Thailand’s biggest industrial developer Amata recorded a revenue of THB286 million ($8.3 million) from its activities in Vietnam in the first quarter of this year, according to the firm’s report.
Globally, the company posted a revenue of THB2,180 million ($63.2 million) in the first quarter, up 26% year-on-year, including THB1,185 million from industrial land sales, THB756 million from utilities and services, and THB199 million from rentals.
In Vietnam, the firm did not make any revenue from industrial land sales in the period; gained a revenue of THB278 million ($8.1 million) from utilities and services, tripling year-on-year; and posted a revenue of THB8 million from rentals of ready built factories, about one-seventh of last year.
Amata said revenue from global services increased about 89% year-on-year, mainly driven by consumption in Vietnam. Meanwhile, the underperformance in the rental segment in Vietnam was due to the fact that Amata sold off ready-built factory real estate in Vietnam last year, so there were less available units for rent.
Besides, Amata noted a loss of THB33 million ($0.96 million) due to the depreciation of the Vietnamese dong and Lao Kip in the period.
Currently, Amata runs five projects in Vietnam. In the north, the 7.14-square-kilometer Amata City Halong in Quang Ninh province has a prime location 30 kilometers from a deep-water seaport, 30 kilometers from an international airport, and 200 kilometers from the Vietnam-China border.
In central Vietnam, Amata’s Quang Tri project is progressing. The one-square-kilometer facility will utilize Quang Tri province’s strategic development of power plants, a deep-water seaport, motorways, and others.
In the south, Amata City Bien Hoa, Amata Township Long Thanh, and Amata City Long Thanh Hi-Tech Industrial Park, all in Dong Nai province, cover 5.13 square kilometers, 7.53 square kilometers, and 4.1 square kilometers, respectively.
The most recent deal signed by Amata in Vietnam was with Anh Duong Irradiation Technology JSC to lease two hectares in Amata City Long Thanh Hi-Tech Industrial Park on July 17. Construction of the Anh Duong Irradiation Technology’s project with an investment of VND650 billion ($27.5 million) is set to commence later this month and the facility is scheduled to begin operations in the third quarter of 2024.