Vietnam Quarterly Knowledge Report | Q2 2016

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VIETNAM QUARTERLY KNOWLEDGE REPORT
Q2 2016

TABLE OF CONTENTS

ECONOMIC OVERVIEW...............................................................................................................
VIETNAM ....................................................................................................................................
HO CHI MINH CITY ......................................................................................................................
HA NOI ........................................................................................................................................

HO CHI MINH CITY MARKET OVERVIEW ........................................................................
OFFICE ........................................................................................................................................
RETAIL ........................................................................................................................................
CONDOMINIUM ............................................................................................................................
VILLA & TOWNHOUSE .................................................................................................................
SERVICED APARTMENT ..............................................................................................................
INDUSTRIAL ................................................................................................................................
HA NOI MARKET OVERVIEW ................................................................................................
OFFICE ........................................................................................................................................
RETAIL ........................................................................................................................................
CONDOMINIUM ............................................................................................................................
VILLA & TOWNHOUSE .................................................................................................................
SERVICED APARTMENT ..............................................................................................................
INDUSTRIAL ................................................................................................................................
Cover Page: Saigon Skyline
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LIST OF FIGURES
Figure 1: Vietnam GDP .....................................................................................................................
Figure 2: International Arrivals to Vietnam in 1H 2016 ......................................................................
Figure 3: FDI Capital of HCMC and Hanoi ..........................................................................................
Figure 4: GDP Growth Rate of HCMC and Hanoi ................................................................................
HO CHI MINH CITY MARKET OVERVIEW
Figure 5: Office, Net Absorption .........................................................................................................
Figure 6: Office, Occupancy Rate .......................................................................................................
Figure 7: Retail, Market Performance...................................................................................................
Figure 8: Retail, Average Asking Rent ................................................................................................
Figure 9: Condominium, New Launches and Sold Units by Year ..........................................................
Figure 10: Condominium, New Launches by Segment and Quarter.......................................................
Figure 11: Condominium, Sold Units by Segment and Quarter..............................................................
Figure 12: Villa and Townhouse, Changes in Asking Price....................................................................
Figure 13: Villa and Townhouse, Supply by Year .................................................................................
Figure 14: Villa and Townhouse, Primary Stock by District .................................................................
Figure 15: Serviced Apartment, Current Grade A&B Supply ...............................................................
Figure 16: Serviced Apartment, Average Asking Rent by Grade ...........................................................
Figure 17: Industrial, Market Performance...........................................................................................
Figure 18: Industrial, Supply by District ..............................................................................................
LIST OF TABLES
Table 1: Macroeconomic Indicators of HCMC and Hanoi ......................................................................
Table 2: Office, Future Supply ............................................................................................................
Table 3: Significant Office Projects ....................................................................................................
Table 4: Retail, Significant Future Projects under Construction ..........................................................
Table 5: Significant Retail Projects ....................................................................................................
Table 6: Condominium, Significant new Projects launched in Q2 2016 ................................................
Table 7: Villa and Townhouse, Significant new Projects launched in Q2 2016 ......................................
Table 8: Serviced Apartment, Significant Future Projects under construction .....................................
Table 9: Significant Serviced Apartment Projects ...............................................................................
Table 10: Industrial, Future Supply .....................................................................................................
Table 11: Industrial, Market Overview ................................................................................................
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LIST OF FIGURES
Figure 19: Office, Average Asking Rent...................................................................................................
Figure 20: Office, Occupancy Rate .........................................................................................................
Figure 21: Retail, Market Performance ...................................................................................................
Figure 22: Retail, Total Supply ...............................................................................................................
Figure 23: Condominium, New Launches and Sold Units by Year .............................................................
Figure 24: Condominium, New Launches by Quarter and Segment ..........................................................
Figure 25: Condominium, Sales by Quarter and Segment ........................................................................
Figure 26: Villa and Townhouse, Supply by Quarter ................................................................................
Figure 27: Villa and Townhouse, Secondary Price by District ..................................................................
Figure 28: Villa and Townhouse, Q-o-Q changes in Secondary Price .......................................................
Figure 29: Serviced Apartment, Market Performance...............................................................................
Figure 30: Serviced Apartment, Total Supply ..........................................................................................
Figure 31: Industrial, Market Performance.................................................................................................
Figure 35: Industrial, Supply by District ..................................................................................................

LIST OF TABLES
Table 12: Office, New Supply in Q1 2016 .................................................................................................
Table 13: Significant Office Projects ........................................................................................................
Table 14: Retail, Future Supply ................................................................................................................
Table 15: Significant Retail Projects ........................................................................................................
Table 16: Condominium, New Projects Launched in Q1 2016 ....................................................................
Table 17: Villa and Townhouse, New Projects Launched in Q1 2016 .........................................................
Table 18: Serviced Apartment, Supply Supply ..........................................................................................
Table 19: Significant Serviced Apartment Projects ..................................................................................
Table 20: Industrial, Future Supply .........................................................................................................
Table 21: Hanoi Industrial Market Overview .............................................................................................
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HA NOI MARKET OVERVIEW
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GDP
In the first six months of 2016 (1H2016), Vietnam’s GDP grew 5.52%. Although the growth rate was higher
than that of 2012-2014, there were signs of slowdown when comparing to the increase of 6.32% in the same
period last year. Adverse weather, including drought in the Central Highlands and salination in the Mekong Delta,
resulted in the reduction of 0.8% in the agriculture output in 1H 2016. To achieve the projected economic growth
of 6.7% this year, the country must push its GDP to 7.6% in the remaining of 2016.
CPI
Average CPI of 1H2016 climbed by 1.72% y-o-y while the core CPI (excluding energy and food prices) grew
1.80% y-o-y. An increase was seen in 10 out of 11 goods and service groups, with transport posting the highest
rise at 2.99%, followed by housing and construction materials at 0.55%, restaurant services 0.21%, culture,
entertainment and tourism 0.18%, and alcohol and tobacco 0.13%. Only the post and telecommunications group
saw a drop of 0.06%. The rising fees of health care services, education and fuel will continue to put pressure on
CPI in the rest of the year.
FDI
The total FDI registered in Vietnam in the first half of the year reached USD11.3 billion, significantly up 105.4%
y-o-y. Of the total, USD7.5 billion came from 1,145 newly licensed projects, representing a yearly increase of
95.3% in capital and 51.3% in the number of projects. The remainder was contributed by 535 already-operating
projects that had raised their capital by more than USD 3.78 billion, or 129% year-on-year (y-o-y). Disbursement
of FDI surged to an estimated USD 7.25 billion in the six-month period, a y-o-y rise of 15% percent. Manufacturing
and processing industries continued to be the top sector, following by the real estate sector and the science and
technology sector, comprising 71%, 5.3% and 5% of the total registered FDI respectively.
RETAIL SALES
In the first six months of 2016, Vietnam’s retail sales of goods and services reached USD76.6 billion, up 9.5%
compared to the same period last year. If the price factor was excluded, the growth rate would be 7.5%, lower than
the increase of 8.8% in the same period in 2015. Specifically, retail sales of accommodation and catering services
reached USD17 billion, accounting for 11.3% of the total sales, up 7.4% y-o-y. Retail sales of tourism services, which
made up 0.9% of the total sales, reached USD666.7 million, up 9.6% y-o-y. Retails sales of other services which
accounted for 11.6% of total sales, estimated USD8.9 billion, up 9.2% y-o-y.
INTERNATIONAL ARRIVALS
International visitors to Vietnam in 1H2016 were estimated to reach more than 4.7 million arrivals, marking a
y-o-y increase of 21.3%. Foreign arrivals by air reached over 3.92 million, up 26% y-o-y while arrivals by road
saw a yearly rise of 31.3% to 710,000. However, arrivals by sea declined 27.8 % to 75,000.
Growth was recorded in the number of tourists from several Asian and European countries.
EXCHANGE RATE
Contrary to early 2016 expectation, the exchange rate was kept stable in the first 6 months. Using a daily-adjusted
central exchange rate mechanism, the SBV has succeeded in stabilizing the Vietnam dong for several quarters.
The VND/USD rate experienced minor increases for just a few days after Brexit, but soon moved back to its
steady state. Nevertheless, the exchange rate may experience a mild increase to 22,750 VND/USD in the next
6 months.
Q2 2016 | ECONOMIC OVERVIEW
©2016 Colliers International Research
Page 5
Q3 2016 forecast
Figure 1: Vietnam GDP
Source: World Bank | Colliers International Research
Figure 2: International arrivals to Vietnam in 1H 2016
Source: Asian Development Bank (ADB) | Colliers International Research
VIETNAM
0
500
1,000
1,500
2,000
2,500
0
1
2
3
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8
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q2
2016
USD/capita
%
GDP per capita (nominal) GDP growth rate
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
20052006200720082009 2010 2011 2012 2013 2014 2015 Q2
2016
thousandarrivals
International tourist arrivals Average

