Hanoi Centre: Strategic landmark in Vietnam's booming retail landscape

Vietnam's retail market has recorded steady growth over the past decade, supported by a growing middle class, urbanization, and a young, digitally connected population. According to the General Statistics Office, retail sales of goods and services in the first five months of 2025 reached VND2,851.4 trillion (US$107.97 billion), up 9.7% year over year, reflecting demand for convenience, integrated lifestyles, and higher-end experiences.

Hanoi is increasingly a focus for commercial real estate investment, with rising incomes and a diversified consumer base supporting new retail formats. Despite rapid growth, retail space remains limited compared to some regional peers; Savills reported a 3% decline in supply in Q1 2025, while rents for central locations rose 37% year on year.

Savills has identified Hanoi Centre at 175 Nguyen Thai Hoc as a key project scheduled to open in 2025 that may help address this shortfall.

Spanning 72,000 square meters across five levels and accommodating up to 240 stores, Hanoi Centre combines retail, dining, and entertainment in a single destination intended to serve a broad range of users.

Hanoi Centre with sophisticated architecture and impressive open spaces (Artist’s impression). Photo courtesy of Keppel

Keppel positions the project within its "Urban Living Redefined" approach, following earlier developments such as Saigon Centre and Estella Place in Ho Chi Minh City.

"Mixed-use developments are reshaping Vietnam's retail real estate landscape. As cities become more densely populated, people increasingly seek integrated spaces where they can live, work, and play," said Joseph Low, President, Vietnam, Real Estate, Keppel Ltd.

Entertainment anchors include Galaxy CineX—Hanoi Centre, a flagship cinema introducing a technology suite that features IMAX with Laser, an Onyx Cinema LED display, and Dolby Atmos in a single venue for the Hanoi market. The 2,800-square-meter complex is complemented by Timezone, a 1,360-square-meter family entertainment center, alongside Kidzooona, Woopie, and AdventureS, which provide play and learning spaces oriented toward families with children.

The screening room at Galaxy CineX, Hanoi Centre (Artist’s impression). Photo courtesy of Galaxy CineX

Food and beverage tenants reflect a mix of regional and international concepts. Offerings include Korean barbecue at Jeonbok and GoGi House; steakhouse dining at Dinh Phong Grillhouse; Thai cuisine at Mangkorn; and local dishes at Bo To Quan Moc. Other brands such as Pizza 4P's, Long Wang Steam Hotpot, Gyu Shige – Nguu Phon, and Starbucks add to the portfolio.

Retailers confirmed for the project span luxury, premium, and mass-market segments. The lineup includes Chanel, YSL Beauty, Boss, Valentino Creations, Coach, and Diamond World. Muji will open with its everyday goods and homeware, Oh!Some will bring a one-stop lifestyle concept, and Pop Mart will offer collectibles and accessories. Adidas plans a flagship exceeding 1,000 square meters, and Urban Revivo will debut in Hanoi with its high-street fashion range.

Hanoi Centre's opening aligns with a broader shift in Vietnam toward experiential, mixed-use retail comparable to trends seen in Singapore, Japan, and South Korea. Its scale, location, and design are expected to appeal to both international and domestic retailers seeking a flagship presence.

Slated to open in November this year, the launch of Hanoi Centre will feature a vibrant lineup of entertainment, exclusive promotions, and interactive workshops. The development is positioned to operate as a central venue where shopping, culture, and community activities converge