Stronger than expected

year-round performance

Vietnam Property Intelligence Centre (VPIC)

Market Brief | Q4 2024

© Jones Lang Lasalle IP, Inc. 2024

Economic Update
Indicators 4Q24 (y-o-y) 2024 (y-o-y) 4Q24 Key features Rental/ Price Property Clock, 4Q24

Vietnam's GDP maintained a steady growth rate of 7.6%

GDP growth ▲ 7.6 ▲ 7.1 y-o-y in Q4 2024, bringing the overall growth for the year Southern RBL
to 7.1%, surpass the national target of 6.5%. Northern, Southern RBW
HCMC Apartment, Northern RBL
Northern, Southern RBF
Hanoi Office

CPI in 2024 rose by 3.6% compared to the previous year,

CPI ▲ 2.9 ▲ 3.6 successfully meeting the target set by the National GROWTH RENTS/
Assembly. SLOWING PRICES
Hanoi, HCMC Hotel,
FALLING
Total retail sales of consumer goods and services in Hanoi Apartment
HCMC Office, Southern IP Land
4Q24 was were estimated at USD 66.4 billion, up 5.9%
Retail Sales growth ▲ 9.3 ▲ 9.0 q-o-q and 9.3% y-o-y. For the full year 2024, the number Northern IP Land

reached nearly USD 251.5 billion, representing a 9% y-o-

RENTS/ DECLINE
y growth
Hanoi Retail PRICES RISING SLOWING
HCMC Retail
Registered FDI in 2024 reached USD 38.2 billion,
Registered FDI 18.0 3.0 decreasing 3% y-o-y, while disbursements grew 9.4% to
USD 25.3 billion, breaking the highest record ever.

The tourism sector's recovery was evidenced by the

International Tourist
▲ 79.5 ▲ 39.5 nearly 17.6 million international tourists who visited
Arrivals Source: GSO, FIA, JLL Research
Vietnam in 2024, marking a 39.5% increase from 2023.
Note: Clock positions for the sector relate to the main submarket in each city/region.

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Ho Chi Minh City

Office | 4Q24

HCMC Office Market

Fundamentals, Grade A&B
• No new supply is recorded; Total supply 1,959,787 sqm NLA
YTD new completions 62,161 sqm NLA
• New international companies enter the market, expanding operations in high-quality offices;
YTD net absorption 43,048 sqm NLA
• Net asking rent remains resilient. YTD vacancy rate 13.8%
Net asking rent USD 35.8 per sqm, per month
Rent growth Y-o-Y 1.6%
Stage in rental cycle Growth slowing
Note: Note: Financial Indicator are for Grade A&B Office and For lease properties
while Physical Indicator includes Owner-occupied properties.
The HCMC office market saw no new supply in 4Q24, with the year's sustainable market segment. Meanwhile, Grade B rents remained
total addition of around 62,200 sqm bringing the total supply to near resilient q-o-q but declined by 1.9% y-o-y to USD 27.7 per sqm per Historical supply and demand trends
1,960,000 sqm. The completion of E.Town 6 by REE Corp. in 2Q24 month as landlords sought to attract tenants amid competition from sqm (thousands)
marked the first Grade A project in the Northern Non-CBD area, while new Grade A higher-quality and sustainability-focused buildings.
Grade B saw the completion of ThaiSquare The Merit and CMC 200 16%
Creative Space Tower B, adding around 25,400 sqm NLA in 3Q24. Outlook 14%
In 2025, the market will welcome Marina Central Tower – Grade A 150 12%
Grade A demand grew, with Q4 net absorption at 9,400 sqm and building with 71,500 sqm NLA. Future Grade B supply will be
10%
annual absorption around 35,000 sqm. New, green buildings like The dominated by non-CBD buildings like Yteco Office Tower (YTECO),
Hallmark and The Nexus attracted Fortune Global companies such as Daikin Tower (Daikin), Betrimex 63 Cao Thang (Betrimex), etc. 100 8%
Google, SAP, FUJIFILM, and IFC. Grade B net absorption was 6%
approximately 1,000 sqm in Q4 and 8,000 sqm annually, driven by Rents in new offices will remain resilient, while rents in older offices 50 4%
Non-CBD spaces like Office Haus and Cobi Tower 2. may be adjusted to attract tenants in the face of increasing
2%
competition from the high-quality, newer and greener new buildings.
Grade A rents in the CBD and non-CBD were USD 56.2 and 29.4 per 0 0%
sqm per month, respectively, stable q-o-q and up 1.3% and 1.4% y-o- 2019 2020 2021 2022 2023 2024
y. Despite macro challenges and relatively high rents, stable rent and
optimistic occupancy in new buildings highlighted a stable, Net absorption New supply Total vacancy

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Ho Chi Minh City

Retail | 4Q24

HCMC Retail Market

Fundamentals, Prime mall
Total supply 689,327 sqm NLA
• No new prime mall openings in 4Q24. 2024 marks a substantial prime retail growth in the City Fringe with the introduction of Vincom
Mega Mall Grand Park and Parc Mall; YTD new completions 66,399 sqm NLA
YTD net absorption 72,428 sqm NLA
• Lifestyle and home-living brands expand, especially in the City Fringe; YTD vacancy rate 3.5 %
• City Centre’s average net asking rent shows a slight quarterly and annual increase, while City Fringe’s holds steady. Net asking rent on Prime floor USD 78.5 per sqm per month
Rent growth Y-o-Y -1.7%
Stage in rental cycle Rents rising
Note: Indicator are for Prime malls. City Centre refers to District 1 and District 3 .
Please prefer to Terminology for detailed classification.
The market saw net absorption of around 4,000 sqm in 4Q24 and The City Centre retail market continued to grow, capitalizing on
around 72,000 sqm for the whole year. City Centre was the preferred limited new supply. City Centre prime mall ground floor rents rise Historical supply and demand trends
area for international brand entry, with notable Q4 openings of slightly to USD 231.1 per sqm per month, up by 0.8% q-o-q and 2.3% sqm (thousands)
Chinese fashion brand Urban Revivo at Vincom Dong Khoi and y-o-y. The City Fringe saw this figure rise by 0.4% on both quarterly
Popmart at Saigon Centre. Lifestyle retailers continued to expand in and yearly basis to USD 57.3 per sqm per month, influenced by 140 9%
the City Fringe, evidenced by new stores of Uniqlo, H&M at Parc Mall competitive rates at the new Parc Mall.. 120 8%
and Muji at Thiso Mall Sala in Q4. Large-space home-living tenants, 100 7%
such as Nitori from Japan and MR.DIY from Malaysia, were also seen. Outlook 80 6%
In 2025, Marina Central Tower in the City Centre is expected to add 60 5%
While Q4 saw no new prime mall openings, 2024 marked substantial around 13,000 sqm NLA. Demand from F&B, lifestyle and home living 40 4%
retail expansion of 66,400 sqm in the City Fringe with Vincom Mega sectors are forecast to grow, driving market expansion and 20 3%
Mall Grand Park (Q2) and Parc Mall (Q3). The City Fringe's vacancy diversification.
rate dropped to 3.6% in Q4, down 3.0 ppts q-o-q and 1.8 ppts y-o-y. 0 2%
Meanwhile, the City Centre maintained its vacancy during the quarter Rents are forecast to continue its growth trajectory. However, the -20 1%
at 2.8%, yet rose modestly 1.2 ppts y-o-y, as some underperforming supply expansion in the City Fringe over the past year is likely to put -40 0%
stores departed in the first half of the year. pressure on rent growth in this area in the short-term. 2019 2020 2021 2022 2023 2024

Net absorption New supply Vacancy rate

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Ho Chi Minh City

Hotel | 4Q24

HCMC Hotel Market

Fundamentals
Total supply 29,842 rooms
• Continued rebound in international visitation in HCMC;
YTD new opening 260 rooms
• Limited new additions in 2024 with a more muted supply landscape expected for 2025.; RevPAR growth trend Y-o-Y ↑
• Tourism recovery supports increased occupancy and ADR performance. Stage in RevPAR cycle Rising
Supply data source: JLL.

