The new Starbucks Reserve in Ho Chi Minh City has been unveiled. The new location is situated in the bustling and prime area of Diamond Plaza (34 Le Duan, District 1, Ho Chi Minh City).
Interestingly, this new location is just across from Han Thuyen, where the first Starbucks Reserve in Vietnam was recently closed due to unsuccessful lease negotiations.
The Han Thuyen Starbucks Reserve had been a beloved destination for coffee enthusiasts for over seven years. Starbucks’ departure from this location comes amid thriving business at their 11-13 Han Thuyen store, just across the street. The reason for the move is believed to be unsuccessful rent negotiations with the landlord.
The Starbucks Reserve incident has brought attention to the rental prices at 11-13 Han Thuyen. According to the latest advertised rate of VND 700 million per month (for the entire space), the business would have to pay approximately USD 127 or VND 3.3 million per square meter per month.
In contrast, a survey by Avison Young Vietnam revealed that the average rent at Diamond Plaza is USD 72.5/m²/month. While this is significantly higher than the average rent for shopping centers in downtown Saigon (USD 54/m²/month), it is 43% lower than the previous rate at 11-13 Han Thuyen.
A report from Avison Young Vietnam, Q1 2025
The reality is that a survey of neighboring properties reveals that the landlord of 11-13 Han Thuyen is charging a much higher rate, specifically three times the going rate in the area.
According to our records, the average rent on Han Thuyen Street, from Pasteur to Cong Xa Paris, ranges from only USD 40-60/m²/month (equivalent to approximately VND 1-1.5 million/m²/month).
Currently, 11-13 Han Thuyen has been leased to another business and is preparing for its grand opening. The expert explains that brands are willing to pay a higher price for this location due to its spacious front and airy sides.
After increasing the rent and causing Starbucks to leave, the owner of this “golden land” remained vacant for eight months, resulting in a loss of VND 5.6 billion (based on the previous rent).
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