Ready-built factories increase sharply in key industrial provinces

Currently, the total supply of warehouses and ready-built factories reaches 15.1 million square meters. Increased by more than 30% compared to last year. In addition, new supply increased sharply in key provinces.

According to the e-Conomy SEA 2024 report by Google, Temasek and Bain & Company. Vietnam’s e-commerce market is estimated to reach 22 billion USD this year. Ranked 3rd in Southeast Asia after Indonesia (65 billion USD) and Thailand (26 billion USD).

In that context, the demand for warehouse facilities, circulation centers, and logistics centers in Vietnam is also increasing.

The supply of warehouses and ready-built factories in the Southern region reached 10.6 million square meters. In which factories account for 49% and warehouses account for 51%. Occupancy rates of these segments reached 80%, with average rental prices of 4.4 USD/sqm/month.

In the North, warehouses and ready-built factories reached 4.5 million m2. Accounts for 30% of national supply. With a distribution ratio of 61% factory and 39% warehouse assets. The overall occupancy rate reaches 80%, with the average rental price at 5 USD/sqm/month.

According to Mr. John Campbell, Director of Industrial Services Department, Savills Vietnam shared. This positive performance is partly due to strong demand for logistics space.

“In Vietnam, the logistics industry has great growth potential and is one of the fastest growing industries in the world. The main driving force comes from the stable growth rate of the economy. Trade activities, high value-added manufacturing and a growing middle class. Contribute to the growth of the e-commerce industry”, Mr. John Campbell said.

In order to meet this great demand, Mr. John Campbell also made some recommendations. For the Government and investors to consider further in the coming time.

Specifically, the most important step is to invest heavily in infrastructure. And ensure projects are completed on time. Infrastructure is the backbone of logistics. This includes everything from customs clearance to multimodal transport, roads and airports.

Advise:

“Another important factor is ensuring adequate land for logistics and e-commerce. Because some industrial parks in Vietnam are only for production. This can cause challenges for logistics and e-commerce companies finding suitable land. To solve this problem, it is important to have industrial parks that are flexible enough to accommodate both manufacturing and logistics activities”, Mr. John Campbell said.

At the same time, Savills also recommends. Future project development planning for new industrial parks should allocate sufficient space for logistics and warehousing. Besides, with the significant growth of e-commerce in Vietnam. Providing suitable locations for distribution and transit centers is also essential.

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The potential of ready-built factories for rent

According to the survey, the demand for renting ready-built factories is on the rise. This makes the market start to heat up again. Experts say that in the last months of 2024, the market witnessed many successful transactions.

Warehouse and ready-built factory market

According to Ms. Trang Le, Senior Director of Consulting and Research, JLL Vietnam. Vietnam is becoming a destination for many international manufacturers. Most mid-sized and smaller manufacturers choose to rent warehouses or ready-built factories instead of building new ones. Mainly to shorten the time as well as reduce initial investment costs.

In particular, the demand for renting warehouse and ready-built factories space with an area of 1,000 – 5,000m2 is increasing rapidly. Businesses with this need are mainly operating in light industry. They need to look for locations near residential areas where their potential customers are concentrated. This will promote the small and medium-sized warehouse and ready-built factory for rent segment.

Notably, the net absorption rate of the warehouse and ready-built factory segment was positive. Originating from increased domestic demand. In addition, orders to build warehouses/factories as requested by investors are also a driving force to help balance supply and demand in the logistics market. The size of the Southern and Northern logistics market in 2024 has increased about 1.6 times (compared to 2023).

Besides, according to experts. The supply of factories and warehouses is increasing mainly due to increased demand from the e-commerce market.

Meets the needs of the majority of businesses

General Director of Cushman & Wakefield Vietnam Ms./Mrs. Trang Bui said. Warehouses and ready-built factories for rent are the type that meet the needs of the vast majority of businesses today. However, they are also pre-connected to public infrastructure, meeting the criteria of quickly operating. Shorten preparation time for investors with diverse areas. Many price segments suitable for businesses’ capabilities. Next is the industrial park planned in prime locations near the port and airport systems. Suitable for transportation and import and export of goods. And especially the legal is clear and transparent. Fire protection system meets standards. From there, businesses can rest assured and operate production.

