{"id":6895,"date":"2026-08-17T10:39:30","date_gmt":"2026-08-17T03:39:30","guid":{"rendered":"https:\/\/industrialland.com.vn\/en\/?p=6895"},"modified":"2026-08-17T10:39:30","modified_gmt":"2026-08-17T03:39:30","slug":"industrial-real-estate-profits-expected","status":"publish","type":"post","link":"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/","title":{"rendered":"Industrial Real Estate Profits Expected to Shift Toward the Second Half of 2026 as High-Tech FDI Creates New Growth Drivers"},"content":{"rendered":"<p class=\"PDq2pG_selectionAnchorContainer\" data-start=\"127\" data-end=\"696\"><strong data-start=\"127\" data-end=\"696\">Business results for Vietnam\u2019s industrial real estate sector in the first half of 2026 showed a clear divergence among major companies. While Viglacera delivered positive growth thanks to industrial infrastructure leasing, Becamex, Sonadezi Chau Duc and several other developers faced pressure from revenue-recognition timing, financial costs and accounting changes. Even so, signed but unrecognized contracts, new industrial land supply and continued FDI growth are supporting expectations that profits will be more heavily concentrated in the second half of 2026.<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6896\" src=\"https:\/\/industrialland.com.vn\/en\/wp-content\/uploads\/2026\/08\/7c2f3610-8562-433a-bbd7-672918eed1d3.png\" alt=\"Industrial-real-estate.webp\" width=\"659\" height=\"439\" srcset=\"https:\/\/industrialland.com.vn\/en\/wp-content\/uploads\/2026\/08\/7c2f3610-8562-433a-bbd7-672918eed1d3.png 1536w, https:\/\/industrialland.com.vn\/en\/wp-content\/uploads\/2026\/08\/7c2f3610-8562-433a-bbd7-672918eed1d3-768x512.png 768w, https:\/\/industrialland.com.vn\/en\/wp-content\/uploads\/2026\/08\/7c2f3610-8562-433a-bbd7-672918eed1d3-510x340.png 510w\" sizes=\"auto, (max-width: 659px) 100vw, 659px\" \/><\/strong><\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">M\u1ee4C L\u1ee4C<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Industrial_Real_Estate_Performance_Diverged_Sharply_in_H1_2026\" >Industrial Real Estate Performance Diverged Sharply in H1 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Viglacera_Recorded_Nearly_VND_7737_Trillion_in_H1_Revenue\" >Viglacera Recorded Nearly VND 7.737 Trillion in H1 Revenue<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Viglacera_Completed_Around_80_of_Its_Annual_Profit_Target\" >Viglacera Completed Around 80% of Its Annual Profit Target<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Industrial_Infrastructure_Remains_Viglaceras_Core_Growth_Engine\" >Industrial Infrastructure Remains Viglacera\u2019s Core Growth Engine<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Becamex_Q2_Revenue_Fell_65\" >Becamex Q2 Revenue Fell 65%<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Becamex_Profit_Pressured_by_Associates_and_Higher_Interest_Costs\" >Becamex Profit Pressured by Associates and Higher Interest Costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Cost_of_Capital_Is_Becoming_an_Important_Factor\" >Cost of Capital Is Becoming an Important Factor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Sonadezi_Chau_Duc_Affected_by_Changes_in_Revenue_Recognition\" >Sonadezi Chau Duc Affected by Changes in Revenue Recognition<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Circular_992025TT-BTC_Changed_the_Accounting_Method\" >Circular 99\/2025\/TT-BTC Changed the Accounting Method<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Accounting_Changes_Can_Distort_Year-on-Year_Comparisons\" >Accounting Changes Can Distort Year-on-Year Comparisons<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Kinh_Bac_Revenue_Increased_While_Profit_Declined\" >Kinh Bac Revenue Increased While Profit Declined<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#KBC_Has_Signed_More_Than_170_Hectares_but_Has_Not_Fully_Handed_Them_Over\" >KBC Has Signed More Than 170 Hectares but Has Not Fully Handed Them Over<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#More_Than_170_Hectares_of_Signed_Contracts_Represent_Significant_Backlog\" >More Than 170 Hectares of Signed Contracts Represent Significant Backlog<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#The_Gap_Between_Contract_Signing_and_Revenue_Recognition_Is_an_Industry_Characteristic\" >The Gap Between Contract Signing and Revenue Recognition Is an Industry Characteristic<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#H2_Earnings_Could_Be_Supported_by_Existing_Backlog\" >H2 Earnings Could Be Supported by Existing Backlog<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Rubber_Companies_Are_Also_Benefiting_from_Industrial_Land_Conversion\" >Rubber Companies Are Also Benefiting from Industrial Land Conversion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Rubber_Land_Is_Becoming_a_New_Source_of_Industrial_Park_Supply\" >Rubber Land Is Becoming a New Source of Industrial Park Supply<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#New_Industrial_Land_Supply_Is_Essential_for_Long-Term_Growth\" >New Industrial Land Supply Is Essential for Long-Term Growth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#FDI_Continues_to_Support_Industrial_Real_Estate_Demand\" >FDI Continues to Support Industrial Real Estate Demand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Implemented_FDI_Reached_USD_152_Billion\" >Implemented FDI Reached USD 15.2 Billion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#FDI_Disbursement_Creates_Direct_Demand_for_Land_Factories_and_Logistics\" >FDI Disbursement Creates Direct Demand for Land, Factories and Logistics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Manufacturing_Remains_the_Main_Destination_of_FDI\" >Manufacturing Remains the Main Destination of FDI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#H2_2026_Is_Expected_to_Be_More_Positive\" >H2 2026 Is Expected to Be More Positive<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Investor_%E2%80%9CWait-and-See%E2%80%9D_Behavior_Could_Ease\" >Investor \u201cWait-and-See\u201d Behavior Could Ease<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Lower_Tariff_Risk_Supports_Vietnams_Position\" >Lower Tariff Risk Supports Vietnam\u2019s Position<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Vietnams_Manufacturing_Ecosystem_Is_Difficult_to_Replicate\" >Vietnam\u2019s Manufacturing Ecosystem Is Difficult to Replicate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Supply-Chain_Diversification_Continues_to_Benefit_Vietnam\" >Supply-Chain Diversification Continues to Benefit Vietnam<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Vietnams_FTA_Network_Is_a_Long-Term_Advantage\" >Vietnam\u2019s FTA Network Is a Long-Term Advantage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Institutional_Reform_Could_Create_More_Room_for_FDI\" >Institutional Reform Could Create More Room for FDI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Logistics_Will_Be_a_Major_Determinant_of_Industrial_Park_Competitiveness\" >Logistics Will Be a Major Determinant of Industrial Park Competitiveness<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#New_Industrial_Land_Supply_Is_Another_Important_Driver\" >New Industrial Land Supply Is Another Important Driver<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#High-Tech_FDI_Is_Emerging_as_a_New_Growth_Engine\" >High-Tech FDI Is Emerging as a New Growth Engine<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#AI_Is_Creating_a_New_Type_of_Industrial_Real_Estate_Demand\" >AI Is Creating a New Type of Industrial Real Estate Demand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#AI_Factory_%E2%80%93_AI_Data_Center_Is_an_Important_Signal\" >AI Factory \u2013 AI Data Center Is an Important Signal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Data_Centers_Require_Specialized_Infrastructure\" >Data Centers Require Specialized Infrastructure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Power_Is_Becoming_One_of_the_Most_Important_Competitive_Factors\" >Power Is Becoming One of the Most Important Competitive Factors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-37\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Renewable_Energy_Could_Become_a_New_Competitive_Advantage\" >Renewable Energy Could Become a New Competitive Advantage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-38\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Industrial_Real_Estate_Will_Become_More_Segmented_by_Quality\" >Industrial Real Estate Will Become More Segmented by Quality<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-39\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Companies_with_Large_Backlogs_Have_an_Advantage\" >Companies with Large Backlogs Have an Advantage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-40\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Backlog_Only_Matters_If_Land_Can_Be_Handed_Over\" >Backlog Only Matters If Land Can Be Handed Over<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-41\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Land_Clearance_Remains_a_Major_Bottleneck\" >Land Clearance Remains a Major Bottleneck<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-42\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Accounting_Rules_Also_Need_to_Be_Monitored\" >Accounting Rules Also Need to Be Monitored<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-43\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Cash_Flow_Can_Be_More_Important_Than_Accounting_Profit\" >Cash Flow Can Be More Important Than Accounting Profit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-44\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Profit_Margins_Also_Matter\" >Profit Margins Also Matter<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-45\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Compensation_Costs_Can_Pressure_Margins\" >Compensation Costs Can Pressure Margins<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-46\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Older_Land_Banks_Can_Generate_Higher_Margins\" >Older Land Banks Can Generate Higher Margins<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-47\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Industrial_Land_Rents_Could_Remain_Supported\" >Industrial Land Rents Could Remain Supported<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-48\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Northern_Vietnam_Continues_to_Attract_Electronics_and_High-Tech_Investment\" >Northern Vietnam Continues to Attract Electronics and High-Tech Investment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-49\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Southern_Vietnam_Remains_Strong_in_Logistics_and_Diversified_Manufacturing\" >Southern Vietnam Remains Strong in Logistics and Diversified Manufacturing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-50\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Long_Thanh_Could_Be_a_Major_Growth_Driver_for_Southern_Industrial_Parks\" >Long Thanh Could Be a Major Growth Driver for Southern Industrial Parks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-51\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Ready-Built_Factories_Remain_an_Attractive_Segment\" >Ready-Built Factories Remain an Attractive Segment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-52\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#RBF_Helps_Shorten_Project_Implementation_Time\" >RBF Helps Shorten Project Implementation Time<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-53\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Logistics_Demand_Continues_to_Be_Supported_by_Manufacturing_and_Trade\" >Logistics Demand Continues to Be Supported by Manufacturing and Trade<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-54\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#High-Tech_FDI_Will_Raise_Industrial_Park_Standards\" >High-Tech FDI Will Raise Industrial Park Standards<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-55\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Green_Industrial_Parks_Could_Become_More_Competitive\" >Green Industrial Parks Could Become More Competitive<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-56\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Smart_Industrial_Parks_Will_Also_Expand\" >Smart Industrial Parks Will Also Expand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-57\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Service_Quality_Could_Influence_Rental_Rates\" >Service Quality Could Influence Rental Rates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-58\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#H2_Will_Be_the_Key_Test_for_Existing_Backlog\" >H2 Will Be the Key Test for Existing Backlog<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-59\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Viglacera_Has_an_Advantage_After_a_Strong_First_Half\" >Viglacera Has an Advantage After a Strong First Half<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-60\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Becamex_Needs_Stronger_H2_Profitability\" >Becamex Needs Stronger H2 Profitability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-61\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Sonadezi_Chau_Duc_Needs_to_Be_Evaluated_Under_the_New_Accounting_Basis\" >Sonadezi Chau Duc Needs to Be Evaluated Under the New Accounting Basis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-62\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#KBC_Could_See_Revenue_Concentrated_Toward_Year-End\" >KBC Could See Revenue Concentrated Toward Year-End<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-63\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Investors_Should_Not_Rely_Only_on_Short-Term_PE\" >Investors Should Not Rely Only on Short-Term P\/E<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-64\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Land_Bank_Value_Remains_the_Most_Important_Long-Term_Factor\" >Land Bank Value Remains the Most Important Long-Term