In 2025, the commercial real estate market, especially in HCM City, is forecast to undergo significant positive changes, with an improved supply. It can be said that this segment will “transform” to recover for a new growth cycle.

A shopping mall in HCM City. The retail property market in HCM City is expected to see further growth this year. (Photo: gkg.com.vn)

HCM City – The retail property market in Ho Chi Minh City is expected to see further growth this year, as new buildings are completed and more retailers, attracted by the increasing purchasing power of the population, enter the market.

A report by JLL states that in 2025, there will be new high-quality retail spaces in the city centre, such as Marina Central (Masterise), providing around 13,000 sqm of rental space. Net effective rents are projected to increase by 2-3 per cent annually, although the recent expansion in the city fringe supply may impact this growth.

F&B, lifestyle, and children’s amusement sectors are anticipated to be major drivers of demand in the market, it added.

Another market researcher, Dat Xanh Services, reported positive growth figures for the market in 2024, providing a strong foundation for further development in 2025.

In 2024, the market saw 7 per cent growth, reaching 1.58 million square metres, with most off the growth occurring in the city centre. The occupancy rate increased by 3 per cent year-on-year to reach 93 per cent. Retail spaces were predominantly occupied by the supermarket, food and beverage, and fashion sectors.

Rent prices for retail spaces in commercial centres have experienced significant growth in central areas due to supply scarcity, coupled with high demand. Prices have been rising by 8 per cent annually, reaching an average of 53.1 USD per square metre.

The trend of consumers looking for commercial centres with shoppertainment programmes has driven investors to enhance their construction and renovation plans with competitive leasing policies.

Therefore, the market’s development is attributed to the involvement of both foreign and domestic retailers in the market, as well as the increase in purchasing power.

According to Euromonitor, non-grocery sales in Vietnam are expected to increase with a CAGR of 12.6 per cent from 2010 to 2027. Vietnam’s consumer expenditure per household index is also expected to increase by 38 per cent from 2024 to 2028, ranking the highest in Southeast Asia.

There are promising opportunities in the Vietnamese retail market, but success hinges on effectively engaging consumers. To stand out in the market, landlords need to upgrade and renovate their malls to reflect unique offerings.

Industry experts predict a positive transformation in the commercial real estate market in 2025, particularly in HCM City, with an improved supply. This segment is expected to undergo a transformative recovery for a new growth cycle.

According to Thanh Pham, associate director of CBRE Vietnam: “Domestic and foreign brands are steadily expanding in major districts, leading to fierce competition for prime locations amid a shortage of quality properties.”

Mai Vo, head of Retail Services at CBRE Vietnam, adds: “Despite lower sales of luxury brands in various markets, Vietnam continues to attract strong interest from a few niche brands that are targeting openings in 2025-2026. Despite the current subdued mood in retail sales in China and APAC in general, a significant number of Chinese brands are seeking opportunities to expand overseas, with Vietnam being one of the potential markets for expanding their store networks. Thus, both landlords and tenants should carefully plan and secure locations at least 12 to 18 months in advance, given the long lead time required.”

In 2025, the commercial real estate market, especially in HCM City, is forecast to undergo significant positive changes, with an improved supply. It can be said that this segment will “transform” to recover for a new growth cycle.

On March 10, Trung Nguyen Legend held the ground-breaking ceremony for the largest coffee factory in Southeast Asia in Tan An 2 Industrial Cluster, Buon Ma Thuot city.

The ground-breaking ceremony of Trung Nguyen Legend energy coffee factory took place as part of the 9^th Buon Ma Thuot Coffee Festival 2025.

The event marks an important milestone in the efforts of Dak Lak province and Trung Nguyen Legend to elevate the value of the Buon Ma Thuot Robusta coffee beans, affirming Vietnam’s role as a coffee powerhouse globally and transforming Buon Ma Thuot into a “Coffee City of the World.”

In 2024, Vietnam’s coffee exports are estimated to reach over $5 billion, making coffee one of the country’s top 10 main exports. Among them, Buon Ma Thuot Robusta coffee beans are “creating a global boom,” increasingly popular in coffee powerhouses such as Germany, Italy, China, the United States, Japan, Spain, Indonesia, among others. The growing popularity of Buon Ma Thuot Robusta coffee beans has strongly demonstrated the quality and position of Vietnam as a coffee powerhouse.

Dak Lak province boasts over 200,000 hectares of coffee plantations that yield over 530,000 tonnes annually. However, only 20 per cent of harvested coffee beans undergo deep processing, creating ample room for development. The local authorities encourage businesses to invest in deep processing to raise the added value for coffee beans, as well as meet the growing demand for processed coffee worldwide.

Thus, the groundbreaking ceremony of the Trung Nguyen Legend energy coffee factory is the highlight of the 9^th Buon Ma Thuot Coffee Festival 2025, marking a positive signal in the province’s efforts to encourage investments in the coffee sector.

