Electronics, computers, optical products main demand sources for northern Vietnam ready-built-factories
The developers of industrial parks (IP) in the Northern Key Economic Region (NKER) are rushing to source land in order to take advantage of the investment wave in Vietnam, write Cushman & Wakefield analysts.

An industrial park in Vietnam. Photo courtesy of the governmet's news portal.
The northern IP land market continues to be the spotlight of investment attraction with up to 228 ha absorbed in the fourth quarter of 2023.
In the quarter, a new supply of IP land covering 121 ha was registered in Thang Long II IP (expansion phase 3) in Hung Yen province.
Hai Duong and Hung Yen are the two leading provinces in terms of net absorption, acccounting for 33% and 27% respectively. Amid strong demand and sentiment, the average primary price of IP land has continued on an upward trend, reaching $125/square meter/lease term, an increase of 1.4% quarter-on-quarter and 10% year-on-year.
Three new ready-built factories (RBF) projects were launched in Q4/2023, namely BW Nam Dinh Vu 2 and DHP Nam Cau Kien in Hai Phong city, and FPV Industrial Centre Yen My – Phase 1 in Hung Yen province, bringing 89,200 square meters into the market.
Similar to the IP land segment, demand for RBF surged this quarter, with a net absorption of 161,000 square meters. Hai Duong, Hai Phong and Vinh Phuc led in terms of RBF demand with 39%, 27%, and 22%, respectively.
Electronics, computers, and optical products were the main demand sources for RBF. Rents of RBF remained stable quarter-on-quarter, at $4.9/square mater/month, but increased 3.9% year-on-year.
The market welcomed new RBW supply of about 116,500 square meters from two projects, namely IDEC Logistics Center in Bac Ninh province and Mapletree Logistics Park Hung Yen Phase 3.
As challenges from global economic uncertainties remain, the net absorption of RBW in the NKER was recorded at about 32,300 square meters, decreasing 71% quarter-on-quarter. The majority of RBW leasing demand this quarter came from the manufacturing sector. Hai Phong led in terms of net absorption with 37% in total.
The average rent reached $4.6/square meters, stable quarter-on-quarter and increasing 1.4% year-on-year. Therefore, a significant IP land new supply will enter the market in the 2024-2026 period, at about 5,500 ha across seven provinces in the NKER, namely Hanoi, Hai Phong, Quang Ninh, Hai Duong, Hung Yen, Bac Ninh and Vinh Phuc.
The northern region will welcome a future RBF supply of about 1 million square meters in the period 2024-2026. Demand for RBF is expected to be sustained by the manufacturing sector, particularly supporting enterprises in the electronics and automotive sectors.
After a period of continuous new supply, there will be less supply of RBW in the 2024-2026 period than in the 2021-2023 period, with just only 700.000 square meters entering the market.
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