According to statistics from the General Statistics Office, the total registered FDI capital in Vietnam in the first half of 2024 reached nearly $15.2 billion, up over 13% compared to the same period, and FDI disbursement was over $10.8 billion, up over 8%.
Of this, FDI into real estate was nearly $2 billion, 4.7 times higher than the same period last year, accounting for nearly 20% of total registered capital.
The outlook for stable FDI growth is expected to continue to support the business results of industrial real estate businesses.
In the second quarter of 2024, most of the “giants” in the industrial real estate industry showed growth in both revenue and profit.
Leading in revenue in the second quarter was the IDC Corporation – Joint Stock Company (code: IDC, HNX exchange) with more than VND 2,148 billion, down 11% over the same period. As a result, net profit decreased by 19%, to nearly VND 433 billion. The decrease in profit was due to a decrease in revenue from infrastructure lease contracts in industrial parks that met the conditions for one-time revenue recognition compared to the previous year.
IDC recorded revenue of VND 2,148 billion in Q2/2024
In the first six months, IDC’s revenue was nearly VND 4,616 billion and net profit was nearly VND 1,128 billion, up 30% and 65%, respectively. Compared to the 2024 plan, IDC achieved 56% of revenue and 69% of pre-tax profit.
Ranking second in revenue was Saigon VRG Investment Joint Stock Company (code: SIP, HoSE exchange) with VND 1,937 billion, up 16% thanks to revenue from the provision of industrial park utility services and profit from the sale of investments. As a result, net profit in the second quarter reached nearly VND 298 billion, up 26%.
For the first six months, SIP’s revenue exceeded VND 3,763 billion, up 23%, and net profit was nearly VND 544 billion, up 29%. Compared to the annual plan, the company has achieved three-quarters of its revenue and profit targets.
Meanwhile, the Industrial Development Joint Stock Corporation (Sonadezi, code: SNZ, UPCoM exchange) recorded a 15% increase in revenue to nearly VND 1,565 billion and a nearly 60% increase in net profit to VND 325 billion in Q2/2024.
However, due to significant pressure in the first quarter, Sonadezi’s cumulative revenue and net profit for the first six months decreased by 23% and 36% year-on-year to VND 193 billion and VND 66 billion, respectively.
In the case of Becamex IDC, an industrial giant in Binh Duong, although revenue decreased by 10% to nearly VND 1,162 billion, net profit increased by 2.7 times to nearly VND 381 billion. As a result, net profit for the first six months was over VND 513 billion, 10.5 times higher than the same period last year. However, this figure has only achieved 22% of the 2024 after-tax profit target of VND 2,350 billion.
Perhaps the most surprising performance among the industrial giants was that of the Urban Development Corporation (code: KBC), which reported revenue of nearly VND 892 billion and net profit of VND 237 billion, down 62% and 76%, respectively. In the first half of the year, KBC’s profit decreased by 92% to VND 151 billion due to a decline in its industrial park business.
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