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[RSQUARE] 2025_Q4 Vietnam Market Report_ENG

MARKET REPORT VIETNAM Office Industrial 2025 Q4 MARKET REPORT VIETNAM HCMC Hanoi Northern Central Southern District 1 District 2 District 3 District 4 District 7 Binh Thanh Tan Binh Price Range Highest price Lowest Price Office: HCMC

Rent Price

Building Location Scale (Sqm) One Hub SG T2 Tang Nhon Phu 16,000 Lancaster Legacy Saigon 11,000 Hong Fu Plaza Tan My 28,546 TD Tower An Khanh 12,500 The Kross Saigon 34,000 HCMC Office District 1 District 2 District 3 District 4 District 7 District 10 Binh Thanh Phu Nhuan Tan Binh Average Rent Price Change 0.5% 3.1% 0.3% 0.0% 2.5% 0.0% 0.7% 0.6% -1.9%

Availability Change

9.4% -21.4% 15.8% -35.7% -27.5% -23.6% 35.9% 69.1% 27.2%

Market Availability

Unit: US$/sqm -5% 5% -100% -50% 50% 100% Binh Phu Nhuan Tan Binh Rent Price (%)Availability (%) ’24 Q4 vs ’25 Q4 Availability Change (%) ’24 Q4 vs ’25 Q4 Price Change (%) Change in Availability and Rent Price Rent Price Range The comparison between Q4 2024 and Q4 2025 shows a generally moderate upward trend in prices across major districts of HCMC. District 2 recorded the strongest growth at 3.1%, leading the overall market recovery, followed by District 7 with a 2.5% increase, reflecting sustained demand in emerging business hubs. In the traditional CBD areas, District 1 rose by 0.5% and District 3 by 0.3%, indicating a relatively stable and mature market environment. Among the surrounding districts, Binh Thanh (+0.7%) and Phu Nhuan (+0.6%) posted modest gains, while Tan Binh showed a decline of – 1.9%, standing out as the only area with negative growth. Meanwhile, District 4 and District 10 remained flat at 0.0%, reflecting limited price movement. Overall, the data highlights a growing divergence between districts, with stronger performance concentrated in new urban and southern corridors, while more mature or supply-constrained areas showed slower momentum. Availability trends across HCMC showed a highly uneven pattern by district. District 1 recorded a moderate increase in available space, reflecting the gradual return of supply to the core CBD. In contrast, Districts 2, 4, 7, and 10 experienced notable reductions in availability, with District 4 and District 7 showing particularly sharp contractions, indicating strengthening occupancy and tightening market conditions in these locations. On the other hand, several non-CBD areas saw a substantial expansion of supply. Binh Thanh, Phu Nhuan, and Tan Binh all registered significant increases in available stock, with Phu Nhuan standing out as the district with the most pronounced growth. District 3 also posted a clear rise in availability, suggesting more competitive leasing conditions compared with the tightening observed in neighboring districts. Overall, the market reflects a clear divergence between tightening availability in emerging3 business corridors and growing supply in more peripheral submarkets, highlighting the importance of microlocation in tenant decision-making. Rent Price Market Availability Hanoi Office Ba Dinh Bac Tu Liem Cau Giay Hoan Kiem Nam Tu Liem Thanh Xuan Tay Ho Dong Da Hai Ba Trung Average Rent Price Change -0.2% -1.7% 1.8% -0.8% 2.7% 0.5% 0.2% 2.0% 0.0%

Availability Change

136.6% 350.5% 36.3% -25.3% 44.4% -49.3% 4.6% -9.7% 72.1% Rent Price (%)Availability (%) -5% 5% -50% 50% 150% 250% 350% Ba Dinh Bac Tu Cau Giay Hoan Kiem Nam Tu Xuan Tay Ho Dong Da

Hai Ba Trung

Office: Hanoi ’24 Q4 vs ’25 Q4 Availability Change (%) ’24 Q4 vs ’25 Q4 Price Change (%) Building Location Scale (Sqm) B3CC1 Project Tay Ho 59,724

