When global trade is deteriorating due to trade and geopolitical tensions, Vietnam has become a rising star with the 2019 real GDP growth rate (GDP at 2010 price) reaching 7.02%, higher than the government’s expectation at the beginning of the year. This high growth was driven by strong export activities (Total export values was US$263.5 billion and import value was US$253.5 billion), leading to the highest trade surplus since 2016 with US$9.9 billion.
Condominium market: While new launches in HCMC continued to decrease due to slowdown of licensing process, Hanoi witnessed stable new launches in a quarter coming from subsequent phases of large-scale townships targeting mid-end buyers. Positive absorption was seen in both markets.
Office market: Vacancy rate of both Grade A & B was still at a healthy level of less than 10% in both cities. CBD buildings remained the most sought-after spaces in the market, however, the remaining spaces were limited.
Retail market: Limited supply in the CBD area supports strong performances, in terms of rental rates and occupancy rates, in both cities.