Q2 2016 | ECONOMIC OVERVIEW
Page 6
Figure 4: GDP Growth Rate of HCMC and Hanoi
Source: General Statistics Office | Colliers International Research
Table 1: Marcoeconomic Indicators of HCMC and Hanoi
HCMC Hanoi
Q2 2016 Q3 2016F Q2 2016 Q3 2016F
GDP (billion) 21.2 10.6
FDI (million) 685.4 1,900
Retail sales (billion) 15.4 45.7
Export (billion) 14.78 5.2
Import (billion) 17.3 11.5
HO CHI MINH CITY
In the first six months of 2016, the Gross Regional Domestic
Product (GRDP) of Ho Chi Minh City reached USD21.2 billion
with a stable increase of 7.47% y-o-y. Of total growth rate, trade
and service sector contributed 4.19%, industrial and construction
sector made up 2.16% while agriculture, forestry and fisheries
sector accounted for 0.04%.
As of 15 June 2016, FDI inflow of both newly registered and
supplementary capital to the city reached 425 projects, worth of
USD685.4 million. There are 367 new investment projects with
capital reaching USD512.7 million.
The average price index in the first six months of this year went
up 1.02% on an annual basis Transportation sector had the
biggest rise of 3.33% due to the hikes in fuel and gasoline price.
Retail sales achieved USD15.4 billion, an increase 11.3% y-o-y.
Export values reached USD14.78 billion, up 1.7% y-o-y. Garments,
agricultural products and computers & electronic devices
contributed the most to export values. Import values increased
by 7.9% y-o-y, worth of USD17.3 billion. The top segments of
import values were milk and dairy products, fuel, garment
material, plastics and iron & steel.
HANOI
In 1H2016, Hanoi’s GRDP achieved USD10.6 billion with a growth
rate of 7.34% y-o-y. Industrial and construction sector had the
highest growth rate of 7.78%, followed by service sector with the
growth rate of 7.49%. Agricultural-forestry-fishery witnessed a
modest growth rate of 2.06%.
CPI in the first six month of 2016 continued to rise, reaching
2.67% y-o-y. Transportation sector had the highest index mainly
due to the increase in gasoline prices.
Retail sales of Hanoi were up 9.7% y-o-y, reaching USD45.7 billion
in which retail sector achieved USD10.7 billion, an increase of
8.6% y-o-y. In the first six months of 2016, the capital welcomed
1.5 million international visitors, an increment of 39.3% y-o-y
while the growth rate of domestic tourists was 2% y-o-y.
As of 21 June 2016, FDI inflows of both newly registered and
supplementary capital reached USD1.9 billion, triple the amount
of this period in 2015 and achieved 95% of year’s target.
In 1H 2016, export values grew 0.1% y-o-y, reaching USD5.2
billion while those of import went down 4.2% y-o-y, achieving
USD 11.5 billion.
Figure 3: FDI Capital of HCMC and Hanoi
0
500
1000
1500
2000
2500
3000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2012 2013 2014 2015 2016
USDmillion
HCMC Hanoi
6%
8%
10%
12%
14%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q2
2016
HCMC Hanoi

Figure 6: Office, Occupancy Rate
PERFORMANCE
Strong leasing activities helped to increase occupancy rates
across all grades by 2.4ppts, averaging at 96%. Grade A and
Grade B’s occupancy rate were 95% and 96.8%, up 3.3ppts and
2.1% ppts respectively.
Average net asking rent slilghtly improved 1.4ppts, reaching
USD24.5/sqm/month. Both Grade A and Grade B achieved
nominal rental growth of 1.9ppts and 1.1ppts, staying at USD37.7/
sqm/month and USD20.9/sqm/month respectively.
SUPPLY
The first half of 2016 recorded no new supply, which supported
the existing landlords to aborb vacant space. The CBD is still the
prime location for top-graded commercial office properties, with
more than half of the city’s stock, including all Grade A buildings
and the majority of Grade B buildings. Despite high land cost and
limited land availability, the city center will continue to be home
in the notable future with office supply such as Deutsches Haus
and Saigon Centre (Phase 2), Saigon One Tower and The One
entering the market in 2017.
DEMAND
Apart from traditional drivers of relocation and expansion, it is
observed that demand for flexible workspace is rising globally
and in Asia due to the arrival of a new generation of workers,
increased attention to technology and innovation, and the rise
of flexible working operators offering serviced offices and
coworking space.
As flexible working operators tend to seek large floorplates with
plenty of natural light, it is essential for developers to incorporate
new features into building design to improve the working
environment for the end-users.
OUTLOOK
By the end of 2016, all new supply will be of Grade B, providing
approximately 60,000sqm NLA from three developments. One
project will be located in the city center while the other two are
in decentralised districts. With limited vacant space, landlords
of Grade A buildings will try to maintain higher asking rents and
secure large scale occupiers.
Q2 2016 | HO CHI MINH CITY | OFFICE
Page 7
Table 2: Office, Future Supply
Source: Colliers International Research
Figure 5: Office, Average Asking Rent
Project name Grade NLA (sqm)
Expected
Completion
SGGP Building B 16,940 Q4 2016
HQC Royal Tower B 22,500 Q4 2016
Mapletree Business Center B+ 30,000 Q4 2016
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60
70
80
90
100
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2011 2012 2013 2014 2015 2016
Grade A Grade B%
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US$/sqm/month
Grade A Grade B

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(*) US$/sqm/month (NLA)
Table 3: Significant Office Projects
No Name Address
Completion
Year
NLA
(sqm)
Service
Charges (*)
Occupancy
rate
Average
asking rent
(**)
1 Saigon Centre 65 Le Loi 1996 11,650 9.0 99% 38.0
2 Saigon Tower 29 Le Duan 1997 13,950 8.0 99% 40.0
3 Sunwah Tower 115 Nguyen Hue 1997 20,800 8.0 100% 40.0
4 The Metropolitan 235 Dong Khoi 1997 15,200 8.0 93% 40.0
5 Diamond Plaza 34 Le Duan 1999 15,936 8.0 81% 35.0
6 Kumho Asiana Plaza 39 Le Duan 2009 26,000 8.0 91% 45.0
7 Bitexco Financial Tower 45 Ngo Duc Ke 2010 37,710 8.0 99% 34.0
8 President Place 93 Nguyen Du 2012 8,330 7.0 97% 33.0
9 Times Square 22-36 Nguyen Hue 2012 12,704 7.0 94% 40.0
10 Le Meridien 3C Ton Duc Thang 2013 9,125 6.0 88% 30.0
11 Vietcombank Tower 5 Me Linh Square 2015 41,250 7.0 97% 37.0
Grade A 212,655 7.7 95% 37.7
1 VTP-OSIC 8 Nguyen Hue 1993 6,500 6.0 99% 25.0
2 Yo Co Building 41 Nguyen Thi Minh Khai 1995 5,000 3.0 98% 23.0
3 Somerset Chancellor Court 21-23 NguyenThi Minh Khai 1996 3,200 5.0 100% 22.0
4 Central Plaza 17 Le Duan 1997 6,094 6.5 90% 26.0
5 Harbour View Tower 35 Nguyen Hue 1997 8,000 5.0 100% 28.0
6 Saigon Riverside Office 2A-4A Ton Duc Thang 1997 10,000 6.5 99% 24.0
7 Saigon Trade Center 37 Ton Duc Thang 1997 31,416 5.0 93% 20.0
8 MeLinh Point Tower 2 Ngo Duc Ke 1999 17,600 6.0 99% 35.5
9 Zen Plaza 54-56 Nguyen Trai 2001 11,037 5.0 92% 23.0
10 Bitexco Building 19-25 Nguyen Hue 2003 6,000 6.0 95% 27.0
11 The Landmark 5B Ton Duc Thang 2005 8,000 6.0 100% 20.0
12 Opera View 161-167 Dong Khoi 2006 3,100 7.0 100% 27.0
13 City Light 45 Vo Thi Sau 2007 10,000 6.5 97% 25.0
14 Petro Tower 1-5 Le Duan 2007 13,304 6.5 100% 26.0
15 The Lancaster 22 – 22 Bis Le Thanh Ton 2007 7,000 5.0 93% 25.0
16 CJ Building 5 Le Thanh Ton 2008 14,000 6.5 99% 25.0
17 Continential Tower 81-85 Ham Nghi 2008 15,000 6.0 99% 22.0
18 Havana Tower 132 Ham Nghi 2008 7,326 6.0 84% 22.0
19 Royal Center 235 Nguyen Van Cu 2008 14,320 6.0 100% 23.0
20 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 100% 26.0
21 TMS 172 Hai Ba Trung 2009 4,000 4.0 100% 24.0
22 A&B Tower 76 Le Lai 2010 17,120 6.0 99% 30.0
23 Bao Viet Tower 233 Dong Khoi 2010 10,650 5.0 100% 22.0
24 Green Power Tower 35 Ton Duc Thang 2010 15,600 6.0 99% 25.0
25 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19,596 5.0 89% 21.0
26 Saigon Royal 91 Pasteur 2010 5,340 6.0 100% 23.0
27 Vincom Center 68 -70 -72 Le Thanh Ton 2010 56,600 5.0 91% 24.0
28 Empress Tower 138 Hai Ba Trung 2012 19,538 6.0 100% 30.0
29 Lim Tower 9-11 Ton Duc Thang 2013 22,000 6.0 99% 28.0
30 MB Sunny Tower 259 Tran Hung Dao, Co Giang 2013 13,200 5.5 95% 23.0
31 Lim Tower 2 Vo Van Tan 2015 8,400 5.5 100% 24.0
Grade B 405,851 5.7 96.8% 26.6

