HCM City, Hanoi among Savills list of fastest-developing cities

Ho Chi Minh City and Hanoi have been included in the Savills list of fastest-developing cities on the planet recently released by the commercial real estate brokerage firm.

The southern metropolis ranks second, while the capital city, sixth, in the Growth Hubs Index, a companion to the Savills Resilient Cities Index.

The firm said HCM City’s strong forecast is driven by the largest increase in the number of high-income households, while Hanoi’s prospects are based on growing personal wealth, and an expanding middle class.

HCM City has always been the gateway for foreign investment. At 92% occupancy, it has a strong office market with a shortage of Grade A stock. Retail is thriving too, with robust domestic demand driving modernization of the city’s traditional shop-houses.

According to Savills, Vietnam continues to lay the groundwork, to reap the benefits of strong inflows of foreign direct investment, in the coming decade through step-changes in infrastructure, regulation and planning.

The Growth Hubs Index builds on the Resilient Cities Index, by forecasting the economic aspects of 230 cities through to 2033, to identify the fastest-growing cities./.