越南房地产市场：2025年第二季度季度市场亮点

-6%-3%0%3%6%9%12%15%202020212022202320246M2025Disbursed FDIGDP Growth (*)CPIIIPVietnam’s Economy Sustains RobustGrowth in 6M 2025Vietnam’s GDPgrew by7.52%y-o-y in H12025, driven by a 9.2%surge in industrial output.Exportearningsincreased by14.4% toUS$219.8billion and a US$7.63billion trade surplus. TheaverageCPI held at 3.27%, whilerealisedFDIincreased by8.1% toUS$11.7billion, underscoring sustained investor confidence despiteongoing tariff concerns.VIETNAMVietnam maintained strong momentum inH1 2025, with GDP expanding 7.52% year-on-year, supported by a 9.2% increase inindustrial output, robust domestic demand,and a 14.4% rise in exports to US$219.8billion. Manufacturing, electronics, andagriculture remained the primary engines ofgrowth, supported by an 8.1% increase indisbursed FDI to US$11.7billion.Inflation averaged just 3.27%, well below theSBV’s 4.5% ceiling, while a US$7.63billiontrade surplus underscored Vietnam’sexternal strength and macroeconomicstability amid global uncertainty.The government kept the fiscal deficit closeto 3.5% of GDP through disciplinedbudgeting; accelerated infrastructurespending, and a skilled workforce continueto underpin Vietnam’s positive outlook forthe rest of 2025.HO CHI MINHCITYHo Chi Minh city maintained strongmomentum in H1 2025, with GRDPgrowing 7.49% y-o-y. Industrial productionrose by approximately 8%, while retail salessurged 18.9% to VND 675 trillion (aroundUS$26.4 billion). The city also welcomed3.8 million international visitors, a 44%increase from the same period last year,providing a significant boost to the tourismand hospitality sectors.Metro Line 1 is now fully operational, whileland clearance for Line 2 is nearingcompletion. Major infrastructure projectssuch as Ring Road 3 and the ThuThiem4Bridge are steadily enhancing connectivityand easing traffic congestion. Steadyinflows of FDI into industrial parks and theSaigon Hi-Tech Park continue to reinforceHo Chi Minh City's position as a dynamiccommercial and manufacturing hub.Fig1:GDP, FDI, CPI, and IIP GrowthQ22025A summary of key macroeconomic indicators forVietnam, including GDP, inflation, interest rates, FDI,and trade, as of Q2 2025.Vietnam HighlightsEconomicHANOIHanoi recorded GRDP growth ofapproximately 7.1%y-o-y in 6M2025,fuelledby an 8.5% rise in industrial outputand retail sales up 14% toVND 510trillion(aroundUS$20.1billion). knightfrank.com/research7.52%y-o-yGDP Growth–Amongthe fastest-growingeconomies in H120253.27%Inflation(CPI)in H12025 (y-o-y)8.1%Disbursed FDIGrowthin H12025(y-o-y)9.2%Industrial Production Index (IIP)growthin H120254.5%Refinancing Interest Rate(unchanged,as of H12025)The city attracted3.6million internationaltourist arrivals, up 22% y-o-y, providing asolid boost to hospitality and services.Construction of Ring Road 3.5, preparatoryworks for Metro Lines 3 and 4, and a rangeof smart city initiatives all progressedduring the period, improving mobility andadvancing digital governance. At the sametime, heritage-site preservation effortscontinued alongside these upgrades, helpingto ensure balanced growth and reinforcingHanoi’s role as the economic andadministrative center of northern Vietnam. 2 HCMCReal Estate MarketQuarterly Market Highlights–Q2 2025Published July 2025 | Prepared by Knight Frank Vietnam ResearchReady-Built Factory Market (RBF)Ready-Built Warehouse Market (RBW) ContentsPageOffice Market4Apartment Market5Industrial Park Market678Hotel Market9 Despite global macroeconomic uncertainties, Ho Chi Minh city’soffice leasing market maintained steady demand during Q2 2025with several large-scale transactions and new enquiries. Thanks tonew supply arriving, Grade A CBD office asking rents claimed to newheights atUS$65 per sq mper month, up 1.8% q-o-q and 3.3% y-o-y.Fig2: HCMC Office Total SupplyChangeQ22025An overview of HCMC’s office market as of Q2 2025Fig1: HCMC Office Rents andVacancy by GradeDEMANDDuring Q2 2025, the HCMC office marketcontinued to experience positiveabsorption for both grades, primarily fromnew green-certified buildings in keyclusters like District 1 and Tan Binh.In Q2 2025, the city recorded total netabsorption of 16,800 sq m, driving totalleased area to 1.6 mil sq m. Multinationalcorporations in IT/Tech, Pharma andLogistics were dominant tenants in theHCMC market over the quarter.SUPPLYDue to newly completed office buildings inCBD and CBD fringe, total office supply inHCMC increased by 4.9% q-o-q to 1.9 mil sqm NLA as of 2025.The CBD area continued to still dominatethe market in terms of supply, accountingfor approximately 51% of the total stock,followed by Non-CBD (19.4%) and the South(13.6%).ASKING RENT AND VACANCY RATEThe launch of Marina Central Tower pushedthe average asking rent for Grade A officeshigher, reaching US$60.8 per sq m permonth. Grade B rents, however, remainedstable at US$33.4 per sq m per month,showing no significant change from Q1.The overall vacancy rate increased from 11%in Q1 to 14.2% in Q2 2025, largely due tonew supply ent