In 2024, HCMC witnessed a significant 22.2% y-o-y increase in The market continued to improve post-COVID, reflecting the recovery
international tourist arrivals, reaching a total of 6.1 million visitors. in tourist arrivals and leading to positive occupancy rate and ADR Historical new supply trends
The domestic tourism market also exhibited substantial growth, with performance. Yet, the performance growth of hotels remained rooms
38 million visitors, reflecting an 8.6% y-o-y increase. The city's tourism moderate due to the current abundant hotel supply and a trend
industry generated approximately USD 7.5 billion in turnover, towards cost-cutting among tourists. 4,000
achieving an 18.8% y-o-y growth. Building on this positive trajectory,
the city has set ambitious targets for 2025, aiming to welcome 8.5 Outlook
3,000
million international tourists and 45 million domestic visitors, with a The year 2025 is expected to be subdued for hotel supply in HCMC,
projected tourism turnover of USD 10.3 billion. with fewer than 300 new rooms anticipated. The most notable
addition will be AVANI Saigon, part of the Grand Manhattan, a 2,000
In 4Q24, the HCMC hotel market welcomed 150 rooms in the upper- prestigious mixed-use luxury complex in District 1.
upscale segment with the opening of the Hotel Indigo by IHG.
Additionally, Suzu Hotel, a midscale boutique property located in the Hotel occupancy rates are forecast to gradually increase, with slight 1,000
heart of the city, added 28 rooms to the market. This brought the adjustments in average daily rates (ADR) throughout 2025. This
total new supply for 2024 to 260 rooms, significantly lower than the growth trend is likely to persist in the short to medium term, driven by
new rooms introduced in 2022-2023. 0
a strong rebound in tourist arrivals and limited new supply pipeline.
2019 2020 2021 2022 2023 2024

Cleavon Tan | Senior Director, Hotel Strategic Consultancy | [email protected]

. © Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Ho Chi Minh City

Apartment | 4Q24

HCMC Apartment Market

Fundamentals
Total supply 329,800 units
• Sales launches are dominated by highly anticipated projects from major developers; YTD new launches 3,571 units
• Robust absorption observed in the Eastern region, especially in the high-end segment; YTD units sold 5,093 units
YTD sales rates 99.1%
• Primary and secondary market prices in HCMC continue to exhibit modest growth.
Primary price USD 3,263 per sqm
Price growth Y-o-Y +3.6%
Stage in Price cycle Growth slowing
Note: Indicators are for all grades - Ultra-Luxury, Luxury, Premium, Mid-end and
Affordable segment.
Q4 2024 saw 747 new units introduced to the market, with Eaton Park Primary apartment prices rose 3.6% q-o-q to USD 3,263 per sqm,
phase 2 (Gamuda Land) contributing 475 units and Lavida Plus in driven by a 10% price increase in Eaton Park Phase 2 compared to Historical supply and demand trends
District 7 adding 200 units. The Eastern market experienced vibrant Phase 1. Meanwhile, secondary prices grew steadily at 1.0% q-o-q, units (thousands)
pre-launch activities for high-end projects like The OpusK, Masteri reflecting adjustment to new price benchmarks set by newly
Grand View, and The Opus One. It is observed that developers launched projects. 35 100%
accelerated year-end launches in anticipation of price increases due 30
to nearing completion of large-scale infrastructure projects. Outlook 99%
HCMC People's Committee is resolutely addressing legal obstacles for 25
Overall, demand moved in tandem with the new launches, with total key projects. Combined with the completion of large-scale 20 98%
take-up reaching 1,002 units in Q4. High-end Apartments accounted infrastructure works next year, the market is expected to show
15 97%
for 559 units, primarily from Eaton Park Phase 2, which sold over 90% improvement.
of its inventory within one quarter of launching. The OpusK and 10
Masteri Grand View showed favorable pre-launch absorption rates. Notable upcoming projects driving market demand include the final 96%
5
Meanwhile, the Low-end segment sold 443 units, with customer phase of Eaton Park (Gamuda Land), Global City (Masterise), and
displaying increased confidence in purchasing as most of these Vinhomes Grand Park_Opus One (Samty & Vingroup). 0 95%
projects are in the handover process to buyers during year-end. 2019 2020 2021 2022 2023 2024

New launched Sales rates

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Southern

Ready-built Landed
Properties | 4Q24

Southern Ready-built Landed Properties Market

Fundamentals
Total supply 63,190 units
• New supply emerges from projects distant from central areas, while HCMC continues to face supply scarcity; YTD new launches 1,328 units
• Investors are returning to the market as projects demonstrate positive absorption rates; YTD units sold 1,424 units
YTD sales rates 98.1%
• HCMC continues to grow in primary prices, while Greater HCMC declines q-o-q due to the emergence of lower-priced projects in Q4.
Primary price USD 7,122 per sqm land
Price growth Y-o-Y 42.8%
Stage in Price cycle Growth slowing
Note: Southern area consists of HCMC, Binh Duong, Dong Nai, Ba Ria – Vung Tau
and Long An markets.
HCMC faced a supply shortage in Q4, with only 19 shophouse units HCMC's primary price increased 9.4% q-o-q to USD 16,936 per sqm
from L'arcade (Phu My Hung) reaching SPA signing stage. Greater land, driven by the high-priced L'arcade project. Conversely, Satellite Historical supply and demand trends
HCMC was more active, with 293 units from peripheral locations, provinces' primary price declined 3.8% q-o-q to USD 2,846 per sqm units (thousands)
notably Sun Casa in Binh Duong and The Larita in Long An. land due to inclusion of lower-priced projects.
18 100%
In term of demand, HCMC market recorded 58 units absorbed. Notably, the Southern’ s overall primary price in 4Q24 surged by 16
Notably, the L’arcade project sold out 100% units, attributed to the 42.8% y-o-y, reaching USD 7,122 per sqm land, driven by the removal 14 99%
prime location and the comprehensive planning of Phu My Hung of low-priced projects, which previously constituted a substantial 12
urban area. The remaining absorption came from existing inventory, proportion in the available-for-sale basket. 98%
10
predominantly from premium-priced developments such as The 8
Global City and The Rivus Elie Saab. Outlook 97%
6
Dynamic market activity are anticipated in 2025. In HCMC, around
4 96%
Greater HCMC provinces saw positive demand with 293 units sold, 1,800 new RBLs units are forecasted to enter the market from projects
mostly from newly launched projects. The robust sales suggest a such as The Foresta, L'arcade, and the next phase of The Meadow. 2
growing confidence in RBLs among buyers, as they are willing to Greater HCMC anticipates several projects progressing to SPA signing 0 95%
invest in assets with good potential for price appreciation. stage, especially in Dong Nai, including SpringVille, LA Home, and 2019 2020 2021 2022 2023 2024
remaining phases of Waterpoint and Eco Village Saigon River.
New launched Sales rates

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Southern

Industrial | 4Q24

Southern Industrial Park Land Market

Fundamentals
Total supply 28,756 ha
• New industrial park development in Binh Duong ended supply stagnation;
YTD new launch 505 ha
• Annual land absorption was modest due to the scarcity of available ready-to-occupy plots. BR-VT stands out with the highest net YTD net absorption 359 ha
absorption in 4Q24 due to spill-over effects; YTD vacancy rate 14.3%
• Average asking rent showed steady growth throughout the year and is expected to continue its positive trend. Asking price USD 165.7 per sqm per lease term
Rent growth Y-o-Y 3.6%
Stage in rental cycle Growth slowing
Note: Southern area consists of HCMC, Binh Duong, Dong Nai, Long An and
Ba Ria – Vung Tau markets.
In 4Q24, Southern Vietnam's industrial real estate market saw notable Outlook
development with a new 505 ha industrial park in Binh Duong, ending Following a period of supply shortages that impacted leasing Historical supply and demand trends
a two-year supply stagnation. This increased the region's total supply activities, the market eagerly awaits new supplies. While short-term Thousands ha
to approximately 28,800 ha, reinforcing Binh Duong's market supply remains constrained, recent approvals on development of
leadership in industrial land supply. several IP and positive progress in land preparation indicate a 3.0 25%
stronger long-term pipeline, supporting future market growth.
2.5 20%
Annual IP land absorption was modest at 360 ha due to the scarcity of
ready-to-occupy plots. While new supply emerged in the last quarter, Despite the introduction of new supply, the industrial market's 2.0
no immediate absorption was recorded. Enjoying spill-over effects, occupancy rate is forecast to remain stable, backed by expected 15%
BR-VT stands out with the highest net absorption in 4Q24, accounting robust demand in the future. The influx of Foreign Direct Investment 1.5
for nearly half of the region's total leased-out area of 107 ha. (FDI) into the country, although slowing compared to the previous 10%
1.0
period due to economic uncertainties, is still anticipated to
Average asking rent showed steady growth throughout 2024, reaching contribute positively to boosting absorption rates and increasing 0.5 5%
USD 165.7/sqm/lease term by Q4's end, a 1.15% increase q-o-q and rent.
3.6% y-o-y. 0.0 0%
2019 2020 2021 2022 2023 2024

Net absorption New supply Vacancy rate

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Southern

Industrial | 4Q24

Southern Ready-built Factory Market

Fundamentals
• A new small scaled project enters the market; Total supply 5,530,137 sqm
YTD new completions 797,921 sqm
• Strong net absorption of nearly 700,000 sqm in FY2024;
YTD net absorption 690,855 sqm
• Market average asking rents trend gradually upward; YTD vacancy rate 17.5%
• Market size projections indicate a 1.1-fold increase by the end of 2025, market outlook remains optimistic in the long run. Gross asking rent USD 4.9 per sqm, per month
Rent growth Y-o-Y 2.8%
Stage in rental cycle Growth slowing
Note: Southern area consists of HCMC, Binh Duong, Dong Nai, Long An and
Ba Ria – Vung Tau markets. Data on NLA basis.
2024 concluded with a single project launch by Viet Huong Group in Outlook
Binh Duong province, adding nearly 12,000 sqm of NLA. The Southern The Southern RBF market is projected to expand 1.1 times its current Historical supply and demand trends
RBF market reached 5.5 million sqm of leasable space, marking 16.9% scale by the end of 2025. In response to fluctuating RBW demands, sqm (millions)
y-o-y growth with approx. 800,000 sqm of new completions. some developers are considering more flexible strategies for their
ready-built assets. These include converting warehouse spaces into 1.2 35%
Q4 saw strong market sentiment, with new net absorption of roughly factories or integrating mixed-use functions. This adaptive approach 30%
1.0
210,000 sqm, contributing to a full-year net absorption 10.2% higher may catalyse significant growth in the RBF market size in the coming
than 2023. The overall occupancy rate rebounded to 82.5%, reversing years, potentially reshaping the industrial real estate landscape. 25%
0.8
a slight decline from the previous quarter. 20%
Market sentiment is expected to stay strong, despite the continuous 0.6
15%
The average asking rent has been stabilised over the quarters, new supply potentially intensifying competitive dynamics in leasing
0.4
showing only marginal growth of 0.3% q-o-q and 2.8% y-o-y to reach activities. This optimism is reinforced by the global production shift 10%
USD 4.9 per sqm, per month, as of Q4 2024. This stability reflects trend, whereby Vietnam positioned as an attractive investment 0.2 5%
landlords' strategy to maintain competitive rates in response to destination for MNCs.
abundant available supply, aiming to entice and retain tenants. 0.0 0%
2019 2020 2021 2022 2023 2024

