In 2025, Dong Khoi placed 17th globally in terms of prime retail rental prices, surpassing well-known shopping streets such as the Central Business District in Bangkok (Thailand), Suria KLCC in Kuala Lumpur (Malaysia), and P.C. Hooftstraat in Amsterdam (The Netherlands).
As of the end of 2025, average rents on Dong Khoi stood at around US$310 per square meter per month, marking a 6% year-on-year decline from 2024. Despite the drop, Dong Khoi remained firmly in the global top 20, slipping slightly from 15th to 17th place. Its rental level is just US$30 lower than the Passeig de Gràcia street in Barcelona (Spain).
The strategic location of Dong Khoi
Dong Khoi Street is located in Ben Nghe Ward (central District 1). Stretching approximately 600 metres, the street connects Nguyen Du Street (near Paris Commune Square) with Ton Duc Thang Boulevard, opposite Bach Dang Quay along the Saigon River.
Along and around Dong Khoi are several of the city’s major landmarks, including the Saigon Opera House, Nguyen Hue Walking Street, Saigon Notre-Dame Basilica, and the Saigon Central Post Office.
Dong Khoi has long occupied the most strategic location. During the Nguyen Dynasty, it was a royal road reserved for the king’s direct passage from the Gia Dinh Citadel to the Saigon River. In the French colonial period and under the US influence in Saigon, this street became the most prestigious boulevard, lined with cafés, hotels, luxury shops, and administrative buildings. After 1975, the street was renamed as Dong Khoi, after a famous uprising in Southern Vietnam in 1960, and continued to serve as a prime commercial artery in the new Ho Chi Minh City.
Today, Dong Khoi is home to landmark hotels such as the Sheraton Saigon, Hotel Grand Saigon, the Continental, and the Majestic. Along with the close proximity to major tourist attractions, the street has attracted a large number of high-end consumers, according to Cushman & Wakefield. Many international luxury brands, including Gucci and Louis Vuitton, have chosen Dong Khoi for their flagship stores.
The rental fee on this street currently ranges from VND 100 million to 500 million dong (from about US$4,000 to US$20,000) per month. In some premium spots, the listing prices reach up to VND 1 billion (around US$40,000) per month.
Prime location, empty storefront
Despite its prime location and strong potential to attract tourist traffic in Ho Chi Minh City, Dong Khoi has struggled to draw new tenants.
According to a report by Lao Dong in October 2025, at least 10 retail spaces on the street remain vacant, many of which have been without tenants since the COVID-19 pandemic.
This marks a sharp contrast with 2018 and 2019, when Ho Chi Minh City had yet to be affected by the pandemic. At that time, vacant storefronts on central streets such as Dong Khoi were rare. Today, tenants can easily secure prime spaces even in the city’s “golden” areas.
Although rents have declined by around 6%, the adjustment has not been sufficient to revive demand. High rental prices, combined with elevated operational costs, continue to discourage businesses from choosing Dong Khoi as a retail location.
Many businesses also pointed out that consumers have tightened their spending, while the growing number of brands has made competition increasingly intense. With limited momentum for expansion, occupying retail spaces in the city centre is no longer a realistic prospect.
“If the economy is growing strongly, renting expensive properties in central areas is less risky. Prime locations are mainly suitable for high-end products, such as upscale restaurants and cafés, luxury fashion brands, or goods with strong profit margins,” a restaurant owner told VTC News.
Another reason, according to the Ho Chi Minh City Business Association, is the shift in consumer behaviour after COVID-19. With the rise of e-commerce, many major businesses prioritise achieving success through online sales and digital channels rather than spending on an expensive location.
While Dong Khoi remains a prime location comparable to global high streets, the challenge for Ho Chi Minh City is how to make it truly live up to that status, to be the Vietnam version of Fifth Avenue, rather than allowing it to remain dotted with vacant storefronts at prohibitively high prices.
