英文_莱坊_越南房地产市场_2025年第二季度季度市场亮点_17页_1mb

报告摘要

Vietnam Real Estate Market Summary - Q2 2025

Core Content

Vietnam's real estate market in Q2 2025 demonstrated resilience and growth across key regions, driven by economic expansion, infrastructure development, and sustained foreign investment. The market remains dynamic, with different sectors showing varying levels of activity and performance.

Economic Overview

GDP Growth: Vietnam's GDP grew by 7.52% y-o-y in H1 2025, supported by a 9.2% increase in industrial output, 14.4% rise in exports to US$219.8 billion, and a US$7.63 billion trade surplus.
Inflation: The average CPI remained at 3.27%, well below the 4.5% ceiling set by the State Bank of Vietnam (SBV).
FDI: Realised FDI increased by 8.1% to US$11.7 billion, reflecting continued investor confidence.
Fiscal Deficit: Maintained close to 3.5% of GDP, supported by disciplined budgeting and infrastructure spending.
Macroeconomic Stability: Vietnam's economy remained stable despite global uncertainties.

Ho Chi Minh City (HCMC)

Office Market

Growth: HCMC's office leasing market saw 7.49% y-o-y growth in GRDP, with Grade A asking rents rising to US$60.8 per sq m per month.
Vacancy Rate: Increased to 14.2% in Q2, up from 11% in Q1, due to new supply entering the market.
Supply: Total office supply reached 1.9 mil sq m NLA, up 4.9% q-o-q, with the CBD accounting for 51% of the total.
Demand: Net absorption of 16,800 sq m in Q2, driven by IT/Tech, Pharma, and Logistics sectors.
Future Outlook: No new Grade A or Grade B office projects are expected in 2025-2026. By 2026, 32,000 sq m of Grade A office space will be added from the Lotus Tower project.

Apartment Market

Supply: New supply increased to 1,500 units, more than doubling from Q1, with 48% absorption rate.
Primary Asking Price: Stabilised at US$3,729 per sq m, up 2% q-o-q and 10% y-o-y.
Affordable Segment: Re-emerged with a 35% share of new supply, mainly from Thu Duc City.
Future Outlook: H2 2025-2026 is expected to see 18,600 units of new supply, improving the pipeline after a low in 2024.

Industrial Park (IP) Market

Supply: Total IP supply reached 27,000 ha, with Long An adding 85 ha from the Prodezi Eco Long An - Phase 1.
Demand: Net absorption of 32 ha in H1 2025, driven by Chinese and local manufacturers.
Occupancy: Remained at 90%, showing strong demand.
Future Outlook: New supply in H2 2025 will reach 49,000 sq m, with Dong Nai and Binh Duong as key contributors.

Ready-Built Factory (RBF) Market

Supply: Total RBF supply reached 4.98 mil sq m, with Dong Nai and Binh Duong leading the market.
Demand: Net absorption of 160,000 sq m, driven by Chinese tenants and infrastructure projects.
Rents: Increased by 0.7% y-o-y to US$4.9 per sq m per month.
Future Outlook: H2 2025 will see 127,300 sq m of new supply, mainly from international developers.

Ready-Built Warehouse (RBW) Market

Supply: Total RBW supply reached 5.8 mil sq m, with Binh Duong leading at 44.3%.
Demand: Net absorption of 169,200 sq m, driven by e-commerce and manufacturing growth.
Rents: Increased by 1% y-o-y to US$4.4 per sq m per month.
Future Outlook: H2 2025 will see 203,200 sq m of new supply, with Long An and Dong Nai as key contributors.

5-Star Hotel Market

Occupancy: Reached 70% in H1 2025, up 4.6 ppts y-o-y, driven by international tourism and major events.
ADR: Increased to US$152 per room per night, up 2.4% y-o-y.
Supply: Total room supply reached 7,304 rooms, with 150 rooms added from The Indigo Saigon The City.
Future Outlook: No new 5-star hotels are expected in 2025-2026. From 2027, long-delayed projects may enhance the market's competitiveness.

Hanoi

Office Market

Growth: GRDP growth of 7.1% y-o-y, with Grade A asking rents at US$36 per sq m per month.
Vacancy Rate: Improved to 16%, down 1% y-o-y.
Supply: Total office supply remained at ~2 mil sq m, up 2.5% y-o-y, with Midtown and West areas leading.
Demand: Net absorption of 18,700 sq m, up 24% q-o-q, driven by IT/Tech sector expansion.
Future Outlook: By 2026, new supply is projected to reach 26,400 units, with 34% from CBD and 66% from suburban areas. The market is expected to shift towards high-end and luxury segments.

Apartment Market

Supply: New supply doubled to 7,100 units, with 80% of the total primary stock.
Primary Asking Price: Stabilised at US$3,284 per sq m, with Nam Tu Liem and Ha Dong reaching new price levels.
Demand: Absorption rate of 85%, with 90% of new units sold.
Future Outlook: H2 2025-2026 will see 26,400 units of new supply, mainly from suburban districts.

Industrial Park Market

Supply: New IP supply reached 280 ha, with Long An and Dong Nai as key contributors.
Demand: Net absorption of 400 ha, with 80% occupancy rate.
Rents: Stabilised at US$136 per sq m per lease term, with a 5% annual escalation.
Future Outlook: Continued growth expected due to positive FDI and infrastructure development.

Key Insights

Economic Drivers: Strong GDP growth, industrial output, and FDI inflows underpin the real estate market.
Regional Trends: HCMC and Hanoi both show positive growth, with HCMC leading in office and apartment markets, while Hanoi focuses on IT/Tech-driven office expansion and apartment supply.
Infrastructure Impact: Ongoing infrastructure projects in both cities and surrounding provinces are boosting market performance and attracting investment.
Market Stability: Inflation remains under control, and macroeconomic stability is a key factor in maintaining investor confidence.
Future Outlook: While no new Grade A or B office projects are expected in HCMC for 2025-2026, the market is poised for growth in 2026 with new supply. Hanoi is expected to see more supply in high-end and luxury segments, with continued demand from IT/Tech and other sectors.

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