Net absorption New supply Vacancy rate

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Southern

Industrial | 4Q24

Southern Ready-built Warehouse Market

Fundamentals, Prime RBW
• The market has no new supply in the quarter; Total supply 2,021,224 sqm
YTD new completions 220,985 sqm
• Leasing activities improve significantly driven by vibrant year-end consumer demand;
YTD net absorption 199,488 sqm
• Modern average asking rent remains stable; YTD vacancy rate 29.8%
• Landlords continue implementing flexible asset function as an effective medium-term strategy. Gross asking rent USD 4.9 per sqm, per month
Rent growth Y-o-Y 1.8%
Stage in rental cycle Growth slowing
Note: Southern area consists of HCMC, Binh Duong, Dong Nai, Long An and
Ba Ria – Vung Tau markets. Data on NLA basis, covering the Prime RBW only.
The Prime RBW segment remained stable in Q4 2024, with no new Outlook
supply. The market scale held at 2.0 million sqm, showing a 5.2% y-o- In the face of volatile global conditions and slow economic recovery, Historical supply and demand trends
y increase. BWID and Mapletree continued to dominate, accounting the government has proactively implemented domestic stimulus sqm (millions)
for 30% and 20% of total existing stock, respectively. policies. The Vietnam Grand Sale 2024 Program, offering maximum
applicable discounts of up to 100%, is expected to boost demand 0.7 40%
The market in Q4 2024 exhibited resilience, recording positive net growth for supply chain-related services such as storage, delivery, 0.6 35%
absorption of nearly 19,600 sqm and an increased occupancy rate of and retail, thereby potentially increasing demand for RBW space. 30%
70.2%. Leasing activities improved significantly, driven by buoyant 0.5
25%
year-end consumer demand – a typical peak season. Warehouses in Developers will continue to consider flexible strategies for their ready- 0.4
core areas with convenient access to HCMC's CBD retained their built assets, such as converting warehouse spaces into factories or 20%
0.3
appeal and domestic-focused tenants driving demand. Full-year net integrating mixed-use functions. These initiatives aim to ease 15%
absorption achieved approximately 199,500 sqm, a nearly 40% competitive pressures, attract diverse tenants, and improve 0.2 10%
increase from 2023 figures. occupancy rates.
0.1 5%
The average asking rent generally sustained steady at USD 4.9 per 0.0 0%
sqm, per month, unchanged from the previous quarter and up 2019 2020 2021 2022 2023 2024
slightly by 1.8% y-o-y.
Net absorption New supply Vacancy rate

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Hanoi

Office | 4Q24

Hanoi Office Market

Fundamentals, Grade A&B
Total supply 2,489,530 sqm NLA
• Steady growth amidst dynamic supply and demand shifts; YTD new completions 88,970 sqm NLA
• Stable CBD demand, growing Non-CBD appeal; YTD net absorption 86,161 sqm NLA
YTD vacancy rate 16.3%
• Stable rents amid shifting landscapes.
Net asking rent USD 22.0 per sqm per month
Rent growth Y-o-Y 2.2%
Stage in rental cycle Growth slowing
Note: Financial Indicator are for Grade A&B Office and For lease properties while
Physical Indicator includes Owner-occupied properties.
The overall Grade A office supply in Hanoi remained stable at 558,300 4Q24 asking rents for Grade A CBD rose to USD 34.3 per sqm per
sqm in Q4, with no new openings. In 2024, the market added 36,500 month (+0.8% q-o-q, +2.1% y-o-y). This increase was due to some Historical supply and demand trends
sqm from Grand Terra (CBD) and Taisei Square Hanoi (Non-CBD). landlords applying new lease pricing while the non-CBD submarket sqm (thousands)
Grade B saw no new supply in Q4 but welcomed Heritage West Lake, remained stable q-o-q, reaching USD 24.1 per sqm per month. Grade
Vinacomin Tower, and the renovated Vincom Office Ba Trieu in 2024. B buildings' net asking rent recorded at USD 16.3 per sqm per month, 180 20%
resilient quarter by quarter. 160
Grade A net absorption in CBD remained stable at 8,300 sqm in 4Q24 140 15%
and 17,400 sqm in 2024, driven by leases in high-quality buildings like Outlook 120
Capital Place and Lancaster Luminaire. Non-CBD favoured newer Grade A office market is likely to expand with notable projects like 100
buildings, such as Taisei Square Hanoi and Lotte Mall West Lake. Net Hanoi Centre Office in the CBD and Oriental Square in Starlake NUA in 10%
80
absorption was 2,200 sqm in 4Q24 and 15,400 sqm for 2024. 2025. Meanwhile, notable projects in Grade B expected to become
60
operational in 2025 include Pearl Tower (SSG Group), Thaisquare 5%
Caliria (Thaihomes), and Rox Tower Ho Tung Mau (Rox Group). 40
Likewise, Grade B net absorption across the city was 21,610 sqm in
4Q24, primarily from the West area, resulting in 53,395 sqm in 2024. 20
Large new leases were driven by Vinacomin, which officially operate New Grade A office supply, primarily in the West Westlake area, is 0 0%
in 4Q24. This strong net absorption in non-CBD highlights the creating an emerging business district outside the city center. 2019 2020 2021 2022 2023 2024
increasing demand for quality office space at affordable rents outside Improved infrastructure and high-quality office projects are expected
the traditional CBD area. to attract tenants to this developing area in the near future. Net absorption New supply Total vacancy

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Hanoi

Retail | 4Q24

Hanoi Retail Market

Fundamentals, Prime mall
Total supply 671,257 sqm NLA
• Hanoi witnesses no new prime mall completions in 2024; YTD new completions 0 sqm NLA
• Robust leasing activity throughout the market during the year has led to improved vacancy rates; YTD net absorption 23,507 sqm NLA
YTD vacancy rate 7.3%
• The market shows resilience with stable net asking rent increases.
Net asking rent on Prime floor USD 55.3 per sqm per month
Rent growth Y-o-Y 2.6%
Stage in rental cycle Rents rising
Note: Indicator are for Prime malls. City Centre refers to Hoan Kiem, a part of Ba Dinh
and Hai Ba Trung District. Please prefer to Terminology for detailed classification.
City Centre prime malls recorded positive, yet modest net absorption Hanoi’s City Centre and City Fringe continued to record ground floor’s
of 50 sqm in Q4 and around 800 sqm in 2024. The area maintained its net asking rent upticks in Q4, reaching USD 123.7 per sqm per month Historical supply and demand trends
appeal for major brands; for instance, Gucci Beauty and Maxx Sport and USD 49.2 per sqm per month, respectively. On a yearly basis, the sqm (thousands)
launched at Vincom Ba Trieu in Q3 and Q4, respectively. City Fringe figures rose by 3.8% in City Centre and 2.3% in City Fringe. City Fringe
recorded 2,000 sqm net absorption in the quarter, led by lifestyle, has benefitted from the decentralization trend, yet competition from 120 12%
entertainment and furniture tenants like Muji, Rocket Billards and Biz high-quality malls like Lotte Mall West Lake and upcoming projects in
100 10%
Furniture. The area's annual net absorption reached 22,700 sqm, 2026-27, such as Takashimaya, Thiso Mall West Lake and CJ Shopping
boosted by leasing activities at Lotte Mall West Lake. Centre, tempered rent hikes in this area. 80 8%

With no prime mall completions in 2024, City Centre and City Fringe Outlook 60 6%
supply stood at around 55,000 sqm and 616,300 sqm, respectively. 2025 will see Hanoi Centre (50,000 sqm) within Tien Bo Plaza mixed-
40 4%
Non-prime retail space expanded by 40,000 sqm, with key projects use in City Centre, while City Fringe anticipates Takashimaya (20,000
like Taisei Square Hanoi and Diamond Plaza adding to the growth. sqm) by end-2026. 20 2%
City Centre vacancy stayed low at 3.4% in 4Q24, down 1.4 ppts y-o-y,
thanks to steady demand and limited supply. Meanwhile, City Fringe Rents across submarkets are projected to continue upward trend in 0 0%
experienced a more notable improvement, with the vacancy rate the next 12 months, reflecting resilient demand. 2019 2020 2021 2022 2023 2024
dropping 0.3 ppts q-o-q and 3.7 ppts y-o-y to 7.6%.
Net absorption New supply Vacancy rate

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Hanoi

Hotel | 4Q24

Hanoi Hotel Market

Fundamentals
Total supply 27,432 rooms
• Hanoi's tourism market approaches pre-covid levels with robust growth in international and domestic visitors;
YTD new opening 708 rooms
• New 2024 and 2025 supply concentrated in upscale and luxury segments; RevPAR growth trend Y-o-Y ↑
• Market faces challenges from increased high-end competition and potential budget constraints. Stage in RevPAR cycle Rising

Supply data source: JLL.

