HCMC Quarterly Knowledge Report | Q3 2016

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hO cHI mINH cITY
quarterly KNOWLEDGE report
q3 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 ................................................................................................................................
LIST OF ABBREVIATIONS
ARR: Average Rental Rate GRDP: Gross Regional Domestic Product
CBD: Central Business District IP: Industrial Park
CPI: Consumer Price Index NLA: Net Lettable Area
FTA: Free Trade Agreements TPP: Trans-Pacific Partnership
GDP: Gross Domestic Product Q-o-Q: Quarter on Quarter
GFA: Gross Floor Area Y-o-Y: Year on Year
Cover Page: Vietcombank Tower
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LIST OF FIGURES
Figure 1: Vietnam Exports - Imports in 3Q 2016..................................................................................
Figure 2: International Arrivals to Vietnam in 3Q 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, Market Performance ................................................................................................
Figure 6: Office, Occupancy Rate .......................................................................................................
Figure 7: Retail, Market Performance...................................................................................................
Figure 8: Retail, Total Supply .............................................................................................................
Figure 9: Condominium, Primary Asking Price ...................................................................................
Figure 10: Condominium, New Launches by Segment and Quarter.......................................................
Figure 11: Condominium, Sold Units by Segment and Quarter..............................................................
Figure 12: Villa and Townhouse, Selling Prices by Quarter..................................................................
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 by District .........................................................................
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 Q3 2016 ................................................
Table 7: Villa and Townhouse, Significant new Projects launched in Q3 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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GDP
Vietnam’s real GDP growth in Q3 2016 came in at 6.4% y-o-y. Although the growth rate was higher than those of previous
quarters of 2016, it was still below the 6.53% of the same period last year. The service sector grew by 6.66% while the
industrial and construction industry increased by 7.6%. The agriculture- forestry-fishery recorded a modest growth rate
of 0.7% y-o-y due to adverse weather conditions, notably the worst drought and saltwater intrusion in almost a century as
well as the massive fish death disaster occurring in four coastal central provinces. The recovery after the deceleration in
GDP during 1H 2016 was a positive sign, suggesting that the economic activities will perform well in the rest of the year,
on the back of strong FDI inflows and export resilience.
CPI
During the first nine months of 2016, average CPI climbed by 2.07% y-o-y, staying at a low level compared to the government’s
inflation target of 5%. An upturn was seen in ten out of eleven major goods and service groups, with the largest increase
in education at 7.19%, followed by the transport services at 0.55%. Only the telecommunications group witnessed a drop
of 0.07%. Till the end of 2016, there are many factors that would drive up inflation, including the prices of health services,
gas, oil and year-end expenditure. Moreover, unforeseen factors like natural disasters, harvest loss and hike in basic salary
would also put pressure on CPI.
FDI
In the first three quarters of 2016, the total FDI capital reached USD16.43 billion, down 4.2% y-o-y. However, disbursement
from FDI projects climbed to USD11.02 billion, an increase of 12.4% y-o-y. The whole country granted investment licenses
to 1,820 new projects with a total registered capital of USD11.16 billion, up 27.1% in the number of projects and 1.1% in
capital compared to the same period last year. Of total, 851 already-operating projects raised their capital by more than
USD5.2 million. The FDI capital went mainly into the manufacturing and processing sector, accounting for 70.8% of total
inflows from newly licensed projects. Real estate industry took 8.8% of the newly registered capital with USD 979.4 million.
South Korea is the leading country in the amount of capital invested Vietnam, followed by Singapore and Hong Kong.
RETAIL SALES
Vietnam’s retail sales of goods and services in the first nine month of 2016 achieved USD116.8 billion, an increase of 9.5%
y-o-y. In particular, the retail sales of goods achieved USD88.18 billion, accounting for 76.2% of the total sales, up 9.7%
y-o-y. Retail sales of accommodation and catering services reached USD13.3 billion, accounting for 11.5% of the total sales,
representing an increase of 8.3% y-o-y. Retail sales of tourism services, comprising 0.9% of the total sales, reached USD 1.07
billion, up 7.5% y-o-y. Retail sales of other services which accounted for 11.4% of the total sales, were estimated at USD13.2
billion, equivalent to 9.3% increase y-o-y.
INTERNATIONAL ARRIVALS
In the first three quarters of 2016, the whole country welcomed more than 7.2 million foreign visitors, up 25.7% y-o-y.
Chinese visitors took the lead with more than 1.9 million arrivals, up 57.7% y-o-y, followed by South Korea with more than
1.1 million visitors, up 39.9% compared to the same period last year. The international visitors to Vietnam are forecasted to
remarkably grow on the back of visa-exempt policy applied for the five European countries until mid-2017.
TRADE BALANCE
As of Q3 2016, the whole country registered a USD2.8 billion trade surplus.
Export volume reached USD128.2 billion in the first nine months of 2016, up 6.7% compared to the same period last year.
Of total, the domestic economic sector achieved USD37 billion and the FDI sector (including crude oil) gained USD 58.5
billion, up 5% and 6.9% y-o-y respectively. The top export destinations of Vietnam were the United States (USD28.3
billion), Europe (USD24.6 billion) and China (USD14.8 billion).
Import turnovers reached USD 125.4 billion, up 1.3% over the same period last year. While the domestic economic sector
in import turnovers gained USD51.4 billion, the FDI sector achieved USD51.4 billion, up 1.3% and 0.9% y-o-y respectively.
China remained as Vietnam’s largest import market with USD36 billion, down 1.8% y-o-y.
Q3 2016 | ECONOMIC OVERVIEW
©2016 Colliers International Research
VIETNAM QUARTERLY KNOWLEDGE REPORT
Page 4
Q4 2016 forecast
Figure 1: Exports - Imports in Vietnam 3Q 2016
Source: General Statistics Office | Colliers International Research
Figure 2: International arrivals to Vietnam in 3Q 2016
VIETNAM
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q32016
thousandarrivals
International tourist arrivals Average
0
20
40
60
80
100
120
140
160
180
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q3
2016
USDbillion
Exports Imports

