of developing logistics centers Hoa Cam Phase II Cam Le 130
and high-tech zones, ITL Logistics Da Nang held a
Hoa Nhon IP Hoa Vang 360
groundbreaking ceremony for the ITL Logistics
Da Nang logistics center project in the expanded Hoa Ninh Hoa Vang 400
Hoa Khanh Industrial Park with a scale of Supporting High – Tech
Hoa Vang 59
31.442 sqm. In addition, the future supply of Industries IP
industrial parks in the Central comes from Source: Colliers
neighboring provinces of Da Nang like Quang

Nam with the proposed planning of a total land
area of 796.43 ha and the high occupancy rate in
the industrial zones, the Central market is
expected to become more vibrant, creating a
driving force for the market to develop.
Industrial | 41
Market Outlook
The real estate for information technology zone becomes a favorable segment for domestic and
foreign investors
With the "Strategy for development of Vietnam's digital technology industry to 2025, with a vision to
2030", creating favorable conditions for industrial, commercial and service activities to modernize and
technologically promote multi-sector economic development. By the end of the second quarter of 2022,
the occupancy rate of concentrated information technology parks across the country reached 95%,
higher than the traditional industrial park market, showing the potential and trend of changes in the
structure of the industrial zone market in the future.
The projects are implemented and expanded such as Yen Binh Centralized Technology Park (Thai
Nguyen) invested by Tan Hoang Minh with a total investment capital of 130.43 billion USD, Da Nang IT
Park concentrated information technology park, invested by Trungnam Group with a total capital of
121 million USD, in which, the Data Center area between Trungnam Group and Infracrowd (Singapore)
according to Tier 3 Plus standards with a total estimated investment of about 100 million USD, become
the key data center of the region. In addition, Intel Corporation expanded its scale, bringing Intel's
assembly and testing company (Intel Products Vietnam - IPV) with an additional investment of 475 million
USD in the Sai Gon Hi-Tech Park of Ho Chi Minh City.
The introduction of centralized information technology parks has created a favorable technical
infrastructure and business environment for information technology enterprises to operate, contributing
to the development of the IT industrial zone - the key economic sector of the country.
The industrial real estate market becomes more exciting as e-commerce develops strongly
In 2022, Vietnam's logistics market will become more vibrant and attractive thanks to the recovery of the
economy and the transformation of consumer consumption behavior after the pandemic. The
development of e-commerce channels such as Shopee, Lazada and the expansion of Taobao create
connections between consumers and domestic and abroad businesses, increasing the need for
warehouse and management space. Meanwhile, domestic logistics enterprises are mainly small and
medium-sized with traditional warehouses, lacking infrastructure, technology and capital. Therefore, this
is also an opportunity for new domestic and foreign enterprises to participate in the Vietnam Logistics
market by taking advantage of and improving integrated technologies and efficient processes.
Along with that, digital transformation is progressing strongly, facilitating E-logistics. The demand for
stockpiling and managing warehouses and goods of e-commerce enterprises has an environment for
wider development, the industrial park real estate market is expected to be vibrant and create many
opportunities for domestic and foreign investors.
Industrial | 42
HCMC Industrial – Notable Projects
Total leasable Asking Rent
Distance to Total Area Occupancy
No Name of Industrial Park Location area (USD/sqm LUR Term
CBD (km) (ha) rate
(ha) /term)
1 Vinh Loc Industrial Park Binh Chanh 15 203 131 250.00 100% 2047
Le Minh Xuan Industrial
2 Binh Chanh 20 100 66 150.00 100% 2047
Park
3 An Ha Industrial Park Binh Chanh 23 124 124 125.00 85% 2058
4 Le MinhXuan III Binh Chanh 26 300 231 140.00 80% 2064
5 Tan Tao Industrial Park 1 Binh Tan 17 161 97 240.00 97% 2047
6 Tan Tao Industrial Park 2 Binh Tan 17 183 116 240.00 78% 2050
Tay Bac Cu Chi Industrial
7 Cu Chi 36.5 208 150 100.00 97% 2048
Park
Tan Phu Trung Industrial
8 Cu Chi 37 543 359 150.00 65% 2054
Park
Automotive-Mechanical
9 Cu Chi 40 99 67 110.00 85% 2057
(Hoa Phu) Industrial park
10 Dong Nam Industrial Park Cu Chi 30 343 287 100.00 82% 2058
11 Tan Thoi Hiep District 12 16 28 20 144.00 100% 2049
12 Saigon Hi-tech Park P1 Thu Duc City 15 300 300 270.00 100% 2052
Tan Thuan Export
13 District 7 6.4 300 204 270.00 90% 2041
Processing Zone
Hiep Phuoc Industrial Park
14 Nha Be 21 311 224 250.00 100% 2048
1
Hiep Phuoc Industrial Park
15 Nha Be 22 597 345 250.00 35% 2058
2
Tan Binh Industrial Park
16 Tan Phu 11 129 100 255.00 100% 2047
(P1+2)
Cat Lai Industrial Park
17 Thu Duc City 21 137 87 220.00 100% 2061
(ClusterII)
Linh Trung 1 Export
18 Thu Duc City 18 62 46 TBC 100% 2042
Processing Zone
19 Binh Chieu Industrial Park Thu Duc City 16 27 27 150.00 100% 2046
Linh Trung 2 Export
20 Thu Duc City 17 62 44 TBC 100% 2050
Processing Zone
Source: Colliers
Industrial | 43
Ha Noi Industrial – Notable Projects
Asking Rent
Distance to Total Area
No Name of Industrial Park Location (USD/sqm Occupancy rate LUR Term
CBD (km) (ha)
/term)
1 Nam Thang Long Bac Tu Liem 15 261 155.00 100% 2048
2 Phu Nghia 1+2 Chuong My 24 170 98.00 80% 2058
3 Thang Long Dong Anh 16 302 100.00 100% 2047

