△Vietnam.

Industrial property was a bright spot in Vietnam"s real estate market in the first half of this year, driven mainly by the strong expansion of foreign-invested manufacturers, local newspaper Vietnam News reported on Monday.

Net absorption of industrial land in tier-1 markets reached 386 hectares and 397 hectares in the north and south, respectively, the newspaper reported, citing a recent report from commercial real estate services provider CBRE Vietnam.

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The figure was up by 60 percent for the north and 20 percent for the south compared to the same period of last year, it said.

Industrial land rental rates sustained strong growth in both regions due to limited land ready for handover. Average rental rates for tier-1 markets reached 127 U.S. dollars per sqm and 187 U.S. dollars per sqm, respectively.

Ready-built warehouses (RBW) and ready-built factories (RBF) both witnessed strong growth in supply. In the first six months of 2023, the total area of RBF and RBW completed in the tier-1 market in both regions reached 900,000 sqm, 60 percent of which was from the north, according to the report.

The northern region continued to see strong demand from the electronics sector. During the first half of this year, the market recorded an expansion of big manufacturers such as Foxconn and Goertek in industrial parks in Bac Giang and Bac Ninh provinces.

The strong expansion of Chinese manufacturers in various sectors contributed to the good absorption of industrial land and RBF segment in the north, the report said.

Meanwhile, demand for the southern market is diverse. Tenants from the automotive, garment and packaging industries were among the most active players looking for industrial land, RBF and RBW in the south.

Source: Xinhua

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