Q3 2016 | ECONOMIC OVERVIEW
Page 5
Figure 4: GDP Growth Rate of HCMC and Hanoi
Table 1: Marcoeconomic Indicators of HCMC and Hanoi
HCMC Hanoi
Q3 2016 Q4 2016F Q3 2016 Q4 2016F
GDP (billion) 32.6 15.4
FDI (million) 49.8 2,351
Retail sales (billion) 23.1 69.4
Export (billion) 22.7 7.9
Import (billion) 27.5 17.9
HO CHI MINH CITY
The GRDP in the first nine months of 2016 achieved USD32.6
million, an increase of 7.76% compared to the same period last
year. More specifically, the service sector remained the highest
growth rate of 7.78%, staying at USD17.1 billion, followed by the
industrial and construction sector with a growth rate of 7.77%,
equivalent to USD9.72 billion. The agriculture-forestry-fishery
sector saw an increase of 5.65% y-o-y, reaching USD245.78
million.
In the review period, total newly registered and supplementary FDI
achieved USD747.2 million, up 45.84% in the number of projects
and equivalent to 31.62% in capital y-o-y. Of the total, there are
123 supplementary projects worth of USD373 million. Japan was
recorded as the biggest foreign investor in the city, with USD116.2
million in registered capital, accounting for 15.5%, followed by
Singapore (USD98.4 million) and British Virgin Islands.
Retail sales of HCMC were up 10.19% y-o-y if price increase
was excluded, reaching USD23.1 billion in the first three quarters
of 2016. The retail sector had the highest growth rate with an
increase of 11.34% y-o-y, reaching USD18.4 billion; while the
tourism industry recorded the slowest growth rate of 1.79% y-o-y.
The average price index in the first nine months of this year grew
1.38% on an annual basis. An increase was seen in seven out of
eleven major goods and service groups, with the largest increase
in education, at 4.06%.
Export volume reached USD20,842 million, equivalent to an
increase of 7.45% y-o-y. The United States remained as the largest
export market in the first nine months of 2016 with USD3,977.1
million, accounting for 18,7% of the total export turnover. The
largest contribution to export values was observed in garments,
agricultural products and computers & electronic devices.
Import values were USD27,541 million, up 13% y-o-y. Milk and
dairy products, fuel, garment material plastics and iron & steel
contributed the most to import values.
HANOI
The GRDP of Hanoi in the review period achieved 15.38USD billion,
equivalent to a rise of 7.73% y-o-y. The industrial- construction
sector and the service sector had the highest growth rate, up
8.36% and 7.83% y-o-y respectively. On the contrary, the agricul-
ture-forestry-fishery sector saw a modest growth rate of 2.16%
y-o-y.
As of September of this year, FDI inflows of both newly registered
and supplementary capital reached USD1.98 billion, up 0.4%
compared to the same period last year.
The CPI in September climbed to 0.77% m-o-m and 2.07% y-o-y.
The education sector had the highest index due to the rise in tuition
fees across schools in Hanoi.
In the first nine months of 2016, Hanoi’s retail sales of good and
services reached USD16.4 billion, up 9.4% compared to the same
period last year.
In the review period, Hanoi achieved USD7.89 billion in export
revenue and USD17.94 billion in import revenue, equivalent a
decline of 0.4% and 4.8%, respectively. The whole city recorded a
trade deficit of USD9.95 billion in the first three quarters of 2016.
Foreign arrivals to the capital city continued to play out well with
2.111 million visitors in the review period, a significant increment
of 28.6% y-o-y.
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 Q3
2012 2013 2014 2015 2016
USDmillion
HCMC Hanoi
6%
8%
10%
12%
14%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q3
2016
HCMC Hanoi

