March 4, recorded on Dong Khoi street, the percentage of vacant space has decreased compared to the same period in 2025. The business atmosphere on this central street is more bustling as many stores reopen, especially in beautiful frontage locations.
Considered the "backbone" of Ho Chi Minh City's central area, Dong Khoi street is about 1 km long, stretching from the area of Notre Dame Cathedral in Saigon to Ton Duc Thang street, opposite Bach Dang Park. The prime location and convenient connection to the City Opera House station help this place always retain its appeal to major brands.
Currently, the street concentrates many cafes, hotels, shopping centers and luxury brands such as Gucci, Louis Vuitton, Cartier... The presence of international names continues to consolidate the image of Dong Khoi street as a "golden address" of the high-end retail segment.
From a market perspective, Mr. Nguyen Tung - a broker in charge of the central area of Ho Chi Minh City - said that the vacancy rate on Dong Khoi street has improved compared to last year, especially in locations near 5-star hotels and large shopping centers. However, tenants are now more cautious, often negotiating carefully about contract terms, price increase terms and initial support.
Sharing the same view on the differentiation of the market, Ms. Le Thi Huyen Trang - General Director of JLL Vietnam - said that the market is entering a natural screening phase. According to Ms. Trang, projects with good locations, high management quality and suitable tenants still maintain absorption capacity, while less competitive premises are forced to adjust prices or change operating models.
Not only expensive in actual transactions, this route is also in the group of routes with the highest prices in Ho Chi Minh City according to the new land price list announced by the Ho Chi Minh City People's Committee, applied from October 31, 2024 to October 31, 2025.
According to the "Main Streets Across the World" 2025 report released by Cushman & Wakefield, the Vietnamese retail market recorded a correction trend in the past year, while many shopping streets around the world still increased rental prices. Specifically, retail space rental prices in Dong Khoi reached an average of 3.711 USD/m2/year, down 6% compared to 2024 (equivalent to about 8 million VND/m2/month).
However, Dong Khoi street is still ranked 17th in the list of the most expensive streets globally, but has decreased compared to 14th place in 2023 and 15th place in 2024.
Ms. Sona Aggarwal - Head of Retail and Asia-Pacific Regional Strategy at Cushman & Wakefield believes that Vietnam is still affected by geopolitical and global economic factors. In the context of changing shopping habits, retailers must be more flexible, promoting the "phygital" model combining physical space and digital platforms to move towards long-term growth.
According to Cushman & Wakefield, although frontage rental prices in Vietnam tend to decrease, the high-end retail segment still shows certain durability when brands expand selectively. Even, rental prices in some high-end hotel spaces reached record highs, reflecting the trend of prioritizing high-quality premises of luxury tenants.
