Vietnam industrial, logistics real estate flashing on investors’ radars
Industrial and logistics properties in Vietnam are the preferred asset choice for foreign investors, with the country growing into a new global manufacturing hub, while the office segment is also in demand, said Cushman & Wakefield’s Asia Pacific CEO Matthew Bouw.
“It is important to keep in mind that commercial real estate is intrinsically local, which means it will perform differently by local market and by asset class. As an example, the office market in Ho Chi Minh City is different from the office market in Hanoi, and performance will often differ between the two,” he said during a recent working visit to Vietnam to offer updates on global market developments.
He added that though international investors prefer industrial and logistics property in Vietnam, some will look at grade-A offices since HCMC, the country’s economic powerhouse, is still a landlord-favorable market.

Cushman & Wakefield’s Asia Pacific CEO Matthew Bouw. Photo courtesy of the company.
The Vietnamese real estate market is becoming a more institutional investor market which is a good thing, Bouw noted.
Cushman & Wakefield held a large client event in Singapore about two months ago where the property services company welcomed 80 world-leading investors, a number of whom operate in Asia. During the event, the firm asked them to rank their preferred real estate investment markets and the responses were often Japan, Australia, and Vietnam.
“The positive sentiment around Vietnam is due to a number of factors, including the fast-growing manufacturing sector, and the growth dynamics of Vietnam more broadly,” said Bouw.
“I have noticed a number of new regulations issued in Vietnam, and many other positive initiatives the government is undertaking to improve compliance and the general business environment. These initiatives are a positive step for Vietnam as an investible market for commercial real estate.”
Many major multinational companies are already present in Vietnam, including Samsung, LG, Amkor Technology, Intel Inc., Foxconn, Goertek, Lego, Panasonic, and Canon, just to mention a few.
“This is a really positive sign for institutional investors because where occupiers go, institutional investors will follow,” Bouw said.
He stressed that in Southeast Asia, Vietnam and the Philippines are two of the more sought-after emerging markets for institutional investors.

The port cluster of Cai Mep-Thi Vai in Ba Ria-Vung Tau province, southern Vietnam. Photo courtesy of Ba Ria-Vung Tau newspaper.
Emerging markets are very nuanced and specific so investors need local intelligence and partnerships to secure approvals, source materials and talent. “That is an easier way for institutional investors to enter Vietnam, so you will likely see a lot of this activity and those partnerships will continue their momentum as the market matures,” Bouw explained.
The opportunities of the future lie in industrial and logistics, high-end manufacturing and data centers. In the last two years, the amount of data stored in the world has doubled, according to Cushman & Wakefield.
“With the growth of online gaming, shopping, and cloud usage in general, Vietnam can become a center for that. By maintaining the growth drivers but putting in the necessary support columns – regulation, transparency, compliance, etc – to facilitate that growth, Vietnam will be able to increase its competitiveness within the region and become even more attractive to investors,” said the firm’s Asia Pacific CEO.
In the Asia Pacific data center industry, Vietnam, Japan, Korea, India, Australia, Indonesia, Thailand, the Philippines, China, and Malaysia are the leading markets, according to the Data Center Market Share 2023 report issued on Monday by research, analytics and consultancy company Precision Reports.
Meanwhile, Research and Markets, the world’s top market research store, said this March that Vietnam’s data center market size is expected to increase to more than $1 billion by 2028 from $561 million in 2022, growing at a compound annual growth rate (CAGR) of 10.68%.
In its “Vietnam Data Center Market - Investment Analysis & Growth Opportunities 2023-2028” report, the firm said existing operators are expanding their presence in the country by investing in new facilities.
The market’s strong growth is being driven by government efforts and initiatives, for example, Vietnam’s Digital Transformation Program 2025 which aims to transfer around 50% of businesses to digital platforms.
Some current key investors in the Vietnamese data center market are Japan-based NTT Global Data Centers, and Vietnam-based firms Viettel, VNG Corp., HTC Telecom International (ECODC), FTP Telecom, CMC Telecom, VNPT, and VNTT.
NTT Global Data Centers is building its second data center in Vietnam in partnership with domestic firm QD.Tek. The facility, called NTT Global Data Centers HCMC1 and located in HCMC’s Saigon Hi-Tech Park, is set to open in 2024.
In August 2022, Amazon Web Services (AWS) announced the launch of its edge data centers in Hanoi and HCMC. AWS joined the largest ever U.S. business mission to Vietnam from March 21-23, organized by the U.S.-ASEAN Business Council, to discuss and sound out investment opportunities. AWS and other tech firms in the delegation said they want to help develop Vietnam's digital economy.
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