Figure 6: Office, Occupancy Rate
PERFORMANCE
In Q3 2016, the office market witnessed an improvement in rents
across both grades, reaching USD26.2/sqm/month. Average net
asking rent of Grade A reached a high rate of USD40.4/sqm/
month, up 7.1ppts q-o-q while Grade B experienced a significant
rent growth of 7 ppts q-o-q, staying at USD22.5/sqm/month. The
rise in rents was mostly due to the stable supply in conjunction
with solid demand for office space.
The City’s office market continued to enjoy strong performance
as steady absorption rates and limited availability of premium
properties resulted in a rise in the occupancy rate. Average
occupancy of Grade A saw an increase of 1% q-o-q, reaching
96%. Grade B performed better with higher occupancy rate,
staying at 96.7%, unchanged from the previous quarter.
SUPPLY
The third quarter of 2016 recorded the withdrawal of 6,000sqm
NLA of one Grade B tower while there was no new supply
entering the market. HCMC currently has a total of 11 Grade
A buildings and 61 Grade B buildings, providing approximately
212,651sqm and 862,784 sqm of net leaseable space to the
market respectively.
Being well-known as the city’s office hub, District 1 accounted for
more than half of the city’s stock, comprising all Grade A supply
and nearly 50% of Grade B supply. It is forecasted that premium
properties in prime locations will rise significantly as the CBD
continues to contribute most of the future supply in coming
years. Some notable future projects are under good construction
progress and expected to approach completion by 2017, such as
Saigon Center (Phase 2) and Deutsches Haus.
DEMAND
Thanks to favorable macroeconomic conditions, HCMC will
remain as a strategic destination for foreign corporations, leading
to higher employment levels and boosting demand for office
space in coming years.
The tertiary service sector is a key driver for office demand as
these companies need to show their presence in nicely modern
office buildings. As high quality office buildings in prime locations
are limited, the demand for premium properties from international
service providers is more likely to expand in the future.
OUTLOOK
It is expected that there will be nearly 62,300 sqm of new
Grade A and over 102,840 sqm of new Grade B office space
coming to the market by the end of 2017. Asking rent for grade
A is forecasted to gradually increase owning to continued strong
demand and limited supply while those of grade B’s asking rent
will keep stable due to more pressure from the new supply in
decentralized districts.
Q3 2016 | HO CHI MINH CITY | OFFICE
Page 6
Table 2: Office, Future Supply
Source: Colliers International Research
Figure 5: Office, Market Performance
Project name Grade NLA (sqm)
Expected
Completion
HQC Royal Tower B 17,800 Q4 2016
Mapletree Business Center B+ 23,000 Q4 2016
Ha Do Building B 10,840 Q4 2016
SGGP Building B 16,940 Q1 2017
E.Town Central B 35,000 Q3 2017
Saigon Center (phase 2) A 40,000 Q3 2017
Deutsches Haus A 22,300 Q3 2017
50
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 Q3
2011 2012 2013 2014 2015 2016
Grade A Grade B
%
90.0%
91.0%
92.0%
93.0%
94.0%
95.0%
96.0%
97.0%
98.0%
99.0%
100.0%
0.0
5.0
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25.0
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40.0
45.0
Grade A Grade B
USD/sqm/month
Average asking rent Average occupancy

Page 7
(*) 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 7.6 99% 42.0
2 Saigon Tower 29 Le Duan 1997 13,950 7.5 100% 43.8
3 Sunwah Tower 115 Nguyen Hue 1997 20,800 6.0 99% 42.0
4 The Metropolitan 235 Dong Khoi 1997 15,200 6.0 89% 43.8
5 Diamond Plaza 34 Le Duan 1999 15,936 8.0 95% 41.0
6 Kumho Asiana Plaza 39 Le Duan 2009 26,000 8.0 89% 44.0
7 Bitexco Financial Tower 45 Ngo Duc Ke 2010 37,710 8.0 98% 39.0
8 President Place 93 Nguyen Du 2012 8,330 7.0 97% 39.0
9 Times Square 22-36 Nguyen Hue 2012 12,704 7.0 98% 40.0
10 Le Meridien 3C Ton Duc Thang 2013 9,125 6.0 88% 35.0
11 Vietcombank Tower 5 Me Linh Square 2015 41,250 7.0 99% 37.0
Grade A 212,655 7.2 96% 40.4
1 VTP-OSIC 8 Nguyen Hue 1993 6,500 6.0 100% 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 7,405 6.0 92% 24.4
5 Harbour View Tower 35 Nguyen Hue 1997 8,000 5.0 99% 28.0
6 Saigon Riverside Office 2A-4A Ton Duc Thang 1997 10,000 8.1 99% 27.6
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% 42.0
9 Zen Plaza 54-56 Nguyen Trai 2001 11,037 5.0 94% 25.3
10 The Landmark 5B Ton Duc Thang 2005 8,000 6.0 96% 28.9
11 Opera View 161-167 Dong Khoi 2006 3,100 7.0 100% 27.0
12 City Light 45 Vo Thi Sau 2007 10,000 6.5 97% 25.0
13 Petro Tower 1-5 Le Duan 2007 13,304 6.5 100% 26.0
14 The Lancaster 22 – 22 Bis Le Thanh Ton 2007 7,000 5.0 100% 25.0
15 CJ Building 5 Le Thanh Ton 2008 14,000 6.5 100% 25.0
16 Continential Tower 81-85 Ham Nghi 2008 15,000 6.0 97% 22.0
17 Havana Tower 132 Ham Nghi 2008 7,326 6.0 95% 29.3
18 Royal Center 235 Nguyen Van Cu 2008 14,320 6.0 100% 23.0
19 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 99% 27.0
20 TMS 172 Hai Ba Trung 2009 4,000 4.0 100% 24.0
21 A&B Tower 76 Le Lai 2010 17,120 6.0 97% 32.0
22 Bao Viet Tower 233 Dong Khoi 2010 10,650 5.0 100% 22.0
23 Green Power Tower 35 Ton Duc Thang 2010 15,600 6.0 100% 25.0
24 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19,596 5.0 85% 21.0
25 Saigon Royal 91 Pasteur 2010 5,340 6.0 100% 23.0
26 Vincom Center 68 -70 -72 Le Thanh Ton 2010 56,600 5.0 88% 30.7
27 Empress Tower 138 Hai Ba Trung 2012 19,538 6.0 100% 30.0
28 Lim Tower 9-11 Ton Duc Thang 2013 22,000 6.0 99% 28.0
29 MB Sunny Tower 259 Tran Hung Dao, Co Giang 2013 13,200 6.0 100% 23.0
30 Lim Tower 2 Vo Van Tan 2015 8,400 5.5 100% 24.0
Grade B 401,162 5.7 96.0% 26.6

