Ha Noi’s retail sales up 9.3% in Q1 2024

This growth outpaced the national average increase of 8.2% in Vietnam’s retail sale.

Ha Noi’s retail sales increased by 9.3% year-on-year In Q1 2024, reaching $7.99b (VND199.7t), Savills reported.

The growth outpaced the national average increase of 8.2% in Vietnam’s retail sales, which totaled $61.50b (VND1,537.6t).

The city's retail market features 1,786,100 square meters of net leasable area (NLA), comprising four department stores, 36 shopping centers, 50 retail podiums, 95 supermarkets, and three wholesale centers. 

Since 2020, retail space has grown at an average rate of 3% per year. Shopping centers dominate, holding 63% of the total retail space.

The Secondary Area, which includes districts surrounding the central business district (CBD) and western suburbs, has also become a key focus for new retail leases. 

From Q1 2023 to Q1 2024, it accounted for 72% of new leases by floor area. 

In contrast, the CBD, with limited space, represented only 14% of new leases, attracting tenants primarily in cosmetics, footwear, and accessories.