Factor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-65\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Legal_Progress_Can_Create_Huge_Differences_Between_Developers\" >Legal Progress Can Create Huge Differences Between Developers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-66\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#H2_2026_Could_Be_a_Turning_Point_for_Industrial_Real_Estate\" >H2 2026 Could Be a Turning Point for Industrial Real Estate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-67\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Divergence_Will_Continue\" >Divergence Will Continue<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-68\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Strong_FDI_Does_Not_Mean_Every_Industrial_Park_Stock_Will_Perform_Equally\" >Strong FDI Does Not Mean Every Industrial Park Stock Will Perform Equally<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-69\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#High-Tech_FDI_Could_Create_a_New_%E2%80%9CPremium%E2%80%9D_for_Industrial_Parks\" >High-Tech FDI Could Create a New \u201cPremium\u201d for Industrial Parks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-70\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Data_Centers_Add_a_New_Layer_of_Demand\" >Data Centers Add a New Layer of Demand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-71\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#R_D_Also_Requires_Specialized_Real_Estate\" >R&amp;D Also Requires Specialized Real Estate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-72\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Industrial_Real_Estate_Will_Become_More_Diverse\" >Industrial Real Estate Will Become More Diverse<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-73\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Power_and_Data_Infrastructure_Are_Becoming_Decisive\" >Power and Data Infrastructure Are Becoming Decisive<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-74\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#High-Tech_Investment_Policies_Create_Opportunities\" >High-Tech Investment Policies Create Opportunities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-75\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#New_Capital_Flows_Could_Increase_Occupancy\" >New Capital Flows Could Increase Occupancy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-76\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#H2_Profit_Will_Depend_Heavily_on_Handover_Timing\" >H2 Profit Will Depend Heavily on Handover Timing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-77\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Year-End_Could_Bring_Sharp_Profit_Spikes\" >Year-End Could Bring Sharp Profit Spikes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-78\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#The_Sector_Still_Has_Positive_Long-Term_Fundamentals\" >The Sector Still Has Positive Long-Term Fundamentals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-79\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#National_Infrastructure_Projects_Continue_to_Support_Industrial_Parks\" >National Infrastructure Projects Continue to Support Industrial Parks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-80\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#H2_2026_Could_Mark_the_Beginning_of_a_New_Cycle\" >H2 2026 Could Mark the Beginning of a New Cycle<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-81\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Industrial_Parks_Face_Opportunities_but_Growth_Will_No_Longer_Be_Uniform\" >Industrial Parks Face Opportunities but Growth Will No Longer Be Uniform<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-82\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#High-Tech_FDI_Could_Be_the_Biggest_Catalyst\" >High-Tech FDI Could Be the Biggest Catalyst<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-83\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#AI_Factory_Is_an_Early_Signal_of_the_Trend\" >AI Factory Is an Early Signal of the Trend<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-84\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Industrial_Real_Estate_Is_Entering_the_%E2%80%9CTechnology_Infrastructure%E2%80%9D_Era\" >Industrial Real Estate Is Entering the \u201cTechnology Infrastructure\u201d Era<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-85\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Expectations_for_Stronger_H2_2026_Profit_Have_a_Real_Basis\" >Expectations for Stronger H2 2026 Profit Have a Real Basis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-86\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Risks_Still_Remain\" >Risks Still Remain<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-87\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Profit_Will_Concentrate_in_Companies_That_Can_Execute\" >Profit Will Concentrate in Companies That Can Execute<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-88\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Industrial_Real_Estate_Remains_a_Direct_Beneficiary_of_FDI\" >Industrial Real Estate Remains a Direct Beneficiary of FDI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-89\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#H2_2026_Will_Be_Critical_for_Testing_the_Sector_Outlook\" >H2 2026 Will Be Critical for Testing the Sector Outlook<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-90\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Next-Generation_FDI_Could_Open_a_New_Growth_Cycle_for_Vietnams_Industrial_Parks\" >Next-Generation FDI Could Open a New Growth Cycle for Vietnam\u2019s Industrial Parks<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-91\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-profits-expected\/#Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" >Free access to exclusive information on warehouse, factory, and land rentals in Dong Nai, Binh Duong, Long An, Ho Chi Minh City, and more.<\/a><\/li><\/ul><\/nav><\/div>\n\n<p data-start=\"698\" data-end=\"783\">Vietnam\u2019s industrial real estate market is entering a particularly interesting phase.<\/p>\n<p data-start=\"785\" data-end=\"995\">Demand for industrial land, ready-built factories and logistics facilities continues to be supported by foreign direct investment, while the financial results of listed industrial park developers remain uneven.<\/p>\n<p data-start=\"997\" data-end=\"1088\">This means first-half earnings do not necessarily reflect the true level of leasing demand.<\/p>\n<p data-start=\"1090\" data-end=\"1196\">One major reason is the <strong data-start=\"1114\" data-end=\"1195\">timing gap between signing a lease, handing over land and recognizing revenue<\/strong>.<\/p>\n<p data-start=\"1198\" data-end=\"1429\">For many industrial park developers, signed contracts may already be substantial, but revenue cannot be recognized immediately because land clearance, infrastructure completion or accounting requirements still need to be satisfied.<\/p>\n<p data-start=\"1431\" data-end=\"1520\">This is why the second half of 2026 is expected to be more important for sector earnings.<\/p>\n<h2 data-section-id=\"ujsyh9\" data-start=\"1522\" data-end=\"1587\"><span class=\"ez-toc-section\" id=\"Industrial_Real_Estate_Performance_Diverged_Sharply_in_H1_2026\"><\/span>Industrial Real Estate Performance Diverged Sharply in H1 2026<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"1589\" data-end=\"1673\">The results of major industrial park developers reflected two very different trends.<\/p>\n<p data-start=\"1675\" data-end=\"1771\">One group benefited from land handovers, contract recognition and improving business conditions.<\/p>\n<p data-start=\"1773\" data-end=\"1803\">Another group was affected by:<\/p>\n<ul data-start=\"1805\" data-end=\"1969\">\n<li data-section-id=\"1fetjj1\" data-start=\"1805\" data-end=\"1824\">slower handovers;<\/li>\n<li data-section-id=\"1tnycmx\" data-start=\"1825\" data-end=\"1858\">accounting recognition methods;<\/li>\n<li data-section-id=\"173iwmj\" data-start=\"1859\" data-end=\"1882\">lower profit margins;<\/li>\n<li data-section-id=\"1ng5utr\" data-start=\"1883\" data-end=\"1910\">higher interest expenses;<\/li>\n<li data-section-id=\"1nc7r3c\" data-start=\"1911\" data-end=\"1969\">weaker contributions from associates and joint ventures.<\/li>\n<\/ul>\n<p data-start=\"1971\" data-end=\"2103\">As a result, a single quarter or six-month profit figure may not fully capture the actual state of industrial land leasing activity.<\/p>\n<h2 data-section-id=\"szzjo1\" data-start=\"2105\" data-end=\"2166\"><span class=\"ez-toc-section\" id=\"Viglacera_Recorded_Nearly_VND_7737_Trillion_in_H1_Revenue\"><\/span>Viglacera Recorded Nearly VND 7.737 Trillion in H1 Revenue<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2168\" data-end=\"2240\">One of the sector\u2019s most notable bright spots was Viglacera Corporation.<\/p>\n<p data-start=\"2242\" data-end=\"2325\">In Q2 2026, the company recorded its highest quarterly revenue since establishment.<\/p>\n<p data-start=\"2327\" data-end=\"2380\">Profit also reached its highest level in three years.<\/p>\n<p data-start=\"2382\" data-end=\"2557\">Management said the result was primarily driven by stronger profit from <strong data-start=\"2454\" data-end=\"2491\">industrial infrastructure leasing<\/strong>, while the building materials segment also improved year on year.<\/p>\n<p data-start=\"2559\" data-end=\"2611\">In the first six months of 2026, Viglacera reported:<\/p>\n<ul data-start=\"2613\" data-end=\"2792\">\n<li data-section-id=\"167yqzx\" data-start=\"2613\" data-end=\"2660\">nearly <strong data-start=\"2622\" data-end=\"2659\">VND 7.737 trillion in net revenue<\/strong>;<\/li>\n<li data-section-id=\"1edjaz9\" data-start=\"2661\" data-end=\"2717\">more than <strong data-start=\"2673\" data-end=\"2716\">VND 778 billion in net profit after tax<\/strong>;<\/li>\n<li data-section-id=\"no3df6\" data-start=\"2718\" data-end=\"2749\">revenue growth of around 27%;<\/li>\n<li data-section-id=\"1ajkvq4\" data-start=\"2750\" data-end=\"2792\">profit growth of around 3% year on year.<\/li>\n<\/ul>\n<h2 data-section-id=\"1i2730f\" data-start=\"2794\" data-end=\"2855\"><span class=\"ez-toc-section\" id=\"Viglacera_Completed_Around_80_of_Its_Annual_Profit_Target\"><\/span>Viglacera Completed Around 80% of Its Annual Profit Target<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2857\" data-end=\"3008\">A particularly important point is that Viglacera had already completed approximately <strong data-start=\"2942\" data-end=\"2980\">80% of its full-year profit target<\/strong> after the first six months.<\/p>\n<p data-start=\"3010\" data-end=\"3081\">This gives the company a relatively strong cushion for the second half.<\/p>\n<p data-start=\"3083\" data-end=\"3181\">Industrial park infrastructure is not only a major growth driver but also a core business segment.<\/p>\n<p data-start=\"3183\" data-end=\"3273\">According to the reported figures, it contributes close to <strong data-start=\"3242\" data-end=\"3272\">one-third of total revenue<\/strong>.<\/p>\n<p data-start=\"3275\" data-end=\"3380\">This demonstrates the importance of industrial land assets within Viglacera\u2019s overall business structure.<\/p>\n<h2 data-section-id=\"ba6r2c\" data-start=\"3382\" data-end=\"3449\"><span class=\"ez-toc-section\" id=\"Industrial_Infrastructure_Remains_Viglaceras_Core_Growth_Engine\"><\/span>Industrial Infrastructure Remains Viglacera\u2019s Core Growth Engine<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"3451\" data-end=\"3561\">Viglacera benefits from owning industrial parks in several locations that continue to attract significant FDI.<\/p>\n<p data-start=\"3563\" data-end=\"3664\">This enables the company to directly benefit when foreign manufacturers expand production in Vietnam.<\/p>\n<p data-start=\"3666\" data-end=\"3731\">An industrial park project can generate long-term cash flow from:<\/p>\n<ul data-start=\"3733\" data-end=\"3821\">\n<li data-section-id=\"1iivlnd\" data-start=\"3733\" data-end=\"3747\">land leases;<\/li>\n<li data-section-id=\"j24x4x\" data-start=\"3748\" data-end=\"3770\">infrastructure fees;<\/li>\n<li data-section-id=\"110rh6l\" data-start=\"3771\" data-end=\"3782\">services;<\/li>\n<li data-section-id=\"19kono0\" data-start=\"3783\" data-end=\"3808\">ready-built facilities;<\/li>\n<li data-section-id=\"1uy35fk\" data-start=\"3809\" data-end=\"3821\">utilities.<\/li>\n<\/ul>\n<p data-start=\"3823\" data-end=\"3939\">Industrial land can therefore create economic value far beyond the revenue recognized in a single accounting period.<\/p>\n<h2 data-section-id=\"uovnv0\" data-start=\"3941\" data-end=\"3971\"><span class=\"ez-toc-section\" id=\"Becamex_Q2_Revenue_Fell_65\"><\/span>Becamex Q2 Revenue Fell 65%<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"3973\" data-end=\"4080\">In contrast, Becamex Investment and Industrial Development Corporation recorded weaker Q2 2026 performance.<\/p>\n<p data-start=\"4082\" data-end=\"4169\">Quarterly revenue fell to approximately <strong data-start=\"4122\" data-end=\"4141\">VND 891 billion<\/strong>, down <strong data-start=\"4148\" data-end=\"4168\">65% year on year<\/strong>.<\/p>\n<p data-start=\"4171\" data-end=\"4221\">Pre-tax profit reached around <strong data-start=\"4201\" data-end=\"4220\">VND 201 billion<\/strong>.<\/p>\n<p data-start=\"4223\" data-end=\"4336\">In the same period a year earlier, the company had posted approximately <strong data-start=\"4295\" data-end=\"4335\">VND 1.676 trillion in pre-tax profit<\/strong>.<\/p>\n<p data-start=\"4338\" data-end=\"4406\">This represented Becamex\u2019s lowest profit level in roughly two years.<\/p>\n<h2 data-section-id=\"hnhyyf\" data-start=\"4408\" data-end=\"4475\"><span class=\"ez-toc-section\" id=\"Becamex_Profit_Pressured_by_Associates_and_Higher_Interest_Costs\"><\/span>Becamex Profit Pressured by Associates and Higher Interest Costs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"4477\" data-end=\"4521\">The decline was not driven by revenue alone.