Page 9
SAIGON SKYLINE REVIEW- CBD HCMC GRADE A OFFICE BUILDINGS
KUMHO ASIANA PLAZA
39 Le Duan, District 1
26,000/1,402
$ 45.00
$ 8.00
DIAMOND PLAZA SAIGON
15,936/2,200
$ 35.00
$ 8.00
LE MERIDIEN
3C Ton Duc Thang, District 1
9,125/NA
$ 30.00
$ 6.00
SAIGON TOWER
13,950/NA
$ 40.00
$ 6.00
DEUTSCHES HAUS
3-5 Le Van Huu, District 1
THE METROPOLITAN
235 Dong Khoi, District 1
15,200/1,000
$ 40.00
$ 6.00
PRESIDENT PLACE
93 Nguyen Du, District 1
8,330/1,000
$ 42.00
$ 7.00
BITEXCO FINANCIAL TOWER
45 Ngo Duc Ke, District 1
37,710/900-1,300
$ 34.00
$ 8.00
VIETCOMBANK TOWER
5 Me Linh Square, District 1
41,250/NA
$ 37.00
$ 7.00
TIMES SQUARE SAIGON
22-36 Nguyen Hue, District 1
12,704/1,450
$ 40.00
$ 7.00
SAIGON CENTRE
65 Le Loi, District 1
11,650/ 1,073
$ 38.00
$ 6.50
SUNWAH TOWER
115 Nguyen Hue, District 1
20,800/ 1,166
$ 40.00
$ 6.00

Q2 2016 | HO CHI MINH CITY | RETAIL
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Table 4: Retail, Significant future projects under construction
PERFORMANCE
The CBD maintained their average net asking rent of USD125/
net sqm/month while the non-CBD reduced their rent by 3.8%
q-o-q, staying at USD36.4/sqm/month. The closing of one
department store increased rental rate of this segment by 1%
q-o-q. In contrast, shopping centers were down 2% q-o-q in
rents while retail podiums maintained their asking rates.
The retail market remained tight with the average occupancy
rate of 92%, up 0.43ppts q-o-q.
SUPPLY
The retail market welcomed one new shopping center in Go
Vap District, providing an NLA of 26,651sqm. Being the 12th
outlets in Vietnam, the three-storey Lotte Mart Go Vap is built
under a much different model, featuring an entertainment area,
a supermarket, and a cinema on each floor.
After five years of operation, the Parkson Paragon shopping mall
in District 7 was shut down for relocation. The closure was
claimed by poor business performance, marking the withdrawal
of 7,500sqm NLA. This was converted to office space.
DEMAND
Ho Chi Minh City is a promising retail market and has witnessed
fierce competition between foreign and domestic retailers
in recent years. While overseas companies have advantages
in capital, distribution chain and shop design, local operators
are facing challenges in professional factors, competitiveness
in pricing, diversification in products and control in quality of
products. As the two parties are competing to gain more local
market shares, demand for retail properties will be strengthened.
OUTLOOK
The retail market will be more buoyant with new shopping
centers to be opened later this year. Two new properties
will be located in the city center while the other will be in a
non-urban district to take advantage of its growing number of
local consumers. Rents are forecasted to be softened due to
abundant new supply while vacancy rates will remain low thanks
to good pre-leasing actitivties.
Figure 8: Retail, Average Asking rent
Figure 7: Retail, Market performance
0
10
20
30
40
50
60
70
80
90
100
90%
92%
94%
96%
98%
100%
Podium Department store Shopping centre
USD/sqm/month
Average asking rent Average occupancy
15 21 13
0
50
100
150
200
250
300
350
Retail Podium Department Store Shopping Centre
USD/sqm/month
Min average asking rent Max average asking rent
Project name District NLA (sqm)
Expected
Completion
Saigon Center (phase 2) 1 47,000 Q3 2016
Aeon Mall Binh Tan Binh Tan 60,000 Q3 2016
Union Square 1 39,000 Q4 2016

Q2 2016 | HO CHI MINH CITY | RETAIL
©2016 Colliers International Research Page 11
(*) ARR (Average Rental Rate): All rents are stated in net rents per sqm, inclusive service charge but exculding VAT
Table 5: Significant Retail Projects
No Name of Project/Building Address Location
Completion
Year
NLA
(sq m)
ARR (*)
Occupancy
Rate
1 Hotel Continental Sai Gon 132-134 Dong Khoi District 1 2000 200 90 100%
2 Caravelle Hotel 19 Lam Son Square District 1 2000 150 220 100%
3 New World Hotel 76 Le Lai District 1 2000 1,000 60 100%
4 Sheraton Saigon 88 Dong Khoi District 1 2002 750 200 100%
5 Opera View Lam Son Square District 1 2006 1,260 200 100%
6 The Manor 1 91 Nguyen Huu Canh Binh Thanh 2006 2,000 10-30 100%
7 Saigon Pearl 92 Nguyen Huu Canh Binh Thanh 2009 5,000 22 97%
8 Rex Arcade 141 Nguyen Hue District 1 2010 2,000 120 100%
9 The Manor 2 91 Nguyen Huu Canh Binh Thanh 2010 2,500 10-30 100%
10 Bitexco Financial Tower 45 Ngo Duc Ke District 1 2011 8,000 50 98%
11 The Vista Walk Hanoi Highway District 2 2012 10,000 20 97%
12 President Place 93 Nguyen Du District 1 2012 800 42 98%
13 Times Square 22-36 Nguyen Hue District 1 2012 9,000 300 100%
14 Saigon Airport Plaza 1 Bach Dang Tan Binh 2013 7,623 15 100%
Retail Podium 50,283 87.0 99%
1 Zen Plaza 54-56 Nguyen Trai District 1 2001 6,817 55-60 100%
2 Parkson Hung Vuong Plaza 126 Hung Vuong District 5 2007 24,000 60 100%
3 Kumho Asiana Plaza 35 Le Duan District 1 2009 6,830 60 100%
4 Parkson Flemington 184 Le Dai Hanh District 11 2009 26,000 20 99%
5 Parkson Paragon 3 Nguyen Luong Bang District 7 2011 7,500 40 90%
6 Parkson C.T Plaza 60A Truong Son Tan Binh 2012 12,235 21 100%
7 Parkson Cantavil Premier Hanoi Highway District 2 2013 17,815 25-30 98%
8 Taka Plaza 102 Nam Ky Khoi Nghia District 1 2011 1,000 70 100%
Department Store 102,197 38.0 99%
1 Diamond Plaza 34 Le Duan District 1 1999 9,000 90 100%
2 Parkson Saigontourist Plaza 35 Le Thanh Ton District 1 2002 17,000 30 98%
3 Saigon Center 35 Nam Ky Khoi Nghia District 1 1996 Renovation Renovation Renovation
4 City Plaza 102 Nam Ky Khoi Nghia District 1 2000 Renovation Renovation Renovation
5 Superbowl Vietnam TSN 38 Nguyen Hue Tan Binh 2002 5,500 22 96%
7 An Dong Plaza 18 An Duong Vuong District 5 2004 18,000 61 95%
8 Saigon Square 1 77-89 Nam Ky Khoi Nghia District 1 2006 1,300 167 100%
9 Nowzone 235 Nguyen Van Cu District 1 2008 9,000 60 99%
10 Lotte Mart Saigon South 469 Nguyen Huu Tho District 7 2008 24,000 50 100%
12 Vincom Center B 72 Le Thanh Ton District 1 2010 45,000 150 100%
13 Maximark 3/2 Extention 3/2 Street District 10 2010 25,000 35 90%
14 Lotte Mart Phu Tho Le Dai Hanh District 11 2010 24,500 13 99%
15 Crescent Mall Nguyen Van Linh District 7 2011 45,000 25 100%
16 Satra Pham Hung Pham Hung District 8 2011 11,528 14 100%
17 CMC Plaza 79B Ly Thuong Kiet Tan Binh 2011 Renovation Renovation Renovation
18 Union Square Dong Khoi District 1 2012 38,000 90-97 New opening
Shopping Centre 272,828 62.0 98%

Q2 2016 | HO CHI MINH CITY | CONDOMINIUM
Table 3: Significant Office ProjectsPERFORMANCE
The second quarter of 2016 recorded 5,785 successful
transactions across all segments, down 35% compared to the
previous quarter. Thanks to real demand from end-users,
apartments valued from USD40,000-90,000 had stronger net
absorption than those of higher value.
The primary asking price declined 0.3% q-o-q as a result of
increasing supply and moderate demand. Developers have
been monitoring the market movement to adjust their price
appropriately.