Page 8
SAIGON SKYLINE REVIEW- CBD HCMC GRADE A OFFICE BUILDINGS
KUMHO ASIANA PLAZA
39 Le Duan, District 1
26,000/2,989
$ 44.00
$ 8.00
DIAMOND PLAZA SAIGON
15,936/824
$ 41.00
$ 8.00
LE MERIDIEN
3C Ton Duc Thang, District 1
9,125/1,111
$ 35.00
$ 6.00
SAIGON TOWER
13,950/NA
$ 44.00
$ 7.50
DEUTSCHES HAUS
3-5 Le Van Huu, District 1
THE METROPOLITAN
235 Dong Khoi, District 1
15,200/1,655
$ 44.00
$ 6.00
PRESIDENT PLACE
93 Nguyen Du, District 1
8,330/288
$ 39.00
$ 7.00
BITEXCO FINANCIAL TOWER
45 Ngo Duc Ke, District 1
37,710/567
$ 39.00
$ 8.00
VIETCOMBANK TOWER
5 Me Linh Square, District 1
41,250/424
$ 37.00
$ 7.00
TIMES SQUARE SAIGON
22-36 Nguyen Hue, District 1
12,704/300
$ 40.00
$ 7.00
SAIGON CENTRE
65 Le Loi, District 1
11,650/ 101
$ 42.00
$ 7.50
SUNWAH TOWER
115 Nguyen Hue, District 1
20,800/ 113
$ 42.00
$ 6.00

Q3 2016 | HO CHI MINH CITY | RETAIL
Page 9
Table 4: Retail, Significant Future Projects Under Construction
PERFORMANCE
The third quarter of 2016 recorded stable average asking rents
across CBD and non-CBD, staying at USD46/sqm/month. Due to
the opening of one remarkable shopping mall, the CBD reported
a minor rise in rent, maintaining its high average asking rate
of USD126/sqm/month while the non-CBD sub-market saw a
nominal decline to USD36/sqm/month.
Effective pre-leasing activities at new retail centers and the
commitment of one key tenant in an existing CBD shopping mall
pushed the overall occupancy rate up by 1 ppt q-o-q, reaching
93%.
SUPPLY
In Q3 2016, two new shopping centers, Saigon Centre (phase 2)
in District 1 and Aeon Mall Binh Tan in Binh Tan District entered
the market, providing 40,000 sqm NLA and 60,000 sqm NLA to
the current stock respectively.
Being well-known as one of the major shopping malls in District
1 with the first phase’s completion in 1996, Saigon Centre has
recently completed its second phase and 100% of the retail
space has been occupied by 400 domestic and foreign brands,
including Takashimaya, the anchor tenant from Japan.
Another Japanese retailer, AEON, opened its second shopping
mall at the International Hi-Tech Healthcare Park in Binh Tri
Dong B Ward, Binh Tan District. The mall is home for a large
supermarket, restaurants, fashion shops, cinema and a variety
of retail stores.
The future supply is limited as no new major shopping centers
will enter the market in the rest of the year.
DEMAND
The increase in household earning and credit availability in
conjunction with the city’s rapidly expanding young population,
especiallythe emerging middle class will fuel retail market growth.
With an increasing propensity to consume, these customers
are seeking more convenient and modern retail environments,
resulting in the growth in demand for Western-style retail
experiences. In addition, with the liberalization of retail sector
under the conditions of Vietnam’s WTO membership and the
recent participation in the Trans-Pacific Partnership, the city is
expected to see a significant amount of FDI from international
retailers.
OUTLOOK
Besides the strong growth of large-scale retail centers, more
and more convenience chains are burgeoning in Ho Chi Minh
City, aiming to change the shopping behavior of Vietnamese,
especially those who are in need of groceries at any given time
of the day or night. The most popular chains and convenience
stores in Vietnam are Shop & Go, Circle K, Mini Stop and Family
Mart. Of total, the number of Family Mart and Mini Stop stores
is approximately 130 and this figure is forecasted to increase
sharply in the coming time, with Mini Stop’s targeting 800 shops.
The convenient store segment is anticipated to become highly
competitive with 7-Eleven planning to be inaugurated in Ho Chi
Minh City in 2017 and eyeing 1,000 stores within 10 years.
Figure 8: Retail, Total Supply
Figure 7: Retail, Market Performance
Project name District NLA (sqm)
Expected
Completion
Golden Plaza 6 15,000 Q4 2016
Union Square 1 39,454 Q2 2017
Vincom Center Mall Binh Thanh 59,000 Q1 2018
Su Van Hanh Mall 10 96,152 2018 onward
The Spirit of Saigon 1 35,000 2018 onward
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
2010 2011 2012 2013 2014 2015 2016YTD
NLA(sqm)
82
84
86
88
90
92
94
96
98
100
-20,000
0
20,000
40,000
60,000
80,000
100,000
120,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2015 2016
%
sqm
Net Absorption Occupancy rate