Ba Dinh Bac Tu Cau Giay Hoan Kiem Nam Tu Xuan Tay Ho Dong Da Hai Ba Trung Price Range Highest price Lowest Price Unit: US$/sqm Rent Price RangeChange in Availability and Rent Price Availability trends across Hanoi varied considerably by district, reflecting uneven supply dynamics across the market. Ba Dinh and Hai Ba Trung recorded strong increases in available space, while Bac Tu Liem saw an exceptional surge, suggesting a significant influx of new or vacated stock. Cau Giay and Nam Tu Liem also posted moderate expansions, indicating growing leasing options within established office clusters and emerging business corridors. In contrast, several central districts experienced tightening availability. Thanh Xuan registered the most pronounced decline, followed by Hoan Kiem and Dong Da, pointing to strengthening occupancy levels and sustained tenant demand in these areas. Tay Ho showed only marginal change, suggesting relatively stable supply conditions. Overall, the market illustrates a clear divergence between tightening availability in core districts and expanding supply in outer and developing submarkets. This trend highlights the increasing importance of micro location in leasing decisions, as occupiers balance accessibility, cost efficiency, and long-term business positioning. Rental movements across Hanoi remained modest overall, with changes largely contained within a narrow range. Nam Tu Liem recorded the strongest growth at 2.7%, followed by Dong Da at 2.0% and Cau Giay at 1.8%, indicating resilient demand in established office clusters and well-connected business areas. Thanh Xuan (0.5%) and Tay Ho (0.2%) also posted slight increases, suggesting stable leasing activity. In contrast, rental rates edged down in several districts. Bac Tu Liem saw the most notable decline at -1.7%, while Hoan Kiem (-0.8%) and Ba Dinh (-0.2%) recorded minor decreases, likely reflecting competitive pressure amid increased availability. Hai Ba Trung remained stable with no change over the period. Overall, rental adjustments were limited, pointing to stable market fundamentals. Growth was concentrated in emerging and wellconnected submarkets, while slight declines in traditional central districts suggest increased competition among landlords. Industrial: Northern Pham Van Hai 1 IP Vinh Loc IP 379 Vinh Loc 3 Vinh Loc IP 200 Nhi Xuan IP Hoc Mon IP 199 Rent Price ’24 Q4 vs ’25 Q4 Price Change (%) Rent Price (IP) Rent Price ’24 Q4 vs ’25 Q Price Change (%) Northen IP/RF Hanoi Bac Ninh Hai Duong Hai Phong Ha Nam Hung Yen Vinh Phuc Quang Ninh Hoa Binh 0% 0.6% 10.5% 11.7% 11.3% 3.1% 6.7% 0% 0% Change (RF) 15.6% 1.9% 4.8% 2.0% 8.6% 6.4% -7.7% 2.0% 5.2% Ha Noi Bac Ninh Hai Duong Hai Phong Ha Nam Hung Yen Vinh Phuc Quang Ninh