SUPPLY
There were 8,861 units launched from 17 projects, marking a
30.5% lower than the previous quarter in terms of total new
supply. The mid-end segment took the highest market share of
51%, providing 4,519 units.
By location, most of new supply is located in District 2, District
7, District 9 and Binh Thanh District where having large land
availability.
DEMAND
It is observed that the mortgage market has gradually become
more common in Vietnam. The change is being driven by the
fact that 60% of Vietnamese are under the age of 35 and
migration into cities is rising. As the younger generation have
decent jobs with stable income, their ability to own properties
through home loans increases.
Real estate loans, which account for 13% of total bank lending
in Ho Chi City in 1H2016, are contributing to a property rebound
that has seen a surge in condominium sales since last year.
OUTLOOK
Demand for owner occupation and for investment will continue
to lead the market. With more joint ventures set up between
local and foreign developers such as Nam Long- Hankyu
Realty- Nishi Nippon Railroad, An Gia-Creed Group-Phat Dat,
Tien Phuoc-Keppel Land- Gaw Capital-Tran Thai, the real estate
industry will see a growing number of high quality residential
products.
Figure 9: Condominium, New Launches and Sold Units by year
Figure 11: Condominium, Sold Units by Segment and Quarter
Figure 10: Condominium, New launches by Segment and Quarter
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
2012 2013 2014 2015 1H2016
units
New Launches Sold Units
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2012 2013 2014 2015 2016
units
Luxury High-end Mid-end Affordable
0
2,000
4,000
6,000
8,000
10,000
12,000
2012 2013 2014 2015 2016
units

Q2 2016 | HO CHI MINH CITY | CONDOMINIUM
Table 6: Condominium, Significant new projects launched in Q2 2016
No Name of Project/Building Developer Location
Completion
Year
Number
of units
Asking Price
(US$/sqm)
1 The Southern Dragon - last phase Son Thuan Corp Tan Phu 2016 1,136 1,100
2 Flora Fuji (Phase 1)
Nam Long, Hankyu Realty &
Nishi Nippon Railroad
District 9 2017 200 750
3 Saigon Mia Hung Thinh Corp Binh Chanh 2017 156 1,500
4 Summer Square Gotec Viet Nam District 6 2017 256 1,100
5 Valéo Dam Sen Phu Nhuan House Tan Phu 2017 104 1,500-2,000
6 Soho Premier SGCC Binh Thanh 2017 168 1,000
7 Heaven Riverview An Phuc District 8 2017 480 700
8 Vista Verde CapitaLand District 2 2017 200 1,500
9 Duc Long New Land Duc Long Golden Land Group District 8 2018 886 1,200-1,300
10 An Gia River City An Gia - Creed Group District 7 2018 1,000 1,300
11 Elite Park Geleximco - Vinacomin Binh Thanh 2018 208 1,500
12 Diamond City (Blue Diamond Tower) Hoan Cau Group District 7 2018 726 1,500
13 Thu Thiem Lake view CII District 2 2018 113 900
14 Duc Long Golden Land Duc Long Gia Lai Group District 7 2018 495 1,100-1,200
15 Centana Thu Thiem Dien Phuc Thanh Corp District 2 2019 422 1,200
16 Diamond Riverside NBB, CII District 8 2019 1,700 750
17 Saigon Royal NovaLand District 4 2019 611 2,500
New launches in Q2 2016 8,861
* Excluding all kinds of tax, promotions and management fee
The information is updated as at the end of Q2 2016

Q2 2016 | HO CHI MINH CITY | VILLA & TOWNHOUSE
PERFORMANCE
Sales of landed properties recorded a significant increase of
68% q-o-q. Successful transactions were led by townhouses,
showing rising preferences for this type of property.
Asking price was higher on both primary and secondary market,
up 2.8% and 4.1% q-o-q respectively. Projects in District 2 and
District 9 witnessed strongest price appreciation thanks to
upgrading infrastructure in these localities.
SUPPLY
Seven projects were launched in the review quarter, providing
approximately new 444 villas and townhouses. One of the most
notable projects is Vinhomes Golden River, offering 63 luxury
villas with land area from 225– 475sqm. Located right in the
heart of District 1 and within a multifunctional township, it has
been an attractive option for both homebuyers and investors.
It is observed that developers have reduced sizes of landed
property products to make it more affordable for buyers and
combate against rising construction costs.
DEMAND
The villa and townhouse segment have seen stronger demand
since the market recovery in late 2014. As landed properties
often come with quality fittings and finishes, and are well-served
with a wide range of facilities and amenities, these dwellings will
continue to see demand from homebuyers seeking well-located
quality residences. This type of property has also drawn robust
interest from investors who are looking for high rental return
and long-term capital growth.
OUTLOOK
It is expected that approximately 1,000 dwellings will be
launched in 2H2016. The East and the South area will continue
to lead new supply while the Western area is of high potential
to grow in the future. Sale price will maintain the upward trend
thanks to high market sentiment.
Figure 12: Villa and Townhouse, Changes in Asking Prices
Figure 14: Villa and Townhouse, Primary Stock by District
Figure 13: Villa&Townhouse, Supply by Year
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Primary market Secondary market
q-o-q changes y-o-y changes
0
1000
2000
3000
4000
5000
6000
7000
8000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q2
2016
Existing supply New supply
units
Dist. 2
37%
Dist. 9
19%
Nha Be
16%
Binh Tan
7%
Go Vap
6%
Thu Duc
5%
Dist. 12
2%
Binh Thanh
3%
Binh Chanh
3%
Dist. 7
2%

Q2 2016 | HO CHI MINH CITY | VILLA & TOWNHOUSE
Table 7: Villa and Townhouse, Significant new projects launched in Q2 2016
Completion
Year
Number
of units
Asking Price
(US$/sqm)
1 Feliza (Phase 2 of Hoja project) Khang Dien Dist. 9 2016 15 1,600
2 Holm Residences Sapphire Dist. 2 2016 29 5,800
3 VX HOME TX 38 Van Xuan Dist. 12 2016 17 1,100
4 VX HOME TL 13 Van Xuan Dist. 12 2016 18 650
5 Fuji Residence Nam Long Dist. 9 2016 84 1,500
6 Saroma Villa Dai Quang Minh Dist. 2 2016 166 6,600-7,100
7 Ha Do Centrosa Garden Ha Do Group Dist. 10 2019 115 6,500
New launches in Q2 2016 444

Q2 2016 | HO CHI MINH CITY | SERVICED APARTMENT
PERFORMANCE
A and B grade recorded an improvement in both rents and
occupancy rates over the quarter. Grade A’s average occupancy
rate increased by 1.27ppts, reaching 87.5%. The average gross
asking rent was up by 1.0ppts q-o-q, staying at USD30.2/sqm/
month.
Grade B’s average occupancy rate rose by 88.6%, up 0.45ppts
while rental rate saw an improvement of 0.89ppts, averaging at
USD22.6/sqm/month.
SUPPLY
The total stock increased by 5.2% q-o-q with the opening of
one new Grade B project in district 3. Combining the service
and style of a luxury hotel with the convenience and facilities of
a modern serviced apartment building, the 217 unit-Sila Urban
Living offers different accommodation options, ranging from
studios to one- and two-bedroom apartments.
The stock will grow substantially by 2018 with nearly 3,000
serviced apartments entering the market. Future projects will
be decentralised to East and South Districts.
DEMAND
In the first half of 2016, FDI to the city totaled USD512.7
million with 367 projects. This in turn creates demand for
quality accommodation, including serviced residences for
expatriates. Popularity in serviced apartments is forecasted
to keep increasing as leisure and business guests enjoy the
variety, range, flexibility and value for money that this type of
accommodation can offer.
OUTLOOK
Existing developments will see challenges in the long term when
new projects are opened. Rents are forecasted to be softened to
achieve high occupied rates. Competition will be more intense
with the growing number of buy-to-let apartments and private
houses who tend to offer competitive rents for long-term stays.
Project name District
Total
units
Expected
Completion
Ascott Waterfront Saigon 1 222 3Q 2016
Saigon Plaza 1 119 4Q 2016
New Pearl 3 120 4Q 2016
Saigon Centre Phase 2 1 216 2017
Saigon South Place 7 480 2017
Berkley Service Residence 2 85 2017
Table 8: Serviced apartment, Significant future projects under construction
Figure 15: Serviced Apartment, Current grade A&B supply
Figure 16: Serviced Apartment, Average asking rent by grade
0
1,000
2,000
3,000
4,000
2010 2011 2012 2013 2014 2015 Q2 2016
units
Grade A Grade B
15
20
25
30
35
2010 2011 2012 2013 2014 2015 Q2 2016
US$/sqm/month
Grade A Grade B

