A new trend has also emerged. While capital flow previously led the charge in boosting the retail sector, it is now the retail brands themselves that are reshaping the market. Expansion by fashion, cosmetics, furniture and F&B brands is setting the pace for sector growth and driving renewed investor interest.

New retail malls are consistently being introduced in districts outside the central areas, offering a wide array of business models. This trend is gradually transforming traditional street-front retail, which is under significant pressure from the growing e-commerce sector.

Retail space is set to be a cash cow for the property sector soon, particularly in Hanoi and Ho Chi Minh City.