One new premium mall to open in Hanoi in Q4

And there are a couple more projects scheduled for 2027-28 completion.

In Q4 2025, City Centre anticipates Hanoi Centre’s debut, 42,000 sqm premium mall. Meanwhile, JLL said in a report that City Fringe will witness construction on major projects including Westlake Square Hanoi, Thiso Mall West Westlake and Capital One, which are scheduled for 2027-28 completion.

“Regarding tenant trends, F&B, lifestyle and entertainment sectors, particularly concepts targeting Gen Z and children, are anticipated to sustain stable operations and continued growth momentum,” the report said.

Here’s more from JLL:

Prime malls in Hanoi recorded impressive net absorption of nearly 3,600 sqm in the quarter, with City Fringe areas contributing a dominant 94%, equivalent to net absorption of up to 3,400 sqm. The market saw strong Asian retailer expansion, notably Chinese lifestyle brand Beneunder entering three prime malls simultaneously in Q3.

F&B growth continued with Lantine Buffet and Long Wang opening new 500-1,000 sqm restaurants, affirming Hanoi’s retail appeal.

Vacancy rates show improvement market wide

Hanoi market recorded no new prime mall supply during the last seven quarters, with total leasable area in City Centre and City Fringe maintaining at 55,000 sqm and 581,000 sqm, respectively. Stable demand and flexible leasing strategies drove vacancy rate improvements.

In Q3 2025, City Centre recorded 4.3% vacancy (down 0.3 ppts q-o-q), while City Fringe dropped 0.6 ppts to 6.7%, demonstrating favorable market dynamics amid absence of additional supply.

Rents post slight increase across both submarkets

In Q3 2025, prime mall’s gross asking rent of ground floor in City Centre maintained stable growth momentum, reaching USD 133.4 per sqm per month, recording increases of 0.6% q-o-q and 2.9% y-o-y. City Fringe’s reached USD 54.6 per sqm per month, up 0.7% q-o-q.

The modest 1.2% y-o-y drop reflected Vincom Nguyen Chi Thanh’s exit from the prime basket in Q2 due to redevelopment purposes. Despite decentralization benefits, pressure from quality malls and pipeline supply prompted cautious pricing.