In 2024, Hanoi's tourism market experienced a remarkable year, During the holiday season, the market experienced a notable
welcoming 27.8 million visitors—a 12.7% y-o-y increase—nearing pre- improvement in RevPAR, primarily driven by an increase in Historical new supply trends
COVID-19 levels. International arrivals surged to 6.35 million, marking occupancy rates which approached pre-COVID levels. The Average rooms
a significant 34.8% y-o-y rise, while domestic tourism reached 21.5 Daily Rate (ADR) saw a moderate y-o-y increase, supported by a rise in
million, reflecting a 7.5% y-o-y growth. The city's tourism industry international visitors during Q4. 4,000
generated approximately USD 4.4 billion in revenue for 2024,
achieving an 18.3% y-o-y increase. Throughout the year, Hanoi Outlook
3,000
actively hosted large-scale festivals and enhanced night tourism With several near-completion hotels experiencing delays extending
activities. Looking ahead to 2025, the city has set ambitious targets, into 2025, the year is expected to introduce over 900 new rooms to
aiming to attract 40 million visitors, including 7 million international Hanoi's market. Noteworthy brands such as Fusion, Four Seasons, 2,000
tourists, with a projected tourism turnover of USD 5.1 billion. and Fairmont are set to enhance the market with an influx of upscale
and luxury accommodations.
In Q4, Hanoi's hotel market saw no new supply additions, primarily 1,000
due to ongoing construction delays. For the entire year of 2024, the In the medium term, the hotel sector in Hanoi may encounter
total new supply reached 708 rooms, largely driven by the opening of challenges stemming from increased competition due to the influx of
0
an Upper Upscale hotel, Sheraton Hanoi West. new high-end supply, coupled with potential budget constraints for
business travellers amid ongoing global economic uncertainty. 2019 2020 2021 2022 2023 2024

Cleavon Tan | Senior Director, Hotel Strategic Consultancy | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Hanoi

Apartment | 4Q24

Hanoi Apartment Market

Fundamentals
Total supply 346,978 units
• Premium products dominate new supply; YTD new launches 19,058 units
• Positive absorption thanks to bustling presales activities; YTD units sold 20,445 units
YTD sales rates 99.6%
• Primary selling prices are set at higher levels by strong developers and investment sentiment.
Primary price USD 2,863 per sqm NFA
Price growth Y-o-Y 33.0%
Stage in Price cycle Growth slowing
Note: Indicators are for all grades - Ultra-Luxury, Luxury, Premium, Mid-end and
Affordable segment.
Signs of market recovery became more apparent as cumulative new Overall primary prices surged to USD 2,863 per sqm, a significant
supply for the whole of 2024 reached over 19,000 units, with the increase of 12.4% q-o-q and 33.0% y-o-y, due to depleted lower- Historical supply and demand trends
addition of 6,034 units in 4Q24. priced inventory and introduction of higher-priced new stock. units (thousands)

4Q24 welcomed many products officially eligible for sale, notably Outlook 35 100%
3,950 Premium units from Lumi Hanoi (by CapitaLand), or 56 Luxury 2025 is expected to be a vibrant year for the apartment sector as 100%
30
units from The Nelson (by HD Mon Holdings). Luxury projects have market signals gradual improvement and primary selling prices have 99%
been gradually returning since the second half of 2024 thanks to been set high by reputable developers. 25 99%
positive signals from demand and timely competitive sentiment 20 98%
when products from Vinhomes, Masterise, or CapitaLand The East anticipates significant supply from Vinhomes Ocean Park, 98%
15 97%
continuously launched successfully. the North welcomes Vinhomes Global Gate (Mid-end and Premium),
and the West's Starlake Township is set to dominate the Luxury 10 97%
Demand in the quarter focused on high investment potential units or market, ensuring a geographically diverse expansion of Hanoi's real 96%
5
products from reputable developers. Besides a large transactions estate landscape. 96%
from Lumi Hanoi after a positive pre-sale period, the Mid-end market 0 95%
also attracted interest. Most projects in the current basket had a sale 2019 2020 2021 2022 2023 2024
rate of 85-100% in 4Q24, demonstrating the stable demand of this
segment. New launched Sales rates

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Northern

Ready-built Landed
Properties | 4Q24

Northern Ready-built Landed Properties Market

Fundamentals
Total supply 96,443 Units
• New Hanoi RBL township provides more investment options alongside Hai Phong and Hung Yen; YTD new launches 10,710 units
• Demand exhibits a slower response toward high-priced inventories; YTD units sold 6,543 units
YTD sales rates 94.0%
• Hanoi and Hai Phong have played a significant role in driving up the average price growth of the Northern in 2024.
Primary price USD 7,032 per sqm land
Price growth Y-o-Y 16.6%
Stage in Price cycle Growth slowing
Note: Northern area consists Hanoi, Hung Yen, Hai Phong, Bac Ninh and Vinh Phuc
markets.
The Northern RBL market recorded 5,808 units launched in 4Q24, Outlook
bringing the total new supply in 2024 to 10,710, 6.8 times higher than In 2025, the market is expected to be dominated by large-scale Historical supply and demand trends
2023 and 45% higher than 5-year average, signalling market recovery. projects such as Vinhomes Wonder Park, Hinode Royal Park, and An units (thousands)
A large volume of supply came from townships in Hanoi and Hai Lac Green Symphony in Hanoi, and Economy City in Hung Yen or
Phong, specifically in emerging areas such as Dong Anh district and Vinhomes Royal Island in Hai Phong. These developments are 18 100%
Thuy Nguyen city, offering townhouses with small sizes ranging from anticipated to diversify both supply and price, with variations 16 99%
70-80 sqm for more investment options. depending on location, aiming to appeal to a broader range of 14 98%
buyers, particularly those seeking long-term residency or investment 12 97%
In 4Q24, market recorded 3,020 units sold, accounting for around half opportunities. 10 96%
of the total 6,543 units sold in 2024. However, demand exhibited a 8 95%
slower response toward high-priced inventories, leading to a slight The year 2025 is likely to continue the 2H24 pattern, with a strategic
6 94%
decrease in the cumulative absorption rate to 94.0%. shift in developers' approaches, emphasizing accelerated
development of integrated townships to mitigate persistent 4 93%
Overall primary prices reached a new high by year-end, averaging locational challenges. This strategy involves offering fair, competitive 2 92%
USD 7,032/sqm land, marking a 16.6% y-o-y increase, driven strongly prices in initial phases to attract early adopters, followed by a gradual 0 91%
by Hanoi and Hai Phong. Well-developed infrastructure projects elevation of products to premium status as townships mature. 2019 2020 2021 2022 2023 2024
attracted high-income individuals seeking long-term investment or
future residency. New launched Sales rates

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Northern

Industrial | 4Q24

Northern Industrial Park Land Market

Fundamentals
Total supply 12,527 ha
• In 4Q24, two new IPs in Hai Duong contribute 260 ha, bringing the total stock to over 12,500 ha; YTD new launch 859 ha
• Despite new supply, strong absorption across the region, of 203 ha in 4Q24 maintained overall stability; YTD net absorption 893 ha
YTD vacancy rate 20.0%
• The Northern region saw modest rent increases, with Hai Duong experiencing significant growth due to its lower starting point.
Asking price USD 132.8 per sqm per lease term
Rent growth Y-o-Y 2.4%
Stage in rental cycle Rents rising
Note: Northern area consists of Hanoi, Hung Yen, Hai Phong, Bac Ninh and Hai Duong
markets.
New IPs launches occurred throughout the year, except in Q2, adding By the end of 4Q24, the Northern region experienced a modest
more than 1,000 ha to the market. In 4Q24, two new IPs in Hai Duong, increase in average asking rent by 0.6% q-o-q and 2.4% y-o-y, reached Historical supply and demand trends
contributed over 260 ha to the market, increasing the total stock to USD 132.8 per sqm per lease term. This growth was hindered by an Thousands
more than 12,500 ha. industrial park in Hai Phong adjusted its asking rent to align closely ha
with market averages. Excluding this adjustment, the overall market 1.4 30%

Thousands
Both new IPs have stated their commitment to simultaneous demonstrated resilience with a 4.5% growth rate. 1.2 25%
development across three aspects: economic, social, and
environmental (ESG). This approach is considered a crucial criterion Outlook 1.0
20%
for international green and sustainable development. Sustained FDI inflows in recent years have fostered a positive outlook, 0.8
with expectations of increased land absorption across the region. 15%
0.6
Two new IPs added 262 ha of supply in Hai Duong, causing a 10.6% q- Riding on this wave of demand, provinces are anticipated to
10%
o-q drop in the province's occupancy rate and temporarily impacting experience accelerated rent growth in 2025, provided there is 0.4
the Northern market occupancy performance. Despite 203 ha being sufficient supply available to capture the incoming opportunities. 5%
0.2
absorbed in 4Q24, the overall occupancy rate remained stable, stood
at 80% in 4Q24. 0.0 0%
2019 2020 2021 2022 2023 2024

