Industrial park businesses lose momentum in early 2026
The business performance of listed industrial park developers in the first quarter of 2026 showed clear divergence. While most companies recorded declines in revenue and profit due to weaker land leasing activities, a few firms still managed to maintain growth thanks to diversified revenue streams.
According to market data, major industrial park developers such as Kinh Bắc City Development Holding Corporation, Becamex IDC, IDICO Corporation, Sonadezi Corporation, and Nam Tan Uyen Industrial Park all posted weaker results in Q1 as industrial land leasing revenue dropped significantly.
1. Kinh Bắc posts the sharpest decline with profit plunging 71%
Industrial land leasing revenue drops dramatically
Kinh Bắc City Development Holding Corporation recorded the steepest decline among listed industrial park developers.
In Q1/2026, the company generated net revenue of nearly VND 1.336 trillion, down 56% year-over-year. Net profit fell sharply by 71% to just over VND 224 billion.
The main reason was the sharp decline in industrial land and infrastructure leasing revenue. Revenue from this segment reached only around VND 732 billion, compared to nearly VND 2.484 trillion in the same period last year.
2. Sonadezi sees profit fall 32% as core industrial park revenue weakens
Core business segment under pressure
Sonadezi Corporation reported Q1 revenue of nearly VND 1.295 trillion, down 19% year-over-year.
Net profit dropped even further, declining 32% to approximately VND 336 billion.
Notably, industrial park business revenue fell sharply to just over VND 237 billion, compared to VND 660 billion in Q1/2025, reflecting slower industrial land demand in the early months of the year.
3. Becamex IDC slows down as industrial real estate weakens
Revenue falls 40% in the first quarter
Becamex IDC ended Q1 with disappointing results.
Net revenue reached approximately VND 1.105 trillion, down 40% year-over-year, while after-tax profit declined 21% to more than VND 288 billion.
According to the company, the main cause was the slowdown in industrial real estate activities. Revenue from this segment fell 47% to around VND 754 billion.
4. IDICO records lowest quarterly profit since 2023
One-time land lease revenue declines sharply
IDICO Corporation posted net revenue of more than VND 1.485 trillion and after-tax profit of nearly VND 338 billion in Q1/2026, down 17% and 19% respectively.
This marked the company’s lowest quarterly profit since Q4/2023.
The decline mainly stemmed from reduced revenue recognition from industrial infrastructure lease contracts eligible for one-time accounting recognition. In Q1, one-time land lease revenue reached only nearly VND 156 billion, compared to more than VND 364 billion in the same period last year.
5. SIP grows revenue but profit still declines
Rising costs erode earnings
Sai Gon VRG Investment Corporation recorded net revenue of nearly VND 2.165 trillion, up 12% year-over-year thanks to electricity and water utility services provided to industrial parks.
However, after-tax profit still decreased 5% to more than VND 334 billion due to rising operating costs.
Land leasing revenue remained almost unchanged at around VND 117 billion.
6. Nam Tan Uyen posts lowest quarterly profit in eight years
Profit drops 43%
Nam Tan Uyen Industrial Park experienced a difficult business quarter.
Net revenue reached only nearly VND 82 billion, down 39%, while after-tax profit plunged 43% to just over VND 39 billion.
This was the company’s lowest quarterly profit in the past eight years. The company explained that Q1 only recorded one-time revenue from subleased land contracts.
7. Viglacera emerges as one of the few bright spots
Profit grows despite industry-wide weakness
In contrast to the broader market trend, Viglacera Corporation was among the few companies to maintain growth in Q1/2026.
Net revenue reached VND 3.274 trillion, up 15%, while after-tax profit increased 8% to VND 321 billion.
The company stated that positive results came from industrial real estate, autoclaved aerated concrete, sanitary ware, and construction materials segments.
However, industrial land leasing revenue still declined 41% to nearly VND 716 billion.
8. Long Hau boosts profit thanks to land compensation income
Extraordinary income supports earnings
Long Hau Corporation reported a 25% decline in net revenue to more than VND 176 billion.
Revenue from land leasing and ready-built factories dropped sharply by 59% to nearly VND 57 billion.
Nevertheless, extraordinary income surged to nearly VND 58 billion, mainly from land compensation payments, helping after-tax profit rise slightly to over VND 112 billion.
9. Tin Nghia Industrial Park benefits from Phuoc An Port partnership
Profit rises 85% despite limited land bank
Tin Nghia Industrial Park Development reported after-tax profit of VND 37 billion, up 85% year-over-year.
As the company’s existing land bank has nearly been fully utilized, most of the profit growth came from cooperation revenue with Phuoc An Port Petroleum Investment and Exploitation.
Many industrial park companies set cautious 2026 targets
Conservative outlook dominates the sector
Entering 2026, many industrial park developers have adopted cautious business plans.
- Kinh Bắc targets revenue of VND 10 trillion and profit of VND 3 trillion.
- Viglacera plans record revenue of VND 15.3 trillion but expects pre-tax profit to decline 17%.
- Becamex IDC aims for 10% profit growth.
- IDICO expects relatively flat profit growth.
- Sonadezi forecasts profit to fall by 37%.
- Sai Gon VRG expects profit to decrease 40%.
- Long Hau targets a 43% decline in profit.
- Tin Nghia Industrial Park forecasts profit to decrease 23%.
Notably, Long Hau recently approved a plan to halt investment in the 200-hectare An Dinh Industrial Park project in Vinh Long Province due to prolonged legal changes and rising implementation costs after five years of preparation.
What is the outlook for Vietnam’s industrial park sector in 2026?
Short-term pressure remains significant
Q1/2026 business results indicate that Vietnam’s industrial park sector is facing several short-term challenges, particularly slower land leasing activity and weaker one-time revenue recognition.
However, in the long term, industrial park developers are still expected to benefit from:
- The ongoing global manufacturing shift toward Vietnam.
- Expanding public infrastructure and logistics investment.
- Rising demand for industrial land in key manufacturing provinces.
- The development trend toward green and high-tech industrial parks.
Even so, each company’s growth prospects will largely depend on remaining land reserves, legal approval progress, and the ability to attract foreign direct investment (FDI) in the coming years.
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