Ho Chi Minh City ($59/sqft, 7.4% vacancy) and Manila ($26/sqft, 22.6% vacancy) compete on different axes: Ho Chi Minh City on rent and tax and Manila on talent depth.
Ho Chi Minh City ($59/sqft, 7.4% vacancy) and Manila ($26/sqft, 22.6% vacancy) compete on different axes: Ho Chi Minh City on rent and tax and Manila on talent depth.
| Metric | Ho Chi Minh City | Manila |
|---|---|---|
| Region | APAC | APAC |
| Country | Vietnam | Philippines |
| Class A rent (USD/sqft/yr) | $59 | $26 |
| Class A rent (local) | 1500000 VND | 1500 PHP |
| Vacancy | 7.4% | 22.6% |
| Trend | rising | softening |
| Prime yield | 6.4% | 6.6% |
| Premium flex / seat / month (USD) | $320 | $290 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 20% | 25% |
| Metric | Ho Chi Minh City | Manila |
|---|---|---|
| Typical term | 3 yrs | 3 yrs |
| Typical rent-free | 4 mos | 5 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. 3-5 year terms with renewal options standard. Free rent of 4-9 months on a 5-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. | 25% Philippine corporate income tax. 20% reduced rate for small companies. PEZA registration provides 4-7 year income tax holiday plus 5% gross income tax in lieu of all national and local taxes for qualifying export-oriented activities. |
| Metric | Ho Chi Minh City | Manila |
|---|---|---|
| Talent index (0–100) | 74 | 76 |
| 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. | Deepest English-language BPO talent in Asia. Strong feed from University of the Philippines, Ateneo de Manila, De La Salle, and a deep network of universities. Excellent neutral English accent supports North American customer-facing operations. |
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).
Manila: LRT-1, LRT-2, MRT-3, plus the new MRT-7 and PNR. Manila Metro Rail Transit System (MMRT) is structurally under-capacity. NAIA airport connected via bus and the future MRT-7 extension.
Manila is the cheaper Class A market on a USD basis.
Manila has the deeper talent index (76/100 vs 74/100).
Ho Chi Minh City has the lower headline corporate tax (20% vs 25%). Local incentives can change the effective rate materially.
Ho Chi Minh City typical term is 3 years with 4 months free; Manila runs 3 years with 5 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). Manila: LRT-1, LRT-2, MRT-3, plus the new MRT-7 and PNR. Manila Metro Rail Transit System (MMRT) is structurally under-capacity. NAIA airport connected via bus and the future MRT-7 extension.
Score Ho Chi Minh City, Manila 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.