Ho Chi Minh City (VNA) – Strong talent pools, competitive operating costs and an expanding supply of ESG-compliant Grade A offices are strengthening Ho Chi Minh City’s appeal as a top destination for Global Capability Centres (GCCs) in the long-term expansion plans of multinational corporations.
Savills Vietnam reports that as global groups reshape their operating models, GCCs are evolving beyond traditional back-office roles to become centres for technology, innovation and strategic operations. In Vietnam, Ho Chi Minh City is increasingly emerging as a frontrunner for this new wave of GCCs, underpinned by its advantages in human capital, cost efficiency and high-quality office infrastructure.
According to Lai Thi Nhu Quynh, Senior Leasing Manager for Commercial Leasing at Savills Ho Chi Minh City, the rise of GCCs is not only generating fresh office demand but is also redefining standards, layouts and development strategies across the office market in the medium and long term. New-generation GCCs are assuming more strategic functions, with a strong focus on technology, research and development (R&D), data and innovation, key pillars of global value chains.
The shift is evident in the city’s office leasing activity. Savills data show that in the first nine months of 2025, Ho Chi Minh City recorded 145 office leasing transactions across all segments, with information technology tenants accounting for 37% of newly leased space. Average deal size reached 924 sqm, highlighting the close link between the IT sector and the expansion of next-generation GCCs.
Quynh stressed that high-quality human resources remain the decisive factor in attracting large-scale GCCs. Ho Chi Minh City benefits from a young and plentiful workforce with solid expertise in technology and engineering, as well as a strong foreign language proficiency. The city also hosts the country’s largest concentration of universities, training institutions and technology ecosystems, providing a compelling talent base for GCC operations.
Alongside human capital, Grade A office rents in Ho Chi Minh City remain regionally competitive. Compared with major hubs such as Singapore, Hong Kong (China) and Tokyo (Japan), rental levels are markedly lower, enabling companies to optimise long-term operating costs while meeting international standards.
By the end of the fourth quarter of 2025, total office supply in Ho Chi Minh City stood at around 2.9 million sqm, with Grade A offices accounting for about 17%, or more than 490,000 sqm. Notably, 76% of Grade A space has achieved green certification, signalling a clear market shift towards higher benchmarks. The growing presence of next-generation GCCs is directly influencing both the structure and quality standards of the office market, particularly in the Grade A and A+ segments.
From a geographical perspective, GCCs are adopting a clear strategic footprint. The central business district remains the preferred choice for management, leadership and international transactions, while emerging core areas such as Thu Thiem and the former Thu Duc City are attracting large-scale GCCs, R&D centres and delivery hubs, thanks to greater space flexibility and lower cost pressures.
GCCs are not a passing trend, Quynh underscored. As strategic tenants with defined expansion roadmaps and high standards, their long-term presence is expected to elevate market benchmarks and accelerate the development of internationally aligned office projects in Ho Chi Minh City./.