Axis Title
Net absorption New supply Vacancy rate

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Northern

Industrial | 4Q24

Northern Ready-built Factory Market

Fundamentals
Total supply 3,349,970 sqm
• The market experiences a substantial increase in new spaces as anticipated;
YTD new completions 542,112 sqm
• Quarterly net absorption stays positive, indicates buoyant market sentiment; YTD net absorption 430,601 sqm
• Market rentals show a slight increase, continuing the upward trajectory. YTD vacancy rate 12.6%
Gross asking rent USD 5.01 per sqm per month
Rent growth Y-o-Y 2.0%
Stage in rental cycle Growth slowing
Note: Northern area consists of Hanoi, Hung Yen, Hai Phong, Bac Ninh and Hai Duong
markets. Data on NLA basis.
The Northern RBF market expanded significantly in 4Q24, adding over Outlook
224,000 sqm of new supply. Total new completions for the year The market size is projected to expand roughly 983,000 sqm in 2025, Historical supply and demand trends
reached about 542,000 sqm, boosting the total stock to 3.3 million with new supply distributed across various provinces. This will sqm (millions)
sqm, marking a 7.2% q-o-q and 19.3% y-o-y increase. Hai Phong elevate the region’s total stock to 4.3 million sqm, grow 1.3 times by
maintained its leading position with approximately 1.3 million sqm the end 2025. The trend of develop Ready built hybrid (RBH) 0.6 14%
(40% of total stock), followed closely by Bac Ninh with roughly 1.0 properties is set to continue, accounting for 39% of the total future 12%
0.5
million sqm (32%). supply and catalyst significant growth in the RBF market size in 2025.
10%
0.4
Market sentiment continued its strong performance in 4Q24 with new Despite potential increased competition, market sentiment is 8%
net absorption reaching about 92,000 sqm. For overall of 2024, the expected to remain strong, reinforced by promising FDI 0.3
6%
total net absorption recorded 430,000 sqm, the highest in 5 years and developments. While Hai Phong and Bac Ninh are expected to
0.2
nearly double the 2023 figure. maintain their lead, Hung Yen and Hai Duong are projected to 4%
become more vibrant. 0.1 2%
RBF asking rents in the Northern market reached USD 5.0 per sqm per
month, as of 4Q24. This upward trend represented a 0.5% q-o-q and 0.0 0%
2.0% y-o-y increase, driven mainly by premium rental rates of newly 2019 2020 2021 2022 2023 2024
completed high-quality facilities with higher specifications.
Net absorption New supply Vacancy rate

Trang Le | Head of Research & Consulting | [email protected]

© Jones Lang Lasalle IP, Inc. 2024
 Market Brief

Northern

Industrial | 4Q24

Northern Ready-built Warehouse Market

Fundamentals, Prime RBW
Total supply 1,239,567 sqm
• A new Modern supply enters the market;
YTD new completions 112,075 sqm
• Net absorption remains positive in 2024, despite market uncertainties; YTD net absorption 208,261 sqm
• The average asking rent increases slightly compared to the previous quarter. YTD vacancy rate 11.5%
Gross asking rent USD 4.63 per sqm per month
Rent growth Y-o-Y 0.8%
Stage in rental cycle Growth slowing
Note: Northern area consists of Hanoi, Hung Yen, Hai Phong, Bac Ninh and Hai Duong
markets. Data on NLA basis, covering the Prime RBW only.
In 4Q24, the Northern Modern RBW market expanded with nearly Outlook
39,000 sqm from SLP Park Thuan Thanh II in Bac Ninh, bringing the The Northern Modern RBW market is poised for substantial growth in Historical supply and demand trends
total new supply for 2024 to 112,000 sqm and overall stock to over 1.2 2025, with approximately 1.2 million sqm of new space expected, sqm (millions)
million sqm. Bac Ninh led in both new completion and total supply, pushing the total stock to over 2.5 million sqm by end 2025. Bac Ninh
accounting for approximately 56% market share. is set to lead this expansion, attributing to notable projects, namely 0.4 25%
BWID VSIP Bac Ninh 2, BWID ESR Nam Son Hap Linh, BWID ESR Yen
The Northern RBW market experienced positive momentum, largely Phong Expansion, LOGOS Yen Phong 2A, and SLP Park Yen Phong 2C. 20%
0.3
due to the year-end effect uptick in activity. The net absorption in
4Q24 reached over 41,000 sqm, bringing the year's total to 208,000 Short-term demand is expected to maintain current levels. 15%
sqm. While 2024 showed encouraging signs, significant improvement Scheduled supply is likely to temporarily outpace demand, 0.2
was limited by economic uncertainties. Hai Phong led in new leased intensifying competition and potentially creating challenges for 10%
area in 4Q24, driven by newly leased modern RBW space of an leasing activities. The market is anticipated to gradually improve and 0.1
international 3PL in Hai Phong to open their first bonded warehouse. stabilize in the medium term. 5%

In 4Q24, the average asking rent of Modern RBW was recorded at 4.6 0.0 0%
USD/sqm/month, showed a slight uptick compared to the last 2019 2020 2021 2022 2023 2024
quarter, driven by the price of the new project SLP Park Thuan Thanh
II. Net absorption New supply Vacancy rate

Trang Le | Head of Research & Consulting | [email protected]

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About
Research
us & Consulting |
[email protected]

Our Research & Consulting Services

Research | Vietnam Property Intelligence Center (VPIC) & Real Estate Intelligence Service (REIS)

The Research team provides analysis, insights and trends of the local real estate market via free publication and subscription-based services

FREE PUBLICATION SUBSCRIPTION-BASED SERVICES

Available frequently on JLL website and other media channels More detailed, tailor-made and in-depth analysis reports

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A quarterly free report that provides high-level market performance analysis and near-term forecast Subscription report provides detailed market performance analysis and medium-term forecast
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geographical trend analysis platform helps analyse existing and future supply trends
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The in-depth analysis of market outlook and hot trends in the Vietnam real estate market. Occasional requirements. The database provides key market indicators across all submarkets and
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About
Research
us & Consulting |
[email protected]

Our Research & Consulting Services

Consulting | Market Study & Strategic Advisory Services

We provide our clients with accurate and objective studies undertaken by our Consulting department. These are well-thought conceptual plans, thorough financial analyses, and creative overall development
strategies that we provide to local and foreign property owners, tenants, investors and developers.

Market studies, due diligence

• Real estate market landscape analysis
• In-depth quantitative and qualitative analysis • Industrial Land
• Ready-built factory Retail, Shopping
• Demand assessment
• Ready-built warehouse malls
• Cold-storage
Highest and best-use studies (HBU)
• Identify which use or planning would bring maximum return to the targeted property/ site Residential: Intensive • Hospitality
• Apartment for sale Market (Hotel, resort and
• Ready-built landed Serviced Apartment)
Coverage
Development recommendation and investment strategies property • Condotel
• Feasibility analysis and development appraisal (Villas/shophouse/tow
nhouse)
• Development strategy encompassing guidelines for master planning and marketing Other Alternative assets
Office and Flex- • Senior House
Space • Data Center
Property business unit/corporate company business plan • Vacation property
• Asset/portfolio optimisation • and more
• Business strategy assessment

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About
Research
us & Consulting |
[email protected]

Our Research & Consulting Services

MapIT | JLL enterprise-wide geo mapping software

MapIT is a JLL enterprise-wide geo mapping software that can model

datasets with assigned locations, infrastructure and city landmarks.

Information is be presented in an interactive manner in correlation with the map.

Maps provision is prepared based on best available information, covering all topics
discussed in the Scope of Work.

The client is granted a user account to access the report from MapIT web app.
Visualise data map buildings, Understand market Analyse spatial Identify sites,
places and spaces conditions and dynamics relationships and trends opportunities and risk

Assess demand/supply Benchmark sites against competitors Model datasets

modelling consumer catchment and/or pipeline supply to identify patterns and
areas relationships

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Research
us & Consulting |
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Our Research & Consulting Services

PowerBI | Advanced data interaction and analysis platform

Power BI is an additional platform JLL uses to provide Clients a tool for

data interaction and analysis, encompassed with geographical
visualization.

Power BI is highly user-friendly and enables Clients to create deeper analysis and
more insightful illustration as their intention

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 Trang Le | Head of
Terminology
Research & Consulting |
Property clock
[email protected]

Property clock

The clock diagram illustrates where JLL estimates the stage of each property market within its individual rent/price cycle at the end of
the review quarter. It helps to signify the expected RC/CV movements in the short-term, i.e., in the next one to two quarters.

The diagram is a convenient method of comparing the relative position of markets in their rent/price cycle. Their position is not
necessarily representative of the investment or development market prospects. Their position refers to the prevailing rent or price GROWTH RENTS/
trend and its expected movement in the next quarter. Generally, it’s normal for markets to move from one stage to another; a couple SLOWING PRICES
of markets have previously been swinging pretty wildly. FALLING

The Property Clock is divided into four pies:

• Rents/Prices falling means the values are expected to start falling, and the pace of fall is accelerating
RENTS/ DECLINE
• Rents/Prices decline means the values are expected to still fall, although the pace is slowing down PRICES RISING SLOWING

• Rents/Prices rising means the values are expected to start rising, and the pace of growth is accelerating

• Rents/Prices growth slowing, means the values are expected to still grow, but the pace is slowing down

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 Trang Le | Head of
Terminology
Research & Consulting |
Office market
[email protected]

Office market
Current supply The total amount of cumulative office space (in NFA terms) that has been completed at a given time. JLL Market Brief only covers the Grade A & B supply.

