Ho Chi Minh City ($59/sqft, 7.4% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Ho Chi Minh City on rent and tax and Singapore on talent depth.
Ho Chi Minh City ($59/sqft, 7.4% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Ho Chi Minh City on rent and tax and Singapore on talent depth.
| Metric | Ho Chi Minh City | Singapore |
|---|---|---|
| Region | APAC | APAC |
| Country | Vietnam | Singapore |
| Class A rent (USD/sqft/yr) | $59 | $102 |
| Class A rent (local) | 1500000 VND | 138 SGD |
| Vacancy | 7.4% | 5.4% |
| Trend | rising | rising |
| Prime yield | 6.4% | 3.6% |
| Premium flex / seat / month (USD) | $320 | $1,180 |
| Submarkets covered | 5 | 6 |
| Corporate tax | 20% | 17% |
| Metric | Ho Chi Minh City | Singapore |
|---|---|---|
| Typical term | 3 yrs | 4 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. | Singapore leases are typically 3-5 years, gross-rent based with the landlord covering most operating expenses inside the rent. Rent-free of 4-9 months on a 5-year term is standard. Rent reviews on renewal are open-market. Bank guarantees of 3-6 months are routine. Reinstatement at lease-end is contractual and usually significant — budget for it. |
| 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. | Headline corporate tax of 17%, with a partial tax exemption for the first SGD 200,000 of chargeable income. A network of double-tax treaties and the Singapore Variable Capital Company (VCC) regime make Singapore particularly attractive for fund managers and family offices. |
| Metric | Ho Chi Minh City | Singapore |
|---|---|---|
| Talent index (0–100) | 74 | 92 |
| 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. | Premium APAC talent hub. Average all-in compensation indexes 92 vs. New York's 100. |
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).
Singapore: The MRT network reaches every CBD address. Changi Airport is 20 minutes by MRT or taxi. Jurong Region Line and Cross Island Line expansions are extending the catchment.
Ho Chi Minh City is the cheaper Class A market on a USD basis.
Singapore has the deeper talent index (92/100 vs 74/100).
Singapore has the lower headline corporate tax (17% vs 20%). Local incentives can change the effective rate materially.
Ho Chi Minh City typical term is 3 years with 4 months free; Singapore runs 4 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). Singapore: The MRT network reaches every CBD address. Changi Airport is 20 minutes by MRT or taxi. Jurong Region Line and Cross Island Line expansions are extending the catchment.
Score Ho Chi Minh City, Singapore 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.