4 Dong Anh Dong Anh 19 470 105.00 100% 2057
5 Sai Dong B ( Phase I & II) Long Bien 11 97 125.00 100% 2046
6 Quang Minh Me Linh 24 344 250.00 100% 2052
7 Hanssip (phase1) Phu Xuyen 44 72 150.00 85% 2060
8 Noi Bai Soc Son 31 116 250.00 100% 2058
9 Hoa Lac Hi-Tech Thach That 39 549 95.00 50% 2048
10 Thach That Thach That 24 150 100.00 100% 2056
Source: Colliers
Da Nang Industrial – Notable Projects
Asking Rent
Total Area Total leasable
No Name of Industrial Park Location (USD/sqm Occupancy rate LUR Term
(ha) area (ha)
/term)
1 Da Nang IP Son Tra 50.10 41.87 95.00 100% 2043
2 Hoa Khanh Lien Chieu 298.35 201.16 95.00 70% 2048
3 Lien Chieu Lien Chieu 394.00 303.93 95.00 100% 2046

4 Da Nang Fishery Services Son Tra 57.90 43.68 90.00 90% 2051
5 Hoa Cam Cam Le 149.84 107.07 92.00 90% 2053
6 Hoa Khanh Expansion Lien Chieu 132.6 107.4 95.00 93% 2054
Source: Colliers
Industrial | 44
For further information, please contact:
David Jackson Winnie Lam
CEO | Vietnam COO | Vietnam
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David.Jackson@colliers.com Winnie.Lam@colliers.com
Chi Vu Tin Nguyen

Manager | Industrial Services | Manager | Research and Advisory |
Vietnam Vietnam
+84 909 016 966 +84 917 722 421
Chi.Vu@colliers.com Tin.Nguyen@colliers.com
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Associate Director | Office Manager| Project Developments |
Services | Vietnam Vietnam
+84 906 089 332 +84 375 979 041
Nhung.Vu@colliers.com ThienSan.HoTong@colliers.com
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Senior Manager | Marketing and Manager | Retail Services |
Communications | Vietnam Vietnam
+84 908 638 484 +84 932 784 739
Thu.Nguyen@colliers.com Trang.Do@colliers.com
Quynh Nguyen Terry Gordon