Vanusia Nogueira, executive director of the International Coffee Organisation delivered a speech at the groundbreaking ceremony

Addressing the ceremony, Nguyen Tuan Ha, Vice Chairman of Dak Lak People’s Committee said, “Trung Nguyen Legend energy coffee factory is the second factory of the group in the locality. This investment will boost the development of the coffee processing industry, especially deep processing, to complete the diverse coffee ecosystem of Dak Lak. The initiative is also expected to open up new opportunities, create more jobs, improve the lives of local people, and contribute significantly to the local economy.”

With a total investment capital of over $78.3 million, the venture is divided into two phases. In the first phase, with an investment capital of $39.2 million, the Trung Nguyen Legend energy coffee factory is equipped with cutting-edge technologies from Germany and Italy in collaboration with other world-class technology brands.

This is the largest of its kind in Southeast Asia and a key project of Dak Lak. The venture is expected to shape Vietnam’s coffee industry towards a deep and refined processing chain, creating high-value raw materials from coffee that contribute to many other industries.

The perspective view of the Trung Nguyen Legend energy coffee factory that is in line with sustainable, eco-friendly energy and net zero standards

Covering a total area of 50,000 square metres, the factory boasts a maximum construction density of 60 per cent, and a density of trees and water surface of over 20 per cent.

The Trung Nguyen Legend energy coffee factory is designed to be a sustainable, eco-friendly energy coffee factory in line with net-zero standards. At the same time, the architecture draws inspiration from three world-class coffee civilisations: Ottoman – Roman – Zen with indigenous cultural elements.

The entire factory is surrounded by trees, lakes, herbal gardens, basalt, and a modern solar energy system, providing a peaceful, natural, and balanced space for experience and work.

Vanusia Nogueira, executive director of the International Coffee Organisation said, “With the growing demand for Robusta coffee beans globally, we appreciate Trung Nguyen Legend’s efforts to expand and invest in a factory in Buon Ma Thuot. The venture extends beyond economic development to prove a harmonious blend of global vision and indigenous traditions. It sets a model for sustainable development, bringing benefits to farmers, communities, and consumers around the world.”

This is the fifth factory in the Trung Nguyen Legend Group’s coffee factory system in Vietnam and the second factory in Buon Ma Thuot. The new coffee factory underscores the group’s next step in the journey to raise the value of Buon Ma Thuot Robusta coffee beans while contributing to the socioeconomic development of Buon Ma Thuot and Dak Lak.

Delegates and guests at the ASEAN Future Forum 2025 were impressed with coffee meditation, a special experience of Vietnamese coffee culture created by Trung Nguyen Legend

The Trung Nguyen Legend energy coffee factory is the realisation of the fourth initiative – “Comprehensively Circularising and Integrating the Coffee Production Chain” – among the seven initiatives proposed by the chairman of Trung Nguyen Legend Group Dang Le Nguyen Vu. This initiative aims to enhance the value of Buon Ma Thuot Robusta coffee and strengthen the position of Vietnamese coffee in the global market. The core of this initiative is to establish a closed-loop coffee production chain, structured in a circular model that generates zero harmful waste, ensuring environmental sustainability. It also optimises production resources at every stage, creating a fully integrated and efficient system.

Over the past 30 years, the group has led several initiatives to elevate the value of Robusta coffee beans. As of present, over 300 products have been researched from Robusta Buon Ma Thuot coffee beans, exporting to 100 countries and territories. The group also boasts coffee shops in the US, China, Australia, Europe, and South Korea, etc.

The entire Muong Thanh hotel chain will light up with vibrant colours to welcome Muong Thanh Tet, which will take place on March 12.

Muong Thanh Tet 2025 marks a new milestone for Muong Thanh Group. This unique celebration represents a crystallisation of the cultural essence of diverse ethnic groups from the highlands, creatively and wholeheartedly reimagined by Muong Thanh Group.

It is a distinctive gift offered to visitors of the hotel chain, serving as a bridge to connect travellers to Vietnamese culture, and is a testament to the vision of a brand that is deeply committed to preserving and spreading the cultural values of a community.

Traditional ethnic dance

Stepping into the group’s 61 hotels, visitors will feel as though they have entered a cultural space rich with the charm of the northwest highlands. Pure white flowers will accentuate the vivid backdrop of brocade fabrics, graceful Xoe and Sap dances, and hearty laughter from the traditional “nem con” (ball-throwing) game. All will come together to create a lively and captivating picture of Muong Thanh Tet.

Guests will have the chance to savour highland specialities such as aromatic five-colour sticky rice, smoked buffalo meat, fragrant Pa Pinh Top (grilled stream fish), and rich, tender local pork, among others. Each dish carries its own unique flavour and story, enriching the cultural experience for visitors.

While still deeply honouring the cultural identity of Vietnam’s ethnic groups, this year’s Muong Thanh Tet also reflects an alignment with modern trends; an integration without losing its essence. This demonstrates a determination to maintain its position as the “largest private hotel chain in Indochina” with a spirit of independence and unity, ensuring the Muong Thanh brand retains its distinct and unique character.

Muong Thanh Tet is not only a celebration of the iconic beauty of the northwest mountains and forests, but also a bold affirmation of the Muong Thanh Group’s relentless ambition to rise. Like the ban flower, which braves the mist and cold winds to bloom proudly, the group has overcome all challenges to assert its position and spread beautiful cultural values across the nation and to international friends.