Q2 remains lucrative for Vietnam’s industrial park developers despite tariff concerns
Vietnam’s industrial real estate firms thrived in Q2, shrugging off concerns that U.S. reciprocal tariffs would weigh on the sector.
Amid global tariff policy uncertainties, foreign-invested firms tend to take a wait-and-see approach. Still, Q2 turned out to be a strong quarter for Vietnam’s industrial property sector.
Data compiled by The Investor on 13 major industrial park developers showed that post-tax profit surged 77% year-on-year, with 11 firms reporting higher earnings and several posting record highs.
Notably, Ho Chi Minh City-based Becamex IDC Corp (HoSE: BCM) posted a post-tax profit of VND1.47 trillion ($56.13 million) for the quarter, up 3.7 times from the same period last year.
The surge was driven by net revenue more than doubling to VND2.52 trillion ($96.23 million) and a 2.6-fold jump in gross profit to VND1.81 trillion ($69.12 million). Profit from joint ventures and affiliates climbed sharply, rising from VND455 billion to VND603 billion ($23.03 million).

The expanded Bau Bang Industrial Park by Becamex in Ho Chi Minh City. Photo courtesy of the company.
According to SSI Securities, 91% of Becamex’s revenue came from residential and industrial real estate, which surged 223% year-on-year to VND2.32 trillion ($88.59 million).
Of that, industrial real estate brought in VND1.5 trillion ($57.28 million), largely driven by the lease of 45.74 hectares in BW Bau Bang 06 in Ho Chi Minh City at $135 per square meter for the entire lease term. The remainder came from land transfers in Binh Duong New City and the Bau Bang residential expansion project, also in the southern metropolis.
Becamex’s gross margin jumped to nearly 72% in Q2 from 60% a year earlier, supported by the Bau Bang industrial park expansion, which delivered a 74% margin thanks to low land compensation and usage costs.
Hanoi-based Viglacera (HoSE: VGC) saw after-tax profit surge 216% year-on-year to VND540 billion ($20.62 million) in Q2, powered by a robust pickup in industrial infrastructure leasing.
Its H1 earnings reached VND838 billion ($32 million), more than double the same period in 2024.
The company operates two core segments: real estate, covering social housing, worker housing in industrial parks, and industrial land leasing; and building materials, including glass, sanitary ware, ceramic tiles, and clay roofing products.
In H1, real estate contributed 40% of net revenue and 70% of gross profit, generating VND2.48 trillion ($94.7 million) and VND1.4 trillion ($53.46 million), respectively, marking increases of 25% and 47% from a year earlier.
Sonadezi (HoSE: SNZ), based in the southern province of Dong Nai, reported a record after-tax profit of VND799 billion ($30.5 million) in Q2, up 56% from the same period in 2024, driven primarily by strong growth in its industrial property segment.
Net revenue rose 34% to VND2.1 trillion ($80.18 million), while slower cost growth helped lift gross profit 60% to VND1.12 trillion ($42.76 million). The industrial property business contributed VND925 billion ($35.32 million) in revenue, a 76% jump, and VND791 billion ($30.2 million) in gross profit, up 105%.
Revenue from waste collection and treatment services climbed 35% to over VND317 billion ($12.11 million), with gross profit rising 26% to VND36 billion ($1.37 million).
Industrial Urban Development No.2 Corp. (HoSE: D2D), also in Dong Nai province, posted a record net profit of VND207 billion ($7.9 million) in Q2, a sharp turnaround from a VND6.4 billion ($244,372) loss a year earlier.
The surge was driven by a land transfer at Chau Duc Industrial Park in HCMC, which brought in VND592 billion ($22.6 million) in revenue and VND290 billion ($11.07 million) in gross profit.
Other industrial property firms also posted strong Q2 profit growth, including Kinh Bac City Development Holding Corporation (HoSE: KBC) with 46%, Nam Tan Uyen JSC (HoSE: NTC) with 48%, and Sonadezi Giang Dien JSC (UPCoM: SZG) with 97%.
Industrial land rents keep rising
Gross profit margins of Vietnam’s industrial property developers widened notably in Q2, driven by rising industrial land lease prices across both northern and southern regions.
Becamex reported a margin of 71.8%, up from 60% a year earlier, bolstered by its Bau Bang expansion project. Viglacera’s margin climbed to 35% from 24.1%, while Sonadezi’s improved to 53% from 44.6%.
Beyond project-specific cost advantages, the broader increase in industrial land rents was a key factor fueling the sector’s margin expansion.
Average asking rents for industrial land in northern Vietnam reached $136 per sqm per lease term in Q2, up 3% from Q1 and 5% year-on-year, according to consultancy firm Cushman & Wakefield.
Ready-built factories and warehouses were leased at $4.9-5 per sqm per month, marking a 2% increase from a year earlier,
In the south, average industrial land rents rose 1.13% quarter-on-quarter and 1.7% year-on-year to $179 per sqm per lease term. Rents for ready-built factories averaged $4.8 per sqm per month, up 2.13% year-on-year, while warehouse rents held steady at $4.4.
In the near term, U.S. tariff announcements may temporarily dampen leasing demand. However, once negotiations conclude and trade policies stabilize, capital inflows are expected to rebound.
