Sector Insight

1. Industrial park (IP) real estate update

In 6M2026, the industrial park land market recorded a strong recovery in both regions thanks to growth momentum from FDI capital. Absorbed area in the Northern region accelerated to over 347 ha, while the Southern region posted remarkable growth of 125% YoY to 124 ha. Despite volatility, occupancy rates in both regions stayed high and average rents kept rising. Notably, the RBF and RBW segments continued to see abundant new supply and healthy occupancy rates. In the Southern region in particular, the "build-to-suit" (BTS) model has begun to emerge, gradually becoming a strategic space solution for logistics.

2. FDI inflows remain positive

FDI inflows into Vietnam continued to break out strongly despite geopolitical uncertainty (the US – Iran war) and tariff volatility. In the first nine months of 2026, total newly registered capital surpassed USD 50 bn (+76.4% YoY) and disbursed capital is estimated at USD 21.07 bn, the highest in the past five years. This affirms that Vietnam remains a safe and attractive investment destination.

3. Industrial park real estate stock update

6M2026 business results showed clear divergence among companies. Companies with supplementary income from power and services (IDC, SIP) kept growing steadily. Meanwhile, the application of the new accounting policy under Circular 99/2025/TT-BTC caused reported revenue of some companies (SZC, NTC) to decline while unearned revenue rose sharply. Conversely, BCM and KBC saw profits fall mainly because of slow project progress, which affected handovers. 

Recommendation: BCM, KBC, IDC and SZC.