Viet Nam’s retail sector, particularly in Ho Chi Minh City (HCMC), is riding the recovery wave of the global market. In Q3/2025, the footfall index at shopping malls in HCMC continued to reinforce market confidence, driven by innovations in operational strategies and the growing appeal of integrated physical retail models.

Tran Pham Phuong Quyen, Senior Manager, Retail Leasing, Savills Vietnam, shares in-depth insights on this growth momentum.

Events and Experiences: A Strong Footfall Catalyst  

According to Ms. Quyen, global consumers are returning to stores as destinations for shopping, experiencing, and interacting. In HCMC, shopping malls are leveraging diversified event programming to sustain and increase attractiveness. 

Events such as seasonal holiday decorations (summer, back-to-school, Mid-Autumn), family and kids’ workshops, exhibitions, and special product launches have attracted additional visitors for shopping, photos, and engagement. A typical example is Pop Mart’s The Monsters Wacky Mart held at the main hall of Thiso Mall Sala in September 2025. The event not only gave the mall a fresh appearance but also provided the brand with opportunities to directly engage consumers while boosting footfall to surrounding stores. This approach is increasingly being employed on a large scale by mall operators to maintain appeal and differentiate from competitors.

Differentiated Growth: Innovation is the Key

Q3/2025 data shows footfall performance varies significantly by the age of malls. Newer malls (1–3 years) are still in their ramp-up phase, recording impressive annual footfall growth of 35–40%.  

Meanwhile, established malls with strong market positions still saw solid increases, though at a lower range of 15–30% YoY. These gains are supported by internal initiatives such as improved shopping environments, new brand introductions, VIP customer programs, as well as macro factors like increased international arrivals and better local infrastructure.  

A few malls undergoing store refurbishments (typically lasting 1–5 months) experienced a temporary 5% drop in footfall compared with the previous quarter, as they prepared for a stronger market re-entry.  

Retail as an “Operational Asset” with Macro Support

This rise in footfall reflects a major shift in investment and operational mindset. Retail is regarded as an operational asset requiring close integration of management, technology, tenant mix, and customer behaviour insights. Modern malls must be overseen as complete ecosystems. Quyen notes, “Retail leasing in the coming years will shift strongly toward in-depth advisory, with the use of data, analytics, and technology to identify the most suitable retail spaces becoming increasingly critical."  

Furthermore, retail expansion in Viet Nam is supported by favourable macro conditions in costs and labour. According to Savills Property Price Index (SPPI) Q2/2025, construction costs remained stable. HCMC’s Department of Construction reported the construction cost index at 119 ppts in Q4/2024, while the building materials index dropped 2 ppts YoY due to declining input costs. At the same time, Viet Nam’s labour force up by 1% in Q2/2025 to reach 53 million people, with services (directly linked to retail) recording the highest increase of 472,000 workers, demonstrating abundant and shifting human resources to meet market demand.  

Year-End Outlook and Viet Nam’s Advantages

Overall, consumers are increasingly visiting malls not only for shopping but also for entertainment, dining, and leisure, especially in holidays, thanks to the integrated “all-in-one” destination concept. Despite global uncertainties, EuroCham’s Business Confidence Index (BCI) dipped slightly to 61.1 ppts in SPPI Q2/2025, but the business community remains optimistic about Viet Nam’s long-term growth potential. Quyen emphasised that Viet Nam’s young, dynamic, and trend-driven population, coupled with cost-efficient operations, positions the country as a strategic destination for international brands. Footfall at HCMC malls is expected to continue climbing in Q4/2025, supported by year-end milestones and festive seasons.  

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