<\/p>\n<p data-start=\"4523\" data-end=\"4605\">Becamex also saw lower contributions from joint ventures and associated companies.<\/p>\n<p data-start=\"4607\" data-end=\"4698\">At the same time, rising borrowing and higher interest expenses added pressure to earnings.<\/p>\n<p data-start=\"4700\" data-end=\"4790\">This highlights the importance of capital structure for industrial real estate developers.<\/p>\n<p data-start=\"4792\" data-end=\"4914\">A company may hold large land reserves but still face substantial pressure if leverage rises and financing costs increase.<\/p>\n<h2 data-section-id=\"1li1a7x\" data-start=\"4916\" data-end=\"4966\"><span class=\"ez-toc-section\" id=\"Cost_of_Capital_Is_Becoming_an_Important_Factor\"><\/span>Cost of Capital Is Becoming an Important Factor<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"4968\" data-end=\"5030\">Industrial park development requires large amounts of capital.<\/p>\n<p data-start=\"5032\" data-end=\"5060\">Developers need to spend on:<\/p>\n<ul data-start=\"5062\" data-end=\"5210\">\n<li data-section-id=\"102sdew\" data-start=\"5062\" data-end=\"5079\">site clearance;<\/li>\n<li data-section-id=\"8tajnj\" data-start=\"5080\" data-end=\"5097\">internal roads;<\/li>\n<li data-section-id=\"vbrfmb\" data-start=\"5098\" data-end=\"5127\">electricity infrastructure;<\/li>\n<li data-section-id=\"stkfgw\" data-start=\"5128\" data-end=\"5144\">water systems;<\/li>\n<li data-section-id=\"1q21qs6\" data-start=\"5145\" data-end=\"5168\">wastewater treatment;<\/li>\n<li data-section-id=\"rqauoe\" data-start=\"5169\" data-end=\"5188\">legal procedures;<\/li>\n<li data-section-id=\"1vv90s8\" data-start=\"5189\" data-end=\"5210\">service facilities.<\/li>\n<\/ul>\n<p data-start=\"5212\" data-end=\"5290\">If projects are delayed, borrowed capital can remain tied up for long periods.<\/p>\n<p data-start=\"5292\" data-end=\"5339\">Interest expenses can then erode profitability.<\/p>\n<p data-start=\"5341\" data-end=\"5438\">This is one of the key differences between newly signed leasing value and actual reported profit.<\/p>\n<h2 data-section-id=\"16hq9qn\" data-start=\"5440\" data-end=\"5503\"><span class=\"ez-toc-section\" id=\"Sonadezi_Chau_Duc_Affected_by_Changes_in_Revenue_Recognition\"><\/span>Sonadezi Chau Duc Affected by Changes in Revenue Recognition<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"5505\" data-end=\"5590\">Sonadezi Chau Duc also reported sharp declines in both revenue and profit in Q2 2026.<\/p>\n<p data-start=\"5592\" data-end=\"5633\">Quarterly revenue fell by around <strong data-start=\"5625\" data-end=\"5632\">39%<\/strong>.<\/p>\n<p data-start=\"5635\" data-end=\"5777\">Pre-tax profit reached only about <strong data-start=\"5669\" data-end=\"5687\">VND 23 billion<\/strong>, substantially below the more than VND 100 billion recorded in the same period last year.<\/p>\n<p data-start=\"5779\" data-end=\"5834\">However, this case requires an important qualification.<\/p>\n<p data-start=\"5836\" data-end=\"5896\">The decline does not entirely reflect weaker leasing demand.<\/p>\n<h2 data-section-id=\"1kp7fvw\" data-start=\"5898\" data-end=\"5954\"><span class=\"ez-toc-section\" id=\"Circular_992025TT-BTC_Changed_the_Accounting_Method\"><\/span>Circular 99\/2025\/TT-BTC Changed the Accounting Method<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"5956\" data-end=\"6104\">Under the new accounting regime set out in Circular 99\/2025\/TT-BTC, Sonadezi Chau Duc changed the way it recognizes industrial land leasing revenue.<\/p>\n<p data-start=\"6106\" data-end=\"6168\">Previously, lease revenue could be recognized largely upfront.<\/p>\n<p data-start=\"6170\" data-end=\"6244\">The company has now shifted toward allocating revenue over the lease term.<\/p>\n<p data-start=\"6246\" data-end=\"6336\">This can make quarterly and annual reported revenue and profit appear substantially lower.<\/p>\n<p data-start=\"6338\" data-end=\"6453\">However, the underlying economics of the lease contract and actual cash collection may not decline correspondingly.<\/p>\n<h2 data-section-id=\"rbbzv9\" data-start=\"6455\" data-end=\"6513\"><span class=\"ez-toc-section\" id=\"Accounting_Changes_Can_Distort_Year-on-Year_Comparisons\"><\/span>Accounting Changes Can Distort Year-on-Year Comparisons<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"6515\" data-end=\"6573\">This is an important issue when comparing company results.<\/p>\n<p data-start=\"6575\" data-end=\"6694\">If a business moves from one-time recognition to multi-year allocation, current-period revenue will naturally be lower.<\/p>\n<p data-start=\"6696\" data-end=\"6760\">That does not necessarily mean leasing performance has weakened.<\/p>\n<p data-start=\"6762\" data-end=\"6810\">Investors therefore need to distinguish between:<\/p>\n<p data-start=\"6812\" data-end=\"6886\"><strong data-start=\"6812\" data-end=\"6847\">underlying business performance<\/strong> and <strong data-start=\"6852\" data-end=\"6885\">accounting recognition timing<\/strong>.<\/p>\n<p data-start=\"6888\" data-end=\"6945\">This is particularly important in industrial real estate.<\/p>\n<h2 data-section-id=\"1cjzrx6\" data-start=\"6947\" data-end=\"6998\"><span class=\"ez-toc-section\" id=\"Kinh_Bac_Revenue_Increased_While_Profit_Declined\"><\/span>Kinh Bac Revenue Increased While Profit Declined<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"7000\" data-end=\"7080\">Kinh Bac City Development Holding Corporation showed another type of divergence.<\/p>\n<p data-start=\"7082\" data-end=\"7100\">Revenue increased.<\/p>\n<p data-start=\"7102\" data-end=\"7122\">But profit declined.<\/p>\n<p data-start=\"7124\" data-end=\"7167\">The main reason was a weaker profit margin.<\/p>\n<p data-start=\"7169\" data-end=\"7276\">The more important factor, however, may be the volume of signed contracts that has not yet been recognized.<\/p>\n<h2 data-section-id=\"o085me\" data-start=\"7278\" data-end=\"7353\"><span class=\"ez-toc-section\" id=\"KBC_Has_Signed_More_Than_170_Hectares_but_Has_Not_Fully_Handed_Them_Over\"><\/span>KBC Has Signed More Than 170 Hectares but Has Not Fully Handed Them Over<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"7355\" data-end=\"7468\">According to KBC Deputy General Director Pham Phuc Hieu, the company has not yet recognized all signed contracts.<\/p>\n<p data-start=\"7470\" data-end=\"7532\">Industrial land leases already signed exceed <strong data-start=\"7515\" data-end=\"7531\">170 hectares<\/strong>.<\/p>\n<p data-start=\"7534\" data-end=\"7648\">However, some of that area has not yet been handed over because compensation and land clearance are still ongoing.<\/p>\n<p data-start=\"7650\" data-end=\"7731\">The company expects part of the area to be recognized toward the end of the year.<\/p>\n<p data-start=\"7733\" data-end=\"7802\">This is one of the main reasons analysts expect stronger H2 earnings.<\/p>\n<h2 data-section-id=\"lkfpe6\" data-start=\"7804\" data-end=\"7879\"><span class=\"ez-toc-section\" id=\"More_Than_170_Hectares_of_Signed_Contracts_Represent_Significant_Backlog\"><\/span>More Than 170 Hectares of Signed Contracts Represent Significant Backlog<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"7881\" data-end=\"7982\">In industrial real estate, signed but unrecognized contracts can be viewed as future revenue backlog.<\/p>\n<p data-start=\"7984\" data-end=\"8063\">Once handover conditions are met, revenue can rise sharply in a single quarter.<\/p>\n<p data-start=\"8065\" data-end=\"8111\">This makes quarterly earnings highly volatile.<\/p>\n<p data-start=\"8113\" data-end=\"8190\">For this reason, contract backlog can be just as important as current profit.<\/p>\n<h2 data-section-id=\"1xbuh8l\" data-start=\"8192\" data-end=\"8281\"><span class=\"ez-toc-section\" id=\"The_Gap_Between_Contract_Signing_and_Revenue_Recognition_Is_an_Industry_Characteristic\"><\/span>The Gap Between Contract Signing and Revenue Recognition Is an Industry Characteristic<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"8283\" data-end=\"8343\">Industrial land leasing usually goes through several stages:<\/p>\n<ol data-start=\"8345\" data-end=\"8493\">\n<li data-section-id=\"1b72859\" data-start=\"8345\" data-end=\"8364\">tenant sourcing;<\/li>\n<li data-section-id=\"d9ktk1\" data-start=\"8365\" data-end=\"8380\">negotiation;<\/li>\n<li data-section-id=\"1l3j082\" data-start=\"8381\" data-end=\"8401\">contract signing;<\/li>\n<li data-section-id=\"cizakz\" data-start=\"8402\" data-end=\"8420\">land clearance;<\/li>\n<li data-section-id=\"14o62q9\" data-start=\"8421\" data-end=\"8451\">infrastructure development;<\/li>\n<li data-section-id=\"1hc6hnw\" data-start=\"8452\" data-end=\"8469\">land handover;<\/li>\n<li data-section-id=\"1gwrzvz\" data-start=\"8470\" data-end=\"8493\">revenue recognition.<\/li>\n<\/ol>\n<p data-start=\"8495\" data-end=\"8579\">A contract signed early in the year may not be recognized until the end of the year.<\/p>\n<p data-start=\"8581\" data-end=\"8654\">That means first-half financial results can understate underlying demand.<\/p>\n<h2 data-section-id=\"qyxubv\" data-start=\"8656\" data-end=\"8709\"><span class=\"ez-toc-section\" id=\"H2_Earnings_Could_Be_Supported_by_Existing_Backlog\"><\/span>H2 Earnings Could Be Supported by Existing Backlog<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"8711\" data-end=\"8836\">This is one of the main reasons analysts expect industrial real estate profits to be concentrated in the second half of 2026.<\/p>\n<p data-start=\"8838\" data-end=\"8875\">Potential supporting factors include:<\/p>\n<ul data-start=\"8877\" data-end=\"9027\">\n<li data-section-id=\"jb8zb4\" data-start=\"8877\" data-end=\"8919\">handover of previously signed contracts;<\/li>\n<li data-section-id=\"140o5jd\" data-start=\"8920\" data-end=\"8951\">completion of land clearance;<\/li>\n<li data-section-id=\"134xjxv\" data-start=\"8952\" data-end=\"8970\">new FDI tenants;<\/li>\n<li data-section-id=\"s7ny4\" data-start=\"8971\" data-end=\"9000\">new industrial land supply;<\/li>\n<li data-section-id=\"3wl6li\" data-start=\"9001\" data-end=\"9027\">improved legal progress.<\/li>\n<\/ul>\n<p data-start=\"9029\" data-end=\"9096\">If these factors converge, reported revenue could increase quickly.<\/p>\n<h2 data-section-id=\"16gpedm\" data-start=\"9098\" data-end=\"9169\"><span class=\"ez-toc-section\" id=\"Rubber_Companies_Are_Also_Benefiting_from_Industrial_Land_Conversion\"><\/span>Rubber Companies Are Also Benefiting from Industrial Land Conversion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"9171\" data-end=\"9295\">Another notable trend is that some rubber companies are recording significant profits from land converted to industrial use.<\/p>\n<p data-start=\"9297\" data-end=\"9351\">This has become increasingly relevant in recent years.<\/p>\n<p data-start=\"9353\" data-end=\"9404\">Rubber companies often control large land reserves.<\/p>\n<p data-start=\"9406\" data-end=\"9514\">When part of this land is rezoned for industrial development, its economic value can increase substantially.<\/p>\n<h2 data-section-id=\"9p3tcr\" data-start=\"9516\" data-end=\"9581\"><span class=\"ez-toc-section\" id=\"Rubber_Land_Is_Becoming_a_New_Source_of_Industrial_Park_Supply\"><\/span>Rubber Land Is Becoming a New Source of Industrial Park Supply<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"9583\" data-end=\"9659\">Converted rubber land can become an important source of new industrial land.<\/p>\n<p data-start=\"9661\" data-end=\"9703\">This is especially relevant in areas with:<\/p>\n<ul data-start=\"9705\" data-end=\"9834\">\n<li data-section-id=\"17dwkdi\" data-start=\"9705\" data-end=\"9737\">strong transport connectivity;<\/li>\n<li data-section-id=\"6wcmkd\" data-start=\"9738\" data-end=\"9770\">proximity to Ho Chi Minh City;<\/li>\n<li data-section-id=\"14wmadq\" data-start=\"9771\" data-end=\"9782\">seaports;<\/li>\n<li data-section-id=\"1qxrolf\" data-start=\"9783\" data-end=\"9794\">airports;<\/li>\n<li data-section-id=\"agin9j\" data-start=\"9795\" data-end=\"9834\">established manufacturing ecosystems.<\/li>\n<\/ul>\n<p data-start=\"9836\" data-end=\"9943\">Such land can help expand supply in regions where older industrial parks already have high occupancy rates.<\/p>\n<h2 data-section-id=\"s7v3zh\" data-start=\"9945\" data-end=\"10008\"><span class=\"ez-toc-section\" id=\"New_Industrial_Land_Supply_Is_Essential_for_Long-Term_Growth\"><\/span>New Industrial Land Supply Is Essential for Long-Term Growth<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"10010\" data-end=\"10080\">Industrial park developers need a continuing pipeline of new projects.<\/p>\n<p data-start=\"10082\" data-end=\"10168\">If existing parks are almost fully leased, future revenue growth will eventually slow.<\/p>\n<p data-start=\"10170\" data-end=\"10200\">Companies with the ability to:<\/p>\n<ul data-start=\"10202\" data-end=\"10297\">\n<li data-section-id=\"1m6jh61\" data-start=\"10202\" data-end=\"10228\">expand industrial parks;<\/li>\n<li data-section-id=\"1toprrc\" data-start=\"10229\" data-end=\"10252\">develop new projects;<\/li>\n<li data-section-id=\"4ikxtv\" data-start=\"10253\" data-end=\"10268\">convert land;<\/li>\n<li data-section-id=\"g78l7r\" data-start=\"10269\" data-end=\"10297\">complete legal procedures;<\/li>\n<\/ul>\n<p data-start=\"10299\" data-end=\"10354\">will have a stronger position in the next growth cycle.<\/p>\n<h2 data-section-id=\"1jvqn4w\" data-start=\"10356\" data-end=\"10413\"><span class=\"ez-toc-section\" id=\"FDI_Continues_to_Support_Industrial_Real_Estate_Demand\"><\/span>FDI Continues to Support Industrial Real Estate Demand<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"10415\" data-end=\"10512\">Despite the divergence in company earnings, underlying sector demand remains relatively positive.<\/p>\n<p data-start=\"10514\" data-end=\"10658\">According to official statistics, total registered FDI in July 2026 alone reached approximately <strong data-start=\"10610\" data-end=\"10630\">USD 3.41 billion<\/strong>, up <strong data-start=\"10635\" data-end=\"10657\">32.7% year on year<\/strong>.