Hanoi retail stock hits 1.8m sqm

Luxury shopping in Hanoi shows resilience amidst citywide retail expansion.

Hanoi’s retail sector continues to expand steadily, with total stock reaching 1,751,000 sq m of net leasable area (NLA), according to a recent report by Savills Vietnam.

The city’s retail landscape comprises three department stores, 36 shopping centres, 51 retail podiums, 139 supermarkets, and three wholesale centres, with shopping centres accounting for the majority at 63% of total stock. Savills notes that overall retail stock growth has averaged 2% per year since 2021, reflecting a consistent, measured expansion across the city.

Secondary areas outside the central business district (CBD) are increasingly significant, representing 40% of total NLA, or 696,246 sq m, and boasting the city’s highest retail density at 0.51 sq m per person. “This indicates that while the CBD remains dominant, secondary districts are playing an important role in servicing Hanoi’s growing population,” Savills said.

The CBD continues to lead the market in prime locations, with gross ground-floor rents reaching US$186 per sq m per month. Luxury retail in Hanoi has proven particularly resilient, registering average annual rent increases of 15% from 2021 to 2025. Savills attributes this growth to strong demand for prime shopping-mall locations and Vietnam’s rapid expansion in the luxury retail sector.

“High-end retail operators are capitalising on Hanoi’s robust economic growth and rising consumer purchasing power,” the report noted. “Prime locations in the CBD remain highly sought after, while secondary areas support broader retail needs and population coverage.”

Savills highlighted that the combination of limited prime stock, strategic mall locations, and strong consumer spending in luxury segments will continue to support rental growth in the city’s retail market.

With both the CBD and secondary districts showing distinct strengths, Hanoi’s retail sector appears well-positioned to balance steady expansion with strong performance in the luxury and high-demand segments.