Warehouse supply in the Southern region, especially Ho Chi Minh City, is facing great pressure as it has reached a high level; and demand is constantly increasing due to the development of e-commerce. Therefore, investment in infrastructure and logistics will become an important part of strengthening the supply chain. And meet the storage needs of goods from both domestic production markets and international manufacturers.

From the above factors, warehouses and ready-built factories are forecasted to be the most vibrant segment in the industrial real estate market in the next few years. Warehouses and ready-built factories for rent are increasingly growing in both quantity and quality to meet the real needs of investors. Many industrial park project developers are also promoting this segment. And consider this as a solution to diversify customer files, as well as revenue sources in the current context.

Rental prices remain stable in many projects. The average price in the whole market continues to increase slightly. However, only the multi-functional segment has high rental prices.

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3 advantages of choosing a good factory location

A good factory location will be an important prerequisite for competing in business. And it can affect many factors as well as bring the following 3 advantages.

Good factory location attracts customers

A good factory location consistent with the business strategy will help businesses penetrate the market easily. It won’t take you much time to attract potential customers effectively. And it doesn’t take much effort to plan your own advertising. In addition, convenient traffic location will help connect quickly to many points. Easily connect to partners, suppliers, and customers conveniently.

Businesses should carefully research warehouse and ready-built factory rental services. At the same time, accurately identify potential factory markets.

Reduce product costs

A factory with convenient traffic conditions will facilitate trade. From there, the cost of transporting goods, transporting raw materials and products will be minimized. In addition, businesses can also limit unnecessary risks of damage such as damaged products, loss during transportation, etc.

Take advantage of available resources

A good factory location will also help businesses have a good working environment. It can be human resources, raw materials, culture, social security… Taking advantage of available resources will create internal production capacity for the business. This resource will help businesses develop rapidly, stably and sustainably.

Besides, having a green working environment in the factory area will improve employee productivity. The number of products produced will be increased significantly without having to work overtime.

Ossif – ready-built factory with good quality and reasonable rental price

Many businesses have chosen Ossif as a place to expand their production activities. Through the following advantages:

Green, stable and civilized working environment.
Concentrating many multi-industry businesses can easily connect the community.
Prime location: frontage of major traffic routes in the South. Complete infrastructure system, bordering developed provinces, cities and large seaports.
Diverse factory areas with modern facilities for small, medium and large enterprises.
Standard factory quality. Industrial electricity, automatic fire protection, fire trucks, technical support team, 24/7 security.
Periodic inspection and maintenance policy for factories and technical systems.

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Ready-built factories still attract customers

In Vietnam, investment attraction from domestic and foreign enterprises in industrial parks is always high. As a result, the demand for industrial land is also very large.

Besides businesses renting land to build factories, the segment of ready-built factories for rent also attracts customers. Especially in the Southern key economic area.

High demand

The factory rental market is differentiated. Well-invested, high-quality factories in industrial parks are one of the priority choices of businesses. Meanwhile, individual factories outside the industrial park are relatively quiet.

According to information from market research unit CBRE Vietnam shows that. In the first 3 quarters of the year, the Southern level 1 market has leased nearly 420.000 square meters of warehouses and 543 square meters of factories. Nearly twice as high as the same period last year. Rental prices for ready-built factories in the Southern market remain stable.

CBRE VN forecasts that in the next 3 years, industrial land rental prices are expected to increase by 3-7% per year in the South. Meanwhile, rental prices of ready-built warehouses and factories are forecast to increase by 1-4% per year. And the ready-built factory segment will have a higher price increase rate in the next 3 years.

With high demand for this market, domestic and foreign corporations and enterprises are interested in investing in ready-built factories for rent.

In addition, most of the individual factories outside the industrial park are not legally guaranteed. Built on agricultural land, wrong area, lack of infrastructure so it is difficult to attract investment. Furthermore, it is also necessary to pay attention to the regulations of the Convention on safety. Especially when it comes to fire and explosion, which are strictly controlled, this segment is gradually losing its appeal.

On the contrary, ready-built factories for rent in industrial parks ensure legal factors. Ensure compliance with land, fire prevention and environmental standards. In accordance with planning and with full industrial infrastructure. Thereby contributing to attracting the attention of businesses.