<\/p>\n<p data-start=\"10660\" data-end=\"10739\">For the first seven months of 2026, registered FDI increased by around <strong data-start=\"10731\" data-end=\"10738\">58%<\/strong>.<\/p>\n<p data-start=\"10741\" data-end=\"10778\">This is a very strong rate of growth.<\/p>\n<h2 data-section-id=\"1epbol\" data-start=\"10780\" data-end=\"10823\"><span class=\"ez-toc-section\" id=\"Implemented_FDI_Reached_USD_152_Billion\"><\/span>Implemented FDI Reached USD 15.2 Billion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"10825\" data-end=\"10882\">The positive signal is not limited to registered capital.<\/p>\n<p data-start=\"10884\" data-end=\"10984\">Implemented FDI reached around <strong data-start=\"10915\" data-end=\"10935\">USD 15.2 billion<\/strong> in the first seven months of 2026, up <strong data-start=\"10974\" data-end=\"10983\">11.8%<\/strong>.<\/p>\n<p data-start=\"10986\" data-end=\"11057\">This was also the highest seven-month disbursement level in five years.<\/p>\n<p data-start=\"11059\" data-end=\"11197\">Implemented FDI is particularly important for industrial real estate because it reflects projects that are actually moving into execution.<\/p>\n<h2 data-section-id=\"yjgqvq\" data-start=\"11199\" data-end=\"11274\"><span class=\"ez-toc-section\" id=\"FDI_Disbursement_Creates_Direct_Demand_for_Land_Factories_and_Logistics\"><\/span>FDI Disbursement Creates Direct Demand for Land, Factories and Logistics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"11276\" data-end=\"11318\">When FDI is disbursed, companies begin to:<\/p>\n<ul data-start=\"11320\" data-end=\"11411\">\n<li data-section-id=\"ufr02y\" data-start=\"11320\" data-end=\"11333\">lease land;<\/li>\n<li data-section-id=\"1fs95j\" data-start=\"11334\" data-end=\"11352\">build factories;<\/li>\n<li data-section-id=\"11kf2mg\" data-start=\"11353\" data-end=\"11371\">rent warehouses;<\/li>\n<li data-section-id=\"sj6flk\" data-start=\"11372\" data-end=\"11392\">install equipment;<\/li>\n<li data-section-id=\"1alwxfx\" data-start=\"11393\" data-end=\"11411\">recruit workers.<\/li>\n<\/ul>\n<p data-start=\"11413\" data-end=\"11467\">This creates direct demand for industrial real estate.<\/p>\n<p data-start=\"11469\" data-end=\"11541\">It provides the fundamental revenue base for industrial park developers.<\/p>\n<h2 data-section-id=\"scrgrq\" data-start=\"11543\" data-end=\"11595\"><span class=\"ez-toc-section\" id=\"Manufacturing_Remains_the_Main_Destination_of_FDI\"><\/span>Manufacturing Remains the Main Destination of FDI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"11597\" data-end=\"11690\">A particularly important point is that FDI continues to concentrate heavily in manufacturing.<\/p>\n<p data-start=\"11692\" data-end=\"11757\">This is the sector that consumes the most industrial real estate.<\/p>\n<p data-start=\"11759\" data-end=\"11802\">A manufacturing project typically requires:<\/p>\n<ul data-start=\"11804\" data-end=\"11875\">\n<li data-section-id=\"165uzjo\" data-start=\"11804\" data-end=\"11811\">land;<\/li>\n<li data-section-id=\"1o2tc7o\" data-start=\"11812\" data-end=\"11826\">electricity;<\/li>\n<li data-section-id=\"1ojadom\" data-start=\"11827\" data-end=\"11835\">water;<\/li>\n<li data-section-id=\"1p2vbj5\" data-start=\"11836\" data-end=\"11848\">factories;<\/li>\n<li data-section-id=\"jorpgl\" data-start=\"11849\" data-end=\"11862\">warehouses;<\/li>\n<li data-section-id=\"13b8fud\" data-start=\"11863\" data-end=\"11875\">logistics.<\/li>\n<\/ul>\n<p data-start=\"11877\" data-end=\"11969\">Industrial real estate therefore remains one of the most direct beneficiaries of FDI growth.<\/p>\n<h2 data-section-id=\"150h9a7\" data-start=\"11971\" data-end=\"12013\"><span class=\"ez-toc-section\" id=\"H2_2026_Is_Expected_to_Be_More_Positive\"><\/span>H2 2026 Is Expected to Be More Positive<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"12015\" data-end=\"12174\">According to Nguyen Thi Trang, an analyst at KB Securities, the outlook for industrial real estate companies in the second half of 2026 is relatively positive.<\/p>\n<p data-start=\"12176\" data-end=\"12207\">Key supporting factors include:<\/p>\n<ul data-start=\"12209\" data-end=\"12380\">\n<li data-section-id=\"5wrni\" data-start=\"12209\" data-end=\"12234\">continued FDI recovery;<\/li>\n<li data-section-id=\"1sb5j6y\" data-start=\"12235\" data-end=\"12269\">increasing high-tech investment;<\/li>\n<li data-section-id=\"q8oobm\" data-start=\"12270\" data-end=\"12306\">easing global macroeconomic risks;<\/li>\n<li data-section-id=\"1x01ilg\" data-start=\"12307\" data-end=\"12326\">lower oil prices;<\/li>\n<li data-section-id=\"1mxgl7r\" data-start=\"12327\" data-end=\"12357\">reduced investor hesitation;<\/li>\n<li data-section-id=\"127baw1\" data-start=\"12358\" data-end=\"12380\">softer tariff risks.<\/li>\n<\/ul>\n<p data-start=\"12382\" data-end=\"12439\">These factors could help accelerate investment decisions.<\/p>\n<h2 data-section-id=\"j405me\" data-start=\"12441\" data-end=\"12487\"><span class=\"ez-toc-section\" id=\"Investor_%E2%80%9CWait-and-See%E2%80%9D_Behavior_Could_Ease\"><\/span>Investor \u201cWait-and-See\u201d Behavior Could Ease<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"12489\" data-end=\"12566\">During periods of uncertainty, companies often postpone investment decisions.<\/p>\n<p data-start=\"12568\" data-end=\"12597\">They may wait for clarity on:<\/p>\n<ul data-start=\"12599\" data-end=\"12670\">\n<li data-section-id=\"1g9g4kd\" data-start=\"12599\" data-end=\"12615\">tariff policy;<\/li>\n<li data-section-id=\"1e7vxic\" data-start=\"12616\" data-end=\"12633\">interest rates;<\/li>\n<li data-section-id=\"kkev2n\" data-start=\"12634\" data-end=\"12650\">energy prices;<\/li>\n<li data-section-id=\"13paicg\" data-start=\"12651\" data-end=\"12670\">trade conditions.<\/li>\n<\/ul>\n<p data-start=\"12672\" data-end=\"12739\">As these risks ease, delayed investment decisions can move forward.<\/p>\n<p data-start=\"12741\" data-end=\"12790\">That can generate new demand for industrial land.<\/p>\n<h2 data-section-id=\"1td5808\" data-start=\"12792\" data-end=\"12840\"><span class=\"ez-toc-section\" id=\"Lower_Tariff_Risk_Supports_Vietnams_Position\"><\/span>Lower Tariff Risk Supports Vietnam\u2019s Position<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"12842\" data-end=\"12911\">Trade uncertainty has been one of the biggest concerns for investors.<\/p>\n<p data-start=\"12913\" data-end=\"13085\">After the United States announced the results of its USTR Section 301 investigation, some experts said Vietnam\u2019s role in global supply chains had not changed significantly.<\/p>\n<p data-start=\"13087\" data-end=\"13112\">This reduces uncertainty.<\/p>\n<p data-start=\"13114\" data-end=\"13177\">For long-term investors, predictability is extremely important.<\/p>\n<h2 data-section-id=\"1m5ey2d\" data-start=\"13179\" data-end=\"13241\"><span class=\"ez-toc-section\" id=\"Vietnams_Manufacturing_Ecosystem_Is_Difficult_to_Replicate\"><\/span>Vietnam\u2019s Manufacturing Ecosystem Is Difficult to Replicate<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"13243\" data-end=\"13310\">Vietnam has already developed several major manufacturing clusters.<\/p>\n<p data-start=\"13312\" data-end=\"13332\">Key sectors include:<\/p>\n<ul data-start=\"13334\" data-end=\"13424\">\n<li data-section-id=\"1p5z8w2\" data-start=\"13334\" data-end=\"13348\">electronics;<\/li>\n<li data-section-id=\"10x53dt\" data-start=\"13349\" data-end=\"13374\">mechanical engineering;<\/li>\n<li data-section-id=\"1fcfckd\" data-start=\"13375\" data-end=\"13386\">textiles;<\/li>\n<li data-section-id=\"13b8fts\" data-start=\"13387\" data-end=\"13399\">logistics;<\/li>\n<li data-section-id=\"7fbzrp\" data-start=\"13400\" data-end=\"13424\">supporting industries.<\/li>\n<\/ul>\n<p data-start=\"13426\" data-end=\"13479\">New investors can plug into existing supply networks.<\/p>\n<p data-start=\"13481\" data-end=\"13553\">This is an advantage that competing destinations cannot build overnight.<\/p>\n<h2 data-section-id=\"sep3pf\" data-start=\"13555\" data-end=\"13615\"><span class=\"ez-toc-section\" id=\"Supply-Chain_Diversification_Continues_to_Benefit_Vietnam\"><\/span>Supply-Chain Diversification Continues to Benefit Vietnam<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"13617\" data-end=\"13682\">Global companies are still pursuing supply-chain diversification.<\/p>\n<p data-start=\"13684\" data-end=\"13743\">They do not want to depend excessively on a single country.<\/p>\n<p data-start=\"13745\" data-end=\"13813\">Vietnam remains one of the locations considered in these strategies.<\/p>\n<p data-start=\"13815\" data-end=\"13856\">That supports demand for industrial land.<\/p>\n<h2 data-section-id=\"8hmmqf\" data-start=\"13858\" data-end=\"13907\"><span class=\"ez-toc-section\" id=\"Vietnams_FTA_Network_Is_a_Long-Term_Advantage\"><\/span>Vietnam\u2019s FTA Network Is a Long-Term Advantage<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"13909\" data-end=\"13962\">Vietnam has a broad network of free trade agreements.<\/p>\n<p data-start=\"13964\" data-end=\"14041\">This allows manufacturers based in Vietnam to access multiple export markets.<\/p>\n<p data-start=\"14043\" data-end=\"14103\">That is a meaningful advantage in investment site selection.<\/p>\n<p data-start=\"14105\" data-end=\"14165\">It is particularly important for export-oriented industries.<\/p>\n<h2 data-section-id=\"157ydf6\" data-start=\"14167\" data-end=\"14221\"><span class=\"ez-toc-section\" id=\"Institutional_Reform_Could_Create_More_Room_for_FDI\"><\/span>Institutional Reform Could Create More Room for FDI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"14223\" data-end=\"14383\">According to VNDIRECT analysts, institutional reforms and improvements in the investment environment are expected to create additional room for capital inflows.<\/p>\n<p data-start=\"14385\" data-end=\"14475\">For investors, fast and transparent procedures can be just as important as tax incentives.<\/p>\n<p data-start=\"14477\" data-end=\"14544\">A project delayed by several months can generate significant costs.<\/p>\n<p data-start=\"14546\" data-end=\"14627\">Administrative reform therefore directly affects industrial park competitiveness.<\/p>\n<h2 data-section-id=\"slqcjw\" data-start=\"14629\" data-end=\"14704\"><span class=\"ez-toc-section\" id=\"Logistics_Will_Be_a_Major_Determinant_of_Industrial_Park_Competitiveness\"><\/span>Logistics Will Be a Major Determinant of Industrial Park Competitiveness<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"14706\" data-end=\"14801\">According to Nguyen Minh Duc, an analyst at MBS, Vietnam remains an attractive FDI destination.<\/p>\n<p data-start=\"14803\" data-end=\"14893\">One major growth driver will be continued improvement in transport and logistics capacity.<\/p>\n<p data-start=\"14895\" data-end=\"14968\">Industrial parks with strong connectivity tend to have a clear advantage.<\/p>\n<p data-start=\"14970\" data-end=\"14996\">Investors look closely at:<\/p>\n<ul data-start=\"14998\" data-end=\"15069\">\n<li data-section-id=\"14wmadq\" data-start=\"14998\" data-end=\"15009\">seaports;<\/li>\n<li data-section-id=\"1qxrolf\" data-start=\"15010\" data-end=\"15021\">airports;<\/li>\n<li data-section-id=\"9v53o5\" data-start=\"15022\" data-end=\"15036\">expressways;<\/li>\n<li data-section-id=\"1hn1pqi\" data-start=\"15037\" data-end=\"15050\">ring roads;<\/li>\n<li data-section-id=\"1nopbsz\" data-start=\"15051\" data-end=\"15069\">transport times.<\/li>\n<\/ul>\n<h2 data-section-id=\"1vgdzib\" data-start=\"15071\" data-end=\"15128\"><span class=\"ez-toc-section\" id=\"New_Industrial_Land_Supply_Is_Another_Important_Driver\"><\/span>New Industrial Land Supply Is Another Important Driver<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"15130\" data-end=\"15194\">Another major factor is the availability of new industrial land.<\/p>\n<p data-start=\"15196\" data-end=\"15251\">In many core markets, occupancy rates are already high.<\/p>\n<p data-start=\"15253\" data-end=\"15334\">Without new land supply, Vietnam could lose large-scale investment opportunities.<\/p>\n<p data-start=\"15336\" data-end=\"15355\">The development of:<\/p>\n<ul data-start=\"15357\" data-end=\"15427\">\n<li data-section-id=\"1bz5zf7\" data-start=\"15357\" data-end=\"15380\">new industrial parks;<\/li>\n<li data-section-id=\"jc1efc\" data-start=\"15381\" data-end=\"15409\">expanded industrial parks;<\/li>\n<li data-section-id=\"1npl2qq\" data-start=\"15410\" data-end=\"15427\">converted land;<\/li>\n<\/ul>\n<p data-start=\"15429\" data-end=\"15461\">will therefore remain important.<\/p>\n<h2 data-section-id=\"15co9qd\" data-start=\"15463\" data-end=\"15514\"><span class=\"ez-toc-section\" id=\"High-Tech_FDI_Is_Emerging_as_a_New_Growth_Engine\"><\/span>High-Tech FDI Is Emerging as a New Growth Engine<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"15516\" data-end=\"15592\">A key theme for the second half of 2026 is the rise of high-tech investment.<\/p>\n<p data-start=\"15594\" data-end=\"15690\">According to KBSV, the industrial real estate outlook is being supported by capital moving into:<\/p>\n<ul data-start=\"15692\" data-end=\"15738\">\n<li data-section-id=\"1j4cyjn\" data-start=\"15692\" data-end=\"15698\">R&amp;D;<\/li>\n<li data-section-id=\"1o4f3v\" data-start=\"15699\" data-end=\"15704\">AI;<\/li>\n<li data-section-id=\"fxp7uz\" data-start=\"15705\" data-end=\"15722\">semiconductors;<\/li>\n<li data-section-id=\"1se133i\" data-start=\"15723\" data-end=\"15738\">data centers.<\/li>\n<\/ul>\n<p data-start=\"15740\" data-end=\"15779\">These sectors offer higher value added.<\/p>\n<p data-start=\"15781\" data-end=\"15865\">They also require much more sophisticated infrastructure than traditional factories.