Owner-occupied supply Current supply with up to 80% Owner occupied.

For lease supply Current supply is ready for lease to the market and not Owner-occupied building

Future supply The total amount of office space at a given time slated for completion in the future.

The total amount of available office space that remains to be leased by the property owner(s) at a given time. This excludes space available for sub-lease by
Vacant space
tenants (i.e., shadow space), space physically empty but already pre-leased or reserved, and space to be available for lease in the future.

Occupied space The current supply is less vacant space. “Net absorption” refers to the change in the occupied space from quarter to quarter.

Gross Floor Area (GFA) The total amount of all covered areas, including columns, walls, common passageways, lifts, lobbies and toilets.

The amount of usable floor area, excluding columns, walls, common passageways, lifts, lobbies and toilets. Net lettable area or Net leasable area (NLA) refers to
Net Floor Area (NFA)
the amount of NFA that is available for lease.
The amount of market rent receivable by landlords after deducting outgoings.
Net rent
Market practices: Net rents may be quoted on an NFA or a GFA basis
The estimated costs set aside by landlords for building maintenance and later passed on to tenants in the form of service charges or management fees.
Outgoings
Market practices: Service charges/management fees may or may not be quoted separately from net rents.
The total achievable rent to be borne by tenants, including service charges/management fees. Gross rents equal net rents plus outgoings.
Gross rent
Market practices: Gross rents may be quoted on an NFA or a GFA basis.
The amount of market rent that is written on the contract.
Face rent
Market practices: Face rent was also known as headline rent or contract rent. Face rents may be quoted on gross rent or net rent.

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 Trang Le | Head of
Terminology
Research & Consulting |
Office market
[email protected]

Office market (cont.)

The amount of market rent receivable by landlords.
Effective rent
Market practices: Effective rents are calculated based on the face rent.

Capital value The market value or probable price of a property at a given time from a valuation point of view.

Yield The percentage return on property investment from a valuation point of view at a given time. It is based on current market rents assuming full occupancy.

A Grade A property meets all the factors in a set of criteria regarding its offerings to a typically sophisticated occupier. These criteria are broadly concerned with
Grade A
the property’s overall profile, location, amenities, management standards and technical specifications.
A Grade B property meets some of the factors in a set of criteria regarding its offerings to a typically sophisticated occupier. These criteria are broadly concerned
Grade B
with the property’s overall profile, location, amenities, management standards and technical specifications.
A Grade C property meets a set of criteria regarding its offerings to a typically non-sophisticated occupier. These criteria are broadly concerned with the
Grade C
property’s overall profile, location, amenities, management standards and technical specifications.
HCMC Office consists of six precincts: Core CBD, CBD Fringe, HCMC South, HCMC East, HCMC North and Others; and the Hanoi Office consists of six precincts:
Precincts/ Submarkets
Core CBD, Mid-town, Hanoi West, The Westlake and Others. The detailed classifications are provided as below

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 Trang Le | Head of
Terminology
Research & Consulting |
Office market
[email protected]

Office market (cont.)

HCMC Office Precincts/ Submarkets

CBD Core CBD District 1, part of District 3 (within CBD 1km radius) and Thu Thiem

CBD Fringe Remaining part of District 3 and part of Districts 4 and 10 - within CBD 2km radius

HCMC South So called ‘Saigon South’, incl. District 7 and remaining part of District 4

Non-CBD HCMC East Thu Duc City (Excl. Thu Thiem) and Binh Thanh District

HCMC North Districts Phu Nhuan, Tan Binh, Tan Phu and Go Vap

Others Remaining part of District 10 and Districts 5, 6, 8, 11, 12 and Nha Be.

Hanoi Office Precincts/ Submarkets

Core CBD Hoan Kiem District

CBD Mid-town Districts Ba Dinh, Dong Da, part of Hai Ba Trung District (within 1km from CBD)

Hanoi West Districts Cau Giay, Nam Tu Liem

The Westlake Tay Ho District and part of Bac Tu Liem District (within 1km from Starlake NUA)
Non-CBD
Remaining part of District Bac Tu Liem, Hai Ba Trung and Districts Hoang Mai, Long Bien,
Others
Ha Dong, Gia Lam, Hoai Duc, Dong Anh and Dan Phuong.
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 Trang Le | Head of
Terminology
Research & Consulting |
Retail market
[email protected]

Retail market
The total amount of cumulative modern (as opposed to traditional) retail space (in GFA terms) that has been completed at a given time. This includes
Current supply
department stores, shopping centres and prime retail space. JLL Market Brief only covers the Prime supply.

Future supply The total amount of modern retail space is slated for completion in the future at a given time.

The total amount of available modern retail space that remains to be leased by the property owner(s) at a given time. This excludes space available for sub-lease
Vacant space
by tenants (i.e., shadow space), space physically empty but already pre-leased or reserved, and space to be available for lease in the future.

Occupied space The current supply has less vacant space. “Net absorption” refers to the change in occupied space from quarter to quarter.

Net leasable area (NLA) The total amount of leasable floor area on which rents and service charges are based, which excludes common areas used for foot traffic.

The total achievable rent to be borne by tenants, excluding service charges/management fees and VAT.
Net rent
Market practices: Net rents in the retail market are usually quoted on NLA basis.
A shopping centre is a property housing commercial multi-branded rental units/stores/establishments and common areas. It is planned, developed and
Shopping Centre
operated. The property is classified in the hierarchy by function and/or size and by the area served.
Usually, a multi-level retail property varying in size, from one selling a variety of goods to the other selling a full range of different lines. A distinctive feature of a
Department Store
department store is that 90% of the space is under a centralised payment system, and it stocks a significant number of cosmetics, fashion and household goods.
To ensure consistency in market performance observations, JLL selected a subset of the Supply Basket (above) for the occupancy rate and Rental basket − the
Performance Basket so-called Prime Mall basket. All the demand-related indicators in this report refer to Prime Mall if there is no further explanation. The definition of Prime Mall is
listed in our Performance Basket as below:
Represents high-quality retail space meeting various rigorous criteria, including an excellent location and accessibility, developer reputation, layout and
Prime Grade
ambience, management quality and tenant mix.
Represents retail centres that do not meet our Prime Grade standards in terms of location and accessibility, developer reputation, layout and ambience,
Non-Prime Grade
management quality, tenant mix or a combination thereof.

Precincts/ Submarkets HCMC and Hanoi Retail market consists of two precincts: City Centre and City Fringe. The detailed classifications are provided as below.

© Jones Lang Lasalle IP, Inc. 2024

 Trang Le | Head of
Terminology
Research & Consulting |
Retail market
[email protected]

Retail market (cont.)

HCMC Retail Precincts/ Submarkets

City Centre Districts 1 and District 3

City Fringe Districts 2, 4, 5, 6, 7, 8, 9, 10, 11, 12, Thu Duc, Binh Thanh, Tan Binh, Go Vap, Tan Phu, Binh Tan.

Hanoi Retail Precincts/ Submarkets

Including Hoan Kiem District, Ba Dinh District, and a part of Hai Ba Trung District (bordered on the north by Nguyen Du – Le Van Huu street, on the south by Dai
City Centre
Co Viet – Tran Khat Chan street, on the east by Lo Duc Street and west by Le Duan Street)

City Fringe Dong Da, Hai Ba Trung, Tay Ho, Long Bien, Cau Giay, Nam Tu Liem, Bac Tu Liem, Thanh Xuan, and Ha Dong Districts.
A shopping centre is a landlord-developed and operated commercial project. Most of the tenant stores have dividing walls and frontage. A shopping centre
operator can lease anchor space to department stores/entertainment operators/supermarkets, and other types of retail requiring large floor space.
Supply Basket
Under shopping centre, we classify retail centres in the hierarchy by function and/or size and by the area served as below:

• Department Store Speciality spaces of less than 10,000 sqm NLA, housing 10 to 30 stores which are mostly convenience and shopping stores targeting local residents.

• Performance Basket Similar features to neighbourhood centre but larger scale, range of speciality spaces between 10,000-25,000 sqm NLA, housing 30 to 100 stores

Speciality space of more than 30,000 sqm NLA or 100 stores or speciality stores, anchored by one large department store, attracting more than 10,000 customers
• Prime Grade
per day.
Similarly defined as a regional shopping centre but comprising more than one department store.
• Non-Prime Grade While Vietnam Retail market is widely diversified with a variety of product types, including all the types listed above, to stay relevant to our target readers, beginning
in 1Q21, this report has been covering Regional Shopping Centre, Super Regional Centre and Community Mall only.

© Jones Lang Lasalle IP, Inc. 2024

 Trang Le | Head of
Terminology
Research & Consulting |
Residential market
[email protected]

Residential market
Developer-built apartments that are widely available for sale on the market without any restrictions on target buyers, according to the market mechanism.
Commercial Apartment for sale or
According to JLL in-house classification, the Vietnam Apartment for Sale Market is categorised as Ultra-Luxury, Luxury, Premium, Mid-end and Affordable segments.
Apartment for sale The detailed classifications are provided on the following page.
Developer-built landed properties that are widely available for sale on the market without any restrictions on target buyers, according to the market mechanism,
where the products comprise the house(s) on the ground. The developers provide a land plot with the necessary infrastructure and houses built based on the
Ready-built landed property for sale or Ready-
developer’s master plan and design.
built landed property
As per market practices, there are three types of Ready-built landed properties; villa, townhouse and shophouse. The detailed classifications are provided on the
following page.
Refers to the residential property available for sale on the market that is incorporated with recognisable hotel-operator brands. Residences are for sale to
Branded residence individual buyers, to be enjoyed for personal use or pooled back into the hotel’s rental pool as an investment vehicle. It can be either a standalone unit or part of
the mixed-use development featuring a hotel component.
Current supply The total amount of supply available for sale, either through the Primary market or the Secondary market, regardless of construction status.

