Foreign players dominate Vietnam’s modern warehouse market
Foreign developers currently dominate the modern warehouse market in Vietnam, accounting for 74.5% of market share by net leasable area in 2023, according to Hanoi-based FiinGroup, a leading provider of financial data.
The three largest foreign-owned players – Mapletree, BW Industrial and SEA Logistic Partners (SLP) – account for 46% of the market’s total net leasable area (NLA).

A BW Industrial warehouse. Photo courtesy of the firm.
Mapletree and BW Industrial are the two biggest developers in Vietnam's modern warehouse sector, utilizing their industry knowledge and financial strength for growth, FiinGroup said in a recently-released report on warehousing.
Mapletree has been expanding its warehouse portfolio aggressively in Vietnam, with mega logistic centers in Bac Ninh, Hung Yen, and Binh Duong provinces, each containing 12-24 warehouses.
Meanwhile, BW Industrial and NPL Logistics are two rising stars in the modern warehouse market in Vietnam, with 22 new warehouses in both the north and the south of the country established during the 2020-2022 period.
The market research company assessed that warehousing remains one of the most promising logistics segments in Vietnam, attracting investments from both local and foreign investors, thanks to strong external trade, manufacturing and retail.
Despite the global economic slowdown, Vietnam’s warehousing sector has continued to expand, driven by increased demand for cold storage facilities, particularly from the seafood processing industry and fresh food sectors, which account for up to 70-80% of the demand for cold storage in Vietnam.
Modern warehouse supply witnessed a CAGR of 23% in 2020-2023 and remains strong, with a growth rate of 7%, noted the FiinGroup report.
Investments in the pipeline
The modern warehouse market has recorded active participation of both local and foreign investors with mega facilities. The most active players are Mapletree, SLP, JD Property, Gemadept and Transimex.

SLP Park in Hai An district, Hai Phong, northern Vietnam. Photo courtesy of the firm.
With the recovery of the global economy and rising demand for high-quality storage solutions, the sector is set to attract significant investments.
Both local and foreign investors are now aggressively developing logistics facilities, especially modern warehouses, to meet the rising demand of manufacturing giants, modern trade retail chains, logistics companies, and solid trade activities.
FiinGroup recorded 25 upcoming projects in the period 2024-2027, with an additional net leasable area of 1.87 million sqm. The two biggest projects are being developed by BW Industrial in Dong Nai province and by Mapletree in Bac Ninh province, with respective expected commercial operational dates in 2026 and 2025.
Modern warehouses are concentrated in manufacturing/logistics hubs. The top five major provinces include Binh Duong, Long An, Bac Ninh, Hung Yen and Dong Nai.
The south had the biggest area of modern warehouses at nearly 2.26 million sqm as of 2023, with the key players being Mapletree, nPL Logistics, BW Industrial, and NKV Nippon Konpo Vietnam.
The north came next with over 1.47 million sqm as of end-2023, with the key players being Mapletree, HTNS, nPL, and NKV Nippon Konpo Vietnam. In the central region, there was 140,000 sqm as of 2023, dominated by Thilogy and NKV Nippon Konpo Vietnam.
Logistics, industrial, and retail are the top end-use customer segments supported by the growth of e-commerce and the restructuring of the global supply chain, according to FiinGroup.
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