<\/p>\n<h2 data-section-id=\"1a6iy8i\" data-start=\"15867\" data-end=\"15928\"><span class=\"ez-toc-section\" id=\"AI_Is_Creating_a_New_Type_of_Industrial_Real_Estate_Demand\"><\/span>AI Is Creating a New Type of Industrial Real Estate Demand<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"15930\" data-end=\"15975\">AI projects do not require only office space.<\/p>\n<p data-start=\"15977\" data-end=\"16016\">They also need physical infrastructure.<\/p>\n<p data-start=\"16018\" data-end=\"16032\">This includes:<\/p>\n<ul data-start=\"16034\" data-end=\"16140\">\n<li data-section-id=\"1se133v\" data-start=\"16034\" data-end=\"16049\">data centers;<\/li>\n<li data-section-id=\"t35qc7\" data-start=\"16050\" data-end=\"16077\">large-scale power supply;<\/li>\n<li data-section-id=\"whq5m2\" data-start=\"16078\" data-end=\"16096\">cooling systems;<\/li>\n<li data-section-id=\"1r1yjta\" data-start=\"16097\" data-end=\"16113\">data networks;<\/li>\n<li data-section-id=\"195esvr\" data-start=\"16114\" data-end=\"16140\">security infrastructure.<\/li>\n<\/ul>\n<p data-start=\"16142\" data-end=\"16208\">This is creating a new layer of demand for industrial real estate.<\/p>\n<h2 data-section-id=\"1g3yrbo\" data-start=\"16210\" data-end=\"16263\"><span class=\"ez-toc-section\" id=\"AI_Factory_%E2%80%93_AI_Data_Center_Is_an_Important_Signal\"><\/span>AI Factory \u2013 AI Data Center Is an Important Signal<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"16265\" data-end=\"16487\">The Management Board of Export Processing and Industrial Zones of Ho Chi Minh City has granted an investment certificate to the <strong data-start=\"16393\" data-end=\"16424\">AI Factory \u2013 AI Data Center<\/strong> project, involving KBC and Accelerated Infrastructure Capital.<\/p>\n<p data-start=\"16489\" data-end=\"16519\">This is a notable development.<\/p>\n<p data-start=\"16521\" data-end=\"16615\">It shows that future industrial land demand will not come only from traditional manufacturing.<\/p>\n<p data-start=\"16617\" data-end=\"16666\">Digital infrastructure is becoming a new segment.<\/p>\n<h2 data-section-id=\"1etmpxw\" data-start=\"16668\" data-end=\"16718\"><span class=\"ez-toc-section\" id=\"Data_Centers_Require_Specialized_Infrastructure\"><\/span>Data Centers Require Specialized Infrastructure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"16720\" data-end=\"16740\">A data center needs:<\/p>\n<ul data-start=\"16742\" data-end=\"16858\">\n<li data-section-id=\"4k4vpf\" data-start=\"16742\" data-end=\"16770\">high-capacity electricity;<\/li>\n<li data-section-id=\"2duj1e\" data-start=\"16771\" data-end=\"16786\">backup power;<\/li>\n<li data-section-id=\"1xydauk\" data-start=\"16787\" data-end=\"16808\">fiber connectivity;<\/li>\n<li data-section-id=\"whq5m2\" data-start=\"16809\" data-end=\"16827\">cooling systems;<\/li>\n<li data-section-id=\"3o9sud\" data-start=\"16828\" data-end=\"16839\">security;<\/li>\n<li data-section-id=\"64ef3x\" data-start=\"16840\" data-end=\"16858\">fire protection.<\/li>\n<\/ul>\n<p data-start=\"16860\" data-end=\"16921\">Not every industrial park can accommodate these requirements.<\/p>\n<p data-start=\"16923\" data-end=\"16996\">Parks with superior infrastructure will therefore have a major advantage.<\/p>\n<h2 data-section-id=\"1ygq5k8\" data-start=\"16998\" data-end=\"17064\"><span class=\"ez-toc-section\" id=\"Power_Is_Becoming_One_of_the_Most_Important_Competitive_Factors\"><\/span>Power Is Becoming One of the Most Important Competitive Factors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"17066\" data-end=\"17131\">For semiconductors, AI and data centers, electricity is critical.<\/p>\n<p data-start=\"17133\" data-end=\"17162\">Investors no longer ask only:<\/p>\n<p data-start=\"17164\" data-end=\"17195\">\u201cIs industrial land available?\u201d<\/p>\n<p data-start=\"17197\" data-end=\"17211\">They also ask:<\/p>\n<p data-start=\"17213\" data-end=\"17245\">\u201cIs sufficient power available?\u201d<\/p>\n<p data-start=\"17247\" data-end=\"17288\">In the future, they may increasingly ask:<\/p>\n<p data-start=\"17290\" data-end=\"17317\">\u201cIs the electricity green?\u201d<\/p>\n<p data-start=\"17319\" data-end=\"17348\">This is a major market shift.<\/p>\n<h2 data-section-id=\"1a9icsl\" data-start=\"17350\" data-end=\"17410\"><span class=\"ez-toc-section\" id=\"Renewable_Energy_Could_Become_a_New_Competitive_Advantage\"><\/span>Renewable Energy Could Become a New Competitive Advantage<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"17412\" data-end=\"17471\">Large technology companies often have Net Zero commitments.<\/p>\n<p data-start=\"17473\" data-end=\"17514\">They therefore prefer locations offering:<\/p>\n<ul data-start=\"17516\" data-end=\"17570\">\n<li data-section-id=\"10zhenj\" data-start=\"17516\" data-end=\"17532\">rooftop solar;<\/li>\n<li data-section-id=\"175l4sh\" data-start=\"17533\" data-end=\"17540\">PPAs;<\/li>\n<li data-section-id=\"wwowsp\" data-start=\"17541\" data-end=\"17555\">clean power;<\/li>\n<li data-section-id=\"tpc2ed\" data-start=\"17556\" data-end=\"17570\">carbon data.<\/li>\n<\/ul>\n<p data-start=\"17572\" data-end=\"17662\">Industrial parks capable of providing renewable energy can attract higher-quality tenants.<\/p>\n<h2 data-section-id=\"j4vlfa\" data-start=\"17664\" data-end=\"17727\"><span class=\"ez-toc-section\" id=\"Industrial_Real_Estate_Will_Become_More_Segmented_by_Quality\"><\/span>Industrial Real Estate Will Become More Segmented by Quality<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"17729\" data-end=\"17799\">Not every industrial park will benefit equally from the next FDI wave.<\/p>\n<p data-start=\"17801\" data-end=\"17812\">Parks with:<\/p>\n<ul data-start=\"17814\" data-end=\"17929\">\n<li data-section-id=\"tlzf79\" data-start=\"17814\" data-end=\"17836\">strategic locations;<\/li>\n<li data-section-id=\"1bw063j\" data-start=\"17837\" data-end=\"17850\">ready land;<\/li>\n<li data-section-id=\"azeojr\" data-start=\"17851\" data-end=\"17875\">strong infrastructure;<\/li>\n<li data-section-id=\"rkyus4\" data-start=\"17876\" data-end=\"17893\">reliable power;<\/li>\n<li data-section-id=\"18k55pu\" data-start=\"17894\" data-end=\"17911\">ESG capability;<\/li>\n<li data-section-id=\"1o5xdcz\" data-start=\"17912\" data-end=\"17929\">good logistics;<\/li>\n<\/ul>\n<p data-start=\"17931\" data-end=\"17959\">will have a clear advantage.<\/p>\n<p data-start=\"17961\" data-end=\"18013\">This will increase differentiation among developers.<\/p>\n<h2 data-section-id=\"1djv5x5\" data-start=\"18015\" data-end=\"18065\"><span class=\"ez-toc-section\" id=\"Companies_with_Large_Backlogs_Have_an_Advantage\"><\/span>Companies with Large Backlogs Have an Advantage<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"18067\" data-end=\"18167\">In the second half, companies with large signed contract backlogs will receive particular attention.<\/p>\n<p data-start=\"18169\" data-end=\"18205\">Backlog improves revenue visibility.<\/p>\n<p data-start=\"18207\" data-end=\"18269\">If land handovers proceed as planned, profit can rise quickly.<\/p>\n<p data-start=\"18271\" data-end=\"18339\">KBC is a clear example with more than 170 hectares of signed leases.<\/p>\n<h2 data-section-id=\"1wpxt2x\" data-start=\"18341\" data-end=\"18391\"><span class=\"ez-toc-section\" id=\"Backlog_Only_Matters_If_Land_Can_Be_Handed_Over\"><\/span>Backlog Only Matters If Land Can Be Handed Over<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"18393\" data-end=\"18460\">A signed contract does not automatically produce immediate revenue.<\/p>\n<p data-start=\"18462\" data-end=\"18494\">Investors still need to monitor:<\/p>\n<ul data-start=\"18496\" data-end=\"18564\">\n<li data-section-id=\"1w6in9g\" data-start=\"18496\" data-end=\"18513\">land clearance;<\/li>\n<li data-section-id=\"rqauoe\" data-start=\"18514\" data-end=\"18533\">legal procedures;<\/li>\n<li data-section-id=\"6vo3z0\" data-start=\"18534\" data-end=\"18564\">infrastructure construction.<\/li>\n<\/ul>\n<p data-start=\"18566\" data-end=\"18625\">These determine whether revenue can actually be recognized.<\/p>\n<h2 data-section-id=\"1sie0g0\" data-start=\"18627\" data-end=\"18671\"><span class=\"ez-toc-section\" id=\"Land_Clearance_Remains_a_Major_Bottleneck\"><\/span>Land Clearance Remains a Major Bottleneck<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"18673\" data-end=\"18741\">Land clearance is one of the most persistent industrial park issues.<\/p>\n<p data-start=\"18743\" data-end=\"18816\">A project may already have tenants but still be unable to hand over land.<\/p>\n<p data-start=\"18818\" data-end=\"18838\">This delays revenue.<\/p>\n<p data-start=\"18840\" data-end=\"18925\">Companies with stronger execution in land clearance will therefore have an advantage.<\/p>\n<h2 data-section-id=\"1ocmdyr\" data-start=\"18927\" data-end=\"18972\"><span class=\"ez-toc-section\" id=\"Accounting_Rules_Also_Need_to_Be_Monitored\"><\/span>Accounting Rules Also Need to Be Monitored<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"18974\" data-end=\"19072\">The Sonadezi Chau Duc case shows how accounting policy can have a major impact on reported profit.<\/p>\n<p data-start=\"19074\" data-end=\"19103\">Investors need to understand:<\/p>\n<ul data-start=\"19105\" data-end=\"19208\">\n<li data-section-id=\"1r9mu9v\" data-start=\"19105\" data-end=\"19133\">how revenue is recognized;<\/li>\n<li data-section-id=\"1ofccl0\" data-start=\"19134\" data-end=\"19172\">over how many years it is allocated;<\/li>\n<li data-section-id=\"1lcd992\" data-start=\"19173\" data-end=\"19208\">what actual cash flow looks like.<\/li>\n<\/ul>\n<p data-start=\"19210\" data-end=\"19262\">Without this, company results can be misinterpreted.<\/p>\n<h2 data-section-id=\"1y46awi\" data-start=\"19264\" data-end=\"19321\"><span class=\"ez-toc-section\" id=\"Cash_Flow_Can_Be_More_Important_Than_Accounting_Profit\"><\/span>Cash Flow Can Be More Important Than Accounting Profit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"19323\" data-end=\"19399\">A company may receive cash upfront but recognize revenue over several years.<\/p>\n<p data-start=\"19401\" data-end=\"19447\">In that case, reported earnings may look weak.<\/p>\n<p data-start=\"19449\" data-end=\"19489\">But cash generation can still be strong.<\/p>\n<p data-start=\"19491\" data-end=\"19527\">Investors therefore need to examine:<\/p>\n<ul data-start=\"19529\" data-end=\"19592\">\n<li data-section-id=\"uyw0ym\" data-start=\"19529\" data-end=\"19549\">customer advances;<\/li>\n<li data-section-id=\"10u8ecq\" data-start=\"19550\" data-end=\"19569\">deferred revenue;<\/li>\n<li data-section-id=\"ejjwts\" data-start=\"19570\" data-end=\"19592\">operating cash flow.<\/li>\n<\/ul>\n<p data-start=\"19594\" data-end=\"19628\">These can be important indicators.<\/p>\n<h2 data-section-id=\"a08e6s\" data-start=\"19630\" data-end=\"19659\"><span class=\"ez-toc-section\" id=\"Profit_Margins_Also_Matter\"><\/span>Profit Margins Also Matter<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"19661\" data-end=\"19689\">Revenue alone is not enough.<\/p>\n<p data-start=\"19691\" data-end=\"19731\">Margins determine the quality of growth.<\/p>\n<p data-start=\"19733\" data-end=\"19801\">KBC\u2019s case\u2014higher revenue but lower profit\u2014illustrates this clearly.<\/p>\n<p data-start=\"19803\" data-end=\"19861\">A company may lease more land but still face rising costs.<\/p>\n<p data-start=\"19863\" data-end=\"19902\">Profit may not increase proportionally.<\/p>\n<h2 data-section-id=\"1byjw8d\" data-start=\"19904\" data-end=\"19946\"><span class=\"ez-toc-section\" id=\"Compensation_Costs_Can_Pressure_Margins\"><\/span>Compensation Costs Can Pressure Margins<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"19948\" data-end=\"20007\">Land compensation is becoming more expensive in many areas.<\/p>\n<p data-start=\"20009\" data-end=\"20078\">If compensation costs rise sharply, industrial park margins can fall.<\/p>\n<p data-start=\"20080\" data-end=\"20162\">Developers that accumulated land reserves earlier can therefore have an advantage.<\/p>\n<h2 data-section-id=\"1gduvmc\" data-start=\"20164\" data-end=\"20211\"><span class=\"ez-toc-section\" id=\"Older_Land_Banks_Can_Generate_Higher_Margins\"><\/span>Older Land Banks Can Generate Higher Margins<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"20213\" data-end=\"20285\">Companies that acquired land many years ago often have lower cost bases.<\/p>\n<p data-start=\"20287\" data-end=\"20336\">When lease rates increase, margins can be strong.<\/p>\n<p data-start=\"20338\" data-end=\"20433\">This is why land reserves remain one of the most valuable assets of industrial park developers.<\/p>\n<h2 data-section-id=\"1ine4d4\" data-start=\"20435\" data-end=\"20482\"><span class=\"ez-toc-section\" id=\"Industrial_Land_Rents_Could_Remain_Supported\"><\/span>Industrial Land Rents Could Remain Supported<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"20484\" data-end=\"20581\">If FDI continues to increase while ready land remains limited, rental rates may remain supported.<\/p>\n<p data-start=\"20583\" data-end=\"20619\">However, growth will vary by region.<\/p>\n<p data-start=\"20621\" data-end=\"20636\">Areas close to:<\/p>\n<ul data-start=\"20638\" data-end=\"20673\">\n<li data-section-id=\"1ir36ah\" data-start=\"20638\" data-end=\"20646\">ports;<\/li>\n<li data-section-id=\"1qxrolf\" data-start=\"20647\" data-end=\"20658\">airports;<\/li>\n<li data-section-id=\"9v53o5\" data-start=\"20659\" data-end=\"20673\">expressways;<\/li>\n<\/ul>\n<p data-start=\"20675\" data-end=\"20708\">will generally have an advantage.<\/p>\n<h2 data-section-id=\"1uhipn5\" data-start=\"20710\" data-end=\"20787\"><span class=\"ez-toc-section\" id=\"Northern_Vietnam_Continues_to_Attract_Electronics_and_High-Tech_Investment\"><\/span>Northern Vietnam Continues to Attract Electronics and High-Tech Investment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"20789\" data-end=\"20831\">Northern Vietnam has a strong position in:<\/p>\n<ul data-start=\"20833\" data-end=\"20884\">\n<li data-section-id=\"1p5z8w2\" data-start=\"20833\" data-end=\"20847\">electronics;<\/li>\n<li data-section-id=\"fxp7uz\" data-start=\"20848\" data-end=\"20865\">semiconductors;<\/li>\n<li data-section-id=\"1wbv5la\" data-start=\"20866\" data-end=\"20884\">high technology.