Industrial real estate market attracts foreign investors
(VEN) - Industrial real estate is expected to be the most notable market segment in 2024 as it attracts significant foreign investment.
According to the Vietnam Association of Realtors (VARs), the industrial real estate market segment continues to thrive as industrial development policies are expanded in many provinces and cities. In particular, there is a strong focus on environmentally friendly and high-tech industrial zones, which receive priority in terms of investment.
Industrial parks and economic zones have attracted over 10,400 domestic investment projects and more than 11,200 foreign direct investment (FDI) projects, with respective registered capital of over VND2.54 quadrillion and US$231 billion. In recent years, FDI in industrial parks and economic zones accounted for about 35-40 percent of the increase in total registered FDI in Vietnam.
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| It is projected that in the next 10 years, Vietnam will plan to allocate an additional 115,000 hectares of land for industrial parks |
In the southern region, localities such as Ho Chi Minh City, Binh Duong, Dong Nai, Long An, and Ba Ria - Vung Tau are developing a series of large-scale industrial parks, attracting high levels of FDI.
According to VARs, many new industrial park investment projects have been approved and are beginning to enter the next phases of development. The supply of industrial real estate is growing in both regions. The demand for industrial real estate remains high, especially for multi-story warehouses and ready-built factories.
It is forecast that the supply of industrial real estate will continue to increase in 2024, particularly in modern and smart industrial parks with a focus on “greening” initiatives. In the southern region, according to Cushman & Wakefield Vietnam, the adjustment, announcement, and approval of the overall planning of provinces in the 2021-2030 period, with a vision to 2050, are expected to result in the steady increase of new supply of industrial land, which is forecast to reach approximately 6,100ha in the 2024-2026 period. This will help address the limited availability of ready-to-use land in the southern region. The market for ready-built factories is expected to welcome a future supply of about 2.2 million square meters during this period. The demand for factory rentals in the future will be sustained by large manufacturing companies and small- and medium-sized enterprises, following the wave of FDI inflows to Vietnam’s manufacturing sector.
It is projected that in the next 10 years, Vietnam will plan to allocate an additional 115,000 hectares of land for industrial parks, with about 558 industrial parks nationwide, an increase of nearly 1.5 times the current number.
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