Shopping malls and retail rents in Vietnam: landlords, leases and location choice
Who the landlords are, how leases are structured, what drives rent, and how to choose a location in Vietnam.
8 min read · Updated 13 August 2026
Market profile
The fastest structural shift in the region: a young population moving from traditional trade to modern retail and online buying at speed.
- Capital
- Hanoi
- Population
- around 100 million
- Currency
- Vietnamese dong (VND)
- Leading channel
- Traditional trade (40%)
- Cash on delivery
- 27% of online orders
- Lead region
- Ho Chi Minh City (38%)
Retail value by channel
- Traditional trade 40%
- Modern trade and malls 33%
- E-commerce 22%
- Other 5%
- Ho Chi Minh City
- Hanoi
- Da Nang
- Hai Phong
- Can Tho
Property is the biggest fixed commitment a retailer makes, and it is the hardest one to reverse. In Vietnam, developer-led malls in the two main cities; street-front retail still matters commercially.
Prime street-front rents in central districts can rival mall rents, and three to five years; street-front leases are less standardised is the normal term.
The landlord landscape
Developer-led malls in the two main cities; street-front retail still matters commercially. Prime street-front rents in central districts can rival mall rents.
Lease structure
Turnover rent clauses cut both ways: they lower risk in a weak year and hand the landlord visibility of your trading in every year. Negotiate the reporting obligation as carefully as the percentage.
| Term | Typical Vietnam position |
|---|---|
| Length | Three to five years; street-front leases are less standardised |
| Rent basis | Prime street-front rents in central districts can rival mall rents |
| Deposit | Two to three months, sometimes more for new entrants |
| Fit-out | Rent-free fit-out period is negotiable, especially in secondary centres |
Choosing a location
Demand concentration matters more than city population. Ho Chi Minh City carries roughly 38% of modern retail sales, so the first stores belong there unless there is a specific reason otherwise.
- Priority catchments: Ho Chi Minh City, Hanoi, Da Nang, Hai Phong and Can Tho
- Test the catchment on a weekday evening and a weekend afternoon before signing
- Check the anchor tenant mix and the vacancy rate on upper floors
- Ask what the landlord's marketing levy actually pays for
- Ho Chi Minh City38%
- Hanoi28%
- Da Nang and central15%
- Other provinces19%
Indicative regional split — the first filter in a location plan.
Occupancy cost discipline
Track occupancy cost as a percentage of sales, including service charge and marketing levy, and set an exit threshold before opening. Stores are rarely closed early enough because the decision rule is written after performance disappoints.
Key takeaways
- Developer-led malls in the two main cities; street-front retail still matters commercially.
- Three to five years; street-front leases are less standardised is standard; the negotiable items are fit-out and turnover reporting.
- Occupancy cost ratio, with an exit threshold agreed in advance, is the discipline that protects the portfolio.
- Start in Ho Chi Minh City and expand on evidence.
Questions & Answers
How are retail leases structured in Vietnam?
Prime street-front rents in central districts can rival mall rents, typically over three to five years; street-front leases are less standardised.
Where should a brand open its first store in Vietnam?
In Ho Chi Minh City, which carries around 38% of modern retail sales.
What occupancy cost ratio is sustainable?
It varies by category, but set the threshold before signing and treat breaching it for two consecutive quarters as a trigger for action.
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Written by
Retail News Asia Research Desk
Country data, market sizing and channel analysis
Researched, written and fact-checked by our newsroom. Last reviewed 13 August 2026. Meet the editorial team.
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