Hanoi Centre, a major retail project managed by Keppel, is set to become one of the capital’s most influential commercial destinations as Vietnam’s retail real estate sector experiences rapid expansion. Positioned at 175 Nguyen Thai Hoc and slated to open in November 2025, the development reflects shifting consumer expectations shaped by rising incomes, urbanization, and the demand for integrated lifestyle spaces.
Vietnam’s retail sector has grown consistently over the past decade, driven by a fast-growing middle class and a young, digitally connected population. Retail sales reached USD 108 billion in the first five months of 2025, an increase of 9.7% year on year, according to the General Statistics Office. In Hanoi, demand for modern retail formats continues to rise, yet supply remains tight. Savills reported a 3% decline in total retail space in Q1 2025, while rents in core central areas grew by 37% year on year.
Hanoi Centre is positioned to help address this imbalance. Spanning 72,000 square meters over five floors and accommodating up to 240 stores, the complex brings together retail, dining, and entertainment in a single location. Keppel has framed the project as part of its “Urban Living Redefined” strategy, continuing its portfolio of high-quality mixed-use developments such as Saigon Centre and Estella Place in Ho Chi Minh City.
Entertainment will serve as a major anchor. Galaxy CineX at Hanoi Centre will introduce an advanced cinema concept featuring IMAX with Laser, an Onyx Cinema LED screen, and Dolby Atmos sound in one venue. Timezone, Kidzooona, Woopie, and AdventureS will add family-oriented recreational options across more than 1,300 square meters. The food and beverage mix includes regional and international brands such as Jeonbok, GoGi House, Dinh Phong Grillhouse, Mangkorn, Pizza 4P’s, and Starbucks.
Retail offerings will span luxury, premium, and mass-market segments. Confirmed tenants include Chanel, YSL Beauty, Boss, Valentino Creations, Coach, Diamond World, Muji, Pop Mart, Adidas with a 1,000-square-metre flagship, and Urban Revivo, which will mark its Hanoi debut.
Keppel Vietnam President Joseph Low noted that mixed-use developments are increasingly shaping Vietnam’s retail environment as urban populations seek destinations where they can shop, dine, work, and play in one integrated setting.
Hanoi Centre is expected to attract both international brands looking to establish a flagship presence and domestic retailers aiming to capture new consumer segments. Its opening later this year will be accompanied by entertainment events, exclusive brand activations, and community-focused programs, positioning the project as a central hub where retail, culture, and lifestyle converge.
(Source: VNExpress)