OSSIF – Ready-built factory for rent in Tan Kim Industrial Park. Ideal destination for business

Possessing an ideal location on the frontage of National Highway 50, in Tan Kim Industrial Park with a scale of 104.1 hectares. With diverse areas and modern infrastructure. The factory is designed to be airy and has limited columns to optimize production and storage area. Fully equipped with electrical system, automatic fire protection, fire truck, ventilation, lighting, insulation. Full drainage system and spacious parking area.

In addition, OSSIF also provides customer services such as personnel recruitment support. Support meeting room, security team, monitoring team, 24/7 on-duty staff. Businesses can quickly stabilize production without having to worry about anything else.

With strategic coordinates connecting Ho Chi Minh City and 12 provinces of the Southwest. Ossif is located next to Can Giuoc inland waterway port. And just over 23km from Long An International Port. Not only that, Ossif is also approaching a series of projects on Ring Road 3 and 4; CT Ben Luc – Long Thanh; parallel route of National Highway 50. With expanded provincial roads, Can Giuoc Bridge… Not only convenient connection, easy trade to neighboring, domestic and international markets. But also helps businesses save time. As well as the cost of transporting goods and production materials.

OSSIF will be the right choice for domestic and foreign enterprises that want to expand production, storage and business scale.

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Convenient trade with 3 bridges connecting Ho Chi Minh City, Long An, and Tien Giang

3 new bridges connecting the main road of Ho Chi Minh City – Long An – Tien Giang with amount of investment about 4,797 billion VND. Crossing the Vam Co Dong River, Vam Co Tay River and Can Giuoc River, with the starting point on provincial road 827E.

Specifically, the Prime Minister approved investment in 3 bridges including: Can Giuoc, Vam Co Dong, and Vam Co Tay bridges. Connecting 3 provinces and cities: Ho Chi Minh City – Long An – Tien Giang with amount of investment about 4,797 billion VND. Of which, Korean ODA loan is about 4,060 billion VND, and counterpart capital is about 736 billion VND. All three bridges are expected to begin construction in 2026.

Meanwhile, the approach roads at both ends of these three bridges are separated into a separate project. Long An is currently carrying out the inventory and marking. And in January 2025, the land clearance will begin.

The total length of the project is about 11km with a scale of 4 lanes. The investment level is about 1,433 billion VND. The Provincial Traffic Project Management Board is completing the documents. It is expected that the project will be submitted to the Ministry of Transport for appraisal in November 2024. July 2025, contractor selection will be organized and construction will start in September 2025.

The cost of site clearance and access roads to the 3 bridges is about 1,607 billion VND. Currently, the project is being submitted to the People’s Committee for approval of the cost of land acquisition and clearance and access roads to 3 bridges, the cost is about 1,607 billion VND. And from January 2025, compensation payments, land clearance, and resettlement support for people will be carried out.

3 bridges contribute to forming the road connecting Ho Chi Minh City, Long An, Tien Giang

This investment contributes to connecting the International Port to the Southwestern Provinces. Strengthening the connection between the Mekong Delta provinces and Ho Chi Minh City, reducing traffic pressure on National Highway 1, National Highway 50, National Highway N2. Maximize the growing demand for transporting goods and materials in the region.

When the connecting road is completed, it will stimulate and develop Long An’s key economic industry. Such as farming, processing, exporting, building infrastructure, attracting investment capital. Promote the development of industrial parks, warehouses and factories for rent, and urban areas along the route.

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Long An will become an industrial and service center

Located in the Mekong Delta, adjacent to Ho Chi Minh City and has a large-scale port system. Long An identifies logistics as an important economic sector alongside industrial development.

According to economic experts, Long An has many advantages to develop logistics.

First, transport infrastructure is continuously invested in and expanded. Many key projects of regional connectivity are being implemented. Such as Tan An City Belt Road, Provincial Road 830, Provincial Road 830E, Ho Chi Minh City Belt Road 3, Ben Luc – Long Thanh Expressway…

In the coming time, the province will expand more than 50 additional roads and build 29 new provincial roads. Among these, many roads play a driving role in socio-economic development. Improve cargo transshipment capacity, connecting key areas such as parallel road QL62. And My Quy Tay – Luong Hoa – Binh Chanh dynamic axis, Tan Tap – Long Hau road…

Regarding waterways, Long An has two major rivers: Vam Co Dong and Vam Co Tay. Connecting the Eastern and Southwestern regions to the sea. In particular, the province has Long An International Port, which is gradually completing its infrastructure and service system to serve import and export for the Mekong Delta region.

