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Against the backdrop of an increasingly experiential consumer trend and rising competition from e-commerce, Hanoi’s retail market continued to see changes in supply, occupancy and rents in Q1 2026. According to Ms. Hoang Nguyet Minh, CEO of Cushman & Wakefield Vietnam, the market recorded more than 51,000 square meters of new retail supply in the quarter, taking total retail space to 1.43 million square meters.
Shopping malls accounted for the largest share of new supply, contributing 85% of the total. New projects were mainly concentrated in outer areas, reflecting a shift toward experience-led retail formats.
The market’s average occupancy was about 86.5%, down 0.6 percentage points quarter-on-quarter but up 1.1 percentage points year-on-year. The quarterly decline was attributed largely to three newly completed projects, where some spaces had not yet entered operation while tenants completed interior fit-outs.
Rental demand was led by the food & beverage and entertainment sectors, supporting overall absorption. During the quarter, Hanoi also saw the entry of flagship stores across multiple categories, including Phuc Long Dragon (tea) and Skechers (footwear and apparel).
Developers are increasingly focusing on optimizing tenant mix, expanding experiential retail elements, and developing community-oriented spaces to maintain footfall and support long-term occupancy stability.
Ground-floor rents in Hanoi averaged around 1.3 million VND per m2 per month, rising 9.1% quarter-on-quarter and 10.1% year-on-year. The increase was largely driven by new retail projects in the outskirts of the central area, where asking rents are higher than for existing properties.
Demand in the central area remained steady, particularly for well-managed assets with strong brands and high visibility. The rent performance improved despite rising supply and the shift of consumer spending toward e-commerce.
Data from Metric.vn showed continued growth in e-commerce. In Q1 2026, total revenue from four online marketplaces—Shopee, Lazada, Tiki and TikTok Shop—reached 148.6 trillion VND, up 46.60% year-on-year. Volumes rose to 1,138.6 million items, up 19.76%. In addition, 490,900 shops generated orders, up 3.91% year-on-year. The top three revenue-generating sectors were beauty, women’s fashion, and home & living.
Cushman & Wakefield Vietnam expects Hanoi’s retail market to enter a more competitive phase ahead, not only in supply but also in tenant acquisition and shopper retention strategies.
Through 2028, the market is forecast to continue expanding, with about 314,000 square meters of new supply. The additional supply is expected to intensify competition among developers, especially in outlying areas. As projects complete, the time to lease may lengthen and leasing policies could become more flexible, which may put pressure on rents and occupancy.
At the same time, projects with a large nearby residential base and clear positioning are expected to sustain performance better than the market average.
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