Vietnam’s GDP in 9M 2019 was estimated to grow significantly at 6.98% y-o-y, which was supported by strong growth in exports and manufacturing amid diversification push from global manufacturing firms. Average CPI in 9M 2019 increased by 2.5% y-o-y, well within the government’s annual target of below 4%.
Condominium market: In Q3 2019, while the supply in Hanoi stayed stable, number of newly launched units in HCMC increased significantly by 113% y-o-y. This brought the new supply volume in 9M 2019 close to that of last year. 70% of newly launched units were sold out and average selling price in HCMC surged by 15% y-o-y.
Office market: Office market in Hanoi and HCMC welcomed a new wave of supply in both grade A and grade B of approximately 150,000 sqm in 9M 2019. As a result, the market is gradually transforming from a landlord’s market into a tenant’s market.
Retail market: While there was no new supply in both HCMC and Hanoi in Q3 2019, there are many new retail brands setting up stores or looking to set up stores in Vietnam, introducing new concepts to the local market.