Vietnam GDP              HCMC GDP            Hanoi GDP                VN-Index
         7.08% y-o-y                      8.10% y-o-y                    7.12% y-o-y                      9.32% y-o-y

*Arrows indicate change from the same period of the previous year.

• Vietnam posted its highest GDP growth in 8 years for the first nine months, expanded 6.98% y-o-y. Implemented FDI for 9M 2018 surged 6% y-o-y, while Industrial Production Index increased 10.6% y-o-y (its highest growth rate since 2012).

• Industrial market: Average rental rate of industrial land in Binh Duong and Dong Nai province increased by 5%-10% y-o-y. Some notable industrial parks in suburban areas of Binh Duong have rental growth by by 25% y-o-y. This impressive growth was supported by the current limited supply and strong demand momentum.

• Condominium market: In Q3 2018 the market welcomed nearly 11,700 newly launched units in HCMC and Hanoi. The new supply for 9M 2018 was stable compared to 9M 2017 for HCMC, while declined in Hanoi. However, looking forward, Q4 2018 is expected to be a busy quarter of sales activities for both cities.

• Office market: Given no new supply in Q3 2018 for both HCMC and Hanoi, the performance of office buildings in both cities continued to improve. In particular, asking rent for Grade-A office in HCMC showed a surge of more than 16% y-o-y, while that for Hanoi is 4.2%.

• Retail market: Q3 2018 witnessed an increase in non-CBD supply in 2 biggest cities of Vietnam, most notably Vincom Center Landmark 81 in HCMC and Discovery Complex in Hanoi. This resulted in more competition in the non-CBD area, while performance in CBD area of both cities was stable.