Q2 2016 | HO CHI MINH CITY | SERVICED APARTMENT
Table 9: Significant Serviced Apartment Projects
No. Project Name Address Location
Completion
Year
Total
Room
Average
Occupancy
ARR(*)
(**)
1 The Landmark 5B Ton Duc Thang District 1 1995 66 95.0% 26.0
2 Sedona Suites 65 Le Loi District 1 1996 89 98.0% 34.0
3 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 1996 172 90.0% 32.0
4 Nguyen Du Park Villas 111 Nguyen Du District 1 2004 41 95.0% 17.0
5 The Lancaster 22-22 Bis Le Thanh Ton District 1 2007 55 73.0% 37.0
6 Intercontinental Asian Saigon 39 Le Duan District 1 2009 260 90.0% 36.0
Grade A 683 90.5% 32.7
1 Norfork Mansion 17-21 Ly Tu Trong District 1 1998 126 85.0% 34.0
2 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 85.0% 26.0
3 Somerset HCM 8A Nguyen Binh Khiem District 1 1998 165 94.0% 26.0
4 Diamond Plaza 34 Le Duan District 1 1999 42 88.0% 25.0
5 Garden View Court 101 Nguyen Du District 1 2000 76 95.0% 23.0
6 Ben Thanh Luxury 172-174 Ky Con District 1 2010 88 91.0% 18.0
7 Lafayette De SaiGon 8 Phung Khac Khoan District 1 2010 18 89.0% 28.0
8 Vincom Center 45A Ly Tu Trong District 1 2010 60 34.0% 26.0
9 Nikko Saigon 235 Nguyen Van Cu District 1 2011 54 100.0% 34.0
10 Saigon City Residence 8A/3D2 Thai Van Lung District 1 2011 17 84.0% 23.0
11 Spring Court 1Bis Phung Khac Khoan District 1 2011 14 86.0% 17.0
Grade B 814 85.9% 26.4
(*) US/sqm/month
(**) ARR (Average Rental Rate): All rents are stated in gross rents per sqm, not including VAT and serviced charge

Q2 2016 | HO CHI MINH CITY | INDUSTRIAL
PERFORMANCE
Rent remained stable at USD120/sqm/lease term on average,
with the average Land Use Right term was 35.7 years. Tan
Thuan Export Processing Zone in District 7 achieved the
highest asking rent of USD10.4/sqm/year. Famous for being
the first export and processing zone in Vietnam, it has remained
to be the leader among other IPs.
The average occupancy rate was 69% which was stable over
the quarter. Six fully occupied IPs are Linh Trung 1, Binh Chieu,
Saigon Hi-tech Park 1, Tan Binh, Cat Lai and Tan Thoi Hiep.
Minimum leasable area of ready-built factories is 1,000-5,000
sqm with rents offered from USD2.5- USD4/sqm/month
(excluding VAT and service charge).
SUPPLY
The current stock comprises of 19 IPs, providing over 2,700ha of
leasable areas. To minimize negative impacts on local residents,
industrial properties scattered around outlying districts. Cu Chi
and District 9 are the largest suppliers, accounting for 23% and
22% of market share.
There are other IPs under construction such as Tay Bac Cu Chi
Industrial (phase 2) in Cu Chi district, Hiep Phuoc IP (Phase
3) in Nha Be and Vinh Loc IP (Phase 3) in Binh Chanh district.
DEMAND
It is expected that free trade agreements will bring more
investment into the country, especially from big importers of
Vietnamese products. Manafacturing actitivities by foreign
companies will increase on the back of tax exemption on major
products such as garments and textiles.
With more international manufacturers setting up production
bases in Vietnam, demand is on the rise for industrial properties,
including industrial parks, warehouses and logistics facilities.
OUTLOOK
The city is making efforts to transform its processing and
industrial zones from traditional labour-intensive structure
to high-tech key industries. As most of applicants come from
rural areas and lack a high school diploma, the foreign sector
is experiencing difficulty in finding suitable factory workers. To
support the expansion of industrial properties in Vietnam, it is
necessary to have additional workplace training programs to
bridge skills and knowledge gap of labour force.
Figure 17: Industrial, Market Performance
Figure 18: Industrial, Supply by District
Table 10: Industrial, Future Supply
Industrial Park Name District
GFA
(ha)
Le Minh Xuan Industrial Park - phase 3 Binh Chanh 242
Tay Bac Cu Chi Industrial Park - phase 2 Cu Chi 173
Hiep Phuoc Industrial Park - phase 2 Nha Be 597
Dist. 9
22%
Cu Chi
23%
Binh Chanh
16%
Binh Tan
10%
Dist. 7
8%
Nha Be
8%
Others
13%
60%
62%
64%
66%
68%
70%
115
117
119
121
123
125
Q4 2015 Q1 2016 Q2 2016
USD/sqm/term
Average asking rent Occupancy rate

Q2 2016 | HO CHI MINH CITY | INDUSTRIAL
Table 11: HCMC Industrial Market Overview
No Name of Industrial Park Location
Distance to
CBD (km)
Total Area
(ha)
Total leasable
area (ha)
Asking Rent
(US$/sqm/
term)
Occupancy LUR Term
1 Linh Trung 1 Export Processing Zone Thu Duc 18 62 46 60 100% 2042
2 Linh Trung 2 Export Processing Zone Thu Duc 17 62 44 60 99% 2050
3 Binh Chieu Industrial Park Thu Duc 16 27 27 150 100% 2046
4 Saigon Hi-tech Park P1 District 9 15 300 300 60 100% 2052
5 Tay Bac Cu Chi Industrial Park Cu Chi 36.5 208 150 90 99% 2047
6 Tan Phu Trung Industrial Park Cu Chi 37 543 359 73 28% 2054
7 Tan Thuan Export Processing Zone District 7 6.4 300 205 260 81% 2054
8 Hiep Phuoc Industrial Park 1 Nha Be 21 331 224 100 93% 2041
9 Hiep Phuoc Industrial Park 2 Nha Be 22 597 345 100 10% 2048
10 Tan Tao Industrial Park 1 Binh Tan 17 161 97 251 97% 2058
11 Tan Tao Industrial Park 2 Binh Tan 17 183 116 251 78% 2047
12 Tan Binh Industrial Park Tan Binh 11 129 100 235 100% 2050
13 Le Minh Xuan Industrial Park Binh Chanh 20 100 66 100 95% 2047
14 Vinh Loc Industrial Park Binh Chanh 15 203 131 270 95% 2047
15 Dong Nam Industrial Park Cu Chi 30 343 287 63 69% 2047
16 An Ha Industrial Park Binh Chanh 23 124 124 64 23% 2058
17 Cat Lai Industrial Park District 2 21 137 87 90 100% 2058
18 Automotive - Mechanical (Hoa Phu) Cu Chi 40 99 67 56 83% 2061
19 Tan Thoi Hiep Industrial Park District 12 16 28 20 100 100% 2057
Total 3,937 2,795 120 69%

Q2 2016 | HA NOI | OFFICE
PERFORMANCE
The average asking rents across all grades recorded a nominal
q-o-q increase of 0.65ppts, reaching USD22.95/sqm/month.
Due to an oversupply in the market, the occupancy rate
experienced a downturn, dropping 3.7ppts compared to the
previous quarter, staying at 83.25%.
Grade A showed improvements in both occupancy and rents,
up 0.35 ppts and 0.6ppts respectively compared to the previous
quarter, achieving 82.3% and USD28.2/sqm/month. While
Grade B’s rental rate was soften, decreasing 0.6ppts q-o-q to
USD17.7/sqm/month, its occupied rate witnessed a significant
drop of 7.48ppts, averaging at 83.25%.
SUPPLY
Grade B dominated new supply in the review quarter, adding
58,000sqm NLA from 4 buildings to the existing stock. After
significant growth in the first half of the year, the current office
supply reaches more than 1.5 million sqm NLA. By location,
most of Grade A buildings is located in the CBD while a majority
of Grade B is scattered around the West and Mid-town.
The future pipeline will more expand with approximately
330,000sqm GFA of office space entering the market in the
next three years. Most of new supply will be decentralised in
the West and Midtown area, creating intense competition with
the existing CBD.
DEMAND
Demand for Hanoi office space is improving on the back of
positive economic conditions. Finance, insurance and banking
in both domestic and foreign companies are dominant in the
leasing market.
The city is witnessing decentralizing trend as tenants move
away from the CBD to cut their costs. Affordable rents and
larger floor plates in Midtown and the West are attractive
options for occupiers. However, the CBD is still a high potential
market with its prime location.
OUTLOOK
Given the fact that supply still outweighs demand, rents are
being more affordable and competitive. Landlords will continue
to offer flexible leasing terms, attractive incentives and high
quality services to secure or retain tenants. Matured office
buildings should renovate their facilities to be competitive with
newer buildings, especially those in the West of the CBD.
Figure 19: Office, Average Asking Rent
Figure 20: Office, Occupancy Rate
Table 12: Office, New Supply in Q2 2016
0
5
10
15
20
25
30
35
40
2012 2013 2014 2015 2016
US$/sqm/month
Grade A Grade B
0%
20%
40%
60%
80%
100%
2012 2013 2014 2015 2016
Grade A Grade B
Project name District Grade
NLA
(sqm)
Expected
completion
UDIC Cau Giay B 14,500 2016
Trico Long Bien B 12,280 2016
STV Hoan Kiem B 5,000 2016
HUD Tower Cau Giay B 26,250 2017

