With strong advantages in high-quality talent, competitive operating costs, and a growing supply of ESG-compliant office spaces, HCMC is increasingly being selected by Global Capability Centres (GCCs) as part of the long-term expansion strategies of multinational corporations. 

As GCCs transition from traditional back-office functions (internal operational support) towards strategic and innovative coordination hubs, HCMC, supported by its talent pool, cost competitiveness, and high-quality office infrastructure,is steadily positioning itself as an attractive destination for the new wave of GCCs. 

According to Lai Thi Nhu Quynh, Associate Director, Commercial Leasing Services at Savills HCMC, the expansion of GCCs not only drives office leasing demand but also reshapes market standards, building structures, and long-term development directions within the office sector. 

GCCs Are Redefining Their Role in the Global Operating Value Chain 

Quynh notes, “Previously, most GCCs in Viet Nam were established primarily to optimise costs for support functions. However, this model is rapidly evolving. New-generation GCCs are taking on increasingly strategic roles, focusing on technology, R&D, data, and innovation, core functions within the global value chain.”  

Savills observations show that most GCCs expand operations in phases. During the first phase, space requirements range from 1,000–3,000 sq m; however, once operations stabilise, office footprints may expand to 5,000–20,000 sq m. In addition, the preference for long-term leases of 5–10 years indicates that GCC tenants demonstrate strong long-term investment commitment and operational stability. 

This momentum is clear in the city’s office leasing structure. In 9M/2025, Savills recorded 145 office leasing transactions across all grades, with technology sector tenants accounting for the largest share, representing 37% of total newly leased space, with an average transaction size of 924 sqm. 

HCMC’s Talent, Cost Advantages, and Ecosystem Drive GCC Growth 

With advantages in workforce quality, operational costs, and business ecosystem development, HCMC is emerging as a highly promising destination for GCC investment. 

The city currently ranks as Viet Nam’s second-largest urban workforce hub, supported by a young labour force with strong technology and engineering foundations. Meanwhile, the continued expansion of universities and training institutions further enhances workforce quality, increasing the city’s attractiveness to Global Capability Centres when selecting operational locations. 

Office rental costs also represent a significant competitive advantage. Grade A office rents average US$67 per sqm/month, offering a clear cost advantage compared with major regional hubs such as Singapore, Hong Kong, and Tokyo. This enables companies to optimise operating expenses while maintaining access to high-quality workspace environments. 

GCCs and the Restructuring Wave of Office Market Standards 

The Grade A and A+ office segments in HCMC are increasingly influenced by structural and quality standards driven by next-generation GCC demand. 

Quynh adds, “Based on Savills observations, GCC tenants almost exclusively target Grade A buildings, prioritising projects with green certifications such as LEED, WELL, or Green Mark, strong IT infrastructure, smart building management systems, and flexible expansion capabilities.”  

Geographically, GCCs are also shaping clearer functional allocation models. The central business district continues to serve as the location for headquarters, senior management, and international transaction coordination. Meanwhile, emerging areas such as Thu Thiem and Thu Duc City are attracting large-scale centres, R&D operations, and delivery hubs due to their greater space availability, long-term expansion potential, and more competitive cost structures. 

According to Savills, the growing presence of GCCs in HCMC is accelerating office demand, while Grade A office supply is expected to remain constrained until 2028; with The Kross as the only project scheduled for completion in 2026. Located on Ton Duc Thang Street in Sai Gon Ward, the mixed-use development will feature Grade A office space, retail areas, and serviced apartments. The project comprises 36 above-ground levels and five basements, delivering more than 33,000 sqm of space and achieving LEED Gold and WELL green certifications.