HCMC total retail supply hits 1.18m sqm in 2024

This represents a 10% year-on-year increase.

In Q4 2024, Ho Chi Minh City welcomed 15.356 sqm of retail space from Central Premium Mall in District 8, bringing the total market supply to 1.18 million sqm, up 1.3% quarter-on-quarter and 10.0% year-on-year, according to data from Cushman and Wakefield. 

“2024 was a vibrant year for the Ho Chi Minh City retail market, with supply coming from three projects: Vincom Mega Mall Grand Park (Thu Duc City), Parc Mall, and Central Premium Mall (District 8), as well as the renovation and relaunch of Vincom Ba Thang Hai, adding about 103,000 sqm of retail space to the market.”

Here’s more from Cushman and Wakefield:

The occupancy rate also increased by 1.4 percentage points quarter-on-quarter and 2.5 percentage points year-on-year. The average rent reached $52.7/sqm/month, up slightly by 0.6% quarter-on-quarter but down 0.7% year-on-year, due to the impact of new supply from non-central areas.

In 2025, the market is expected to welcome 19,000 sqm of new retail space from two projects: Marina Central Tower (District 1) and Park Hills Palace (Go Vap District). Retail developers have announced ambitious expansion plans to capitalize on the advantages of urbanization, a young population, and a growing middle class. 

Notable projects in the southern region include Aeon Mall Bien Hoa in Dong Nai Province and Aeon Tan An in Long An Province. The 2025-2027 period is expected to see six new projects providing 116,000 sqm of retail space.