Q4 2018
Decreasing New Supply Across Sectors
Vietnam GDP
7.08% y-o-y
8.10% y-o-y
Hanoi GDP
7.12% y-o-y
9.32% y-o-y
*Arrows indicate change from the same period of the previous year.
Vietnam’s economy continued to perform well in 2018, with GDP growth estimated at 7.08% y-o-y, the highest growth rate since 2008. Implemented FDI in 2018 surged 9.14% y-o-y, while Industrial Production Index increased 10.2% y-o-y.
Condominium market: In 2018, HCMC and Hanoi welcomed approximately 30,000 newly launched units in each city. As Hanoi market witnessed the launch of some large-scale townships targeting mid-end buyers, the share of this segment in new launch supply for the year expanded significantly in Hanoi, while that decreased in HCMC.
Office market: The market in 2018 continued to favor the landlords in both Hanoi and HCMC, due to limited new supply while demand remained strong. As a result, vacancy rates had y-o-y decreases while asking rents increased in both cities of HCMC and Hanoi, though more noticeably in HCMC.
Retail market: New supply in both HCMC and Hanoi is concentrated in the non-CBD areas. In HCMC, non-CBD projects on average witnessed a slight decrease both in terms of rent and vacancy rate, while in Hanoi both metrics had a slight increase. CBD performances were relatively stable for both cities.
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