Future supply The total amount of supply to be launched for sale in the future.

Completed supply The total amount of supply that has been physically completed and handed over for occupation. Also known as existing supply.

The total amount of supply that has not been physically completed and handed over for occupation. Includes supply under construction and supply planned for
Uncompleted supply
construction. Also known as supply in the pipeline.

Primary market Part of the market that comprises first-hand supply available for sale from developers.

Secondary market Part of the market that comprises second-hand supply available for resale from previous buyers.
The estimated amount of new supply (in units) officially launched for sale during a period. Projects are considered ‘officially launched’ only when the Sale
Purchase Agreements are signed, typically upon the completion of foundations for the Apartment sector and the completion of internal infrastructure according
Launches (Official launches)
to the project schedule for Ready-built landed property.
Market practices: Many developers choose to launch their projects in phases that may or may not be publicly announced. © Jones Lang Lasalle IP, Inc. 2024
 Trang Le | Head of
Terminology
Research & Consulting |
Residential market
[email protected]

Residential market (cont.)

The estimated amount of supply (in units) sold during a period. Includes sold units from new supply in the period and supply from previous periods.
Take-up
Market practices: Take-up may comprise units sold via capital contributions or sale and purchase agreements.

Total supply The total amount of unsold supply that has been launched for sale.

Cumulative sales rate The percentage between cumulative units sold and cumulative units launched up to the specific time.

Primary asking price The stock-weighted average asking price in the Primary market.

Secondary asking price The stock-weighted average asking price in the Secondary market.

Non-chain-link changes. q-o-q and y-o-y changes include the effect of supply additions/removals

Chain-link changes q-o-q and y-o-y changes are adjusted to remove the effects of supply additions/removals.
An ultra-luxury property meets all of the factors in a set of criteria regarding its offerings to high net-worth individuals or households in the country and region,
usually associated with a premium brand that offers top-notch services and prestige and recognition. These criteria are broadly concerned with the property’s
Ultra-Luxury apartment
overall profile, location, facilities, amenities, and management standards. A majority of ultra-luxury properties are located in the CBD of the city under review.
Typical price range: > USD 10,000 per sqm, excluding VAT and sinking fund
A luxury property meets all of the factors in a set of criteria regarding its offerings to a typical local wealthy household. These criteria are broadly concerned with
the property’s overall profile, location, facilities, amenities and management standards. A majority of luxury properties are located in or near the CBD of the city
Luxury apartment
under review.
Typical price range: > USD 4,000–USD 10,000 per sqm, excluding VAT and sinking fund
A premium property meets some of the factors in a set of criteria regarding its offerings to a typical local wealthy household. These criteria are broadly
concerned with the property’s overall profile, location, facilities, amenities and management standards. A majority of premium properties are located in new
Premium apartment
urban areas outside the CBD of the city under review.
Typical price range: USD 3,000–USD 4,000 per sqm, excluding VAT and sinking fund
© Jones Lang Lasalle IP, Inc. 2024
 Trang Le | Head of
Terminology
Research & Consulting |
Residential market
[email protected]

Residential market (cont.)

A mid-end property meets all of the factors in a set of criteria regarding its offerings to a typical local middle-class household. These criteria are broadly
concerned with the property’s overall profile, location, facilities, amenities and management standards. A majority of mid-end properties are located within the
Mid-end apartment
inner districts of the city under review.
Typical price range: USD 1,500–USD 3,000 per sqm, excluding VAT and sinking fund
An affordable property meets some of the factors in a set of criteria regarding its offerings to a typical local middle-class household. These criteria are broadly
concerned with the property’s overall profile, location, facilities, amenities and management standards. A majority of affordable properties are located in the
Affordable apartment outer districts of the city under review.
Typical price range: < USD 1,500 per sqm, excluding VAT and sinking fund
Note: The price ranges provided above should not be understood as the sole and utmost criterion based on which projects are assigned grades.

High-end apartment including Ultra Luxury, Luxury and Premium segments

Low-end (Mass-market) apartment including Mid-end and Affordable segments

Một ngôi nhà lớn và sang trọng với khuôn viên riêng, thường có tối đa ba tầng. Tỷ lệ xây dựng thường nhỏ hơn 70%, tập trung vào mảng xanh.
▪ Most popular villas are located on 200-300 sqm land plots. Some luxury villa plot areas may reach 500-1,000 sqm.
▪ The popular construction area/Gross Floor Area (GFA) is about 250-350 sqm while the land plot is large. For that reason, all things equal, the selling price per
Biệt thự square metre of land is lower than that of townhouses.
▪ Typically, there are two types of villa, as shown below:
- Detached villa: a single villa built on private land
- Semi-detached villa: a single villa built as one of a pair that shares one common wall; often, each house layout is a mirror image of the other
A tall, narrow terraced house, generally having three or more floors. The plot ratio is usually more than 70% and is focused on the construction floor area.
Townhouse ▪ Most popular townhouses have plot areas of 60-100 sqm
▪ The popular construction area/Gross Floor Area (GFA) is about 150-250 sqm

© Jones Lang Lasalle IP, Inc. 2024

 Trang Le | Head of
Terminology
Research & Consulting |
Residential market
[email protected]

Residential market (cont.)

A townhouse opening onto the pavement for commercial purposes.
▪ The construction and design are similar to those of townhouses. \
Shophouse
▪ The popular construction area/Gross Floor Area (GFA) of shophouses is about 250-400 sqm, with the upper 3-4 floors for living purposes and the ground floor
(or middle floor, if applicable) for commercial purposes. It is larger than a townhouse.
Refers to a neighbourhood or township development with mixed-use components, such as residential, retail, institution, leisure and more, where residents can
live, work and play. It comprises multifunctional and interconnected buildings that focus on the surrounding environment to ensure harmonious ‘street-scape’
and architecture.
Integrated project
Market practices: As the Vietnam real estate market is gradually maturing, a sustainably wholesome living environment is an important factor for buyers to consider.
Based on our real estate expertise, the suitable size of an integrated development should be in excess of 5ha to ensure commercially viable facilities.
Note: The product classification provided above should not be understood as the sole and utmost criterion based on which projects are assigned types.
According to JLL in-house classification, the HCMC Residential consists of seven precincts: CBD, CBD Fringe, HCMC South, HCMC East, HCMC North, HCMC West
Precincts/ Submarkets
and Others; and the Hanoi Residential consists of seven precincts: CBD, CBD Fringe, Hanoi South, Hanoi East, Hanoi North, Hanoi West and Others.

© Jones Lang Lasalle IP, Inc. 2024

 Trang Le | Head of
Terminology
Research & Consulting |
Residential market
[email protected]

Residential market (cont.)

HCMC Office Precincts/ Submarkets
CBD CBD District 1, part of District 3 (within CBD 1km radius) and Thu Thiem
Remaining part of District 3, Districts 4 , 10, Phu Nhuan, Binh Thanh and part of District 5 -
CBD Fringe
within CBD 5km radius
So called ‘Saigon South’, incl. Districts 7, Nha Be and part of Binh Chanh - from QL50 to
HCMC South
Nguyen Huu Tho St.
Non-CBD
HCMC East Thu Duc City (Exc. Thu Thiem)
HCMC North Districts 12, Tan Binh, Tan Phu and Go Vap
HCMC West Remaining part of District 5, Districts 6, 8, and Binh Tan.
Others Remaining part of Binh Chanh, Districts Hoc Mon, Cu Chi, Can Gio.
Hanoi Office Precincts/ Submarkets
CBD CBD Hoan Kiem District
CBD Fringe Ba Dinh District, Dong Da District, part of Hai Ba Trung District (within 1km from CBD)
Hanoi South Hoang Mai District, Remaining part of Hai Ba Trung District
Hanoi East Long Bien District, Gia Lam Commune
Cau Giay District, Nam Tu Liem District, Thanh Xuan District, Ha Dong District, Hoai Duc
Hanoi West
Commune, Bac Tu Liem District, Tay Ho District, Dan Phuong Commune
Non-CBD Hanoi North Dong Anh Commune, Me Linh Commune
Remain Ung Hoa Commune, Thuong Tin Commune, Thanh Oai Commune, Thach That
Commune, Quoc Oai Commune, Phu Xuyen Commune, My Duc Commune, Son Tay
Commune, Ba Vi Commune, Chuong My Commune, Phuc Tho Commune, Thanh Tri
Others
Commune, Soc Son commune
ing part of District Bac Tu Liem, Hai Ba Trung and Districts Hoang Mai, Long Bien, Ha Dong,
Gia Lam, Hoai Duc, Dong Anh and Dan Phuong. © Jones Lang Lasalle IP, Inc. 2024
 Trang Le | Head of
Terminology
Research & Consulting |
Hotel market
[email protected]

Hotel market
A measure of the average rate paid for rooms sold, calculated by dividing room revenue by rooms sold.
Average Daily Rate (ADR)
ADR = Room Revenue/Rooms Sold

Month to Date (MTD) Period that starts at the beginning of the current month and ends at the current date.

