According to VPBank Securities’ industrial real estate report, net absorption of industrial land in Q2/2025 is expected to drop significantly to its lowest level in recent years due to uncertainties surrounding countervailing duties. However, rental prices in Q2 remained stable compared to Q1 and showed growth year-over-year, thanks to high occupancy rates and improved infrastructure in industrial parks (IPs).
Despite a general decline in land handover areas, the industry’s total revenue in Q2 decreased slightly by 4.5% quarter-on-quarter but surged by 21.6% year-over-year. Net profit for the sector rose sharply by 26.7% QoQ and 85.1% YoY, driven by growth in other business segments such as residential real estate, rubber, and utility services.
Looking ahead to the second half of 2025 and 2026, analysts predict that net absorption of industrial land will improve compared to Q2 but will slow down relative to previous periods due to investor caution amid trade tensions.
VPBank Securities also believes that a mass exodus of manufacturing from Vietnam is unlikely, as the tax differential between Vietnam and neighboring countries remains insignificant. Additionally, industrial real estate companies have diversified their revenue streams into residential real estate, infrastructure services, and more.
In terms of business outlook, VPBank Securities forecasts that Kinh Bắc (KBC) will see a staggering 790% surge in net profit to VND 3.4 trillion in 2025. The company’s industrial land bank is expected to expand significantly in 2025-26, following a period of limited leasable land, thanks to projects like Trang Due 3 IP, Que Vo IP Expansion Phase 2, and Loc Giang IP commencing handover. The Trang Cat Urban Area has completed land use fee payments, obtained a land title, and is in negotiations with potential buyers.
Analysts anticipate that KBC will recognize wholesale revenue in 2025-26. The Khoai Chau Urban Area and Golf Course, along with the Central Point Hai Phong project, are accelerating progress and are poised to become major growth drivers for KBC from 2027 onward.
For Cao su Đồng Phú (DPR), net profit is projected to climb 93% to VND 540 billion. This growth is fueled by the Bắc Đồng Phú IP Phase 2, which is awaiting 1/2000 planning approval and is slated to break ground in late 2025. VPBank Securities expects DPR to receive over VND 300 billion in compensation from this project in Q4/2025. Rubber prices remain elevated, with the July average at VND 48.8 million/ton (+1.75% YoY). The bank forecasts a 2025 average price of VND 51 million/ton (+6% YoY) and a 10% YoY increase in full-year sales volume.
As for Nam Tân Uyên (NTC), VPBank Securities predicts a 62% YoY profit increase to VND 514 billion, driven by NTC 3 IP, which has completed land compensation and payments and will begin land handover in early 2025 after years without new leasable land. The project has also repaid most of its debt and will recognize revenue using the one-time method. Subsidiaries/associates like SIP, MH3, and Bac Dong Phu IP JSC have new approved projects, enhancing future income prospects. NTC is also expected to complete its stock exchange upgrade this year, with HOSE having received its listing application in June.
Cao su Phước Hòa (PHR) is anticipated to receive approximately VND 1.788 trillion in land compensation from the Bac Tan Uyen 1 IP project in 2026-27. This IP has secured 1/2000 planning and an environmental impact assessment. Additionally, VPBank Securities expects PHR to receive VND 105 billion in compensation from the HCMC – Thu Dau Mot – Chon Thanh Expressway project in the second half of 2025. In the IP segment, NTC 3 will start land handover in 2025 after years without new land, and VSIP III continues to attract strong investment in early 2025, bolstering H2/2025 profitability.
DPM Secures Spot in Vietnam’s Top 50 Most Efficient Companies for the Third Consecutive Year
PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo, HOSE: DPM) has been honored in the “Top 50 Most Effective Business Companies in Vietnam,” an award recognizing businesses with outstanding performance and sustainable development strategies. This marks the third consecutive year that DPM has received this prestigious accolade.
Gelex Infrastructure Unveils IPO Plan: Targeting $28,000–$30,000 per Share, Aiming to Raise $300 Million, Potentially Valuing Company at $1 Billion
According to BVSC Securities, Gelex Infrastructure Corporation is poised to raise approximately VND 3,000 billion, a strategic move to bolster capital for its real estate segment and re-evaluate the market’s perception of the “engine” that currently constitutes two-thirds of the group’s total assets.
Mobile World Sets New Revenue Peak at 13.3 Trillion VND After Six Consecutive Months of Growth, Witnessing Surprising Developments in Indonesia
EraBlue’s joint venture in Indonesia has seen a remarkable 70% surge in revenue over the past 8 months compared to the same period last year, achieving profitability at the company level.
VPBankS Plans to Issue VND 4 Trillion in Bonds
VPBankS is set to issue VND 4,000 billion in private bonds, with a maximum of five tranches. The anticipated offering periods for each tranche are scheduled for Q3-Q4/2025.
Unlocking Vietnam’s Maritime Potential: Maximizing the Advantages of Its Seaports
The rapid surge in global trade and the ongoing reshaping of supply chains are unlocking significant opportunities for Vietnam’s logistics and industrial real estate sectors.