Cushman & Wakefield noted that the continued development of infrastructure projects, such as expressways, airports, and seaports, is creating favorable conditions for investors in industrial parks, and ready-built factories and warehouses.
In the north, the firm expects supply to keep expanding, with around 7,000 hectares of industrial land set to be added to the market between 2025 and 2028. Northern provinces are pushing ahead with key infrastructure upgrades, including the expansion of Gia Binh Airport in Bac Ninh province into a 4E-grade international facility and new sections of the North–South Expressway.
As infrastructure improves, the region is drawing interest not only from domestic investors but also from international manufacturers, particularly those in high-tech, electronics components, and automated production.
Southern Vietnam is also expected to see around 7,000 hectares of new industrial land added between 2025 and 2028. In HCMC alone, 14 new industrial parks covering 3,833 hectares are slated for development during 2021-2030, including the 500-hectare Hiep Phuoc 3 IP. From 2027 to 2030, the city plans to launch five more parks with a combined area of over 1,500 hectares.
The merger of Binh Duong, HCMC, and Ba Ria–Vung Tau into a new, expanded HCMC in July 1 would form a key economic hub anchored by three pillars - HCMC as the financial center, Binh Duong as the industrial capital, and Ba Ria-Vung Tau as a logistics gateway.
Major infrastructure projects, such as Ring Road 3, the Bien Hoa-Vung Tau Expressway, and Long Thanh International Airport in neighboring Dong Nai are expected to give a strong boost to industrial park development and energize the market.
Meanwhile, administrative consolidation in nearby provinces such as Long An and Tay Ninh is expected to expand development space and strengthen inter-regional infrastructure connectivity. This is set to boost industrial land supply and unlock major opportunities for investors, fueling southern Vietnam’s economic growth.
U.S. President Donald Trump last Thursday signed an executive order imposing new reciprocal tariffs on imports from 69 countries and territories, with rates ranging from 10% to 41%. Vietnam was hit with a 20% levy.
According to the executive order, the reciprocal tax rate for Vietnam is reduced from 46% to 20%, Vietnam's Ministry of Industry and Trade (MoIT) stated on its website at 4:40 p.m on August 1.
In late April, after the U.S. announced a delay in imposing reciprocal tariffs and agreed to start negotiations with Vietnam, Prime Minister Pham Minh Chinh established a Government Negotiation Delegation led by Minister of Industry and Trade Nguyen Hong Dien and directed the development of a negotiation plan.
The executive order stated: "Certain foreign trading partners have agreed to, or are on the verge of concluding, meaningful trade and security agreements with the U.S. Goods of those trading partners will remain subject to the additional ad valorem duties until such time as those agreements are concluded.”
- Read More
Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure
Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.
Companies - Thu, August 7, 2025 | 4:31 pm GMT+7
Northern Vietnam province accelerates $2.2 bln LNG-to-power project
Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.
Energy - Thu, August 7, 2025 | 4:17 pm GMT+7
Vietnam's seafood firms ride profit wave ahead of US tariff hike
Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.
Economy - Thu, August 7, 2025 | 2:21 pm GMT+7
Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC
Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.
Companies - Thu, August 7, 2025 | 2:01 pm GMT+7
Indonesia, Malaysia, Thailand expand local currency transaction network
Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.
Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7
ASEAN to sign MoU on regional power grid implementation
ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.
Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7
Vietnam overtakes Thailand to become world's second-largest rice exporter
Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.
Companies - Thu, August 7, 2025 | 12:41 pm GMT+7
Vietnam posts trade surplus of $10.18 bln in 7 months
Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.
Economy - Thu, August 7, 2025 | 12:19 pm GMT+7
Malaysia pledges big purchases, investments with US
Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.
Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7
Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt
Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.
Companies - Thu, August 7, 2025 | 10:11 am GMT+7
Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil
Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.
Economy - Thu, August 7, 2025 | 9:57 am GMT+7
Malaysia steps up efforts to explore nuclear energy potential
Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.
Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7
Indonesia's economy grows faster than expected
Indonesia's economy expanded by 5.12% year-on-year in Q2/2025, up from 4.87% in the previous quarter, exceeding the forecasts of many economic organizations, which had previously projected a rate of less than 5%, according to Statistics Indonesia (BPS).
Southeast Asia - Thu, August 7, 2025 | 8:07 am GMT+7
Philippine energy group eyes investment in Vietnam’s power sector
AboitizPower wants to invest in Vietnam’s electricity industry, especially in transmission infrastructure, said Danel Aboitiz, executive director of the corporation.
Energy - Wed, August 6, 2025 | 11:11 pm GMT+7
Vietnam seeks 8.3-8.5% economic expansion for 2025
The Government has requested the State Bank of Vietnam to proactively adjust the credit growth aim for this year in line with a GDP expansion target of 8.3-8.5%.
Economy - Wed, August 6, 2025 | 10:41 pm GMT+7
Japanese investment in Vietnam shifts toward service, trade, and technology: bank exec
Japanese investment in Vietnam is seeing a notable shift, with sharp increases in the services, trade, and technology sectors, while investment in manufacturing has slowed, said Abe Ryota, a senior economist at Sumitomo Mitsui Banking Corporation (SMBC).
Economy - Wed, August 6, 2025 | 4:06 pm GMT+7