Number of rooms Total number of rentable rooms for overnight accommodations.

Percentage of available rooms sold during a specified time period. Occupancy is calculated by dividing the number of rooms sold by rooms available.
Occupancy (Occ.)
Occupancy = Rooms Sold / Rooms Available
Revenue Per Available Total room revenue divided by the total number of available rooms. See Room Revenue, Rooms Available.
Room (RevPAR) Room Revenue/Rooms Available = RevPAR

Year to date (YTD) Period starting at the beginning of the current year and ending on the current date.

© Jones Lang Lasalle IP, Inc. 2024

 Trang Le | Head of
Terminology
Research & Consulting |
Industrial market
[email protected]

Industrial market
Industrial park land
Industrial parks (IP) and processing zones (PZ) that are officially offered for lease at a given time. IP will turn the status to current supply when the IP has land lease decision from the
Operating/ Existing IPs
People’s Committee which will empower IP developer to legally sub-lease the land. If the IP meets the criteria, we would record the leasable area of IP as new supply.
The total land area according to the master plan of the whole IP, including leasable land area, leasable warehouse/ready-built factory area and other types of area for supporting
Total land area
facilities.
The total land area for lease according to the master plan of the whole IP regardless of its development status. Total leasable land of an IP at any given time can comprise three types
as shown below:
▪ Infra-developed land: The leasable land area which have been cleared and implemented internal infrastructures (incl. internal road, electricity, etc.) by developer and ready for
tenants to occupy.
Total leasable land area ▪ Non-infrastructure land: The leasable land area which have been cleared but not yet have internal infrastructures developed. Non-infrastructure land can still be offered for lease
yet tenants may have to wait for a while (typically 3-6 months) to be able to occupy.
▪ Uncompensated land: The leasable land area which have not been compensated at a given time, meaning land is still not legally acquired from owner (local
individuals/enterprises)
Market practices: Developer usually develops an IP in batches, depending on the expected market demand which is typically reflected by number of enquiries the developer receives.
The total leasable area of future industrial parks and processing zones according to the planning/ announcement/ proposal of provincial authorities.
Future supply Note: some future IPs would just announce the total land size, no information of leasable area. Data in this report is best available NLA at the given time.
The total amount of vacant land area that remains vacant for lease in existing IPs at a given time. This excludes space available for sub-lease by tenants (i.e. shadow space), space
Vacant space
physically empty but already pre-leased or reserved, and space to be available for lease in the future.
Occupancy rate & Net Total leasable area less vacant space (occupied space), divided by total leasable land area. The occupancy rate quoted is the best available occupancy rate at the report time.
absorption “Net absorption” refers to the change in occupied space from period to period.

Gross asking rent The total payable rent to be borne by tenants include service charges/ management fees but excludes VAT. Gross rent is not popular in this market.
Net asking price is the amount of market rent applied for leasable land area that is receivable by landlords after deducting all outgoings, is exclusive of VAT and management fee/
service charges.
Net asking rent
Net asking rent is net rent initially quoted by landlords, negotiation not yet reflected. In this report, rent quoted is in net asking rent to be in line with common market practices.
Market practices: Net land rental fee is typically quoted per sqm per lease term. Current market, lease term is approximately 30-50 years.
Average asking rent Rental rates that are calculated by weighting the square footage associated with each relevant rental rate.
© Jones Lang Lasalle IP, Inc. 2024
 Trang Le | Head of
Terminology
Research & Consulting |
Industrial market
[email protected]

Industrial market (cont.)

Ready-built facilities
Ready-built Warehouse (RBW) Warehouse and logistics facilities that are built for lease to third-party logistics operators, manufacturers, retailers and e-commerce companies to store goods. Serving import &
export activities or/and distribution to domestic customer bases.
JLL Property Market Brief Report only covers the Prime RBW.
▪ Modern RBW The facilities are built with steel structures, higher specifications with clear height from 9 to 12m, floor loading of 3 tons/sqm, at least 1 loading dock for every 1,500 - 2,000 sqm,
sprinklers fire protection system, and some provide additional logistics services.
▪ Traditional RBW The facilities that are often built with reinforced concrete structures, standard specifications for clear height from 6 to 7m, floor loading of 1.5 - 2 ton/sqm, manual fire protection
system and provide limited number of loading bays/dock levellers.
▪ Prime RBW The selected basket of RBW projects are large in scale (i.e. > 10,000 sqm NLA), developed by institutional and high-profile developers with Modern specifications, located in Tier
1 market only.
Ready-built industrial facilities to serve manufacturing tenants who are typically small in scale, i.e., require less than 1 ha land; and/or seeking to quickly establish a production
Ready-built Factory (RBF)
base without going through the complete land acquisition and construction process.
Total leasable area The total area of leasable ready-built facilities at a given time.
The total area of operating ready-built facilities space, including leasable factory/warehouse area and other types of area for supporting facilities. A property is recorded as new
Current supply added supply when it is finished construction and obtain all licenses to operate.

The total area of future ready-built facilities space, including leasable area and other types of area for supporting facilities that have clear development plan and timeline and
Future supply
have development information publicly available at the report time.

The total amount of available ready-built facilities space that remains to be leased to tenants at a given time. This excludes space available for sub-lease by tenants (i.e., shadow
Vacant space
space), space physically empty but already pre-leased or reserved, and space to be available for lease in the future.
Occupancy rate & Net Total leasable area less vacant space (occupied space), divided by total leasable area. The occupancy rate quoted is the best available occupancy rate at the report time.
absorption “Net absorption” refers to the change in occupied space from period to period.
The total achievable rent to be borne by tenants including service charge/ management fee but excluding VAT. Currently, most projects on the market quote rent as a lump sum
Gross asking rent with no distinction between rent and service charge/ management fee. In this report, all rent figures of RBW and RBF markets are gross rent, which is a sum of rent and service
charge/ management fee.
© Jones Lang Lasalle IP, Inc. 2024
 Trang Le | Head of
Terminology
Research & Consulting |
Industrial market
[email protected]

Industrial market (cont.)

Ready-built facilities (cont.)
The amount of market rent applied for leasable factory/warehouse area that is receivable by landlords after deducting all outgoings. Net rent is exclusive of VAT and
Net asking rent service charge/ management fee.
Market practices: Net factory/warehouse rental fee is typically quoted per sqm per month.

Average asking rent Rental rates that are calculated by weighting the square footage associated with each relevant rental rate.

Tier 1 provinces/cities are more developed and mostly established surrounding main cities such as HCMC or HN. Tier 2 provinces/cities that are close to Tier 1
Tier 1, 2 and 3 provinces/cities will typically experience spill-over effects as Tier 1 becomes more populated. Similarly, Tier 3 localities are next to Tier 2 in terms of maturity.

North Key Economic Zone comprises seven cities/provinces, namely, Hanoi, Hai Phong, Bac Ninh, Hai Duong, Hung Yen, Vinh Phuc and Quang Ninh.
North Key Economic Zone (NKEZ)
In this Property Market Brief, the Northern Industrial market only refers to Hanoi, Hung Yen, Hai Phong, Bac Ninh and Hai Duong markets.

South Key Economic Zone comprises eight cities/provinces, namely, HCMC, Binh Duong, Dong Nai, Long An, Ba Ria-Vung Tau, Binh Phuoc, Tay Ninh and Tien Giang.
South Key Economic Zone (SKEZ)
In this Property Market Brief, the Southern Industrial market only refers to HCMC, Binh Duong, Dong Nai, Long An, and Ba Ria – Vung Tau markets

© Jones Lang Lasalle IP, Inc. 2024

Ho Chi Minh City Hanoi

26/F Saigon Trade Center Unit 902, 9/F Sun Red River Building
37 Ton Duc Thang Street, 23 Phan Chu Trinh Street,
District 1 Hoan Kiem District

Phone: +84 8 3911 9399 Phone: +84 24 3944 0133

Trang Le My Dam
Head of Research and Consultancy Marketing Director
+84 988 306 806 +84 328 445 688
[email protected] [email protected]

About JLL,International About JLL, Vietnam

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment Since its establishment in 2006, JLL has grown to be the leading real estate services firm in
management company, has helped clients buy, build, occupy, manage and invest in a variety of Vietnam, with over 400 employees. JLL has the largest commercial agency team in Vietnam and
commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual is one of the only firms that offers a full-scope of commercial services, including landlord and
revenue of $20.9 billion and operations in over 80 countries around the world, our more than tenant representation, interior fit-out, space optimization, consultancy, property and facility
103,000 employees bring the power of a global platform combined with local expertise. Driven by management services and professional consultancy services including valuation and research.
our purpose to shape the future of real estate for a better world, we help our clients, people and 2019-2020 has been a remarkable year for JLL in Vietnam with all departments reporting
communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones unprecedented growth and the Capital Markets department successfully closing a number of
Lang LaSalle Incorporated. For further information, visit jll.com. high-profile deals. Recently, the total value of transactions consulted by JLL reached over $250
million and most of the transaction types are property transfer and joint-venture partnerships
between Vietnamese and foreign developers.

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