According to the planning until 2030, vision 2050. Long An considers logistics an important economic sector. The province’s goal is to become a center for goods transshipment and warehousing. Connecting provinces in the Mekong Delta with Ho Chi Minh City, the Southeast region and the Cambodian market.

In which, Long An International Port Project plays an important role in industry. Contribute to reducing pressure on port clusters in Ho Chi Minh City. And it also helps businesses reduce transportation costs through convenient connections and many preferential policies.

Expert Reviews

Dr. Dinh The Hien – economic expert commented, regarding the infrastructure development plan in the coming time. Long An can completely become a locality playing an important role in the Southeast and Southwest regions. In the logistics orientation, the province plans to plan 2 inland ports in Ben Luc and Thu Thua. Along with 10 logistics centers in the districts.

According to Ms. Giang Huynh – Deputy Director of Research and S22M Department (Savills Vietnam). There are 3 reasons to believe in the development of Long An.

First of all, the province’s geographical location is a special advantage. It is convenient for economic development, trade as well as logistics.
Secondly, the locality has a large area (4,492 km2) and a lot of vacant land. This is a plus point of Long An market in the eyes of investors.
Thirdly, Long An has many opportunities to develop the industrial real estate and logistics market.

Ms. Trang Bui – General Director of Cushman & Wakefield Vietnam also commented. In recent times, Long An has made great efforts to become a dynamic and effective economic development center. It is an important gateway connecting the Mekong Delta with Ho Chi Minh City and the Southeast provinces.

Besides, Long An is focusing on urban development. Investing in urban upgrading and development will create better infrastructure. Attract investors and improve quality of life for people.

According to experts, despite facing many challenges, such as in building infrastructure, creating a favorable business environment… But Long An also has many opportunities, ready to break through in the future.

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Real estate segments grow positively, expected to “revive” by the end of 2024

Currently, real estate segments from commercial housing to industrial real estate are showing signs of positive growth. Many new projects are being implemented, with expectations that the market will “revive” by the end of 2024.

The report shows that the Vietnamese real estate market in the third quarter of 2024 has shown a positive recovery after the difficult period. Thanks to the stability of the economy and supportive policies from the Government.

The segments: housing, commercial, industrial real estate are currently showing signs of growth with many new projects being implemented.

Mr. Le Dinh Chung – member of VARS Market Research Working Group, General Director of SGO Homes commented. Although the Vietnamese real estate market is gradually recovering from a difficult period, each segment still faces its own challenges. According to Mr. Chung, the current market is led by the apartment segment. With prices constantly increasing on both primary and secondary markets.

The market has also shown signs of “heating up”. Through land speculation, pushing up housing prices and non-transparent real estate transactions.

The industrial real estate segment continues to maintain its “heat” with a sharp increase in the number of new projects, along with increasingly abundant FDI capital.

The occupancy rate of industrial parks already in operation remains at a stable increase (about 75%). The key provinces in the North and South are 82% and 92% respectively.

However, the occupancy rate at established industrial parks is still difficult to increase rapidly due to the waiting between supply and demand. Investors only deploy infrastructure when they have tenants, while businesses only want to invest in projects that already have infrastructure..

The big challenge of this segment also comes from the requirement to “green” industrial parks. Aiming to achieve the high standards of investors, as well as the sustainable development orientation of the country.

The office and retail commercial real estate segment also shows long-term development potential. Due to the growing demand for scale and quality.

New shopping malls, integrating many services, continue to attract customers. Meanwhile, old office buildings and shopping malls that have not been renovated or upgraded are recording increasingly high vacancy rates. While old office buildings and shopping malls are not renovated or upgraded. According to records, the vacancy rate is increasing. Especially small townhouses in prime locations.

Based on the results recorded from the third quarter of 2024, Ms. Pham Thi Mien – Deputy Head of Market Research and Investment Promotion and Consulting Department of VARS forecasts. If factors related to legal, financial and public investment policies continue to improve, the market is likely to “heat up” in the late 2024 period.

Housing supply is expected to continue to be boosted, creating momentum to lead the market, through M&A activities.

“It is forecasted that by the end of 2024, the segments will continue to recover. Luxury apartments will continue to lead the market, villas and townhouses will become more vibrant. Clean legal land attracts investors and social housing will have more opportunities thanks to new regulations. Industrial real estate will continue to grow. And resort real estate will have the opportunity to improve thanks to condotels being granted certificates”, Ms. Mien predicted.

