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Tony Milton MRICS

BSc (Hons) Est Man

Hanoi Retail
Friday, 27 February 2009

 RETAIL MARKET                                      

Hanoi now has 13 trading centres with a total of 100,000sqm of space. Rentals range from $25-$60/sqm per month a while the center is look­ing for $65-$150/sqm per month. Hanoi will add 41,000sqm of trading centre space over the next 2 years. By 2010 total supply could reach 330,000sqm.



Well-established shopping centres, includ­ing Hanoi Tower, Trang Tien Plaza, Vincom City Towers, Big C, OBC, Pacific Place and Parkson Viet Tower maintained occupancy rates at or near 100% and average rent at $60/sqm/mth. Shopping centres in less favourable locations, with inferior ten­ant mix and management, tend to have higher vacancies and lower rents. The most significant new retail projects, scheduled for completion in late 2009, are the Garden Lifestyle Mall and Vincom Park Place. Site clearance and construction started at the Hang Da and Mo wet markets. Construction of Indochina Plaza Hanoi and Times Square in the new business district of My Dinh-Pham Hung Road began during the last quarter of 2008.



No.                 District        No. Supermarkets GFA (sq.m)       Trading Area (sq.m)

1                    Dong Da                   11                17,140                   11,533

2                    Hai Ba Trung              6                 8,480                     5,580

3                    Cau Giay                    4                 24,027                   9,310

4                    Hoan Kiem                 5                 10,280                   9,310

5                    Hong Mai                   4                 2,554                     1,004

6                    Ba Dinh                     8                 7,865                     3,520

7                    Thanh Xuan                4                 2,554                     1,004

8                    Tu Liem                     3                 63,585                   11,725

9                    Dong Anh                  1                 440                            300

10                  Thanh Tri                   1                 250                             250

46                136,323                 50,794



The total leasable area of shopping centres in Hanoi is 53,996 sqm. VinCom City Towers is the largest mixed use development which was opened in November 2004. Located at 191, Ba Trieu. Hai Ba Trung District the 6 level retail podiums providing approximately 17,000 sqm of leasable area. Although the shopping centre serves the needs of the 30,000 sqm office towers above, it also draws customers from the traditional street shopping of Hoan Kiem and Hai Ba Trung Districts. The average rental rate is over $30 per sqm.






The total number of specialty stores in the 6 Hanoi shopping centres totals a few hundred with an average size of just under 50 sqm. The anchor tenants in all shopping centres are supermarkets except for Korean Town which is a mix of department store and fast food court.


Future developments


There are many projects being considered or constructed as well as the refurbishment / redevelopment of more than 10 existing markets into shopping centres such as at Hom-Duc Vien, Hang Da, O Cho or Mo. The most significant new retail developments include : -



Pacific Place


Pacific Place, under construction at 83b Ly Thuong Kiet, Hoan Kiem, has planned to insert 3 floors of retail to its office and residential development. Developed by a Taiwanese company the property was recently acquired by France’s Bourbon. The building will feature a retail area of about 6,400 square metres with space for shops and Food & Beverage outlets. The development will open in early 2007.



Ruby Plaza


The property is located at 44 Le Ngoc Han Street and will offer a retail space focused on luxury boutiques featuring famous brand names. The 16-storey centre, with a total floor area of 11,000 square metres will have 6 levels for primary retailers comprising about 3,300 sq.m offering such prod­ucts as perfumes, cosmetics, and jewellery, and include a 680 sq.m luxury day spa offering beauty treatments and therapies. More than 70% of the space was pre-leased ahead of it’s opening in early 2007. The building is being developed by the TTD Trading and Tech­nique Development Company.



Ciputra Mall


Construction recently started on the Ciputra shopping mall, it will be the first large scale shopping centre in Hanoi upon its completion. Covering over 730,000 sqm of land area, the shopping mall will provide nearly 130,000 sqm of' gross floor area for thousands of shops, restaurants, cafés, hypermarkets, department stores, and entertainment centre. The world class shopping mall is scheduled to be opened in the second quarter of 2007.



Opera Business Centre


The $3 million French style Opera Business Centre (OBC) near the Opera House and the Hilton hotel at 6b Trang Tien will include 1,070sqm of retail accommodation. The mixed use property was originally licensed amid the Asian economic melt down in 1997 to a joint venture between France's Opera Centre Investment SA and Agrexport with a budgeted cost of $6 million but was delayed. The project received a construction licence in 2000 before being held up again.



Manor & Garden Complex


Situated in My Dinh by the national stadium, new parliament and convention centre, Bitexcoland (the developer) is leas­ing 5,880sqm of retail space at The Manor Hanoi 500 unit luxury residential project in its two towers.


The Garden Lifestyle Mall will have a 51,250 sqm (around 20,500 sq.m net) shopping centre including a 1,350sqm s supermarket and 4,850sqm department store. The Garden will also earmark 600sqm for a Golden Class Cinema and 875sqm for an entertainment and recreation area. The complex will also have a trade hall which will organise monthly exhibitions and events.



