INDUSTRIAL PARK (IP) LAND
SUPPLY: LAND STOCK REMAINS STABLE AS NEW PROJECTS PREPARE FOR DEVELOPMENT
In Q3 2026, total industrial park land stock in the Southern Key Economic Region remained at approximately 35,800 ha, with no major projects entering operation. Most new projects were still undergoing planning, site clearance and infrastructure development.
DEMAND: CONTINUED GROWTH SUPPORTED BY ROOM FOR EXPANSION
Regional occupancy reached 75.8%, remaining largely unchanged QoQ, with an increase of 0.03 ppt, and rising 1.5 ppt YoY. HCMC led at 85.1%, although occupancy declined by 1.1 ppt QoQ, reflecting adjustments in some tenants’ land requirements while supply remained unchanged. In contrast, Dong Nai reached 72.9% (+1.0 ppt QoQ and +1.5 ppt YoY), supported by improving logistics infrastructure. Tay Ninh recorded 60.9% (+1.0 ppt QoQ and +2.7 ppt YoY), supported by ample land availability and competitive costs.
RENTS: DIFFERENCES REFLECT LAND AVAILABILITY
Average industrial land rent reached VND 4.89 million/m²/lease term, down 0.4% QoQ but up 1.2% YoY. Differences in land availability were the main factor behind rental variations across the three localities. HCMC recorded the highest rent and the strongest rental growth, reaching VND 4.99 million/m²/lease term, up 1.1% QoQ and 7.5% YoY. Despite the quarterly decline in occupancy, limited land availability and demand from high-tech companies and value-added logistics providers continued to support rent growth. Dong Nai recorded approximately VND 4.93 million/m²/lease term, down 1.4% QoQ and 0.1% YoY. A wider range of industrial land options kept rents broadly stable. Tay Ninh had the lowest rent at VND 4.68 million/m²/lease term, down 1.0% QoQ and 7.2% YoY. Developers continued to offer competitive rents to attract tenants and make use of the locality’s large land stock
MARKET OUTLOOK: FUTURE SUPPLY AND THE SHIFT TOWARDS GREEN DEVELOPMENT
Approximately 5,254 ha of leasable industrial park land is expected to enter the market during 2026–2028, equivalent to around 15% of existing stock. HCMC will account for 44% of new supply, helping ease land shortages in the market with the strongest rent growth. Tay Ninh will account for 39%. Given its lowest regional occupancy and declining rents, it is expected to face the greatest pressure from price competition. Dong Nai will account for only 17%, suggesting that its development focus is shifting towards improving the quality of existing industrial parks.
Dong Nai, identified as a growth hub for the Southeast region during 2026–2030, is implementing a roadmap to transform existing industrial parks into eco-industrial and smart industrial parks by 2030. The local government considers the green transition essential to attracting high-quality FDI, with priority given to high-tech, clean-technology and high-value-added projects.
This trend could change how industrial parks compete. While rents remain a key competitive factor, particularly in Tay Ninh, projects will increasingly compete on sustainability standards, energy efficiency and smart infrastructure. Industrial parks that adopt these standards early will have a clear advantage in attracting high-quality tenants as new supply enters the market during 2026–2028.
READY-BUILT FACTORY (RBF) (*)
SUPPLY: REMAINS STABLE
In Q3 2026, total ready-built factory (RBF) supply across HCMC, Dong Nai and Tay Ninh reached approximately 7.0 million m² of net leasable area (NLA), largely unchanged QoQ and up 6.2% YoY. HCMC led with 3.33 million m², accounting for nearly half of regional supply, followed by Dong Nai 2.19 million m² and Tay Ninh 1.45 million m². Although factory stock had expanded significantly compared with a year earlier, almost no new space entered operation during the quarter.
DEMAND: OCCUPANCY REMAINS HIGH BUT DECLINES SLIGHTLY
The average occupancy rate reached 91.4%, down 0.8 percentage points QoQ and 1.4 percentage points YoY. Supply remained unchanged from the previous quarter, so the quarterly decline reflected an increase in vacant space. Tay Ninh had the highest occupancy rate at 94.7%, up 0.4 percentage points QoQ but down 0.2 percentage points YoY. Dong Nai reached 93.7%, down 0.6 percentage points QoQ and up 1.4 percentage points YoY. HCMC recorded the lowest rate at 88.3%, down 1.4 percentage points QoQ and 3.8 percentage points YoY. HCMC was the main contributor to the overall decline, as some tenants reduced their leased space and supply added in previous quarters was still not fully occupied.
RENTS: STABLE, WITH DIFFERENCES ACROSS LOCALITIES
Average net asking rent reached VND 129,700/m²/month, down 0.3% QoQ but up 1.9% YoY. HCMC maintained the highest rent at VND 134,600/m²/month, down 0.4% QoQ but up 2.4% YoY. Dong Nai recorded VND 129,500/m²/month, down 0.3% QoQ and up 0.8% YoY. With occupancy also declining in both markets, room for rent increases remained limited in the short term. Tay Ninh had the lowest rent at VND 119,300/m²/month. However, it was the only market to record quarterly rent growth (+0.1%) and had the strongest annual increase (+3.0%). Competitive rents helped Tay Ninh achieve the highest occupancy in the region, providing a basis for further modest rent growth.