<\/li>\n<\/ul>\n<p data-start=\"20886\" data-end=\"20971\">Provinces with established manufacturing ecosystems are often preferred by investors.<\/p>\n<p data-start=\"20973\" data-end=\"21019\">This supports both occupancy and rental rates.<\/p>\n<h2 data-section-id=\"ef3i6\" data-start=\"21021\" data-end=\"21098\"><span class=\"ez-toc-section\" id=\"Southern_Vietnam_Remains_Strong_in_Logistics_and_Diversified_Manufacturing\"><\/span>Southern Vietnam Remains Strong in Logistics and Diversified Manufacturing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"21100\" data-end=\"21142\">Southern Vietnam has different advantages:<\/p>\n<ul data-start=\"21144\" data-end=\"21282\">\n<li data-section-id=\"1xktaad\" data-start=\"21144\" data-end=\"21170\">a large consumer market;<\/li>\n<li data-section-id=\"iy4d5h\" data-start=\"21171\" data-end=\"21188\">major seaports;<\/li>\n<li data-section-id=\"1n2e0wd\" data-start=\"21189\" data-end=\"21210\">logistics networks;<\/li>\n<li data-section-id=\"1s24ehn\" data-start=\"21211\" data-end=\"21246\">Long Thanh International Airport;<\/li>\n<li data-section-id=\"v36rpo\" data-start=\"21247\" data-end=\"21282\">a mature industrial park network.<\/li>\n<\/ul>\n<p data-start=\"21284\" data-end=\"21321\">Demand therefore remains broad-based.<\/p>\n<h2 data-section-id=\"vot5bw\" data-start=\"21323\" data-end=\"21397\"><span class=\"ez-toc-section\" id=\"Long_Thanh_Could_Be_a_Major_Growth_Driver_for_Southern_Industrial_Parks\"><\/span>Long Thanh Could Be a Major Growth Driver for Southern Industrial Parks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"21399\" data-end=\"21491\">Long Thanh International Airport and related infrastructure could create a new growth cycle.<\/p>\n<p data-start=\"21493\" data-end=\"21525\">Potential beneficiaries include:<\/p>\n<ul data-start=\"21527\" data-end=\"21585\">\n<li data-section-id=\"13b8fts\" data-start=\"21527\" data-end=\"21539\">logistics;<\/li>\n<li data-section-id=\"af4jn7\" data-start=\"21540\" data-end=\"21554\">warehousing;<\/li>\n<li data-section-id=\"1sdchn7\" data-start=\"21555\" data-end=\"21571\">manufacturing;<\/li>\n<li data-section-id=\"17f8wzk\" data-start=\"21572\" data-end=\"21585\">technology.<\/li>\n<\/ul>\n<p data-start=\"21587\" data-end=\"21655\">Industrial parks near this corridor could gain long-term advantages.<\/p>\n<h2 data-section-id=\"1v1ad08\" data-start=\"21657\" data-end=\"21710\"><span class=\"ez-toc-section\" id=\"Ready-Built_Factories_Remain_an_Attractive_Segment\"><\/span>Ready-Built Factories Remain an Attractive Segment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"21712\" data-end=\"21785\">New FDI projects do not always want to lease land and build from scratch.<\/p>\n<p data-start=\"21787\" data-end=\"21835\">Many companies want to enter the market quickly.<\/p>\n<p data-start=\"21837\" data-end=\"21849\">They prefer:<\/p>\n<ul data-start=\"21851\" data-end=\"21935\">\n<li data-section-id=\"1f31f8h\" data-start=\"21851\" data-end=\"21875\">Ready-Built Factories;<\/li>\n<li data-section-id=\"t70l51\" data-start=\"21876\" data-end=\"21901\">ready-built warehouses;<\/li>\n<li data-section-id=\"z9wygn\" data-start=\"21902\" data-end=\"21935\">flexible industrial facilities.<\/li>\n<\/ul>\n<p data-start=\"21937\" data-end=\"21984\">This segment still has strong growth potential.<\/p>\n<h2 data-section-id=\"144l322\" data-start=\"21986\" data-end=\"22034\"><span class=\"ez-toc-section\" id=\"RBF_Helps_Shorten_Project_Implementation_Time\"><\/span>RBF Helps Shorten Project Implementation Time<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"22036\" data-end=\"22089\">Building a factory from scratch can take many months.<\/p>\n<p data-start=\"22091\" data-end=\"22133\">Ready-built facilities allow companies to:<\/p>\n<ul data-start=\"22135\" data-end=\"22197\">\n<li data-section-id=\"1wvrjk9\" data-start=\"22135\" data-end=\"22149\">lease space;<\/li>\n<li data-section-id=\"1efbph8\" data-start=\"22150\" data-end=\"22170\">install machinery;<\/li>\n<li data-section-id=\"q4j4lx\" data-start=\"22171\" data-end=\"22197\">begin production faster.<\/li>\n<\/ul>\n<p data-start=\"22199\" data-end=\"22262\">This is particularly useful during ongoing supply-chain shifts.<\/p>\n<h2 data-section-id=\"14igt0n\" data-start=\"22264\" data-end=\"22336\"><span class=\"ez-toc-section\" id=\"Logistics_Demand_Continues_to_Be_Supported_by_Manufacturing_and_Trade\"><\/span>Logistics Demand Continues to Be Supported by Manufacturing and Trade<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"22338\" data-end=\"22390\">As manufacturing grows, logistics demand also grows.<\/p>\n<p data-start=\"22392\" data-end=\"22407\">Companies need:<\/p>\n<ul data-start=\"22409\" data-end=\"22473\">\n<li data-section-id=\"jorpgl\" data-start=\"22409\" data-end=\"22422\">warehouses;<\/li>\n<li data-section-id=\"8fgewh\" data-start=\"22423\" data-end=\"22446\">distribution centers;<\/li>\n<li data-section-id=\"hw8lcm\" data-start=\"22447\" data-end=\"22473\">transportation services.<\/li>\n<\/ul>\n<p data-start=\"22475\" data-end=\"22568\">Industrial logistics is therefore inseparable from the broader industrial real estate market.<\/p>\n<h2 data-section-id=\"k6g17m\" data-start=\"22570\" data-end=\"22623\"><span class=\"ez-toc-section\" id=\"High-Tech_FDI_Will_Raise_Industrial_Park_Standards\"><\/span>High-Tech FDI Will Raise Industrial Park Standards<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"22625\" data-end=\"22711\">Projects in R&amp;D, semiconductors, AI and data centers have very demanding requirements.<\/p>\n<p data-start=\"22713\" data-end=\"22751\">Industrial parks will need to upgrade:<\/p>\n<ul data-start=\"22753\" data-end=\"22833\">\n<li data-section-id=\"1o2tc7o\" data-start=\"22753\" data-end=\"22767\">electricity;<\/li>\n<li data-section-id=\"1ivlpk4\" data-start=\"22768\" data-end=\"22790\">data infrastructure;<\/li>\n<li data-section-id=\"1ojadom\" data-start=\"22791\" data-end=\"22799\">water;<\/li>\n<li data-section-id=\"64ef3c\" data-start=\"22800\" data-end=\"22818\">fire protection;<\/li>\n<li data-section-id=\"ohboe9\" data-start=\"22819\" data-end=\"22833\">ESG systems.<\/li>\n<\/ul>\n<p data-start=\"22835\" data-end=\"22868\">This creates investment pressure.<\/p>\n<p data-start=\"22870\" data-end=\"22934\">But it also creates opportunities for higher-quality developers.<\/p>\n<h2 data-section-id=\"19s77c2\" data-start=\"22936\" data-end=\"22991\"><span class=\"ez-toc-section\" id=\"Green_Industrial_Parks_Could_Become_More_Competitive\"><\/span>Green Industrial Parks Could Become More Competitive<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"22993\" data-end=\"23061\">Clean energy and ESG are increasingly important investment criteria.<\/p>\n<p data-start=\"23063\" data-end=\"23085\">Industrial parks with:<\/p>\n<ul data-start=\"23087\" data-end=\"23168\">\n<li data-section-id=\"10zhenj\" data-start=\"23087\" data-end=\"23103\">rooftop solar;<\/li>\n<li data-section-id=\"1d42ldm\" data-start=\"23104\" data-end=\"23134\">advanced wastewater systems;<\/li>\n<li data-section-id=\"1azwa99\" data-start=\"23135\" data-end=\"23153\">green buildings;<\/li>\n<li data-section-id=\"tpc2eo\" data-start=\"23154\" data-end=\"23168\">carbon data;<\/li>\n<\/ul>\n<p data-start=\"23170\" data-end=\"23194\">will be more attractive.<\/p>\n<p data-start=\"23196\" data-end=\"23234\">This is a long-term development trend.<\/p>\n<h2 data-section-id=\"zexea1\" data-start=\"23236\" data-end=\"23278\"><span class=\"ez-toc-section\" id=\"Smart_Industrial_Parks_Will_Also_Expand\"><\/span>Smart Industrial Parks Will Also Expand<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"23280\" data-end=\"23325\">Digital technology can help industrial parks:<\/p>\n<ul data-start=\"23327\" data-end=\"23410\">\n<li data-section-id=\"tnj94\" data-start=\"23327\" data-end=\"23349\">monitor electricity;<\/li>\n<li data-section-id=\"wv0u0a\" data-start=\"23350\" data-end=\"23366\">monitor water;<\/li>\n<li data-section-id=\"7gezen\" data-start=\"23367\" data-end=\"23386\">improve security;<\/li>\n<li data-section-id=\"1dlm0jm\" data-start=\"23387\" data-end=\"23410\">optimize maintenance.<\/li>\n<\/ul>\n<p data-start=\"23412\" data-end=\"23444\">This can reduce operating costs.<\/p>\n<p data-start=\"23446\" data-end=\"23482\">It can also improve service quality.<\/p>\n<p data-start=\"23484\" data-end=\"23536\">FDI investors increasingly value these capabilities.<\/p>\n<h2 data-section-id=\"1qsryps\" data-start=\"23538\" data-end=\"23585\"><span class=\"ez-toc-section\" id=\"Service_Quality_Could_Influence_Rental_Rates\"><\/span>Service Quality Could Influence Rental Rates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"23587\" data-end=\"23654\">In the future, industrial parks will not compete only through land.<\/p>\n<p data-start=\"23656\" data-end=\"23682\">They will compete through:<\/p>\n<ul data-start=\"23684\" data-end=\"23735\">\n<li data-section-id=\"1x81ldv\" data-start=\"23684\" data-end=\"23702\">service quality;<\/li>\n<li data-section-id=\"16bidmr\" data-start=\"23703\" data-end=\"23710\">data;<\/li>\n<li data-section-id=\"1j45j9e\" data-start=\"23711\" data-end=\"23717\">ESG;<\/li>\n<li data-section-id=\"149hddu\" data-start=\"23718\" data-end=\"23735\">response speed.<\/li>\n<\/ul>\n<p data-start=\"23737\" data-end=\"23803\">A higher-quality park may be able to maintain higher rental rates.<\/p>\n<h2 data-section-id=\"1t1pcih\" data-start=\"23805\" data-end=\"23852\"><span class=\"ez-toc-section\" id=\"H2_Will_Be_the_Key_Test_for_Existing_Backlog\"><\/span>H2 Will Be the Key Test for Existing Backlog<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"23854\" data-end=\"23950\">Expectations for stronger second-half earnings still need to be confirmed by actual performance.<\/p>\n<p data-start=\"23952\" data-end=\"23975\">Investors should watch:<\/p>\n<ul data-start=\"23977\" data-end=\"24041\">\n<li data-section-id=\"po03ig\" data-start=\"23977\" data-end=\"23996\">area handed over;<\/li>\n<li data-section-id=\"w3ndm1\" data-start=\"23997\" data-end=\"24018\">revenue recognized;<\/li>\n<li data-section-id=\"j3416t\" data-start=\"24019\" data-end=\"24028\">profit;<\/li>\n<li data-section-id=\"melp1p\" data-start=\"24029\" data-end=\"24041\">cash flow.<\/li>\n<\/ul>\n<p data-start=\"24043\" data-end=\"24072\">These will be key indicators.<\/p>\n<h2 data-section-id=\"1ont4fo\" data-start=\"24074\" data-end=\"24129\"><span class=\"ez-toc-section\" id=\"Viglacera_Has_an_Advantage_After_a_Strong_First_Half\"><\/span>Viglacera Has an Advantage After a Strong First Half<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"24131\" data-end=\"24229\">Completing around 80% of its annual profit plan gives Viglacera a relatively comfortable position.<\/p>\n<p data-start=\"24231\" data-end=\"24272\">The company is under less pressure in H2.<\/p>\n<p data-start=\"24274\" data-end=\"24370\">If its industrial park segment continues to perform well, full-year results could remain strong.<\/p>\n<h2 data-section-id=\"tggbyb\" data-start=\"24372\" data-end=\"24414\"><span class=\"ez-toc-section\" id=\"Becamex_Needs_Stronger_H2_Profitability\"><\/span>Becamex Needs Stronger H2 Profitability<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"24416\" data-end=\"24453\">For Becamex, H1 was more challenging.<\/p>\n<p data-start=\"24455\" data-end=\"24478\">Investors will monitor:<\/p>\n<ul data-start=\"24480\" data-end=\"24557\">\n<li data-section-id=\"1s0oi6w\" data-start=\"24480\" data-end=\"24503\">joint venture profit;<\/li>\n<li data-section-id=\"o210k6\" data-start=\"24504\" data-end=\"24524\">interest expenses;<\/li>\n<li data-section-id=\"1kh9ae3\" data-start=\"24525\" data-end=\"24544\">project progress;<\/li>\n<li data-section-id=\"melp1p\" data-start=\"24545\" data-end=\"24557\">cash flow.<\/li>\n<\/ul>\n<p data-start=\"24559\" data-end=\"24601\">These will determine the pace of recovery.<\/p>\n<h2 data-section-id=\"2sl9lh\" data-start=\"24603\" data-end=\"24676\"><span class=\"ez-toc-section\" id=\"Sonadezi_Chau_Duc_Needs_to_Be_Evaluated_Under_the_New_Accounting_Basis\"><\/span>Sonadezi Chau Duc Needs to Be Evaluated Under the New Accounting Basis<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"24678\" data-end=\"24800\">Because of the change in revenue recognition, year-on-year comparisons for Sonadezi Chau Duc need to be treated carefully.<\/p>\n<p data-start=\"24802\" data-end=\"24837\">Accounting profit may appear lower.<\/p>\n<p data-start=\"24839\" data-end=\"24894\">But actual leasing and cash flow remain more important.<\/p>\n<p data-start=\"24896\" data-end=\"24944\">This company therefore requires deeper analysis.<\/p>\n<h2 data-section-id=\"128u2k9\" data-start=\"24946\" data-end=\"24999\"><span class=\"ez-toc-section\" id=\"KBC_Could_See_Revenue_Concentrated_Toward_Year-End\"><\/span>KBC Could See Revenue Concentrated Toward Year-End<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"25001\" data-end=\"25133\">With more than 170 hectares of signed leases not yet fully recognized, KBC could record additional revenue once land is handed over.<\/p>\n<p data-start=\"25135\" data-end=\"25196\">This makes KBC one of the companies with significant backlog.<\/p>\n<p data-start=\"25198\" data-end=\"25255\">However, compensation progress remains the key condition.<\/p>\n<h2 data-section-id=\"1h4f2bc\" data-start=\"25257\" data-end=\"25308\"><span class=\"ez-toc-section\" id=\"Investors_Should_Not_Rely_Only_on_Short-Term_PE\"><\/span>Investors Should Not Rely Only on Short-Term P\/E<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"25310\" data-end=\"25451\">Because industrial park profits can fluctuate sharply depending on recognition timing, a single-quarter or single-year P\/E can be misleading.