Bangkok ($31/sqft, 24.6% vacancy) and Ho Chi Minh City ($59/sqft, 7.4% vacancy) compete on different axes: Bangkok on talent depth and Ho Chi Minh City on talent depth.
Bangkok ($31/sqft, 24.6% vacancy) and Ho Chi Minh City ($59/sqft, 7.4% vacancy) compete on different axes: Bangkok on talent depth and Ho Chi Minh City on talent depth.
| Metric | Bangkok | Ho Chi Minh City |
|---|---|---|
| Region | APAC | APAC |
| Country | Thailand | Vietnam |
| Class A rent (USD/sqft/yr) | $31 | $59 |
| Class A rent (local) | 1100 THB | 1500000 VND |
| Vacancy | 24.6% | 7.4% |
| Trend | softening | rising |
| Prime yield | 5.6% | 6.4% |
| Premium flex / seat / month (USD) | $380 | $320 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 20% | 20% |
| Metric | Bangkok | Ho Chi Minh City |
|---|---|---|
| Typical term | 3 yrs | 3 yrs |
| Typical rent-free | 4 mos | 4 mos |
| Lease norms | Net leases. 3-year terms with renewal options standard (Thai property law caps standard registered lease at 3 years; longer leases require land department registration). Free rent of 3-6 months on a 3-year deal. | Net leases. 3-year terms with renewal options. Free rent of 3-6 months and TI of VND 6-12M/sqm typical. |
| Tax note | 20% Thai corporate income tax. BOI (Board of Investment) tax holidays available for qualifying activities. International Business Centre (IBC) regime offers reduced rates for regional HQ activities. | 20% Vietnamese corporate income tax. 10% reduced rate for high-tech and selected sectors. VAT 10%. High-tech zone incentives (4 years tax holiday + 9 years 50% reduction) available in qualifying parks. |
| Metric | Bangkok | Ho Chi Minh City |
|---|---|---|
| Talent index (0–100) | 74 | 74 |
| Talent note | Deep ASEAN regional services, hospitality, and consumer goods talent. Strong feed from Chulalongkorn, Thammasat, and Mahidol. English fluency varies — strong in international corporate, weaker in domestic. | Deep manufacturing services, growing tech engineering, and a structurally young workforce. Strong feed from VNU-HCM, RMIT Vietnam, and a deep network of technical universities. Vietnamese-only operating environment for most domestic tenants; English fluency growing in tech and international corporate. |
Bangkok: BTS Skytrain (Sukhumvit, Silom Lines) and MRT (Blue, Purple, Yellow Lines). SRT Red Line commuter rail. Suvarnabhumi Airport (BKK) connected via Airport Rail Link.
Ho Chi Minh City: Metro Line 1 (Ben Thanh-Suoi Tien) opened late 2024. Bus network. Tan Son Nhat Airport (SGN) on the city's edge; new Long Thanh Airport (LTA) under construction (target 2026).
Bangkok is the cheaper Class A market on a USD basis.
Talent indices are tied at 74/100.
Tax rates are tied.
Bangkok typical term is 3 years with 4 months free; Ho Chi Minh City runs 3 years with 4 months free.
Bangkok: BTS Skytrain (Sukhumvit, Silom Lines) and MRT (Blue, Purple, Yellow Lines). SRT Red Line commuter rail. Suvarnabhumi Airport (BKK) connected via Airport Rail Link. Ho Chi Minh City: Metro Line 1 (Ben Thanh-Suoi Tien) opened late 2024. Bus network. Tan Son Nhat Airport (SGN) on the city's edge; new Long Thanh Airport (LTA) under construction (target 2026).
Score Bangkok, Ho Chi Minh City and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.
Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.