Q2 2016 | HA NOI | OFFICE
Page 21
(*) US$/sqm/month (NLA)
Table 13: Significant CBD Office Projects
No Name Address
Completion
Year
NLA
(sqm)
Service
Charges
(*)
Occupancy
rate
Average
asking rent
(**)
1 Central Building 31 Hai Ba Trung 1995 3,653 9.0 100% 33.0
2 International Centre 17 Ngo Quyen 1995 6,500 7.0 90% 24.0
3 Hanoi Tower 49 Hai Ba Trung 1997 9,000 7.0 100% 27.0
4 63 Ly Thai To Building 63 Ly Thai To 1998 6,753 - 100% 47.0
5 Sun Red River Building 23 Phan Chu Trinh 1999 13,459 7.0 75% 28.0
6 Vietcombank Tower 198 Tran Quang Khai 2000 19,563 - 100% 29.0
7 Opera Business Centre 60 Ly Thai To 2007 3,787 included 85% 24.0
8 Pacific Palace 83B Ly Thuong Kiet 2007 16,600 7.0 91% 25.0
9 Asia Tower 2 Nha Tho 2007 3,100 included 77% 35.0
10 Sun City Building 13 Hai Ba Trung 2007 6,400 - 100% 45.0
11 BIDV Tower 194 Tran Quang Khai 2010 10,120 7.0 95% 30.0
12 Sentinel Place Hang Da 2010 8,000 8.5 95% 45.0
13 Corner Stone 16 Phan Chu Trinh 2013 26,500 7.0 70% 30.0
14 Hong Ha Center 25 Ly Thuong Kiet 2013 11,000 5.0 27.0% 19.0
Grade A 144,435 7.0 84% 30.0
1 Tungshing Square 2 Ngo Quyen 1996 8,306 7.0 89% 21.0
2 Melia Hotel 44B Ly Thuong Kiet 1997 8,500 - 90% 38.0
3 Prime Centre 53 Quang Trung 1998 7,600 - 100% 27.0
4 VIB Hai Ba Trung 59 Quang Trung 2006 3,000 - 68% 16.0
5 Capital Tower 109 Tran Hung Dao 2010 21,089 7.0 87% 20.0
6 Hanoi Tourist Building 18 Ly Thuong Kiet 2010 7,600 - 100% 24.0
7 Capital Building 72 Tran Hung Dao 2013 5,800 - 100% 25.0
8 Coalimex Building 33 Trang Thi 2013 5,071 5.0 79% 18.0
9 VID Building 115 Tran Hung Dao 2013 4,930 - 89% 23.0
10 Artex Port 31-33 Ngo Quyen 2014 4,725 - 100% 23
Grade B 76,621 6.0 91% 23.5

Q2 2016 | HA NOI | RETAIL
New vacant space in some retail centers pushed the overall
occupancy rate down to 88.1%, representing a drop of 0.45ppts
q-o-q.
The average net asking rents were softened in suburban shopping
malls, resulting in a decline of 1.7% q-o-q and 2.5% y-o-y. While
the CBD rents remained stable at USD81.44/sqm/month, those
of non-CBD sub-markets were reduced to USD28.3/sqm/month
respectively.
SUPPLY
As of Q2 2016, the retail stock is more than 700,000sqm NLA
from 53 buildings, marking an increase of 7.5% q-o-q. Three
new retail podiums entered the market, providing approximately
45,000sqm NLA.
More than 150,000sqm GFA of new retail centers is expected to
come online in the next quarters, diversifying shopping activities
of Hanoi people. Vingroup is leading the market share of retail
space with three under-construction shopping malls in the West
and Mid-town area.
DEMAND
According to the Consumer Confidence Index by Nielsen,
Vietnamese consumer confidence continues staying at a high
level, ranking as the 7th most optimistic country in the world
despite a slight decrease of 2ppts in Q2 2016. Rising affluence,
growing middle class population and an improving economic
outlook supports Vietnamese’s optimistic view on the local
economy. This may have positive impacts on retail sales and in
turn expanding demand for retail space.
OUTLOOK
Strong competition in securing new tenants will continue in
Hanoi retail market when the supply pipeline is expected to grow
substantially. Retail centers in non-CBD area will lower their rents
than the average market rate to fill up their vacant space. Besides,
landlords of mature retail developments should restructure their
properties to have a more efficient mix of retail sales, F&B and
entertainment.
Figure 21: Retail, Market Performance
Table 14: Retail, Future Supply
Figure 22: Retail, Total Supply
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
2010 2011 2012 2013 2014 2015 Q2 2016
sqm
CBD Non-CBD
0
10
20
30
40
50
60
70
80
75%
80%
85%
90%
95%
100%
2008 2009 2010 2011 2012 2013 2014 2015 Q2 2016
US$/sqm/month
Rental rate Occupancy
Project Name District GFA (sqm)
Expected
completion
Mipec Riverside Long Bien 24,000 Q3 2016
Vincom Exchange City Tu Liem 23,140 Q4 2016
Vincom Pham Ngoc Thach Dong Da 18,900 Q4 2016
Vincom Green Star Tu Liem 50,000 Q4 2016
Discovery Complex Cau Giay 38,144 Q1 2017

Q2 2016 | HA NOI | RETAIL
Table 15: Significant Retail Projects
No
Name of Project /
Building
Address Location
Completion
Year
NLA
(sq m)
ARR (*)
Occupancy
Rate
1 Central Building 31 Hai Ba Trung Hoan Kiem 1995 550 90-100 100%
2 Hanoi Tower 49 Hai Ba Trung Hoan Kiem 1997 2,056 50-60 73%
3 63 Ly Thai To Building 63 Ly Thai To Hoan Kiem 1998 594 150 100%
4 ICC Building 71 Nguyen Chi Thanh Dong Da 2006 2,900 16 50%
5 Pacific Place 83b Ly Thuong Kiet Hoan Kiem 2007 2,000 70 88%
6 Opera Business Center 6b Trang Tien Hoan Kiem 2007 1,070 90-150 100%
7 Golden Westlake 151 Thuy Khue Tay Ho 2007 1,000 25 75%
8 Sun City 13 Hai Ba Trung Hoan Kiem 2008 861 90-95 100%
9 Asia Tower 6 Pho Nha Tho Hoan Kiem 2008 500 100 100%
10 Sentinel Place 41A Ly Thai To Hoan Kiem 2010 550 45 57%
11 Sky City Tower 88 Lang Ha Dong Da 2010 5,400 20-80 100%
12 Han Viet Tower 203 Minh Khai Hai Ba Trung 2012 600 16-17 59%
13 Rainbow Tower 19/5 KDT Van Quan Ha Dong 2012 900 20 100%
14 Hapumedicenter 85 Vu Trong Phung Thanh Xuan 2012 18,500 20 100%
15 The Lancaster Hanoi 20 Nui Truc Ba Dinh 2013 3,123 33 45%
16 Madarin Garden Residential 1 Hoang Minh Giam Cau Giay 2013 11,000 25-30 100%
Retail Podium 51,604 91%
1 Vincom Center Ba Trieu - Tower A&B 191 Ba Trieu Hai Ba Trung 2004 17,000 90-100 99%
2 Vincom Center Ba Trieu - Tower C 191 Ba Trieu Hai Ba Trung 2004 10,974 80 100%
3 Ruby Plaza 44 Le Ngoc Han Hai Ba Trung 2007 5,200 28 96%
4 Syrena 51B Xuan Dieu Tay Ho 2008 5,000 30 100%
5 Trang Tien Plaza 24 Hai Ba Trung Hoan Kiem 2008 14,000 10 85%
6 Savico MegaMall 7-9 Nguyen Van Linh Long Bien 2011 54,900 20-25 99%
7 Keangnam Palace Landmark Lot E6, Pham Hung Tu Liem 2011 60,771 20-53 80%
8 Vincom Center Long Bien KDT Vincom Long Bien 2012 45,000 20 70%
9 Indochina Plaza Hanoi 241 Xuan Thuy Cau Giay 2012 19,929 22 97%
10 Vincom Mega Mall - Royal City 72A Nguyen Trai Thanh Xuan 2013 230,000 70 99%
11 Vincom Mega Mall - Time City 458 Minh Khai Hai Ba Trung 2014 200,000 50 100%
12 Aeon Mall Long Bien 2 Co Linh Long Bien 2015 72.000 45 100%
13 Vincom Nguyen Chi Thanh 54A Nguyen Chi Thanh Dong Da 2015 34,500 70-80 99%
Shopping Centre 719,346 96%
1 Parkson (Viet Tower) 198 Tay Son Dong Da 2007 15,761 15 97%
2 The Garden (Bitexco) Me Tri Tu Liem 2007 23,700 28-35 99%
3 Ho Guom Plaza Ha Dong Ha Dong 2013 23,380 16 94%
4 Lotte Department Store 54 Lieu Giai Ba Dinh 2014 38,709 43 97%
Department Store 101,550 97%
(*) ARR (Average Rental Rate): All rents are stated in net rents per sqm, inclusive service charge but exculding VAT

