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Wednesday, June 19, 2024

Promising growth of industrial real estate

By Hung Le

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The industrial real estate sector in Vietnam is exhibiting signs of robust growth, driven by an influx of foreign manufacturers. These businesses are choosing Vietnam as their investment destination, attracted by opportunities for supply chain diversification and market expansion. Q1 business performance In the first quarter of 2024, industrial real estate, particularly through the leasing of ready-built factories and warehouses, stood out as a beacon of success in an otherwise lackluster real estate market in Vietnam. This trend was reflected in the strong business performance of numerous listed companies. For instance, the Q1/2024 consolidated financial statement of IDICO Corporation JSC indicated a remarkable performance. The company booked over VND2,467 billion in revenue, up by a staggering 115% against the same period last year. A significant portion of this revenue, nearly VND1,308 billion or 53% of the total, came from industrial park infrastructure, which saw a six-fold increase in revenue compared to the previous year. Its revenue from real estate investments reached VND281 billion, up by nearly ten-fold. The company credited the substantial profit growth to the high number of industrial park infrastructure leasing contracts. With the solid performance in the first quarter, IDICO achieved 30% of its annual revenue target […]
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