Viet Tower


This $21 million 18 storey office and commercial centre at 1 Thai Ha is being financed largely by the Thong Nhat Motorcycle and Bicycle Company and Nhan Hoa Company and provide a total floor area of 25,000sqm (around 12,250 sq.m net). The $10 million 1st phase will have 6 floors totalling 15,000sqm of retail and 10 floors with a total of 10,000sqrn of office accommodation.



Hanoi City Complex


Coralis, a Luxembourg company is building a $115 million 65 storey tower in Hanoi's Ba Dinh district. The property will include apartments, offices, commercial space with some 50,000 sq.m of retail and an international conference facility and is situated on Lieu Giai-Dao Tan near the Daewoo Hotel. Germany's B&O Hightex has been selected as the contractor. K



BIDV Smart Tower


The Bank for Investment and Develop­ment of Vietnam will join forces with Singapore's Bloomhill Holdings to build this 25 floor $44 million office and shopping com­plex on Tran Quang Khai close to Hoan Kiem lake in central Hanoi. The BIDV Tower, located on the current premises of the bank's office at 194 Tran Quang  Khai will cover 2,500 square meter and have a total floor space of 33,000 square meters. The Singaporean partner will contribute nearly $5.9 million or 45% of the legal capita, in cash.



Cau Giay Complex


Developed by the Hanoi Trade and General Service Company (Servico Hanoi), the $13 million property is situated in the capital city's Cau Giay District on Xuan Thuy and will include a 11,500sqm supermarket below a 15 story office tower.



Thai Thinh Plaza


The $13 million Thai Thinh complex by Hanoi General Export Import and Trade Company in Dong Da will feature a 6,000sqm ‘Thai Thinh Center’ and two 21 story buildings and an underground parking lot covering 33,000 square meters.



Vinaconex Shopping Centre


In early 2007 the Vietnam Construction and im­port Export Corporation received approval for a $62.5 million shopping centre on 11,154sqm in Hai Ba Trung District. which is slated for completion in 2010. Hanoi authorities are also look­ing for developers to turn other existing ‘wet’ markets in the downtown areas such as Hom in Hue Road, 19-12 in Ly Thuong Kiet, Hang Da in Hang Da into modern shop­ping malls.



Nagakawa Plaza


In 2007, Nagakawa Vietnam announced plans to develop the Nagakawa Plaza commercial center



Apex Tower


Cavico Joint Stock Company is developing Apex Tower worth US$31.5 million in Ha Noi's Me Tri-Ha urban area, covering a site of 2,780sq.m. The project, which includes office space and a shopping centre.



Hom-Duc Vien Market Refurbishment


In early 2008 the People's Committee announced plans for new bids to convert the market into a shopping centre. The original bid winner, a consortium of 3 investors including South Korea's Golden Bridge and Media Will and the Vietnam­ese Ministry of Defence's Trade and Construction Co No 36, failed to make payment of a deposit as required. Nearly 1,000 house­hold merchants will be ad­versely affected by the transitioning of Hom-Duc Vien market into a shopping centre.



Mo Market


At the end of 2008 Viet Nam Construction Import and Export Corporation (Vinaconex) broke ground yesterday on the Cho Mo Trading Centre at the intersection of Bach Mai and Minh Khai streets. Vinaconex will invest VND1.5 trillion (US$89.3 million) to construct 2 buildings : a 15 storey and a 25 storey tower on the site of more than 11,000sqm, lo­cated in Hai Ba Trung Dis­trict, Ha Noi. The project will have one floor for traders of the former Cho Mo location, 5 levels for trade ser­vices and floors for of­fices, apartments and other services. Construction of the cen­tre is expected to finish in August 2011. Vinaconex has spent VND21 billion / $1.24 on clearing the site. Parkson Viet Nam signed to lease at the Cho Mo Trading Centre.



Dolphin Plaza


PetroVietnam Finance Co and TID will develop a commercial, office and apartment complex costing USD$47.9 million. The Dolphin Plaza at 28 Tran Binh in Tu Liem will comprise a 3 story shopping center and 2No 22 story office and condo buildings.



Thanh Nien Plaza


In early 2008 Thanh Nien Media, Thanh Nien news­paper and Detesco announced plans to set up a JSC to develop the Thanh Nien Plaza with USD$16 million which will provide 12,000 sqm of office space and 3,000 sqm of commercial space.



Nghia Tan Trade Com­plex


In mid-2008 the People's Committee of Cau Giay District approved the zoning plan for the trade and market complex and were selecting the best contrac­tor from 6 applicants to develop the 9 storey building complex on an area of nearly 5,500 square meters.



Cua Nam


The Cua Nam trade centre will require about USD$8.83m.



Hang Da


The Hang Da trade centre will require about USD$8.83m.



Gia Thuy


The Gia Thuy trade centre will require about USD$13.54m.



Times Square


In late 2008 the Thang Long Property started on the USD$50m Times Square Hanoi project in Me Dinh. The 65/35% JV between VinaCapital and Vietnam's Thang Long GTC will develop 4 hectare into a mixed-use office, hotel and retail complex. The Times Square Hanoi is close to Big C shopping center and within a walking distance from the National Convention Centre (NCC) and Na­tional Sports Stadium. The office tower has a pro­posed gross floor area of 20,000 sqm.





Last Updated ( Wednesday, 06 May 2009 )
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