HANOI — Vietnam’s retail real estate market is thriving in terms of scale and quality, with occupancy rates above 90 per cent in major city shopping centres, according to a report from the Vietnam Association of Realtors (VARS). The retail sector in Vietnam is a dynamic and resilient industry that has consistently experienced impressive growth rates for decades. Despite being strongly impacted by the pandemic, it has shown remarkable recovery speed.
Since the beginning of 2022, the industry has swiftly rebounded after a prolonged disruption caused by COVID-19. Businesses have capitalised on opportunities and strategically chosen prime locations for long-term strategies. This has attracted the attention of global retail giants, even as rental prices have started to rise slightly.
In 2022, it was estimated that total retail sales and consumer service revenue reached nearly VNĐ5.7 trillion (US$223.1 million), up 19.
8 per cent year-on-year and 15 per cent from 2019, before the COVID-19 outbreak. READ: Foreign investment surges in Vietnam as companies plan new factories Despite not achieving the double-digit growth seen pre-pandemic, the sector was showing a positive recovery. Last year, total retail sales and consumer service revenue were estimated to reach over VNĐ6.
2 trillion, a 9.6 per cent increase from the previous year. In the first quarter of this year, retail sales were projected to increase 8.
2 per cent over last year to more than VNĐ1.5 trillion. The retail real .