Hoa Binh

-20% Ha Noi Bac Ninh Hai Duong Hai Phong Ha Nam Hung Yen Vinh Phuc Quang Ninh

Hoa Binh

Rent Price (RF) Industrial land price changes across Northern Vietnam varied widely over the period. Hai Phong recorded the strongest growth at 11.7%, followed closely by Ha Nam at 11.3% and Hai Duong at 10.5%, marking the most significant increases in the region. Vinh Phuc also posted solid growth of 6.7%, while Hung Yen saw a moderate rise of 3.1%. In contrast, Bac Ninh experienced only a slight increase of 0.6%, indicating relatively stable pricing conditions. Hanoi, Quang Ninh, and Hoa Binh recorded no change over the period, reflecting steady market conditions. Overall, price growth was concentrated in several high growth industrial provinces, while core and secondary markets remained stable.. Factory rent movements across Northern Vietnam showed mixed performance over the period. Hanoi recorded the strongest increase at 15.6%, marking a significant rise compared with other provinces. Ha Nam and Hung Yen also posted notable growth of 8.6% and 6.4%, respectively, while Hoa Binh and Hai Duong saw moderate increases of 5.2% and 4.8%.More modest growth was observed in Hai Phong and Quang Ninh, both rising by 2.0%, while Bac Ninh recorded a slight increase of 1.9%, indicating relatively stable rental conditions. In contrast, Vinh Phuc was the only province to record a decline, with rents decreasing by 7.7% over the period. Overall, factory rents increased across most northern provinces, with the strongest growth concentrated in markets experiencing expanding industrial demand, while isolated declines suggest localized supply adjustments. Industrial: Central Central IP/RF Da Nang Thua Thien Hue Quang Nam Nghe An Binh Thuan -4.5% 4.0% 16.9% -5.3% 13.8% Change (RF) ’24 Q3 vs ’25 Q3 0% 6.7% 0% 3.4% 0% Rent Price ’24 Q4 vs ’25 Q4 Price Change (%) Rent Price ’24 Q4 vs ’25 Q4 Price Change (%) -30% 30% Da Nang Thua Thien Hue Quang Nam Nghe An Binh Thuan Da Nang Thua Thien Hue Quang Nam Nghe An Binh Thuan Rent Price (IP) Rent Price (RF) Industrial land price movements in Central Vietnam showed a clear divergence across provinces. Quang Nam recorded the strongest increase at 16.9%, followed by Binh Thuan at 13.8%, indicating accelerating industrial interest and growing investment activity in these emerging markets. Thua Thien Hue also posted moderate growth of 4.0%, suggesting gradual demand improvement. In contrast, Nghe An and Da Nang experienced declines of -5.3% and -4.5%, respectively, reflecting softer demand conditions or increased available supply during the period. Overall, the Central region displayed uneven pricing dynamics, with strong growth concentrated in select emerging provinces while others faced downward adjustments. Factory rent movements in Central Vietnam remained largely stable, with only modest changes recorded across most provinces. Thua Thien Hue posted the strongest increase at 6.7%, while Nghe An saw moderate growth of 3.4%, indicating gradual improvement in leasing demand. In contrast, Da Nang, Quang Nam, and Binh Thuan recorded no change over the period, suggesting balanced supply and demand conditions in these markets. Overall, factory rents across the Central region showed stability, with selective growth in a few provinces reflecting localized demand improvements rather than broad market acceleration. Hoa Cam Phase 2 IP Cam Le IP 120 Hoa Nhon IP Ba Na IP 360 Hoa Ninh IP Ba Na IP 400 Industrial: Southern Southern IP/RF HCMC Dong Nai Binh Duong Long An Ba Ria – Vung Tau Tay Ninh Binh Phuoc ’24 Q3vs ’25 Q3 0% 1.7% 3.5% 0.5% 6.0% 1.1% 11.2% ’24 Q3vs ’25 Q3 3.4% 4.1% 10.4% 0% 2.9% 8.3% 0% Rent Price (RF) Rent Price ’24 Q4 vs ’25 Q4 Price Change (%) Rent Price ’24 Q4 vs ’25 Q4 Price Change (%) HCMC Dong Nai Binh Duong Long An Ba Ria - Vung Tau Tay Ninh Binh Phuoc -15% 15% HCMC Dong Nai Binh Duong Long An Ba Ria - Vung Tau Tay Ninh Binh Phuoc Rent Price (IP) Industrial park land prices in Southern Vietnam remained broadly stable, with growth concentrated in several secondary provinces. Binh Phuoc recorded the strongest increase at 11.2%, followed by Ba Ria–Vung Tau at 6.0% and Binh Duong at 3.5%, reflecting continued industrial expansion and investor interest in these markets. More moderate increases were observed in Dong Nai (1.7%), Tay Ninh (1.1%), and Long An (0.5%), indicating steady demand supported by their proximity to Ho Chi Minh City and established industrial park infrastructure. In contrast, Ho Chi Minh City recorded no change over the period, reflecting its mature industrial park market and already elevated pricing levels. Overall, industrial park land price growth in the southern region was driven primarily by emerging and cost competitive provinces, while the core metropolitan market remained stable. Factory rent movements in Southern Vietnam showed broad upward momentum, with growth led by key industrial provinces. Binh Duong recorded the strongest increase at 10.4%, followed by Tay Ninh at 8.3%, highlighting rising demand in cost competitive markets with expanding industrial capacity. Moderate rental growth was observed in Dong Nai (4.1%) and Ho Chi Minh City (3.4%), reflecting sustained occupier demand in established industrial hubs. Ba Ria–Vung Tau also posted a modest increase of 2.9%, supported by port related logistics activity. In contrast, Long An and Binh Phuoc recorded no change over the period, suggesting stable supply and demand conditions. Overall, factory rents across the southern region continued to rise, driven by strong manufacturing demand and tenant migration toward more affordable industrial locations, while select markets remained stable. Hanoi Biological high technology IP Thuong Cat IP 199 Phu Nghia IP Phu Nghia IP 219 Dong Anh IP Dong Anh IP 300 HANSSIP IP Dai Xuyen IP 482 Soc Son IP Kim Anh IP 324 RSQUARE Real Estate Team Database Department Bang Sungil Park Jongin Nguyen Thi Oanh Kieu qkdtjddlf@rsquare.co.kr simplejohn@rsquare.vn kieunto@rsquare.vn Kim Gunjoong Nguyen Thi Nguyet gj.kim@rsquare.vn nguyetnt@rsquare.vn Hanoi Office Leasing & Advisory Chae Chungmyeong Phan Quoc Huy ccm@rsquare.vn huypq@rsquare.vn HCMC Office Leasing & Advisory Shin Jimin Nguyen Xuan Uyen Head of Vietnam Office jmshin@rsquare.vn uyennx@rsquare.vn

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