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The Vietnam commercial real estate market reached approximately USD 16.61 billion in 2023. The market is projected to grow at a CAGR of 13.80% between 2024 and 2032, reaching a value of around USD 53.01 billion by 2032.
The growing demand for Grade A office space, the rise of the logistics real estate sector due to the expansion of warehouses and distribution centres, and the burgeoning tourism sector are some of the crucial drivers supporting the commercial real estate industry in Vietnam. JLL anticipated a notable rise in Grade A office vacancy in Hanoi by the end of 2023, by the completion of construction of 43,462 sqm from Diamond Park Plaza and 36 Cat Linh.
The increasing awareness of environmental sustainability is influencing construction practices in the country, with developers incorporating green building certifications and energy-efficient designs to attract tenants and investors. Builders are also making use of Building Automation Systems (BAS) that integrate various elements in the building such as HVAC, security and lighting to optimize energy consumption. Moreover, smart building technologies such as IoT (Internet of Things) for energy management, security systems, and enhancing tenant comfort, are increasingly being adopted in modern commercial real estate projects. These technologies use data insights to assist in analysis and informed decision-making about building management and services.
The introduction of co-working spaces, infrastructural development and growing foreign direct investments are likely to influence the Vietnam commercial real estate market revenue.
May 2024
Vietnam has received foreign direct investment commitments worth approximately 1.68 billion USD in the real estate sector in the first four months of this year. According to the Ministry of Planning and Investment, investors from 48 countries have invested nearly 66.4 billion USD into 1,100 property projects in Vietnam over the past 33 years.
March 2024
Coldwell Banker Richard Ellis (CBRE)'s 2024 Asia-Pacific Investor Intentions Survey ranked Vietnam's real estate market as the second most favoured in the region, right after India. Primary investors include countries like Singapore, Japan, Hong Kong, and the Republic of Korea.
November 2023
Keppel, a leading player in the real estate sector, is fully aligned with the Vietnamese Government’s goal of bringing net emissions to zero by 2050. The company aims to contribute to a greener environment by providing sustainability-related solutions to help its customers and communities bring down carbon footprint levels.
September 2023
Avison Young, a global commercial real estate services firm headquartered in Toronto, Canada, entered Vietnam through an affiliation agreement with Ho Chi Minh City and Hanoi-based D&P Company. The group has also employed a team of more than 100 industry experts and aims to expand its Asia-Pacific network and establish a presence in Southeast Asia.
Co-working spaces
The number of co-working spaces in Vietnam is experiencing significant growth, especially in cities like Ho Chi Minh City and Hanoi which are adopting modernisation and urbanisation at a faster rate, due to the rising number of startups and small businesses in the country. These are flexible working spaces and are significantly more affordable than traditional workspaces. Adding to this, as cities are moving towards urbanisation and developing their infrastructure, multinational corporations and companies are increasingly venturing into the Vietnam market to establish a presence, which fuels the need for such co-working spaces, thereby aiding the commercial real estate demand growth.
Infrastructural development
The country is largely focusing on its infrastructural development, especially in the urban areas. In December 2023, the Climate-Resilient Urban Infrastructure in North-Centre Vietnam (CRUIV) project commenced which aims to develop urban infrastructure that will promote adaptation and resilience to climate change effects. It constitutes an enhanced safety in residential areas, upgradation of roads and strengthening of urban service administrations, among other objectives. An evolved ecosystem fuels the demand for real estate in surrounding areas.
Rapidly growing foreign investments
A large amount of foreign direct investment (FDI) continues to grow in Vietnam. In 2023, the total registered FDI capital in Vietnam reached approximately 36.61 billion USD witnessing an increase of 32.1% as compared to the previous year. In January 2024 alone, the total FDI capital registered in Vietnam reached about 2.4 billion USD. In the current landscape, Vietnamese real estate businesses are actively restructuring their products and investment portfolios, leading to Vietnam commercial real estate market development.
Technological advancements and smart facilities
Market players are increasingly utilizing technology to improve their projects in order to widen the consumer base and stand out in the market. The integration of Artificial Intelligence (AI) and Machine Learning (ML) are gaining popularity. Projects are equipped with smart security systems such as door locking systems, facial recognition, biometric sensors, among numerous others, for enhanced safety.