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Industrial property continues expanded to welcome Foreign Direct Investment (FDI)

FDI capital continuously flows intro industrial property. According to Cushman & Wakefield, it is estimated that from now to the next 3 years, about 6000 hectares of land in the industrial park will be launched.

Ready-built warehouse and factory market

The ready-built warehouse and factory market will have additional supply in the future. Respectively 1.4 million per square meter and 19 million per square meter. Of which, 55% of future supply is located in Dong Nai province. Industrial property market recovers thanks to new FDI inflows intro Vietnam and increased domestic consumption. It is known that the demand comes from many different industries. From traditional industries such as platics, vehicle manufacturing and animal feed to high value-added industries such as electronics and pharmaceuticals.

Ms. Trang Bui – General Director of Cushman & Wakefield commented: “It is thanks to positive market sentiment that capital into industrial land has reached 79 hectares in the first 6 months of the year. In the coming time, the prospect of a market with many bright colors for industrial property. Domestic and foreign investor and manufactures are gradually catching up with the shifting trend. When looking tho further provinces in the Central region and the Mekong Delta region thanks to competitive land prices, an active FDI attraction strategy and a constanly improving infrastructure system”.

According to data from the Foreign Investment Agency. As of the end of July, total FDI capital in Vietnam reached 18 billion USD; up to 10.9% compared to the same period last year. It is known that 70.4% of total FDI capital is focused on the processing and manufacturing industry. Poured mainly into high-tech industries sush as electronics, semiconductors, artificial intelligence, renewable energy. The development of those sectors directly impacts industrial property. Due to the increasing demand for factories to meet infrastructure and service requirements.

Vietnam is an attractive investment destination for capital flows

According to analysis by Savills experts, Vietnam is an attractive investment destination for foreign investors. Thanks to its stable political and economic situation and competitive labor costs. In that context, industrial real estate recorded outstanding growth. Attracting many international experts and engineers to work. Creating a key customer base for this market. They often choose to rent serviced apartments managed and operated by international units to meet many requirements on service quality and capital sources.

Currently, investors’ need to diversify supply chains also helps Vietnam become a destination of many considerations. Recently, Nvidia Corporation from the United States has committed to turning Vietnam into a new technology center with a deal worth 200 million USD. Or Hana Micron from Korea and Intel are projects with a scale of up to billions of USD. Along with that, developing green industrial zones. This is a mainstream trend not only taking place in Vietnam but also globally. Therefore, more and more investors are focusing on the circular economy.

Furthermore, Vietnam also aims to achieve net zero emissions by 2050. Therefore, the demand for green industrial real estate comes not only from sustainable development in the manufacturing industry but also from government requirements.

Occupancy rate in FDI projects

According to data from the Vietnam Association of Realtors (VARS), Vietnam currently has 418 industrial parks and export processing zones with a total area of nearly 1.3 million hectares. Including 371 zones outside economic zones; 39 zones in coastal economic zones and 8 zones in border economic zones.

Industrial parks and economic zones have attracted more than 10,400 domestic investment projects. And over 11,200 FDI projects are still in effect with total registered capital of over 2.54 quadrillion VND and 231 billion USD.

FDI capital in industrial parks and economic zones accounts for about 35-40% of the total registered FDI capital increase of the whole country in recent years. On average, the occupancy rate of operating industrial parks is over 75%. 82% in the key northern provinces and 92% in the key southern provinces.

Stable investment environment attracts strong FDI capital

VARS representative said that thanks to the stable political environment and preferential tax policies, Vietnam is considered an attractive destination for foreign investors. There is also strong development of infrastructure; Especially transport and logistics infrastructure. They have helped connect industrial zones and domestic and foreign consumer markets.
Along with that is the opportunity to expand export markets. And attract investment when Vietnam participates in many free trade agreements. At the same time, the shift of global supply chains, especially from China, has significantly contributed to boosting the demand for Industrial Real Estate in Vietnam.

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Industrial property forum 2024 (VIPF)

The 2024 Industrial Property Forum attacted the participation of many representatives of state management agencies and locaties. Along with that is association of businesses, experts, domestic and foreign investors.

