Source: World Bank, Q3 2019 

LAO PDR

1.5%VIETNAM

1%

CAMBODIA

1.2%

Growth Rate

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

1990 1995 2000 2005 2010 2015 2016 2017 2018 2019 2020 2025 2030

Population

Cambodia Laos Vietnam

Medium AgeCAMBODIA

VIETNAM

LAO PDR

24

2330

Myanmar 70 millionSource : IMF

Vietnam’s Urbanization continues at a rapid rate

32%

32%

33%

33%

34%

34%

35%

35%

36%

36%

1.02%

1.03%

1.04%

1.05%

1.06%

1.07%

1.08%

1.09%

2014 2015 2016 2017 2018

Urban

 pop

ulation 

(% of total pop

ulation)

Popu

latio

n Growth ra

te

Urbanisation rate Population growth rate

SOURCE: GSO Vietnam CBRE Vietnam

34m

Urban Population Cambodia

19.6 19.9 20.3 20.7 21.0 21.4 21.8 22.2 22.6 23.0 23.4

10

20

30

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 ‐

 500

 1,000

 1,500

 2,000

 2,500

 3,000

 3,500

 4,000

Percen

tage (%

)

Thou

sand

Cambodia Urban Population Cambodia Urban Population Growth Rate

Source: World Bank, 2019

YOUNG POPULATION60% ARE 30 YEARS OLD & BELOW3.8m

Myanmar: 30%, Laos 40%

Vietnam Remains One Of The Fastest Growing Markets In Southeast Asia

GDP Q2’19 growth vs. YA 6.8

4.26.0

1.9

5.13.3

Vietnam Malaysia Philippine Singapore Indonesia Thailand

Vietnam Malaysia Indonesia ThailandSingapore

123 110 13092

126 105

0

20

40

60

80

100

120

140

Vietnam Malaysia Singapore Indonesia Thailand

Consumer Confidence Index

Philippine

SOURCE: GSO Vietnam Economist Intelligence Unit Nielsen Quarter by number report Q2’19 Nielsen

GDP Growth Rate

Source: World Bank, 2019

CAMBODIA7.2%

LAO PDR

11%

VIETNAM

6.8%

7.3 7.4 7.1 7 7 6.8 6.9

16.4617.17

11.14

8.44

9.87

6.58

7.60

0

2

4

6

8

10

12

14

16

18

20

0

5

10

15

20

25

30

2012 2013 2014 2015 2016 2017 2018

Cambodia GDP (Bn USD) Lao PDR GDP (Bn USD) Cambodia GDP Growth (%) Lao PDR GDP Growth (%)

Myanmar6.6%

GDP per capitaVietnam: US$2,600Cambodia: US$1,600Myanmar: US$1,600Laos: US$1,800

Vietnam Retail Sales growth benefits from a rapidly emerging middle class

SOURCE: GSO Vietnam CBRE Vietnam

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

 ‐

 500,000

 1,000,000

 1,500,000

 2,000,000

 2,500,000

 3,000,000

 3,500,000

 4,000,000

 4,500,000

 5,000,000

2014 2015 2016 2017 2018 6M 2019

Retail sales (VND billion) Retail sales Real Growth

As Vietnam’s middle class expands, dog meat consumption shrinks

SOURCE: vnexpress net/news Photo by Shuttlestock/bericbogan A man takes his dogs out for a ride in HCMC

A dog transported in a cage in Vietnam. A dog rescued in a dog thief bust in Thanh Hoa Province on September 16, 2019 is returned to its owner.

dInternational tourist arrivals to Vietnam continue to grow

SOURCE: GSO Vietnam CBRE Vietnam

‐5%

0%

5%

10%

15%

20%

25%

30%

35%

0

2

4

6

8

10

12

14

16

18

2014

2015

2016

2017

2018

Growth Rate (%

)

Arriv

als (Million pe

rson

s)

International arrivals Growth rate

15m

RL19

Slide 10

RL19 Which countries are they coming from?Richard Leech, 10/17/2019

Vietnam named Asia’s leading culinary destination for the first time

SOURCE: vnexpress.net/news.Photo by Shuttlestock/bericbogan

Bánh mì – Vietnamese famous sandwich 

Phở ‐Beef noodle

Foreign tourists enjoy Vietnamese dishes at a food stall in Ben Thanh Market, HCMC.

