Prime Commercial Spaces for Rent in Ho Chi Minh City Still Seeking Tenants

Ms. Vu Thi Hang, a resident of Ben Thanh Ward, Ho Chi Minh City, shared that she is leasing a 70 m² storefront on Ham Nghi Street for 100 million VND per month. However, she has been unable to find a tenant for the past six months.

According to Ms. Hang, the rental price has already been reduced. In May 2025, she initially listed it for 125 million VND per month, but due to the lack of interest, she lowered the price by 20%. “Six months without a tenant means significant losses for us. In this challenging economic climate, finding a tenant is like searching for a needle in a haystack,” Ms. Hang remarked.

Just a few hundred meters from Ms. Hang’s property, a five-story building with over 600 m² of space on Le Loi Street is listed for rent at 350 million VND per month. Despite being on the market for over five months, it has yet to secure a tenant.

On Thai Van Lung Street, Sai Gon Ward, Mr. Nguyen Viet Hung’s 200 m² storefront is advertised for 150 million VND per month. However, it has remained unoccupied for more than three months.

Mr. Hung recalled that previously, properties on Thai Van Lung Street would typically find tenants within 1-2 weeks. However, over the past two years, leasing has become increasingly difficult. “I’ve assured potential tenants that the rent won’t increase for three years. Yet, many visit the property but never return,” Mr. Hung said.

Mr. Tran Van Truong, CEO of Hai San Hoang Gia, explained that the vacancy issue in Ho Chi Minh City’s rental market stems from multiple factors. High rental costs, coupled with a recovering economy, make businesses hesitant to commit. “In the food and beverage (F&B) sector, we only invest in rentals when we foresee strong returns. If the potential is low, we opt out,” Mr. Truong stated.

He added that some of Hai San Hoang Gia’s locations now share rental costs with partners to reduce financial strain and enhance investment efficiency.

Mr. Truong also noted that many landlords have reduced rents by 20-30% to attract tenants. Additionally, legal complications with some properties further hinder leasing efforts.

Changing consumer behavior has also impacted the market. Previously, businesses leased spaces for brand promotion and sales. Now, they increasingly rely on social media and e-commerce platforms for marketing and sales.

Ms. Ly Thu Thuy, owner of a restaurant chain in Ho Chi Minh City, shared that economic challenges have led to a 40% drop in customers. “With reduced foot traffic, rising input costs, and unchanged rental prices, we’ve had to downsize our staff to stay afloat,” Ms. Thuy explained.

A study by iPOS.vn and Nestlé Professional revealed that Vietnam’s F&B sector is undergoing significant turbulence. In the first half of 2025, approximately 50,000 food and beverage outlets closed, reducing the total number of establishments nationwide to around 300,000, an 11% decline from late 2024.

Both Hanoi and Ho Chi Minh City saw an 11% decrease in F&B outlets, reflecting intense market consolidation. New and smaller brands face stiff competition without clear, effective strategies. Even established brands are closing underperforming locations to navigate this challenging period.