On July 30th, in HCM City, The 4th Vietnam Industrial Property Forum (VIPF) 2024; Organizied by Investment Newspaper under the auspices of the Ministry of Planning and Investment. Incoordination with the Vietnam Instrial Real Estate Association.

With the theme “Going Green for new investment waves”, the forum includes 2 discussion session;

Development prospects of Vietnam’s industrial real estate market;
And Green transformation in industrial parks, a driving force to welcome new investment waves.

At session 1: Experts and businesses focused on discussing long-term prospects. Along with growth potential, development trends of industrial parks; Attractive fields and locations for industrial real estate.

At session 2: Discussion on trends and model of green real estate development in the future; solutions, technologies, products for construction; and green transformation in industrial parks. Aiming to build green industial parks and ecological industrial parks to attract new investment projects.

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Rents increase, ready-built factories are still popular

The industry group with increased rental demand for warehouses and ready-built factories in the South comes from high-tech companies, renewable energy and e-commerce.

According to CBRE Vietnam’s real estate market report for the first 6 months of the year, positive development in the industrial park real estate market continue to be recorded.

Notably, the demand for renting warehouses and ready-built factories from manufacturers in the North and the South increased in the first half of this year.

Demand for renting warehouses and ready-built factories is increasing

For the warehouses and ready-built factories market in the North, in the first half of 2024, there will be more than 225,000m2 of warehouses and ready-built factories completed in level 1 markets (Hanoi, Hai Phong, Bac Ninh, Hung Yen, Hai Duong). Of which, warehouses and ready-built factories area accounts for 95%.

The absorption area of the ready-built factories is also outstanding and is more than four times higher than the absorption area of the warehouses.

By the end of the second quarter of 2024, the occupancy rate of ready-built factories reached 89%, while warehouses in the Northern region maintained an occupancy threshold of 79%.

The rental price for ready-built factories reached 4.9 USD/m2/month, up 2% over the previous year, and ready-built warehouses reached 4.6 USD/m2/month, down 1% year-on -year.

Groups of companies in the electronics, semiconductor, furniture, and logistics industries are the tenants driving the demand for renting ready-built factories and warehouses in the North in the first halft of this year.

After a period of strong growth, the ready-built warehouse market in the South has no new supply. In the first six months of 2024, the occupancy reate reached 63% thanks to large transactions recorded at projects in HCM and Long An.

In contrast, the ready-built factory market had exciting developments when large-scale projects with a total area of more than 371.000m2 in Binh Duong and Dong Nai came into operation in the first six months of this year. Due to strong supply growth, the occupancy rate compared to the previous quarter reached 81%.

Warehouses and ready-built factories rental prices in the Southern market remained stable compared to the previous quarter, reaching 4.5 and 4.9 USD/m2/month, respectively. With a growth rate of 2% over the same period last year for warehouses, and 1% for factories.

The demand for ready-built warehouses in the South comes from manufacturers in the high-tech and renewable energy sectors, in addition to the expansion of companies in the e-commerce sector.

Opportunity when manufacturers expand factories

For the industrial land market, industrial land prices in tier 1 markets in the North increased slightly by 0.3% over the previous quarter and 4.5% over the same period. Reaching an average threshold of 134 USD/m2/remaining term.

For the Southern region, industrial land prices in tier 1 southern markets remain at 173 USD/m2/remaining term. Stable compared to the previous quarter and increased 1% over the same period last year.

The absorption area in the first six months of 2024 reached more than 220 hectares, helping the occupancy rate in the Northern region maintain at 83%. Manufacturers in the electronics sector continue to lead the Northern market, with large transactions coming from Victory Giant or Foxconn in Bac Ninh.

In the Southern market, the occupancy rate is stable at 89% and the absorption area reaches more than 259 hectares in the first six months of 2024. Manufacturers tend to expand to markets such as Long An and Ba Ria-Vung Tau (where industrial land fund is still relatively abundant with more competitive rental prices compared to other tier 1 markets such as Ho Chi Minh City, Dong Nai, Binh Duong).

According to CBRE, in the first six months of 2024, FDI disbursement into Vietnam reached 10.8 billion USD, the highest in the past 5 years. Along with that, a series of large factories in the two regions started construction, notably the Pandora factory (Binh Duong), Suntory Pepsico factory (Long An) or SK factory (Hai Phong), continuing to see positive signs of industrial real estate.

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