According to the Ho Chi Minh City Statistics Office, in the first half of 2024, 21,205 out of 25,248 newly established businesses were in the commerce and service sectors, with a total registered capital of nearly 180,000 billion VND.

Contrary to the city’s economic recovery, the vacancy rate for retail spaces in central areas shows no signs of decreasing. Major commercial streets such as Dong Khoi, Le Loi, Ly Tu Trong, Nguyen Trai, Le Van Sy, and Phan Xich Long are lined with properties displaying "for rent" signs and contact numbers.

A survey of bustling commercial streets like Hai Ba Trung, Le Van Sy, and Phan Xich Long revealed numerous vacant retail spaces. On average, at least one out of every ten adjacent stores had a "for rent" sign.

A real estate agent managing a property near Tan Dinh Market, District 1, shared that a 500 square meter property is available for 200 million VND per month ($8,500), already a 15% reduction from its previous rate. Despite the discount and offering 20-30 days of free rent for renovations, the property has remained unoccupied since mid-2023, after its previous tenant, a cosmetics store, moved out.

On Nguyen Thi Minh Khai Street, District 1, a resident noted that a roadside property has been available for over two years without finding a tenant, as potential renters are deterred by the high rental prices.

Even prime properties on Hai Ba Trung Street, District 1, remain empty due to high rental costs. One such property, vacant for over a year, has been temporarily converted into a parking lot for nearby eateries.

According to market research, rental prices for street-front properties in District 1 range from 50 ($2,100) to 400 million VND ($17,000) per month, depending on location and size. The average rental price in District 3 is about 192 million VND ($8,000) per month, and in District 5, around 168 million VND ($6,600) per month.

To expedite leasing, some landlords are offering rent reductions of 10-15% and one month of free rent for renovations. However, experts believe these incentives are insufficient to retain or attract new tenants.