Grilled quail eggs are favored by young people and are one of the best snacks in HCMC

Grilled skewers are one of the most popular street foods in HCMC

Fresh summer rolls served at a market

Cha ca, the pan‐fried squares of fish tossed with dill, onion, turmeric and galangal, is a well known, much favored dish of Hanoi

Cambodia Tourism

Source: Cambodia Ministry of Tourism, 2019

FORECAST TOP 5 NATIONALITIES2018

2,024,443

800,128

426,180

382,317

301,770

67%

4%

15%

3%

13%

0%

5%

10%

15%

20%

25%

30%

0

2,000

4,000

6,000

8,000

10,000

12,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020 2021 2022

Thou

sand

s

Inbound Tourists Growth Rate (%)

6m

Factors Driving the Vietnam Economy

Exports (Growing at 16%) 1/3 are hi tech products

Urbanization Rates(Growing at 3% pa)Only 1/3 live in cities compared to ½ in China)

Household ConsumptionDriven by strong demographicsExpected USD $3,329GDP per capita in 2022

SOURCE: Statista Vietnam 2012 – 2022 Nielsen

Manufacturing(20% of GDP)

Physical Factors holding us back

Unfinished Metro line in Ha Noi City Construction in CBD of HCMC causing  traffic congestion

Environmental Factors holding us backFloodingPollutionRising tidesSalinationFood HygieneDirty Water

Other factors include:BurocracyLegal frameworkCorruption

SOURCE: CBRE Research Q1 2019

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

HO CHI MINH BANGKOK PHNOM PENH VIENTIANE

CBD Inner City

Average price of land

AVERAGE PRICE USD/SQM

 ‐

 200,000

 400,000

 600,000

 800,000

 1,000,000

 1,200,000

 1,400,000

 1,600,000

2014 2015 2016 2017 2018 2019 Q3 2019f 2020f 2021f

NLA

 (sqm

)

Existing & Future SC Supply - Vietnam

SOURCE: GSO Vietnam CBRE Vietnam

1,033,000m2

Existing & Future SC Supply – Phnom Penh

Source: CBRE Cambodia, Q3 2019

0

100000

200000

300000

400000

500000

600000

700000

800000

900000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

NLA (SQM)

Shopping Mall Shopping Centre Community Mall Retail Podium

347,000m2

Existing and Future SC Supply - Yangon

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F 2020F 2021F

Area

(sq

m)

Additional supply during the year Supply at the start of the year 388,000m2

Vietnam has low retail density with growth potential to catch up with regional peers

Retail density (m2/pax)

SOURCE: Savills Vietnam

Source: CBRE Cambodia, Q3 2019

Rental Rates – HCMC

0%

5%

10%

15%

0

40

80

120

160

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2017 2018 2019

Vac

ancy

rate

(%)

Ave

rage

ask

ing

Rent

(U

S$/s

qm/m

onth

)

Asking rent - CBD Asking rent - Non-CBD Vacancy Rate - CBD Vacancy Rate - Non-CBD

Asking rents are average for Ground floor and First Floor, exclusive of VAT and service charge.Source: CBRE Research, Q3 2019

$30.5 $28.5$23.7

$26.5

 $‐

 $10.00

 $20.00

 $30.00

 $40.00

 $50.00

 $60.00

 $70.00

Prime Shopping Mall Prime Retail Podium Community Mall Prime High Street

Source: CBRE Cambodia, Q3 2019

Rental Rates – Phnom Penh

Source: Colliers International

Rental Rates – Yangon

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

-

5,000

10,000

15,000

20,000

25,000

30,000

Q4

2017

Q1

2018

Q2

2018

Q3

2018

Q4

2018

Q1

2019

Q2

2019

Q3

2019

Occupnncy R

ateArea

(sq

m)

New Supply Net Take-up Rate (LHS) Occupancy Rate (RHS)

Yangon Q2 2019 Q3 2019 QOQ Q2 2020F YOY

USD/ SQ METRE/MONTH

30.3 29.0 ‐ 4.2 % 31.0 ‐ 9.6%

Developers Vingroup Aeon Lotte Keppel Land Mapletree

No. of shopping centres 66 5 13 2 2

FormatCommunity Mall

Neighbourhood MallCBD Mall

Community Mall CBD MallHypermarkets

Community MallCBD Mall

Community MallCBD Mall

LocationsHanoiHCMC

Provinces

HanoiHCMC

HanoiHCMC

ProvincesHCMC HCMC

Major SC developers in Vietnam

Developers Chip Mong Aeon Peng Huoth OCIC

No. of shopping centres

6 (under construction) 2

(1 under construction)2 

(under construction)3

FormatCommunity Mall

Neighbourhood MallCBD Mall

Community Mall Community Mall Community MallCBD Mall

Locations Phnom Penh Phnom Penh Phnom Penh Phnom Penh

Major SC developers in CambodiaChip Mong Noro Mall PH Diamond Place 2020Aeon Mall Sen Sok Olympia Mall

The Region Remains a Unique, Complex & Traditional Trade Market

With a high energy and colourful street culture

Opportunities & Lessons Learnt• Modern Trade formats still only 20% compared to 80% in the traditional sector

• Internet penetration• Infrastructure projects – Metro Lines• Environmental Awareness –Sustainability programs (single use plastics, endangered species and organic products)

• New categories in street food, sports, health and entertainment

Opportunities & Lessons Learnt• Mixed use retail/residential/office 

• Revitalization of core districts, preservation of heritage buildings

• Cultural identity and home grown brands

• Pedestrianization, placemaking and Smart green spaces 

• Emerging Middle Class and large young consumption population

Thank you!