Q3 2016 | HO CHI MINH CITY | RETAIL
©2016 Colliers International Research Page 10
(*) 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 87.5 99%
1 Zen Plaza 54-56 Nguyen Trai District 1 2001 6,817 55-60 100%
2 Parkson Saigontourist Plaza 35 Le Thanh Ton District 1 2002 17,000 100-150 98%
3 Parkson Hung Vuong Plaza 126 Hung Vuong District 5 2007 24,000 80-120 100%
4 Kumho Asiana Plaza 35 Le Duan District 1 2009 6,830 60 100%
5 Parkson Flemington 184 Le Dai Hanh District 11 2009 26,000 20 99%
6 Parkson C.T Plaza 60A Truong Son Tan Binh 2012 12,235 21 100%
7 Taka Plaza 102 Nam Ky Khoi Nghia District 1 2011 1,000 70 100%
8 Parkson Cantavil Premier Hanoi Highway District 2 2013 17,815 25-30 98%
Department Store 111,697 59.7 99%
1 Diamond Plaza 34 Le Duan District 1 1999 9,000 90 100%
2 Saigon Center 35 Nam Ky Khoi Nghia District 1 1996 47,000 55-100 100%
3 Superbowl Vietnam TSN 38 Nguyen Hue Tan Binh 2002 5,500 22 96%
4 An Dong Plaza 18 An Duong Vuong District 5 2004 18,000 61 95%
5 Saigon Square 1 77-89 Nam Ky Khoi Nghia District 1 2006 1,300 167 100%
6 Nowzone 235 Nguyen Van Cu District 1 2008 9,000 60 99%
7 Lotte Mart Saigon South 469 Nguyen Huu Tho District 7 2008 24,000 50 100%
8 Vincom Center B 72 Le Thanh Ton District 1 2010 45,000 150 100%
9 Maximark 3/2 Extention 3/2 Street District 10 2010 25,000 35 90%
10 Lotte Mart Phu Tho Le Dai Hanh District 11 2010 24,500 13 99%
11 Crescent Mall Nguyen Van Linh District 7 2011 45,000 25 100%
12 Satra Pham Hung Pham Hung District 8 2011 11,528 14 100%
13 Union Square Dong Khoi District 1 2012 38,000 90-97 New opening
Shopping Centre 302,828 67.4 99%

Q3 2016 | HO CHI MINH CITY | CONDOMINIUM
Table 3: Significant Office ProjectsPERFORMANCE
In Q3 2016, sales momentum continued to be positive with nearly
7,700 successful transactions, an increase of 33% compared to
the previous quarter. Mid-end segment dominated transactions
with nearly 4,300 sold units, followed by the high-end with
2,300 sold units, accounting for 55.8% and 29.8% of total
sales volume, respectively. The affordable segment and luxury
recorded modestly with 900 and 200 sold units, a drop of 50%
and 66% on quarterly basis.
The price on primary market remained relatively static across
all segments, with the exception of the mid-end, registering the
most considerable growth of 6% q-o-q. The improvement in
mid-end price was mainly due to a surge in demand for this
segment in the review quarter.
SUPPLY
In Q3 2016, the city’s condominium market welcomed more than
7,400 units coming on stream, making a drop of approximately
15.6% q-o-q. Mid-end segment continued to dominate new
launches with more than 5,800 units, followed by the high-end
with 1,600 units, constituting 77% and 23% of the total newly
launched supply. No new supply in affordable and luxury
segment entered the market in the review period.
It is expected that more than 7,000 units across all segments will
be launched in Q4 2016. Strong sales momentum in conjunction
with improved market sentiment will continue to support future
supply.
DEMAND
Being the economic center of the South of Vietnam, Ho Chi
Minh City is the destination not only for workers and students
from various regions of the country but also for foreigners
from all over the world. The city‘s current population is more
than 8 million people which is equivalent to 8.1% of the whole
country’s population, making it the most densely populated
area in Vietnam. It is forcasted that this figure will reach 10
million by 2020 and approximately 8% of these will seek to
buy houses. According to a recent report by Ho Chi Minh City
Institution for Development Studies, the demand for affordable
properties will reach 80,000 households in the next five years,
indicating that the demand for this segment will outstrip future
supply. Moreover, stronger economic fundamentals as well as
regulatory changes will stimulate demand and construction
activities for all segments in the coming years.
OUTLOOK
Recently, many developers have chosen the river view to be an
additional value and unique feature of their projects to attract
more potential buyers, especially affluent people. With the
construction of Ben Thanh - Suoi Tien metro route and modern
bridges in the Eastern part, the landscape of the city is changing
with various apartment projects along the river.
The easing of foreign ownership has lured more potential foreign
home buyers, especially in the high-end segment. It is expected
that the number of foreign sales will be rising in the medium
and long term when the government releases further guidelines
to resolve foreign buyers’ concerns on the complexity of foreign
ownership, the transfer of money in and out of the country or
financing issues, etc.
Figure 9: Condominium, Primary Asking Price
Figure 11: Condominium, Sold Units by Segment and Quarter
Figure 10: Condominium, New launches by Segment and Quarter
0
2,000
4,000
6,000
8,000
10,000
12,000
2012 2013 2014 2015 2016
units
Luxury High-end Mid-end Affordable
0
1000
2000
3000
4000
5000
6000
7000
2012 2013 2014 2015 2016
units
0
1000
2000
3000
4000
5000
6000
7000
2008 2009 2010 2011 2012 2013 2014 2015 2016YTD
USD/sqm

