Vietnam’s retail market: a landscape of opportunity

Vietnam’s retail market has consistently recorded positive growth over the past decade, fuelled by a rapidly expanding middle class, urbanisation and a young, digitally connected population. According to the General Statistics Office of Vietnam, retail sales of goods and services in the first five months of 2025 reached VND 2,851.4 trillion, marking a 9.7 per cent increase year-on-year. This growth is driven by consumers increasingly seeking convenience, lifestyle integration, and premium experiences [1]. 

As Vietnam’s retail sector continues its robust upward trajectory, the capital city Hanoi is emerging as a focal point for high-value commercial real estate investments. The city’s rising affluence and cosmopolitan demographic make it an ideal location for next-generation retail destinations. Despite this rapid growth, retail space remains relatively underdeveloped compared to regional peers, with supply decreased by 3 per cent in Q1/2025, while rental of central spaces went up 37 per cent year on year. According to Savills, Hanoi Centre, located at 175 Nguyễn Thái Học, is the most anticipated project slated to open in 2025 and fill in this gap.

(Source: Vietnam Real Estate Market Report Q1 - 2025 by Savills) [2]

Redefining urban living with a comprehensive retail ecosystem

Spanning 72,000 square meters across five levels, Hanoi Centre accommodates up to 240 stores, offering a thoughtfully curated blend of retail, dining and entertainment. Its scale and variety make it one of the most comprehensive retail destinations in northern Vietnam.

A perspective of Hanoi Centre with sophisticated architecture and impressive open spaces. Photo: Keppel

With Hanoi Centre, Keppel continues to deliver the philosophy of 'Urban Living Redefined' to the capital, creating a space that is not just for shopping, but for connecting and experiencing, driving on previous successes with Saigon Centre and Estella Place in Ho Chi Minh City.

Joseph Low, President, Vietnam, Real Estate, Keppel Ltd., said: “Mixed-use developments are reshaping Vietnam’s retail real estate landscape. As cities become more densely populated, people increasingly seek integrated spaces where they can live, work, and play.”

Hanoi Centre is redefining the entertainment landscape in the capital with a series of firsts that elevate the consumer experience beyond traditional retail. At the heart of its leisure offerings is the Galaxy CineX - Hanoi Centre - the first flagship cinema, which proudly introduces a cutting-edge technology complex: the first IMAX with Laser theatre, the first Onyx Cinema LED Display and Dolby Atmos Surround Sound in one theatre to Hanoians.

Spanning 2,800 square metres, this state-of-the-art cinema promises a world-class visual and auditory experience, setting a new benchmark for moviegoers. Adding to the excitement is Timezone, a 1,360-square-meter family entertainment centre that offers a wide array of interactive games and digital amusements. Meanwhile, kidzooona, Woopie, and AdventureS - a pioneering complex for entertainment, recreation, exercise and education offer educational play zones designed for families with children.

The screening room at Galaxy CineX – Hanoi Centre features a striking designed interior. Photo: Galaxy CineX

The culinary offerings at Hanoi Centre are carefully curated to reflect both cultural richness and contemporary dining trends. Meat lovers can explore a wide range of grilled specialties, from bold Korean-style barbecue at Jeonbok and GoGi House to premium steakhouse fare at Đỉnh Phong Grillhouse, where carefully selected imported meats highlight a refined dining concept. Diners can also savor authentic Thai cuisine at Mangkorn or enjoy local tastes with a twist at Bò Tơ Quán Mộc.

Complementing these are other popular names such as Pizza 4P’s, Long Wang Steam Hotpot, Gyu Shige – Nguu Phon, and Starbucks, ensuring that every visit delivers a dynamic and satisfying gastronomic journey.

As for shopping offers, Hanoi Centre curates a compelling mix of global and regional brands that reflect the evolving tastes of Vietnam’s growing affluence, starting with an impressive lineup of luxury and high-end brands including Chanel, YSL Beauty, BOSS, Valentino Creations, Coach and Diamond World. MUJI, the iconic Japanese retailer, brings its philosophy of sustainable living and timeless design to the capital.

Meanwhile, OH!SOME introduces a fresh take on the 'one-stop shop' trendy concept, offering a holistic lifestyle retail experience. POP MART - a rising global force in pop culture and entertainment, celebrated for its collectibles, blind boxes, and lifestyle accessories that infuse creativity and artistry into the retail experience. adidas is set to make a bold statement with its largest flagship store in Hanoi, spanning over 1,000 m2, while high-street fashion brand Urban Revivo will makes its debut in the capital, bringing trend-forward designs that resonate with the city’s youthful demographic.

Hanoi Centre’s launch aligns with Vietnam’s retail real estate sector transformation towards experiential, mixed-use complexes, mirroring developments in mature markets such as Singapore, Japan and South Korea. The project’s rare combination of scale, prime location, and visionary design make it highly attractive to both international and domestic retailers seeking a flagship presence in the capital.

Slated to open in November this year, the launch of Hanoi Centre will feature a vibrant lineup of entertainment, exclusive promotions, and interactive workshops. More than just a retail destination, Hanoi Centre is poised to become a landmark that embodies the spirit of a modern, globally connected capital, a place where shopping, culture, and community converge.

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[1]: https://vietnamnews.vn/economy/1693056/viet-nam-s-retail-real-estate-has-great-potential-for-development-in-2025.html

[2]: https://vn.savills.com.vn/blog/article/221234/vietnam-viet/thi-truong-bat-dong-san-ban-le-tai-viet-nam-q1-2025.aspx