MARKET OUTLOOK: INDUSTRIAL GROWTH SUPPORTS SELECTIVE EXPANSION
Industrial growth continues to support RBF demand over the medium term. In the first nine months of 2026, the Index of Industrial Production (IIP) rose by 10.9% in HCMC, 12.6% in Dong Nai and 15.0% in Tay Ninh. However, as recent trends in HCMC suggest, higher output may not immediately translate into demand for additional space, as businesses tend to maximize the use of existing factories before expanding.
Approximately 1.28 million m² of new supply is expected during 2026–2028, equivalent to around 18% of existing stock. HCMC will account for 66%, followed by Tay Ninh at 29% and Dong Nai at 5%. Competition among projects is expected to increase. Factories offering reasonable costs, flexible unit sizes and well-developed infrastructure will have a competitive advantage.
In terms of infrastructure, Long Thanh Airport began trial operations in September 2026 and is targeting commercial operations by year-end. Meanwhile, the Ben Luc–Long Thanh Expressway was scheduled to fully open in September 2026. The expressway directly connects the former Long An area, now part of Tay Ninh, with Dong Nai, Long Thanh Airport and the Cai Mep–Thi Vai port complex. It is expected to shorten transport times and make factories in Tay Ninh and Dong Nai more attractive to tenants.
READY-BUILT WAREHOUSE (RBW)
SUPPLY: REMAINS STABLE
In Q3 2026, total ready-built factory (RBF) supply across HCMC, Dong Nai and Tay Ninh reached approximately 7.0 million m² of net leasable area (NLA), largely unchanged QoQ and up 6.2% YoY. HCMC led with 3.33 million m², accounting for nearly half of regional supply, followed by Dong Nai 2.19 million m² and Tay Ninh 1.45 million m². Although factory stock had expanded significantly compared with a year earlier, almost no new space entered operation during the quarter.
DEMAND: OCCUPANCY REMAINS HIGH BUT DECLINES SLIGHTLY
The average occupancy rate reached 91.4%, down 0.8 percentage points QoQ and 1.4 percentage points YoY. Supply remained unchanged from the previous quarter, so the quarterly decline reflected an increase in vacant space. Tay Ninh had the highest occupancy rate at 94.7%, up 0.4 percentage points QoQ but down 0.2 percentage points YoY. Dong Nai reached 93.7%, down 0.6 percentage points QoQ and up 1.4 percentage points YoY. HCMC recorded the lowest rate at 88.3%, down 1.4 percentage points QoQ and 3.8 percentage points YoY. HCMC was the main contributor to the overall decline, as some tenants reduced their leased space and supply added in previous quarters was still not fully occupied.
RENTS: STABLE, WITH DIFFERENCES ACROSS LOCALITIES
Average net asking rent reached VND 129,700/m²/month, down 0.3% QoQ but up 1.9% YoY. HCMC maintained the highest rent at VND 134,600/m²/month, down 0.4% QoQ but up 2.4% YoY. Dong Nai recorded VND 129,500/m²/month, down 0.3% QoQ and up 0.8% YoY. With occupancy also declining in both markets, room for rent increases remained limited in the short term. Tay Ninh had the lowest rent at VND 119,300/m²/month. However, it was the only market to record quarterly rent growth (+0.1%) and had the strongest annual increase (+3.0%). Competitive rents helped Tay Ninh achieve the highest occupancy in the region, providing a basis for further modest rent growth.
MARKET OUTLOOK: INDUSTRIAL GROWTH SUPPORTS SELECTIVE EXPANSION
Industrial growth continues to support RBF demand over the medium term. In the first nine months of 2026, the Index of Industrial Production (IIP) rose by 10.9% in HCMC, 12.6% in Dong Nai and 15.0% in Tay Ninh. However, as recent trends in HCMC suggest, higher output may not immediately translate into demand for additional space, as businesses tend to maximize the use of existing factories before expanding.
Approximately 1.28 million m² of new supply is expected during 2026–2028, equivalent to around 18% of existing stock. HCMC will account for 66%, followed by Tay Ninh at 29% and Dong Nai at 5%. Competition among projects is expected to increase. Factories offering reasonable costs, flexible unit sizes and well-developed infrastructure will have a competitive advantage.
In terms of infrastructure, Long Thanh Airport began trial operations in September 2026 and is targeting commercial operations by year-end. Meanwhile, the Ben Luc–Long Thanh Expressway was scheduled to fully open in September 2026. The expressway directly connects the former Long An area, now part of Tay Ninh, with Dong Nai, Long Thanh Airport and the Cai Mep–Thi Vai port complex. It is expected to shorten transport times and make factories in Tay Ninh and Dong Nai more attractive to tenants.
