Average retail asking rents in Ho Chi Minh City to rise by 3-5% annually

Fashion and F&B retailers continue to sustain the city’s retail demand.

Leasing activity in Ho Chi Minh City's retail market remained healthy in Q1 2026, supported by expanding fashion and food and beverage operators, according to JLL.

The consultancy said Saigon Marina IFC attracted new F&B and healthcare tenants, while Saigon Centre strengthened its luxury retail offering with brands including Moschino, Coach and The Hour Glass. Despite solid leasing momentum, net absorption was negative 4,900 sqm as tenant departures linked to lease expiries and asset repositioning outweighed new take-up.

With no new prime retail supply delivered during the quarter, stock remained unchanged at 96,500 sqm in the City Centre and 605,200 sqm in the City Fringe. Vacancy in the City Centre held steady at 8.4%, while City Fringe vacancy increased slightly to 3.7%.

Ground-floor asking rents rose modestly, increasing 0.2% quarter-on-quarter to USD236.4 per sqm per month in the City Centre and 0.4% to USD66.3 per sqm per month in the City Fringe.

JLL expects vacancy to gradually tighten and rents to increase by 3% to 5% annually, supported by continued demand for experiential retail formats despite broader macroeconomic headwinds.