<\/p>\n<p data-start=\"25453\" data-end=\"25484\">Investors should also evaluate:<\/p>\n<ul data-start=\"25486\" data-end=\"25558\">\n<li data-section-id=\"bnaxiq\" data-start=\"25486\" data-end=\"25498\">land bank;<\/li>\n<li data-section-id=\"12u03ek\" data-start=\"25499\" data-end=\"25509\">backlog;<\/li>\n<li data-section-id=\"1j4yb2a\" data-start=\"25510\" data-end=\"25525\">rental rates;<\/li>\n<li data-section-id=\"1kh9ae3\" data-start=\"25526\" data-end=\"25545\">project progress;<\/li>\n<li data-section-id=\"melp1p\" data-start=\"25546\" data-end=\"25558\">cash flow.<\/li>\n<\/ul>\n<p data-start=\"25560\" data-end=\"25598\">This provides a more complete picture.<\/p>\n<h2 data-section-id=\"nxj3y\" data-start=\"25600\" data-end=\"25662\"><span class=\"ez-toc-section\" id=\"Land_Bank_Value_Remains_the_Most_Important_Long-Term_Factor\"><\/span>Land Bank Value Remains the Most Important Long-Term Factor<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"25664\" data-end=\"25776\">An industrial park company with large, strategically located land reserves can hold substantial long-term value.<\/p>\n<p data-start=\"25778\" data-end=\"25805\">Especially if the land has:<\/p>\n<ul data-start=\"25807\" data-end=\"25882\">\n<li data-section-id=\"hatmal\" data-start=\"25807\" data-end=\"25828\">clear legal status;<\/li>\n<li data-section-id=\"wokz8b\" data-start=\"25829\" data-end=\"25857\">clean handover conditions;<\/li>\n<li data-section-id=\"azeok2\" data-start=\"25858\" data-end=\"25882\">strong infrastructure.<\/li>\n<\/ul>\n<p data-start=\"25884\" data-end=\"25926\">This creates multi-year revenue potential.<\/p>\n<h2 data-section-id=\"w7jb5z\" data-start=\"25928\" data-end=\"25992\"><span class=\"ez-toc-section\" id=\"Legal_Progress_Can_Create_Huge_Differences_Between_Developers\"><\/span>Legal Progress Can Create Huge Differences Between Developers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"25994\" data-end=\"26074\">Two companies may have similar land reserves but very different legal readiness.<\/p>\n<p data-start=\"26076\" data-end=\"26110\">One project can lease immediately.<\/p>\n<p data-start=\"26112\" data-end=\"26139\">Another may wait for years.<\/p>\n<p data-start=\"26141\" data-end=\"26187\">Legal status is therefore extremely important.<\/p>\n<h2 data-section-id=\"cx4u17\" data-start=\"26189\" data-end=\"26251\"><span class=\"ez-toc-section\" id=\"H2_2026_Could_Be_a_Turning_Point_for_Industrial_Real_Estate\"><\/span>H2 2026 Could Be a Turning Point for Industrial Real Estate<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"26253\" data-end=\"26379\">If FDI remains strong, signed contracts are handed over and new projects advance, sector earnings could improve substantially.<\/p>\n<p data-start=\"26381\" data-end=\"26469\">This could make full-year 2026 results much better than the first-half picture suggests.<\/p>\n<p data-start=\"26471\" data-end=\"26529\">However, improvement will not be uniform across companies.<\/p>\n<h2 data-section-id=\"c6ajh8\" data-start=\"26531\" data-end=\"26558\"><span class=\"ez-toc-section\" id=\"Divergence_Will_Continue\"><\/span>Divergence Will Continue<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"26560\" data-end=\"26575\">Companies with:<\/p>\n<ul data-start=\"26577\" data-end=\"26650\">\n<li data-section-id=\"1bw063j\" data-start=\"26577\" data-end=\"26590\">ready land;<\/li>\n<li data-section-id=\"1tgtnr5\" data-start=\"26591\" data-end=\"26607\">large backlog;<\/li>\n<li data-section-id=\"1etjzmj\" data-start=\"26608\" data-end=\"26625\">lower leverage;<\/li>\n<li data-section-id=\"azeojr\" data-start=\"26626\" data-end=\"26650\">strong infrastructure;<\/li>\n<\/ul>\n<p data-start=\"26652\" data-end=\"26670\">will benefit more.<\/p>\n<p data-start=\"26672\" data-end=\"26683\">Those with:<\/p>\n<ul data-start=\"26685\" data-end=\"26742\">\n<li data-section-id=\"z5lazu\" data-start=\"26685\" data-end=\"26697\">high debt;<\/li>\n<li data-section-id=\"ppc6ru\" data-start=\"26698\" data-end=\"26720\">slow legal progress;<\/li>\n<li data-section-id=\"pkpfmz\" data-start=\"26721\" data-end=\"26742\">limited ready land;<\/li>\n<\/ul>\n<p data-start=\"26744\" data-end=\"26774\">may continue to face pressure.<\/p>\n<p data-start=\"26776\" data-end=\"26823\">This divergence will remain an important theme.<\/p>\n<h2 data-section-id=\"1yv74ba\" data-start=\"26825\" data-end=\"26901\"><span class=\"ez-toc-section\" id=\"Strong_FDI_Does_Not_Mean_Every_Industrial_Park_Stock_Will_Perform_Equally\"><\/span>Strong FDI Does Not Mean Every Industrial Park Stock Will Perform Equally<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"26903\" data-end=\"26950\">FDI growth creates a favorable sector backdrop.<\/p>\n<p data-start=\"26952\" data-end=\"27022\">But each developer has different asset quality and execution capacity.<\/p>\n<p data-start=\"27024\" data-end=\"27099\">The sector should therefore not be assessed only through headline FDI data.<\/p>\n<p data-start=\"27101\" data-end=\"27142\">Company-level analysis remains necessary.<\/p>\n<h2 data-section-id=\"3ntqle\" data-start=\"27144\" data-end=\"27210\"><span class=\"ez-toc-section\" id=\"High-Tech_FDI_Could_Create_a_New_%E2%80%9CPremium%E2%80%9D_for_Industrial_Parks\"><\/span>High-Tech FDI Could Create a New \u201cPremium\u201d for Industrial Parks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"27212\" data-end=\"27319\">Industrial parks capable of serving AI, semiconductors or data centers may be able to command higher rents.<\/p>\n<p data-start=\"27321\" data-end=\"27368\">This could create a new infrastructure premium.<\/p>\n<p data-start=\"27370\" data-end=\"27414\">It may reshape the value of industrial land.<\/p>\n<h2 data-section-id=\"e4j13w\" data-start=\"27416\" data-end=\"27457\"><span class=\"ez-toc-section\" id=\"Data_Centers_Add_a_New_Layer_of_Demand\"><\/span>Data Centers Add a New Layer of Demand<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"27459\" data-end=\"27530\">Historically, industrial real estate demand mainly came from factories.<\/p>\n<p data-start=\"27532\" data-end=\"27576\">Data centers now create an additional layer.<\/p>\n<p data-start=\"27578\" data-end=\"27627\">These projects require large capital commitments.<\/p>\n<p data-start=\"27629\" data-end=\"27671\">They also need specialized infrastructure.<\/p>\n<p data-start=\"27673\" data-end=\"27711\">This creates a new market opportunity.<\/p>\n<h2 data-section-id=\"189vce9\" data-start=\"27713\" data-end=\"27757\"><span class=\"ez-toc-section\" id=\"R_D_Also_Requires_Specialized_Real_Estate\"><\/span>R&amp;D Also Requires Specialized Real Estate<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"27759\" data-end=\"27781\">Research centers need:<\/p>\n<ul data-start=\"27783\" data-end=\"27839\">\n<li data-section-id=\"1rkml4w\" data-start=\"27783\" data-end=\"27793\">offices;<\/li>\n<li data-section-id=\"1sia51y\" data-start=\"27794\" data-end=\"27809\">laboratories;<\/li>\n<li data-section-id=\"1iqunm4\" data-start=\"27810\" data-end=\"27818\">power;<\/li>\n<li data-section-id=\"tyyg43\" data-start=\"27819\" data-end=\"27839\">data connectivity.<\/li>\n<\/ul>\n<p data-start=\"27841\" data-end=\"27908\">Future industrial parks may therefore integrate multiple functions.<\/p>\n<p data-start=\"27910\" data-end=\"27929\">Not only factories.<\/p>\n<h2 data-section-id=\"teacbc\" data-start=\"27931\" data-end=\"27981\"><span class=\"ez-toc-section\" id=\"Industrial_Real_Estate_Will_Become_More_Diverse\"><\/span>Industrial Real Estate Will Become More Diverse<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"27983\" data-end=\"28036\">Future industrial real estate portfolios may include:<\/p>\n<ul data-start=\"28038\" data-end=\"28130\">\n<li data-section-id=\"4lr5rn\" data-start=\"28038\" data-end=\"28056\">industrial land;<\/li>\n<li data-section-id=\"1j4f0sl\" data-start=\"28057\" data-end=\"28063\">RBF;<\/li>\n<li data-section-id=\"jorpgl\" data-start=\"28064\" data-end=\"28077\">warehouses;<\/li>\n<li data-section-id=\"1se133v\" data-start=\"28078\" data-end=\"28093\">data centers;<\/li>\n<li data-section-id=\"6o5ipz\" data-start=\"28094\" data-end=\"28106\">R&amp;D space;<\/li>\n<li data-section-id=\"181pknq\" data-start=\"28107\" data-end=\"28130\">logistics facilities.<\/li>\n<\/ul>\n<p data-start=\"28132\" data-end=\"28174\">This is a natural evolution of the sector.<\/p>\n<h2 data-section-id=\"1ub3yz8\" data-start=\"28176\" data-end=\"28230\"><span class=\"ez-toc-section\" id=\"Power_and_Data_Infrastructure_Are_Becoming_Decisive\"><\/span>Power and Data Infrastructure Are Becoming Decisive<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"28232\" data-end=\"28295\">In the past, roads and ports dominated site-selection criteria.<\/p>\n<p data-start=\"28297\" data-end=\"28374\">Today, electricity and data connectivity are becoming increasingly important.<\/p>\n<p data-start=\"28376\" data-end=\"28422\">This reflects the changing composition of FDI.<\/p>\n<p data-start=\"28424\" data-end=\"28479\">High-tech projects require new types of infrastructure.<\/p>\n<h2 data-section-id=\"mze68w\" data-start=\"28481\" data-end=\"28534\"><span class=\"ez-toc-section\" id=\"High-Tech_Investment_Policies_Create_Opportunities\"><\/span>High-Tech Investment Policies Create Opportunities<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"28536\" data-end=\"28585\">Vietnam is seeking to improve the quality of FDI.<\/p>\n<p data-start=\"28587\" data-end=\"28668\">This supports industrial parks that can accommodate advanced technology projects.<\/p>\n<p data-start=\"28670\" data-end=\"28721\">It also encourages developers to upgrade standards.<\/p>\n<h2 data-section-id=\"n2q8vk\" data-start=\"28723\" data-end=\"28768\"><span class=\"ez-toc-section\" id=\"New_Capital_Flows_Could_Increase_Occupancy\"><\/span>New Capital Flows Could Increase Occupancy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"28770\" data-end=\"28855\">If FDI continues to rise, industrial parks with available land can improve occupancy.<\/p>\n<p data-start=\"28857\" data-end=\"28871\">This supports:<\/p>\n<ul data-start=\"28873\" data-end=\"28911\">\n<li data-section-id=\"n7oqix\" data-start=\"28873\" data-end=\"28883\">revenue;<\/li>\n<li data-section-id=\"melp20\" data-start=\"28884\" data-end=\"28896\">cash flow;<\/li>\n<li data-section-id=\"1dnn5y5\" data-start=\"28897\" data-end=\"28911\">asset value.<\/li>\n<\/ul>\n<p data-start=\"28913\" data-end=\"28939\">These are direct benefits.<\/p>\n<h2 data-section-id=\"jrmh6b\" data-start=\"28941\" data-end=\"28992\"><span class=\"ez-toc-section\" id=\"H2_Profit_Will_Depend_Heavily_on_Handover_Timing\"><\/span>H2 Profit Will Depend Heavily on Handover Timing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"28994\" data-end=\"29044\">This remains the most important short-term factor.<\/p>\n<p data-start=\"29046\" data-end=\"29080\">A company may sign many contracts.<\/p>\n<p data-start=\"29082\" data-end=\"29146\">But until land is handed over, accounting profit may not appear.<\/p>\n<p data-start=\"29148\" data-end=\"29205\">Q3 and Q4 will therefore be important periods to monitor.<\/p>\n<h2 data-section-id=\"f4qots\" data-start=\"29207\" data-end=\"29250\"><span class=\"ez-toc-section\" id=\"Year-End_Could_Bring_Sharp_Profit_Spikes\"><\/span>Year-End Could Bring Sharp Profit Spikes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"29252\" data-end=\"29375\">Because of revenue-recognition timing, an industrial park developer can report weak Q2 earnings but very strong Q4 results.<\/p>\n<p data-start=\"29377\" data-end=\"29411\">This is not unusual in the sector.<\/p>\n<p data-start=\"29413\" data-end=\"29486\">Quarterly volatility should therefore be viewed in a longer-term context.<\/p>\n<h2 data-section-id=\"ab4x2a\" data-start=\"29488\" data-end=\"29543\"><span class=\"ez-toc-section\" id=\"The_Sector_Still_Has_Positive_Long-Term_Fundamentals\"><\/span>The Sector Still Has Positive Long-Term Fundamentals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"29545\" data-end=\"29618\">Despite mixed H1 results, the sector\u2019s core fundamentals remain positive.<\/p>\n<p data-start=\"29620\" data-end=\"29634\">These include:<\/p>\n<ul data-start=\"29636\" data-end=\"29733\">\n<li data-section-id=\"h2l7cg\" data-start=\"29636\" data-end=\"29649\">rising FDI;<\/li>\n<li data-section-id=\"1brhkzu\" data-start=\"29650\" data-end=\"29676\">manufacturing expansion;<\/li>\n<li data-section-id=\"1ne4oei\" data-start=\"29677\" data-end=\"29703\">supply-chain relocation;<\/li>\n<li data-section-id=\"elt1rm\" data-start=\"29704\" data-end=\"29733\">infrastructure development.<\/li>\n<\/ul>\n<p data-start=\"29735\" data-end=\"29770\">These are long-term growth drivers.<\/p>\n<h2 data-section-id=\"ma118z\" data-start=\"29772\" data-end=\"29844\"><span class=\"ez-toc-section\" id=\"National_Infrastructure_Projects_Continue_to_Support_Industrial_Parks\"><\/span>National Infrastructure Projects Continue to Support Industrial Parks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"29846\" data-end=\"29863\">Projects such as:<\/p>\n<ul data-start=\"29865\" data-end=\"29917\">\n<li data-section-id=\"9v53o5\" data-start=\"29865\" data-end=\"29879\">expressways;<\/li>\n<li data-section-id=\"1qxrolf\" data-start=\"29880\" data-end=\"29891\">airports;<\/li>\n<li data-section-id=\"14wmadq\" data-start=\"29892\" data-end=\"29903\">seaports;<\/li>\n<li data-section-id=\"1hn1pqi\" data-start=\"29904\" data-end=\"29917\">ring roads;<\/li>\n<\/ul>\n<p data-start=\"29919\" data-end=\"29958\">are reshaping Vietnam\u2019s industrial map.<\/p>\n<p data-start=\"29960\" data-end=\"30034\">Industrial parks located near these corridors could benefit significantly.<\/p>\n<p data-start=\"30036\" data-end=\"30088\">This should be considered over a multi-year horizon.<\/p>\n<h2 data-section-id=\"1l5r5ux\" data-start=\"30090\" data-end=\"30140\"><span class=\"ez-toc-section\" id=\"H2_2026_Could_Mark_the_Beginning_of_a_New_Cycle\"><\/span>H2 2026 Could Mark the Beginning of a New Cycle<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"30142\" data-end=\"30235\">If high-tech FDI continues to increase, Vietnam may enter a new industrial real estate cycle.<\/p>\n<p data-start=\"30237\" data-end=\"30282\">This cycle will differ from the previous one.