Q3 2016 | HO CHI MINH CITY | CONDOMINIUM
Table 6: Condominium, Significant new projects launched in Q3 2016
No Name of Project/Building Developer Location
Completion
Year
Number
of units
Asking Price
(US$/sqm)
1 Waterina Maeda District 4 2017 86 2,500
2 Dragon Hill 2 Phuc Long Corp. District 7 2017 450 1,000
3 Diamond Lotus Riverside Phuc Khang District 8 2017 30 950
4 The Pegasuite Phuong Viet District 8 2018 1,049 900
5 Millennium Thao Dien Investment District 4 2018 260 2,600
6 Elite Park Geleximco Binh Thanh 2018 208 1,400
7 Parkview Vinhomes Central Park VinGroup Binh Thanh 2018 546 2,000
8 Moonlight Garden Hung Thinh Thu Duc 2019 689 1,000
9 Richmond City Hung Thinh Binh Thanh 2019 880 1,100
10 Aqua Luxury Sabeco HP District 4 2019 1,440 1,150
11 Feliz En Vista CapitaLand District 2 2019 960 1,200
12 Carillion 5 Sacomreal Tan Phu 2017 221 940
13 Ha Do Centrosa Ha Do Group District 10 2019 748 1,700
New launches in Q3 2016 7,481
* Excluding all kinds of tax, promotions and management fee
The information is updated as at the end of Q3 2016

Q3 2016 | HO CHI MINH CITY | VILLA & TOWNHOUSE
PERFORMANCE
In the review quarter, sales momentum remained strong with a
high average sold rate of 78% on the back of well-established
infrastructure and improved economic climate of the city. District
7 led successful transactions thanks to its large land availability
and peaceful atmosphere away from the noise and chaos of the
city center. By type of property, townhouses dominated sales
activities, accounting for 70% of total transactions.
Primary asking price maintained the upward trend, indicating
continued improvements in the market sentiment. District 2
witnessed strongest price acceleration, up approximately 2%
q-o-q due to its effective newly-launched projects. By contrast,
asking price remained stable on the secondary market.
SUPPLY
The third quarter welcomed six new projects across various
districts in the city, adding approximately 561 dwellings to the
primary market, equivalent to a rise of 26% q-o-q.
It is observed that infrastructure has significant impacts on new
launches as well as decisions of homebuyers and investors.
District 7 dominated newly launched supply with two notable
projects, including Lavila and Jamona Golden Silk, providing
238 and 119 luxury units, respectively. , These two projects
are both located within an eco-friendly environment and
well-connected to the CBD via Thu Thiem bridge. . The Eastern
part of the city has been capturing much attention of developers
thanks to its improved infrastructure and a long-term vision of
urban planning.
DEMAND
It is clear that buyers of the landed property market tend to
choose projects with convenient transport network. The city’s
infrastructure has been well-developed in order to attract
people to new urban areas. With a variety of recently completed
infrastructure projects such as Saigon River Tunnel, Vo Van
Kiet highway, Pham Van Dong highway, Long Thanh – Dau Giay
highway and under-construction projects such as Metro Line
1 and Ring Road No.3, the travel time between the CBD and
new urban areas is shorten, thereby spurring demand for this
market segment.
In addition, it is forcasted that the mortgage market will prosper
in coming years, growing by approximately USD3 billion per
year and the majority of total lending is for real estate loans.
With a favorable lending rate,, it is anticipated that the demand
for landed property will keep growing.
OUTLOOK
It is expected that the sale transactions in rest of the year will
maintain upward trend on the back of improved confidence
from both developers and buyers. Sale price is forecasted to
increase moderately as more infrastructure projects are being
completed. Developers have focused on developing supporting
facilities and amenities as well as adopting effective marketing
strategies in the hope of attracting more buyers.
Figure 12: Villa and Townhouse, Selling Prices by Quarter
Figure 14: Villa and Townhouse, Primary Stock by District
Figure 13: Villa&Townhouse, Supply by Year
0
1000
2000
3000
4000
5000
Q1
2013
Q2 Q3 Q4 Q1
2014
Q2 Q3 Q4 Q1
2015
Q2 Q3 Q4 Q1
2016
Q2 Q3
USD/sqm
District 7 District 9 District 2 Others
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
YTD
units
Existing supply New supply
District 2
37%
District 9
21%
Nha Be
8%
District 12
6%
District 7
6%
Thu Duc
5%
Binh Chanh
4%
Binh Tan
4%
Go Vap
3%
Others
6%