Manager | Mortgage Services | Senior Leasing Manager | Special
Vietnam Projects | Vietnam
+84 938 778 382 +84 913 700 110
Quynh.Nguyen@colliers.com Terry.Gordon@colliers.com
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Q2 2022 L Vietnam Real Estate Knowledge Report

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Table of Contents

VIETNAM ECONOMIC OVERVIEW ..............................................................................................4

GDP: Gross Domestic Product

Vietnam Economic Overview

Ho Chi Minh City HCMC Office, Average Asking Rent and

Average Asking Rent Occupancy Rate

Demand for the Hanoi office market is still facing

1 Saigon Centre Tower 1 A 65 Le Loi 1996 11,684* 6.50 97% 46**

1 Central Building A 31 Hai Ba Trung 1995 3,653 9.00 100% 35.00

In the second quarter of 2022, the retail market 80

Ha Noi Ha Noi, average asking rents & occupancy rate

Similar to the Ho Chi Minh City market, in Hanoi, 60

the previous quarter as the reopening of tourism 20

Average Rent Occupancy Rate

Ho Chi Minh City HCMC, Future Supply

Ha Noi Ha Noi, Future Supply

In this quarter, Hanoi market welcomes new Expected

Wave development of a complex of commercial centers, offices, and apartments.

Completion ARR Occupancy

Name of Completion ARR Occupancy

1 Sky City Tower 88 Lang Ha Dong Da 2010 7,072 65.00 100%

Name of Completion ARR Occupancy

Ho Chi Minh City HCMC Serviced Apartments, Average Asking

average rental price of serviced apartment

Ha Noi Ha Noi Serviced Apartments, Average Asking

of Hanoi market in this quarter also had positive 30

Arr grade A Arr grade B Occ grade A Occ grade B

Ho Chi Minh City HCMC Serviced Apartment, Future Supply

In the second quarter of 2022, Ho Chi Minh City

Completion Number of Occupancy Rate ARR (USD/sqm/

1 The Landmark 5B Ton Duc Thang District 1 1995 64 94% 28.60

Ha Noi Serviced Apartments – Notable Properties

Year Occupancy ARR (USD/sqm/

Ho Chi Minh City HCMC Condominium, Asking Price

which made developers become more careful 3,000

and keep postponing new projects in this area. 2,000

Ha Noi Condominium, Asking Price

With the appearance of luxury projects from 5,000

primary price in the capital city is increasing

price in Tay Ho, Tu Liem, Hoang Mai districts 2,000

Luxury High-end Mid-end Affordable

Da Nang Da Nang Condominium, Average Asking Price

stable when most of customers tend to seek for 2,000

Ho Chi Minh City HCMC Condominium New Supply

not as vibrant as Ho Chi Minh City. Supply in this 40,000

or UDIC Westlake. Customers in these projects 0

5 Eco Smart City Lotte Thu Duc City Q1 2023 1,455

Ha Noi – Notable Future Supply

1 Sunshine Green Iconic Sunshine Long Bien 2023 384

Da Nang – Notable Future Supply

1 Risemount Sea Boutique Vicoland Ngu Hanh Son 2022 487

1 Avalon Avalon Saigon District 1 2005 51 3,650 5,000

65 City Garden Refico Binh Thanh 2018 927 2,600 5,500

66 Green Field ACSC Binh Thanh 2019 322 1,450 1,650

74 Wilton Tower Novaland Binh Thanh 2018 494 1,840 -

Golden Lake B7 Giang

26 Ha Noi Centerpoint Hacinco Thanh Xuan 2017 360 1,600 1,900

33 Hapulico Complex Hapulico Thanh Xuan 2012 800 1,300 1,600