“Vietnam Commercial Real Estate Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Region
Based on type, the market is divided into offices, retail, industrial/logistics, multi-family, and hospitality, among others. Offices account for a substantial market share owing to the growth of the economy which continues to grow and attract foreign investment. Additionally, multinational corporations are expanding their operations in Vietnam, and they demand high-end office spaces to accommodate their growing workforce as well as to establish their presence in the country, which aids the segment growth.
The market players are investing heavily in the industrial and logistics sectors to gain a competitive edge in the market.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Vietnam Commercial Real Estate Market Size
Vietnam Commercial Real Estate Market Growth
Vietnam Commercial Real Estate Market Share
Vietnam Commercial Real Estate Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Commercial Real Estate Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Commercial Real Estate Historical Market (2018-2023)
8.3 Asia Pacific Commercial Real Estate Market Forecast (2024-2032)
9 Vietnam Commercial Real Estate Market Overview
9.1 Key Industry Highlights
9.2 Vietnam Commercial Real Estate Historical Market (2018-2023)
9.3 Vietnam Commercial Real Estate Market Forecast (2024-2032)
10 Vietnam Commercial Real Estate Market by Type
10.1 Offices
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Retail
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Industrial/Logistics
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Multi-family
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Hospitality
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
11 Vietnam Commercial Real Estate Market by Region
11.1 Southeast
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Red River Delta
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Mekong River Delta
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 South Central Coast
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Jones Lang LaSalle Inc.
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 CBRE Group Inc.
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Savills Plc
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 Colliers International Group Inc.
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Vingroup Joint Stock Company
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 WeWork Companies LLC
13.2.6.1 Company Overview
13.2.6.2 Product Portfolio
13.2.6.3 Demographic Reach and Achievements
13.2.6.4 Certifications
13.2.7 Song Chau Group
13.2.7.1 Company Overview
13.2.7.2 Product Portfolio
13.2.7.3 Demographic Reach and Achievements
13.2.7.4 Certifications
13.2.8 Ricons Construction Investment JSC
13.2.8.1 Company Overview
13.2.8.2 Product Portfolio
13.2.8.3 Demographic Reach and Achievements
13.2.8.4 Certifications
13.2.9 Coteccons Construction Joint Stock Company
13.2.9.1 Company Overview
13.2.9.2 Product Portfolio
13.2.9.3 Demographic Reach and Achievements
13.2.9.4 Certifications
13.2.10 Elite Real Estate Corporation
13.2.10.1 Company Overview
13.2.10.2 Product Portfolio
13.2.10.3 Demographic Reach and Achievements
13.2.10.4 Certifications
13.2.11 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Commercial Real Estate Market: Key Industry Highlights, 2018 and 2032
2. Vietnam Commercial Real Estate Market: Key Industry Highlights, 2018 and 2032
3. Vietnam Commercial Real Estate Historical Market: Breakup by Type (USD Billion), 2018-2023
4. Vietnam Commercial Real Estate Market Forecast: Breakup by Type (USD Billion), 2024-2032
5. Vietnam Commercial Real Estate Historical Market: Breakup by Region (USD Billion), 2018-2023
6. Vietnam Commercial Real Estate Market Forecast: Breakup by Region (USD Billion), 2024-2032
7. Vietnam Commercial Real Estate Market Structure
In 2023, the market reached an approximate value of USD 16.61 billion.
The Vietnam commercial real estate market is estimated to grow at a CAGR of 13.80% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 53.01 billion by 2032.
The market is being driven due to growing demand for Grade A office space, the rise of the logistics real estate sector due to the expansion of warehouses and distribution centres, and the burgeoning tourism sector.
The key trends aiding the commercial real estate market in Vietnam include increasing awareness of environmental sustainability, the rise of smart building technologies, and expansion of the retail sector.
Regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
Based on type, market segmentations include offices, retail, industrial/logistics, multi-family, and hospitality, among others.
The major players in the market are Jones Lang LaSalle Inc., CBRE Group Inc., Savills Plc, Colliers International Group Inc., Vingroup Joint Stock Company, WeWork Companies LLC, Song Chau Group, Ricons Construction Investment JSC, Coteccons Construction Joint Stock Company, and Elite Real Estate Corporation, among others.
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