Q3 2016 | HO CHI MINH CITY | VILLA & TOWNHOUSE
Table 7: Villa and Townhouse, Significant new projects launched in Q3 2016
No Name of Project/Building Developer Location
Completion
Year
Number
of units
Asking Price
(US$/sqm)
1 Senturia Vuon Lai Tien Phuoc Group District 12 2017 30 1,400
2 The Victoria Vinhomes Golden River VinGroup District 1 2017 12 20,000
3 Lavila Kien A District 7 2018 238 1,000
4 The Pegasuite PVinvest District 8 2018 69 1,000
5 Palm Residence Keppel Land District 9 2019 135 1,500
6 Jamona Golden Silk Sacomreal District 7 2019 119 2,500
New launches in Q3 2016 561

Q3 2016 | HO CHI MINH CITY | SERVICED APARTMENT
PERFORMANCE
The third quarter of 2016 saw a slight rise in asking rents
across both grades, reaching 33 USD/sqm/month, equivalent
to an increase of 2.6% on quarterly basis. Grade A’s average
asking rent was up by 4.6% q-o-q, achieving USD38.7/sqm/
month; while Grade B’ rent remained stable compared to the
previous quarter, staying at 27.5USD/sqm/month.
The city’s serviced apartment market remained its strong
performance with relatively high occupancy rate, at 92% due to
limited new supply in HCMC in recent years. More specifically,
Grade A’s average occupancy rate climbed by 0.2 ppts, achieving
93.2%; while Grade B also recorded an improved performance
with an increase of 2 ppts in occupancy rate, staying at 90.2%.
SUPPLY
The current stock provides total nearly 3,500 units with 1,000
units in Grade A and nearly 2,500 units in Grade B. The review
quarter recorded no new supply, resulting in high rental prices
and occupancy rates. Accounting for more than half of the city’s
stock with the majority of Grade A, the CBD is the prime location
for serviced apartments thanks to convenient transportation
connection and close proximity to office clusters. .
The stock is expected to sharply grow by 2018 with some notable
projects such as Oakwood Residence, Ascott Warterfront,
Saigon Center (phase 2), Saigon South Complex, providing
nearly 1,300 new serviced apartments.
DEMAND
Serviced apartments are now increasingly becoming a preferred
accommodation option as they provide a home-like environment
for business and leisure visitors. On the back of improved
economic growth and expected benefits from Trans-Pacific
Partnership agreement, there will be an increasing mobile
workforce, resulting in growing demand for this sector of
hospitality industry. In addition, leisure travelers, especially
those with children, tend to prefer serviced apartments to
conventional hotels due to their spacious accommodation and
provided amenities. Those guests create growing needs for
serviced apartments in coming years.
OUTLOOK
Active operators in the market vary from international hospitality
brands such as Ascott, Sedona, IHG, to private landlords who
are looking to offer competitive rates for tenants. Rents for
serviced apartments are expected to be softened as the supply
is increasing and operators are focusing more on cost-effective
accommodation options to develop competitive strength. To meet
occupiers’ demands, it is suggested that serviced apartments
should be positioned in prime locations, close to transport links
and business and shopping districts.
Project name District
Total
units
Expected
Completion
Oakwood Residence 3 68 Q4 2016
Ascott Waterfront 1 222 Q4 2016
Saigon South Complex 7 480 Q4 2017
Saigon Center (phase 2) 1 200 Q3 2017
Berkley Serviced Residence 2 85 Q4 2017
Citadines Regency Saigon 1 85 Q4 2017
Lavenue Crown 1 186 Q4 2018
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
500
1000
1500
2000
2500
3000
3500
4000
2014 2015 Q3 2016
units
Grade A Grade B
0
5
10
15
20
25
30
35
40
45
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2013 2014 2015 2016
USD/sqm/month
Grade A Grade B