<\/p>\n<p data-start=\"30284\" data-end=\"30321\">Growth will no longer depend only on:<\/p>\n<ul data-start=\"30323\" data-end=\"30346\">\n<li data-section-id=\"165uzjo\" data-start=\"30323\" data-end=\"30330\">land;<\/li>\n<li data-section-id=\"1j4yb2v\" data-start=\"30331\" data-end=\"30346\">rental rates.<\/li>\n<\/ul>\n<p data-start=\"30348\" data-end=\"30402\">It will depend increasingly on infrastructure quality.<\/p>\n<h2 data-section-id=\"1wbsz9w\" data-start=\"30404\" data-end=\"30479\"><span class=\"ez-toc-section\" id=\"Industrial_Parks_Face_Opportunities_but_Growth_Will_No_Longer_Be_Uniform\"><\/span>Industrial Parks Face Opportunities but Growth Will No Longer Be Uniform<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"30481\" data-end=\"30556\">The era when almost any industrial land could be easily leased is changing.<\/p>\n<p data-start=\"30558\" data-end=\"30594\">Tenants are becoming more demanding.<\/p>\n<p data-start=\"30596\" data-end=\"30630\">Developers need to invest more in:<\/p>\n<ul data-start=\"30632\" data-end=\"30693\">\n<li data-section-id=\"1j45j9e\" data-start=\"30632\" data-end=\"30638\">ESG;<\/li>\n<li data-section-id=\"1wgspvr\" data-start=\"30639\" data-end=\"30656\">digitalization;<\/li>\n<li data-section-id=\"3fqo5n\" data-start=\"30657\" data-end=\"30680\">power infrastructure;<\/li>\n<li data-section-id=\"13b8fud\" data-start=\"30681\" data-end=\"30693\">logistics.<\/li>\n<\/ul>\n<p data-start=\"30695\" data-end=\"30737\">This will increase market differentiation.<\/p>\n<h2 data-section-id=\"utwok\" data-start=\"30739\" data-end=\"30785\"><span class=\"ez-toc-section\" id=\"High-Tech_FDI_Could_Be_the_Biggest_Catalyst\"><\/span>High-Tech FDI Could Be the Biggest Catalyst<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"30787\" data-end=\"30844\">Among the new growth drivers, high technology stands out.<\/p>\n<p data-start=\"30846\" data-end=\"30905\">These projects typically involve large capital commitments.<\/p>\n<p data-start=\"30907\" data-end=\"30953\">They also require high-quality infrastructure.<\/p>\n<p data-start=\"30955\" data-end=\"31046\">If Vietnam attracts more such projects, industrial real estate could benefit significantly.<\/p>\n<h2 data-section-id=\"12dltig\" data-start=\"31048\" data-end=\"31093\"><span class=\"ez-toc-section\" id=\"AI_Factory_Is_an_Early_Signal_of_the_Trend\"><\/span>AI Factory Is an Early Signal of the Trend<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"31095\" data-end=\"31175\">The AI Factory \u2013 AI Data Center project shows that this trend has already begun.<\/p>\n<p data-start=\"31177\" data-end=\"31208\">It may not be an isolated case.<\/p>\n<p data-start=\"31210\" data-end=\"31277\">More data infrastructure projects could emerge in the coming years.<\/p>\n<p data-start=\"31279\" data-end=\"31303\">This opens a new market.<\/p>\n<h2 data-section-id=\"10d0uzb\" data-start=\"31305\" data-end=\"31378\"><span class=\"ez-toc-section\" id=\"Industrial_Real_Estate_Is_Entering_the_%E2%80%9CTechnology_Infrastructure%E2%80%9D_Era\"><\/span>Industrial Real Estate Is Entering the \u201cTechnology Infrastructure\u201d Era<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"31380\" data-end=\"31461\">In the previous cycle, industrial parks were mainly manufacturing infrastructure.<\/p>\n<p data-start=\"31463\" data-end=\"31539\">In the next cycle, they could increasingly become technology infrastructure.<\/p>\n<p data-start=\"31541\" data-end=\"31555\">This includes:<\/p>\n<ul data-start=\"31557\" data-end=\"31603\">\n<li data-section-id=\"1se133v\" data-start=\"31557\" data-end=\"31572\">data centers;<\/li>\n<li data-section-id=\"1o4f3v\" data-start=\"31573\" data-end=\"31578\">AI;<\/li>\n<li data-section-id=\"1j4cyjn\" data-start=\"31579\" data-end=\"31585\">R&amp;D;<\/li>\n<li data-section-id=\"fxp7vi\" data-start=\"31586\" data-end=\"31603\">semiconductors.<\/li>\n<\/ul>\n<p data-start=\"31605\" data-end=\"31629\">That is a major upgrade.<\/p>\n<h2 data-section-id=\"1yp3j6y\" data-start=\"31631\" data-end=\"31692\"><span class=\"ez-toc-section\" id=\"Expectations_for_Stronger_H2_2026_Profit_Have_a_Real_Basis\"><\/span>Expectations for Stronger H2 2026 Profit Have a Real Basis<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"31694\" data-end=\"31774\">The expectation of better second-half earnings is not based purely on sentiment.<\/p>\n<p data-start=\"31776\" data-end=\"31795\">It is supported by:<\/p>\n<ul data-start=\"31797\" data-end=\"31920\">\n<li data-section-id=\"1xcpw0e\" data-start=\"31797\" data-end=\"31816\">contract backlog;<\/li>\n<li data-section-id=\"fwx3ru\" data-start=\"31817\" data-end=\"31837\">strong FDI growth;<\/li>\n<li data-section-id=\"vgnxs9\" data-start=\"31838\" data-end=\"31862\">high FDI disbursement;<\/li>\n<li data-section-id=\"fnctdm\" data-start=\"31863\" data-end=\"31890\">rising technology demand;<\/li>\n<li data-section-id=\"s7nxl\" data-start=\"31891\" data-end=\"31920\">new industrial land supply.<\/li>\n<\/ul>\n<p data-start=\"31922\" data-end=\"31949\">These are tangible factors.<\/p>\n<h2 data-section-id=\"t92upz\" data-start=\"31951\" data-end=\"31972\"><span class=\"ez-toc-section\" id=\"Risks_Still_Remain\"><\/span>Risks Still Remain<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"31974\" data-end=\"31992\">Key risks include:<\/p>\n<ul data-start=\"31994\" data-end=\"32107\">\n<li data-section-id=\"m2zqar\" data-start=\"31994\" data-end=\"32016\">slow land clearance;<\/li>\n<li data-section-id=\"7gyb0o\" data-start=\"32017\" data-end=\"32040\">high financing costs;<\/li>\n<li data-section-id=\"1uhve9z\" data-start=\"32041\" data-end=\"32062\">accounting changes;<\/li>\n<li data-section-id=\"1jf86rz\" data-start=\"32063\" data-end=\"32087\">delayed FDI decisions;<\/li>\n<li data-section-id=\"1es0zhd\" data-start=\"32088\" data-end=\"32107\">trade volatility.<\/li>\n<\/ul>\n<p data-start=\"32109\" data-end=\"32166\">A positive outlook does not mean the sector is risk-free.<\/p>\n<h2 data-section-id=\"15tijsd\" data-start=\"32168\" data-end=\"32224\"><span class=\"ez-toc-section\" id=\"Profit_Will_Concentrate_in_Companies_That_Can_Execute\"><\/span>Profit Will Concentrate in Companies That Can Execute<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"32226\" data-end=\"32331\">Ultimately, the benefits of FDI will flow to companies capable of turning demand into recognized revenue.<\/p>\n<p data-start=\"32333\" data-end=\"32347\">That requires:<\/p>\n<ul data-start=\"32349\" data-end=\"32416\">\n<li data-section-id=\"165uzjo\" data-start=\"32349\" data-end=\"32356\">land;<\/li>\n<li data-section-id=\"bnbav4\" data-start=\"32357\" data-end=\"32375\">legal readiness;<\/li>\n<li data-section-id=\"1te0adw\" data-start=\"32376\" data-end=\"32393\">infrastructure;<\/li>\n<li data-section-id=\"1awkskb\" data-start=\"32394\" data-end=\"32416\">handover capability.<\/li>\n<\/ul>\n<p data-start=\"32418\" data-end=\"32450\">These are the four core factors.<\/p>\n<h2 data-section-id=\"ead220\" data-start=\"32452\" data-end=\"32513\"><span class=\"ez-toc-section\" id=\"Industrial_Real_Estate_Remains_a_Direct_Beneficiary_of_FDI\"><\/span>Industrial Real Estate Remains a Direct Beneficiary of FDI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"32515\" data-end=\"32659\">Despite mixed earnings in the first half of 2026, the long-term fundamentals of industrial real estate continue to be strongly supported by FDI.<\/p>\n<p data-start=\"32661\" data-end=\"32726\">Registered FDI increased by around 58% in the first seven months.<\/p>\n<p data-start=\"32728\" data-end=\"32814\">Implemented FDI reached USD 15.2 billion, the highest seven-month level in five years.<\/p>\n<p data-start=\"32816\" data-end=\"32874\">Manufacturing remained the primary destination of capital.<\/p>\n<p data-start=\"32876\" data-end=\"32947\">This creates clear demand for industrial land, factories and logistics.<\/p>\n<h2 data-section-id=\"1cmbe0a\" data-start=\"32949\" data-end=\"33007\"><span class=\"ez-toc-section\" id=\"H2_2026_Will_Be_Critical_for_Testing_the_Sector_Outlook\"><\/span>H2 2026 Will Be Critical for Testing the Sector Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"33009\" data-end=\"33115\">Viglacera, KBC, Becamex and Sonadezi Chau Duc are entering the second half from different starting points.<\/p>\n<p data-start=\"33117\" data-end=\"33164\">Viglacera has already delivered strong results.<\/p>\n<p data-start=\"33166\" data-end=\"33203\">KBC has significant contract backlog.<\/p>\n<p data-start=\"33205\" data-end=\"33246\">Becamex needs stronger earnings recovery.<\/p>\n<p data-start=\"33248\" data-end=\"33309\">Sonadezi Chau Duc is adjusting to a new accounting treatment.<\/p>\n<p data-start=\"33311\" data-end=\"33421\">Q3 and Q4 results will therefore be important in determining whether the expected profit rebound materializes.<\/p>\n<h2 data-section-id=\"108cs62\" data-start=\"33423\" data-end=\"33506\"><span class=\"ez-toc-section\" id=\"Next-Generation_FDI_Could_Open_a_New_Growth_Cycle_for_Vietnams_Industrial_Parks\"><\/span>Next-Generation FDI Could Open a New Growth Cycle for Vietnam\u2019s Industrial Parks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"33508\" data-end=\"33669\">If investment in R&amp;D, AI, semiconductors and data centers continues to accelerate, Vietnam\u2019s industrial real estate market could enter a fundamentally new phase.<\/p>\n<p data-start=\"33671\" data-end=\"33724\">Demand will no longer be measured only by floor area.<\/p>\n<p data-start=\"33726\" data-end=\"33762\">Investors will increasingly require:<\/p>\n<ul data-start=\"33764\" data-end=\"33875\">\n<li data-section-id=\"rkyus4\" data-start=\"33764\" data-end=\"33781\">reliable power;<\/li>\n<li data-section-id=\"1ivlpk4\" data-start=\"33782\" data-end=\"33804\">data infrastructure;<\/li>\n<li data-section-id=\"13b8fts\" data-start=\"33805\" data-end=\"33817\">logistics;<\/li>\n<li data-section-id=\"1l0snmy\" data-start=\"33818\" data-end=\"33834\">ESG standards;<\/li>\n<li data-section-id=\"1cx2pvg\" data-start=\"33835\" data-end=\"33875\">high-quality technical infrastructure.<\/li>\n<\/ul>\n<p data-start=\"33877\" data-end=\"33952\">Developers that prepare well for this shift are likely to benefit the most.<\/p>\n<p data-start=\"33954\" data-end=\"34128\">For that reason, expectations that industrial real estate profits will be concentrated in the second half of 2026 reflect more than the timing of existing contract handovers.<\/p>\n<p data-start=\"34130\" data-end=\"34311\">They also point to a broader structural change: <strong data-start=\"34178\" data-end=\"34311\">Vietnam\u2019s FDI is moving toward higher-quality investment, and industrial real estate must upgrade to enter the next growth cycle.<\/strong><\/p>\n<p data-start=\"5726\" data-end=\"5748\"><strong data-start=\"5726\" data-end=\"5746\">References:<\/strong><\/p>\n<ul data-start=\"5749\" data-end=\"5903\">\n<li data-section-id=\"qg9xo1\" data-start=\"5749\" data-end=\"5815\">\n<p data-start=\"5751\" data-end=\"5815\"><a class=\"decorated-link\" href=\"https:\/\/industrialland.com.vn\/en\" target=\"_new\" rel=\"noopener\" data-start=\"5751\" data-end=\"5813\">\u0110\u1ea5t Khu C\u00f4ng Nghi\u1ec7p 247<\/a><\/p>\n<\/li>\n<\/ul>\n<h1><span class=\"ez-toc-section\" id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><strong>Free access to exclusive information on warehouse, factory, and land rentals in Dong Nai, Binh Duong, Long An, Ho Chi Minh City, and more.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><a href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/\" target=\"_blank\" rel=\"noopener\"><strong>KHU C\u00d4NG NGHI\u1ec6P 247\u00a0<\/strong><\/a>is a company operating in the field of buying, selling, and leasing factories and real estate<strong>.<\/strong>.\u00a0<a href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/\" target=\"_blank\" rel=\"noopener\">We<\/a>\u00a0are proud to be a leading provider of real estate services in Vietnam. We have a team of highly qualified and experienced real estate consultants who always place trust and credibility at the core of everything we do<a href=\"https:\/\/jsc-vietnam.com\/khu-che-xuat-la-gi-vai-tro-va-loi-ich\/\" target=\"_blank\" rel=\"noopener\">.<\/a><\/p>\n<p><strong>Phone:<\/strong>\u00a0<strong>0901 490 348<\/strong><\/p>\n<p><strong>Email:\u00a0<\/strong>datkhucongnghiep247@gmail.com<\/p>\n<p><strong>Website:\u00a0<\/strong><a href=\"https:\/\/industrialland.com.vn\/en\">https:\/\/industrialland.com.vn\/en<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business results for Vietnam\u2019s industrial real estate sector in the first half of 2026 showed a clear divergence among major companies. While Viglacera delivered positive growth thanks to industrial infrastructure leasing, Becamex, Sonadezi Chau Duc and several other developers faced pressure from revenue-recognition timing, financial costs and accounting changes. Even so, signed but unrecognized contracts, [&#8230;]\n","protected":false},"author":12,"featured_media":6896,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","rank_math_focus_keyword":"industrial real estate,FDI","rank_math_title":"","rank_math_description":""},"categories":[1],"tags":[],"class_list":["post-6895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tin-tuc"],"_links":{"self":[{"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/posts\/6895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/comments?post=6895"}],"version-history":[{"count":1,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/posts\/6895\/revisions"}],"predecessor-version":[{"id":6897,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/posts\/6895\/revisions\/6897"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/media\/6896"}],"wp:attachment":[{"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/media?parent=6895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/categories?post=6895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/tags?post=6895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}