Highlights of Vietnam's retail market
According to Cushman & Wakefield's Global Retail Report, in 2025, although the rental prices of street-front stores in Vietnam tended to decrease generally, the high-end retail market continued to show sustainability and growth as brands expanded selectively.
This contrast reflects the selective choice of locations by high-end retailers, with retail rental prices reaching record highs in spaces in high-end hotels. Both high-end segments in Hanoi and Ho Chi Minh City show equivalent retail revenue momentum, consolidating Vietnam's increasing position in the Asia-Pacific retail sector.
The report said that retail space rental prices on Dong Khoi street (HCMC) averaged 3.711 USD/m2/year last year (equivalent to more than 97 million VND/m2/month), down 6% compared to 2024, equivalent to about 8 million VND/m2/month. Despite the decrease, Dong Khoi street is still in the world's most expensive group, ranking 17th globally.
In the context of limited supply of large-area luxury retail space, the high-end retail market in Hanoi is increasingly clearly differentiated. While the average rental price on Trang Tien street recorded a technical adjustment of 7% compared to the same period last year, high-end shopping centers and retail podiums belonging to luxury hotels in the same area (former Hoan Kiem district) still maintained high prices and increased by 4% compared to the same period.
Driven by strong demand from international brands, premises meeting the standards of global corporations in prime locations continue to record an upward trend in rental prices, reflecting the trend of prioritizing high-quality premises of luxury segment tenants.
Ms. Hoang Nguyet Minh - General Director of Cushman & Wakefield Vietnam, said: "Vietnam's high-end retail industry is undergoing a period of strong growth, especially in Hanoi and Ho Chi Minh City. Due to the scarcity of high-end retail supply in both cities, while high-end brands have a need to open new ones in the Vietnamese market, especially major brands from France, Italy and Korea are increasingly high, leading to a sharp increase in rents in this area, including townhouses and shopping centers.
Global rental growth trend
According to Cushman & Wakefield, in 2025, the global retail industry continued to show significant strength. Global rents increased by 4.2% in the past year, showing stable growth momentum in the context of central banks having to cope with various economic pressures.
Although rental prices vary between regions, 58% of the market tracked still recorded price increases compared to the same period last year. Fierce competition between retailers to compete for prime commercial locations with limited supply continues to boost demand on main streets, thereby pushing rental prices up.
In the Americas region, growth was particularly strong with an increase of nearly 8% compared to the same period last year. The main driving force came from South American cities, helping this region become the best performing market globally. Europe recorded stable growth, reaching 4%, while the Asia-Pacific region increased by about 2%, reflecting a slight decline.
The ranking of the most iconic main streets in the world also recorded significant changes in the past year. New Bond Street (London, England) increased two places, becoming the most expensive shopping destination in the world, surpassing Via Montenapoleone (Milan, Italy) and Upper Fifth Avenue (New York, USA). This breakthrough was driven by a 22% increase in rent in the past year, bringing the average rent to 24,008 USD/m2/year (equivalent to more than 628 million VND/m2/year), while rents in Milan and New York remained unchanged.
Dr. Dominic Brown - author of the report and Head of International Research at Cushman & Wakefield - said that high-end retail sectors are benefiting from many combined factors, including solid economic growth, reduced cost of living pressure and the recovery of free spending demand.