Q3 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

Q3 2016 | HO CHI MINH CITY | INDUSTRIAL
PERFORMANCE
With the average remaining Land Use Right term of 35.8 years,
the asking rent soared to USD138/sqm/term, up 15% q-o-q and
two times higher than that of neighbouring provinces, including
Long An, Binh Duong, Dong Nai. Rent growth was mainly due
to increasing demand from the manufacturing sector. District
7 remained its highest asking rent of USD10/sqm/year, whilst
Cu Chi District was reported to have the lowest rent t of only
2USD/sqm/year.
Overall market performance was slightly better, with the
estimated average vacancy rate of 30%, down 2 ppts compared
to the previous quarter. Le Minh Xuan is the seventh IP that
was fully occupied.
For a minimum leasable area from 1,000-5,000sqm, ready-built
factories charge USD2.5-USD4.0/sqm/month (excluding VAT
and service charge).
SUPPLY
Currently, there are 19 IPs operating in Ho Chi Minh City,
covering a total land area of over 3,900 ha. The leasable area is
nearly 2,800 ha, accounting for approximately 71% of the total
land area. With a new IP launched recently, Binh Chanh District
is the largest supplier, accounting for 26% of the market share.
The industrial area is forecasted to have an additional 2,600
ha by 2030, coming from 10 new IPs, up approximately 66%
compared to the existing supply. However, the majority of these
new projects is still in the stage of clearance and compensation
which therefore will prolong the process of launching new IPs.
Some IPs are under construction and expected to coming on
the market in the near future, such as Le Minh Xuan (phase 2
and 3), Vinh Loc I (phase 2 and 3), Vinh Loc III, Phong Phu in
Binh Chanh, Tay Bac Cu Chi (phase 2) in Cu Chi, Hiep Phuoc
(phase 2) in Nha Be.
DEMAND
The recently approved free trade agreements (FTAs) and the
ratification of Trans-Pacific Partnership (TPP) would provide
a major boost to industrial properties. Foreign investors would
increase investment and move their manufacturing activities
to Vietnam to benefit from the advantages in production
and business initiated from FTAs and TPP commitments.
Furthermore, manufacturers will also consider switching from
non-TPP nations to Vietnam to enjoy extra low-tariffs. As a
result, the demand for industrial space is expected to rise in
the near future. Higher demand and limited supply will drive up
rents for industrial land in coming years.
OUTLOOK
There is a fact that the development of previous industrial
zones in Ho Chi Minh City did not take into consideration the
high speed of urbanization, and thus contributing to the bad
traffic situation of the City. Demand for transportation facilities
between factories/enterprises in the IPs and ports/airports is
forecasted to increase in conjunction with the rise in demand
for IPs. Therefore, the City government is now planning a
number of new transportation projects to improve the city’s
infrastructure, making Ho Chi Minh City’s industrial market
more attractive to international firms.
Figure 17: Industrial, Market Performance by District
Figure 18: Industrial, Supply by District
Table 10: Industrial, Future Supply
Industrial Park Name District
GFA
(ha)
Le Minh Xuan Industrial Park - phase 2 Binh Chanh 338
Le Minh Xuan Industrial Park - phase 3 Binh Chanh 242
Vinh Loc I - phase 2 Binh Chanh 56
Vinh Loc I - phase 3 Binh Chanh 200
Vinh Loc Industrial Park III Binh Chanh 210.3
Phong Phu Industrial Park Binh Chanh 148.4
Tay Bac Cu Chi Industrial Park - phase 2 Cu Chi 173
Hiep Phuoc Industrial Park - phase 2 Nha Be 597
0%
10%
20%
30%
40%
50%
60%
0
50
100
150
200
250
300
District 9 District
12
Cu Chi Binh
Chanh
Nha Be District 7 Tan Phu District 2 Thu Duc
USD/sqm/term
Average asking rent Vacancy rate
Binh Chanh
26%
Thu Duc
16%
Nha Be
11%
Cu Chi
21%
Others
26%

Q3 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 Tan Thuan Export Processing Zone District 7 6.4 300 204 260 81% 2041
2 Tan Binh Industrial Park(P1+2) Tan Phu 11 129 100 235 100% 2047
3 Saigon Hi-tech Park P1 District 9 15 300 300 180 100% 2052
4 Vinh Loc Industrial Park Binh Chanh 15 203 131 250 98% 2047
5 Binh Chieu Industrial Park Thu Duc 16 27 27 150 100% 2046
6 Tan Thoi Hiep District 12 16 28 20 100 100% 2049
7 Linh Trung 2 Export Processing Zone Thu Duc 17 62 44 60 100% 2050
8 Tan Tao Industrial Park 1 Binh Chanh 17 161 97 240 97% 2047
9 Tan Tao Industrial Park 2 Binh Chanh 17 183 116 240 78% 2050
10 Linh Trung 1 Export Processing Zone Thu Duc 18 62 46 60 100% 2042
11 Le Minh Xuan Industrial Park Binh Chanh 20 100 66 120 100% 2047
12 Hiep Phuoc Industrial Park 1 Nha Be 21 311 224 125 93% 2048
13 Cat Lai Industrial Park (Cluster II) District 2 21 137 87 90 100% 2061
14 Hiep Phuoc Industrial Park 2 Nha Be 22 597 345 125 10% 2058
15 An Ha Industrial Park Binh Chanh 23 124 124 69 23% 2058
16 Dong Nam Industrial Park Cu Chi 30 343 287 63 69% 2058
17 Tay Bac Cu Chi Industrial Park Cu Chi 36.5 208 150 90 99% 2047
18 Tan Phu Trung Industrial Park Cu Chi 37 543 359 80 30% 2054
19
Automotive-Mechanical (Hoa Phu)
Industrial park
Cu Chi 40 99 67 56 83% 2057
Total 3,916 2,794 138 70%

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HCMC Quarterly Knowledge Report | Q3 2016

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