Q2 2016 | HA NOI | CONDOMINIUM
PERFORMANCE
The market recorded 4,950 successful transactions, up 24%
compared to the previous quarter. Effective sales events and
various promotion packages helped to push up sale rates.
The positive market sentiment initiated slight price increases. On
the primary market, price growth of 1-2% q-o-q was recorded
across all segments. Especially, projects with a close proximity
to the city center or ongoing infrastructure projects increased
their sale price by 5-7%.
SUPPLY
The review quarter had approximately 6,497 units from 15
condominium projects, marking an increase of 45% q-o-q in
newly launched supply. Mid to high-end segments dominated
new launches, accounting for 52% of total new projects.
With well-established infrastructure, the West and East area are
hot spots for new residential developments.
DEMAND
Rapid urbanization rate, reduced household size and young
population continue to be key demand drivers of Hanoi
residential market. The review quarter has seen strong sales
activities in high-end apartments due to improved investor’s
confidence. However, real demand is under the affordable to
mid-end segment for the purpose of owner-occupation. Typical
units ranged from 45-90sqm are favorite options for end-users
who having limited budgets.
OUTLOOK
The supply pipeline will remain strong with more than 20,000
units launched in the rest of year. With positive market
sentiment, sales price is expected to follow an upward trend.
New projects tend to be located in a master community where
having all necessary facilities and amenities for future residents.
Figure 23: Condominium, New Launches & Sold Units by Year
Figure 24: Condominium, New Launches by Quarter and Segment
Figure 25: Condominium, Sales by Quarter and Segment
0
1,000
2,000
3,000
4,000
5,000
6,000
2012 2013 2014 2015 2016
units
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2012 2013 2014 2015 1H2016
units
New Launches Sold Units
0
1,000
2,000
3,000
4,000
5,000
6,000
2012 2013 2014 2015 2016
units

Q2 2016 | HA NOI | CONDOMINIUM
Table 3: Significant Office ProjectsTable 3: Significant Office Projects
Table 16: Condominium, New projects launched in Q2 2016
Completion
Year
Number of
units
Asking Price
(US$/sqm)
1 Mon City Hai Dang Real Estate Corp. Tu Liem 2017 100 1,400
2 West Bay Sky Residence Vihajco Ecopark 2018 500 600 - 700
3 Summer Suites (Season Avenue) Capital Land Ha Dong 2017 286 1250
4 Doanh Nhan Tower 1 XNK Tay Do Ha Dong 2017 600 900-1,000
5 D’.Le Roi Soleil (phase 1) Tan Hoang Minh Tay Ho 2018 200 2,700 - 3500
6 Sapphire 1&4 TNR Holdings Tu Liem 2017 1,360 100
7 Golden Field My Dinh MBLand Holding Tu Liem 2017 400 1,200 - 1,00
8 D'. Le Pont D'or Tan Hoang Minh Group Dong Da 2017 308 1,800
9 Eco Green Tower
Công ty Cổ phần Sông Đà
1.01
Hoang Mai 2017 294 1,000-1,100
10 Lộc Ninh Singashine Loc Ninh Chuong My 2017 448 0
11 Eco Green City CT1
Viet Hung Real Estate &
Construction Co. Ltd.
Hoàng Mai 2018 364 1,100
12 Eco Green City CT2
Viet Hung Real Estate &
Construction Co. Ltd.
Hoàng Mai 2018 493 1,500
13 Central Field Trung Kính MBLand Cau Giay 2017 492 1,500 - 1,600
14 Tabudec Lake View Plaza Tabudec Ha Dong 2017 252 700
15 Goldseason TNR Holdings Thanh Xuan 2018 400 1,400- 1,600

Q2 2016 | HA NOI | VILLA & TOWNHOUSE
PERFORMANCE
Townhouses continued to lead successful sale transactions
with nearly 200 sales recorded, accounting for 65% of sold
dwellings.
On the primary market, Tu Liem achieved the highest sale
price of USD3,700/sqm while Gia Lam had the lowest rate of
USD1,100/sqm. The secondary price increased 2.9% q-o-q,
averaging at USD3,400/sqm. Projects in decentralised districts
softened their prices while those in urban areas witnessed price
growth. Compared to the previous quarter, Ha Dong recorded
the highest price growth of 6% while Thanh Xuan had the
strongest price decrease of 4%.
SUPPLY
The stock grew substantially in the review quarter with the
launch 1,201 dwellings from 14 projects. Outlying districts with
large greenfield sites and upgraded infrastructure such as Ha
Dong, Hoai Duc, Long Bien, Tu Liem and Hoang Mai are top
suppliers of landed properties. Among that, Ha Dong takes the
largest market share, representing 66.5% of supply pipeline.
DEMAND
Landed properties have become more affordable in recent years
thanks to their reduced sizes. Smaller villas and townhouses are
being launched to suit buyers’ preferences.
For home owners, this type of properties provides a traditional
accommodation that is preferred by most Vietnamese people.
Also it is believed to achieve high rental yield and land value
appreciation over time. This is explained why investors are
becoming more attractive to this market segment.
OUTLOOK
Infrastructure development has been a priority in Hanoi, with the
local government taking steps to improve the transport system.
Better connectivity between the city center and suburban
districts will enhance the value of future landed projects. It is
expected that the supply pipeline will welcome more than 1,000
dwellings in the rest of the year.
Figure 26: Villa and Townhouse, Supply by quarter
Figure 27: Villa and Townhouse, Secondary price by District
Figure 28: Villa and Townhouse, Q-o-Q changes in secondary price
0
1000
2000
3000
4000
5000
6000
7000
Thanh
Xuan
Tu Liem Hoang
Mai
Ha
Dong
Long
Bien
Hoai
Duc
Gia Lam
USD/sqm
Q1 2016 Secondary price Q2 2016 Secondary price
Q2 2016 Market average price Q2 2016 Primary price
0
20
40
60
80
100
120
140
26,000
27,000
28,000
29,000
30,000
31,000
32,000
33,000
34,000
35,000
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2014 2015 2016
dwellings
No. of Dwellings No. of Projects
-15
-10
-5
0
5
10
15
20
0
1000
2000
3000
4000
5000
6000
7000
Q1 Q2Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3Q4 Q1 Q2
2011 2012 2013 2014 2015 2016
%
USD/sqm
Market average price Q2 2016 Q-o-Q changes

Q2 2016 | HA NOI | VILLA & TOWNHOUSE
Table 3: Significant Office ProjectsTable 3: Significant Office ProjectsTable 3: Significant Office Projects
Table 17: Significant new projects launched in Q2 2016
Completion
Year
Number
of units
Asking Price
(US$/sqm)
1 Victoria Van Phu Van Phu Invest Ha Dong 2016 148 2,000
2 Gamuda Gardens (Phase 2) Gamuda Land Hoang Mai 2016 44 2,700
3 FLC Eco House FLC group & KHKT corp. Long Bien 2016 104 1,500
4 Park Hill shophouse Vin Group Hai Ba Trung 2016 26 1,600
5 The Boutique shophouse Vin Group Hai Ba Trung 2016 10 2,000
6 Vinhomes Botanica Vin Group Tu Liem 2016 61 4,500
7 HDI Homes Handico 7 Thanh Xuan 2017 18 5,000-6,500
8 Green Pearl Daewoo co, LTD Hai Ba Trung 2017 20 4,700-4,900
9 Pandora Hoa Binh Corporation Thanh Xuan 2017 10 3,000 - 4,500
10 Lucky House Hancorp Hoang Mai 2018 20 1,700
11 622 Minh Khai Handico & Hai Chau Corp. Hai Ba Trung 2018 61 3,700
12 Thanh Ha B Muong Thanh Ha Dong 2019 451 800-1,000
13 Starlake Daewoo E&C Tay Ho 2019 28 4,500 - 5,000
14 Phu Luong Residence Trung Viet & Hai Phat Corp. Ha Dong N/A 200 1000

Q2 2016 | HA NOI | SERVICED APARTMENT
Grade A had a nominal rent growth of 0.95ppts q-o-q, reaching
USD31.7/sqm/month while its occupancy rate improved 2.3ppts,
averaging at 85.9%. Grade B dropped 1.81ppts q-o-q in rents and
4.4ppts in occupancy rates, staying at USD21.7/sqm/month and
80.3% respectively.
By location, the highest average asking rent for both two Grades
was recorded in Cau Giay, followed by Ba Dinh and Tu Liem.
SUPPLY
The opening of Novotel Suites Hanoi in the review quarter
expanded the total stock by 1.5% q-o-q. Being AccorHotels‘s very
first Novotel Suites in Asia, the development provides 53 serviced
accommodation, especially designed for business clients. No new
supply will enter the market from now until 2017.
Generally, most of Grade A projects is under international
management while a majority of Grade B developments are
self-managed or under local management.
DEMAND
In recent years, the office market has witnessed a decentraliza-
tion trend, where companies gradually relocate from prime CBD
to non-CBD areas. As a result, there has been growing demand
for serviced apartment in the west area of the city.
Demand has also come from expatriates working in certain
industrial parks in Hanoi and Bac Ninh. In terms of guest
nationality, Japanese and Korean have the highest proportion in
customer profile.
OUTLOOK
The supply pipeline is anticipated to welcome more than 500 new
serviced units by 2018. Villas and buy-to-let apartments continue
to create fierce competition for long-term requirements, while
hotels compete for tenants on shorter stays. This forces providers
to differentiate their business strategies to attract tenants. It is
suggested that serviced accommodation should be managed
by international brands to be entitled to a global profile, brand
awareness, professional marketing as well as structured and
standardised operating procedures.
Table 18: Serviced Apartment, Future Supply
Figure 29: Serviced Apartment, Market Performance
Figure 30: Serviced Apartment, Total supply
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2000 2005 2010 2011 2012 2013 2014 2015 Q1 2016 Q2
2016
Grade A Grade B
units
0%
20%
40%
60%
80%
100%
2600
2700
2800
2900
3000
3100
3200
3300
3400
2011 2012 2013 2014 2015 2016
US$/unit/month
Asking Rent Occupancy Rate
Project Name District
Expected
units
Expected
completion
Trang An Complex Cau Giay 42 2017
Somerset WestPoint Tay Ho 247 2017
Somerset West Central
Hanoi
Cau Giay 252 2018

