Vietnam's retail landscape is undergoing a significant transformation, driven by rapid urbanization, economic growth, and evolving consumer preferences. As we step into 2025, the expansion of shopping malls across the country reflects a strong market demand and strategic retail investments.
Major players are driving this growth, with VinGroup spearheading new developments. At the same time, international retailers such as AEON, Central Retail, and Lotte are expanding aggressively across key locations, including Hanoi, Ho Chi Minh City, and strategic provincial hubs.
These investments signal confidence in Vietnam’s growing consumer market, as rising disposable incomes and urbanization fuel demand for modern retail spaces.
Evolving Landscape of Shopping Malls in Vietnam
Vietnam’s shopping mall network has grown to 201 malls nationwide by the end of 2024, with the majority concentrated in key urban centers. Ho Chi Minh City leads with 54 malls, followed by Hanoi with 37, while Tier-2, Tier-3, and Tier-4 cities host 39, 50, and 30 malls, respectively. Despite this urban dominance, recent expansion trends suggest a shift toward regional markets.
Among the 11 new shopping malls launched in 2024, 3 opened in Ho Chi Minh City, reinforcing its position as a dominant retail hub. However, the remaining 8 new malls were established across Thua Thien Hue, Bac Giang (Tier-3 cities), and Bac Lieu, Ha Giang, Ha Nam, Dien Bien, Quang Tri (Tier-4 cities), signaling a strategic push toward expanding modern retail infrastructure beyond the major metropolitan centers.
Including the 11 new malls, Vietnam’s total leasable area has now reached approximately 2.7 million sqm, with 277,000 sqm of new retail space introduced in 2024. This rapid expansion highlights the growing demand for modern retail environments and the increasing appetite for commercial investments across the country.
This shift presents a valuable opportunity for retailers and investors to tap into emerging urban markets, where consumer demand for organized retail is on the rise. The trend toward regional retail development suggests a more balanced distribution of shopping malls, paving the way for a more inclusive and diversified retail ecosystem across Vietnam. 🌆🏢🚀
Shopping mall distribution and opening in Vietnam
List of Openings in 2024
- Cipi Mall, Nov. 15, 2024, D. 8, HCMC
- Vincom Plaza Đông Hà, Nov. 8, 2024, Dong Ha, Quang Tri
- GO! Bac Lieu, Oct. 23, 2024, Bac Lieu
- GO! Mall Ha Nam, Sep. 14, 2024, Phu Ly, Ha Nam
- AEON MALL Huế, Sep. 16, 2024, Hue Thua Thien Hue
- Diamond Plaza Le Van Luong, Sep. 7, 2024, Thanh Xuan, Hanoi
- Parc Mall, Sep. 4, 2024, D. 8, HCMC
- Vincom Plaza Bắc Giang, Jul. 27, 2024, Bac Giang
- Vincom Mega Mall Grand Park, Jun. 1, 2024, D. 9, HCMC
- Vincom Plaza Điện Biên Phủ, Jun. 28, 2024, Dien Bien Phu
- Vincom Plaza Hà Giang, Jun. 28, 2024, Ha Giang
Why Location Intelligence is Crucial 🔍
With such rapid expansion, retailers and mall operators need data-driven insights to optimize their site selection strategies. Understanding factors such as foot traffic patterns, consumer demographics, and competitor positioning is essential to ensure profitable expansion.
At CII, we empower businesses with cutting-edge location analytics to support strategic decision-making. Our platform helps retailers and real estate developers identify high-potential locations, evaluate demand, and mitigate risks before making critical investment decisions.
📍 Are you planning your next retail move in Vietnam? Connect with us at CII to leverage powerful location analytics and stay ahead in this dynamic market! 📊✨