A new 50,000sqm luxury shopping mall is set to open in Hanoi this year

It is located in the Tien Bo Plaza mixed-use project.

According to a JLL report, the City Centre is expected to welcome Hanoi Centre in 2025, a 50,000 sqm shopping mall within the Tien Bo Plaza mixed-use project. Meanwhile, the City Fringe will witness the construction of Takashimaya in the West Lake area, contributing ~20,000 sqm by end-2026.

“Growing supply will drive landlords to offer compelling lease terms to attract tenants in a competitive market. Despite headwinds, F&B, lifestyle and entertainment sectors, especially those targeting Gen Z and kids, are expected to maintain robust performance,” the report added.

Here’s more from JLL:

The market recorded negative net absorption of 25,530 sqm, mainly because of Vincom Nguyen Chi Thanh’s removal from the Prime basket following its downsizing for repurposing, alongside the closure of underperforming stores amid competitive pressure.

Despite this, new leasing activity occurred across all sub-markets, with foreign retailers entering and expanding. Asian brands, including KKV, OH!SOME and Mr DIY, made notable launches, occupying substantial retail spaces of 500 to 1,000 sqm.

No prime mall completions in Q2 2025

The quarter saw no new prime mall openings, maintaining the City Centre’s supply at 55,000 sqm. Meanwhile, City Fringe’s supply contracted to 581,045 sqm after Vincom Nguyen Chi Thanh was excluded from the Prime retail basket.

City Centre’s vacancy increased slightly by 58 bps q-o-q to 4.6%, with new vacant spaces likely to be occupied by end-2025. In contrast, City Fringe’s vacancy decreased by 115 bps q-o-q to 7.3%, primarily due to the supply adjustment.

Retail rents maintain growth momentum

Hanoi’s City Centre saw gross asking rent of ground floor rise in Q2 to USD 132.6 per sqm, per month, while City Fringe held steady at USD 54.2 per sqm, per month. On a yearly basis, the average gross asking rents increased by 3.0% in City Centre and declined by 0.9% in City Fringe.

While benefiting from decentralisation, City Fringe rent increases were moderated by competition from premium malls like Lotte Mall West Lake and future supply, including Takashimaya, Thiso Mall Westlake and CJ Shopping Centre, to open in 2026-27.