Q2 2016 | HA NOI | SERVICED APARTMENT
Table 3: Significant Office ProjectsTable 19: Significant Serviced Apartment Projects
No. Project Name Address Location
Total
Units
Average
Occupancy
ARR(*)
(**)
1 Hanoi Daewoo 360 Kim Ma Ba Dinh 194 85% 28.0
2 Hanoi Somerset Grand 49 Hai Ba Trung Hoan Kiem 185 85% 31.5
3 Sedona Suites 96 To Ngoc Van Tay Ho 181 90% 34.3
4 Somerset West Lake 254D Thuy Khue Tay Ho 90 82% 30.0
5 Sofitel Plaza 1 Thanh Nien Ba Dinh 56 100% 38.0
6 Sun Red River 23 Phan Chu Trinh Hoan Kiem 46 96% 23.0
7 Hanoi Lake View 28 Thanh Nien Tay Ho 26 90% 25.0
8 Pacific Place 83B Ly Thuong Kiet Hoan Kiem 35 83% 20.0
9 Intercontinental Ha Noi 13 Nghi Tam Tay Ho 25 88% 35.0
10 Somerset Hoa Binh 106 Hoang Quoc Viet Cau Giay 206 87% 31.0
11 Fraser Suites Hanoi 51 Xuan Dieu Tay Ho 184 95% 40.5
12 Crown Plaza 36 Le Duc Tho Tu Liem 136 97% 34.5
13 Calidas E6, Pham Hung Tu Liem 378 97% 32.0
14 Lotte Center Dao Tan, Cong Vi Ba Dinh 258 87% 35.0
15 Hanoi Club 76 Yen Phu Tay Ho 54 96% 29.0
Grade A 2,054 91% 32.5
1 Oriental Palace 33 Tay Ho Tay Ho 59 88% 26
2 Pan Horizon 157 Xuan Thuy Cau Giay 86 80% 22
3 Rose Garden 170 Ngoc Khanh Ba Dinh 96 91% 22
4 Jana Garden Terrace 6 Kim Dong Hoang Mai 72 83% 20
5 V-Tower 649 Kim Ma Ba Dinh 36 100% 28
6 DMC Lake View 535 Kim Ma Ba Dinh 66 82% 16
7 Atlanta 49 Hang Chuoi Hai Ba Trung 50 92% 18
8 Elegant Suites Hahoi 19B Ha Hoi Hoan Kiem 39 92% 23
9 Hoa Binh Green No. 14, Ally 376 Buoi Ba Dinh 40 92% 22
10 Times City 485 Minh Khai Hai Ba Trung 150 85% 19
11 Royal City 72 Nguyen Trai Thanh Xuan 100 70% 15
12 My Way 4, Alley 86, Duy Tan Cau Giay 39 93% 25
13 Rainbow 7 Trieu Viet Vuong Hai Ba Trung 26 88% 14
14 Dolphin 28 Tran Binh Tu Liem 70 93% 12
15 Lancaster Hanoi 20 Nui Truc Ba Dinh 31 90% 24
16 Elegant Suites Westlake 10C Dang Thai Mai Tay Ho 131 94% 27
17 May Fair 34B Tran Phu Ba Dinh 48 95% 17
18 Hanoi Lakes Residences 11-13 Nam Trang Ba Dinh 10 100% 11
19 Skyline Tower 4 Dang Dung Ba Dinh 79 95% 21
20 Candle Hotel 287-301 Doi Can Ba Dinh 69 74% 29
21 Park View 9 Nguyen Binh Khiem Hai Ba Trung 6 83% 15
22 Flower Village Hanoi 14 Thuy Khue Tay Ho 131 90% 23
23 Palace de Thien Thai 2 Tho Nhuom Hoan Kiem 16 98% 20
24 The City Residences 37 Phan Dinh Phung Ba Dinh 15 67% 15
25 Swan Lake 3/61/31 Xuan Dieu Tay Ho 6 83% 16
26 Lakeside Garden 56 Xuan Dieu Tay Ho 8 62% 14
Grade B 1,479 87% 21.0
(*) US/sqm/month (**) ARR (Average Rental Rate): All rents are stated in gross rents per sqm, not including VAT and serviced charge

Q2 2016 | HA NOI | INDUSTRIAL
PERFORMANCE
Due to the conversion of Dai Tu IP, the average gross asking
rent nominally dropped 0.3% to USD82.8/sqm/term and the
remaining Land Use Right was 34.9 years. Noi Bai IP had the
highest asking rent of USD5/sqm/year. Ready- built factories
offered rents ranged from USD1.5 – USD2.5/sqm/month while
their management fees were at USD0.43/sqm/month on average.
The average occupancy rate increased by 0.4ppts, reaching
61.9%. Noi Bai, Phu Nghia, Sai Dong B, Thach That and Thang
Long have been leased out.
SUPPLY
In April 2016, the Government accepted a proposal to convert
Dai Tu IP into an urban residential area. This was due to its low
occupancy rate of 30%-35% and inefficient operation which
negatively affected the surrounding environment. Hence, the total
existing supply went down by 1% q-o-q, with 10 IPs and 3,800ha
of total land area.
DEMAND
In recent years, due to rising operation cost in China, foreign
manufacturers have chosen Vietnam as their alternative
production bases. The country’s northern centres- notably Hanoi,
Haiphong and Bac Ninh province – have been attractive location
on the back of their close proximity to China, lower labour costs
than in the south and a variety of tax incentives. A surge in for-
eign-invested manufacturing activities in the region has fuelled
strong demand for industrial properties.
OUTLOOK
The supply pipeline by 2020 is expected to have 10 new IPs with a
total land area of 2,650ha. Under the socioeconomic development
plan by 2020 with visions until 2050, Hanoi will be home of 33
industrial and hi tech parks. As the fast growth of industrial parks
has outpaced infrastructural development, it is suggested that the
government should have a comprehensive planning to establish
efficient logistics network.
Figure 31: Industrial, Market Performance
Figure 32: Industrial, Supply by District
Table 20: Industrial, Future Supply
Industrial Park Name District
GFA
(ha)
Quang Minh II Industrial park Me Linh 266
Phuc Tho Industrial park Phuc Tho 74
Phu Xuyen Industrial park Phu Xuyen 488
Thanh My - Xuan Son Industrial park Son Tay 108
Soc Son Industrial park Soc Son 340
Soc Son II Industrial park Soc Son 204
Soc Son III Industrial park Soc Son 180
Soc Son IV Industrial park Soc Son 216
Thanh Oai II Industrial park Thanh Oai 480
Habeco Industrial park Thuong Tin 300
Dong Anh
35%
Thach That
23%
Chuong My
12%
Me Linh
12%
Tu Liem
9%
Others
9%
0%
20%
40%
60%
80%
100%
70
75
80
85
90
Q4 2015 Q1 2016 Q2 2016
Average asking rent Occupancy rate

Q2 2016 | HA NOI | INDUSTRIAL
Table 3: Significant Office ProjectsTable 21: Hanoi Industrial Market Overview
No. Name of Industrial Park Location
Distance to
CBD (km)
Total Area
(ha)
Asking Rent
(US$/sqm)
Occupancy LUR Term
1 Nam Thang Long Tu Liem 15 261 155 99% 2048
2 Noi Bai Soc Son 31 116 140 100% 2044
3 Phu Nghia 1 Chuong My 24 170 95 100% 2058
4 Phu Nghia 2 Chuong My 24 238 95 65% 2058
5 Quang Minh Me Linh 24 344 70 95% 2053
6 Sai Dong B (Phase I&II) Long Bien 11 97 95 100% 2046
7 Thach That Thach That 24 150 100 100% 2056
8 Thang Long Dong anh 16 302 95 100% 2047
9 Hanssip (phase 1) Phu Xuyen 44 72 120 25% 2060
10 Hoa Lac Hi-Tech Thach That 39 1,586 55 20% 2048
11 Dong Anh Dong Anh 19 470 100 95% 2057
Total 3,807 83 62%

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