Ho Chi Minh City ($59/sqft, 7.4% vacancy) and Jakarta ($24/sqft, 31.4% vacancy) compete on different axes: Ho Chi Minh City on talent depth and Jakarta on rent and tax.
Ho Chi Minh City ($59/sqft, 7.4% vacancy) and Jakarta ($24/sqft, 31.4% vacancy) compete on different axes: Ho Chi Minh City on talent depth and Jakarta on rent and tax.
| Metric | Ho Chi Minh City | Jakarta |
|---|---|---|
| Region | APAC | APAC |
| Country | Vietnam | Indonesia |
| Class A rent (USD/sqft/yr) | $59 | $24 |
| Class A rent (local) | 1500000 VND | 380000 IDR |
| Vacancy | 7.4% | 31.4% |
| Trend | rising | softening |
| Prime yield | 6.4% | 6.8% |
| Premium flex / seat / month (USD) | $320 | $290 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 20% | 22% |
| Metric | Ho Chi Minh City | Jakarta |
|---|---|---|
| Typical term | 3 yrs | 3 yrs |
| Typical rent-free | 4 mos | 6 mos |
| Lease norms | Net leases. 3-year terms with renewal options. Free rent of 3-6 months and TI of VND 6-12M/sqm typical. | Net leases. 3-year terms with renewal options standard (HGU/HGB land tenure considerations apply). Free rent of 4-9 months on a 3-year deal. |
| Tax note | 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. | 22% Indonesian corporate income tax. 11% VAT. R&D super-deduction available. Special Economic Zones offer tax holidays for qualifying activities. |
| Metric | Ho Chi Minh City | Jakarta |
|---|---|---|
| Talent index (0–100) | 74 | 72 |
| Talent note | 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. | Deep banking, consumer goods, and resources talent. Strong feed from University of Indonesia, ITB, Gadjah Mada, and major private universities. Bahasa Indonesia and English bilingual professional base. |
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).
Jakarta: MRT Jakarta (North-South Line, East-West under construction), LRT Jakarta, TransJakarta BRT, KRL commuter rail. Soekarno-Hatta Airport connected via Airport Rail Link.
Jakarta is the cheaper Class A market on a USD basis.
Ho Chi Minh City has the deeper talent index (74/100 vs 72/100).
Ho Chi Minh City has the lower headline corporate tax (20% vs 22%). Local incentives can change the effective rate materially.
Ho Chi Minh City typical term is 3 years with 4 months free; Jakarta runs 3 years with 6 months free.
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). Jakarta: MRT Jakarta (North-South Line, East-West under construction), LRT Jakarta, TransJakarta BRT, KRL commuter rail. Soekarno-Hatta Airport connected via Airport Rail Link.
Score Ho Chi Minh City, Jakarta 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.