Vietnam Industrial Park Company has a team of experienced leaders, with many members having worked in China - known as the world's factory. This gives Vietnam Industrial Park certain advantages to catch the wave of factory relocation that took place 3 years ago. Ms. Vincy Nguyen - Sales Director of Vietnam Industrial Park - shared about market trends, as well as customers' concerns when renting factories in Vietnam.
How do you evaluate the current trend of moving factories out of China?
- China's lifting of Covid-19 restrictions has created a push for diversification of production to Vietnam and other countries outside of China - which had slowed down during the pandemic.
Many large foreign investors in the technology and electronics sectors have invested in Vietnam, such as Foxconn, Luxshare, Goertek, Samsung, LG, etc. Other suppliers have also moved to Vietnam to complete their supply chains. This will create more momentum for the development of the industry in general and industrial real estate in particular, including the ready-built factory market.
Vietnam Industrial Park Company itself is also receiving many requests for warehouse rental from customers who are suppliers of companies in the electronics and auto parts industries. Grasping customer needs, in addition to existing projects in the Northern region, we have just completed the expansion of an additional 14ha of land fund in Thuan Thanh, Bac Ninh .
As one of the investment destinations, what do you think Vietnam needs to do to fully exploit the above advantages?
- In terms of policy, we believe that the Government and local authorities have been creating conditions for economic development, creating a more favorable investment environment for investors than before. Simplifying legal procedures and decentralizing more power to localities can help reduce investment licensing procedures in industrial parks.
Furthermore, focusing on completing the highway system and connecting infrastructure is also one of the "bright spots" that helps enhance Vietnam's reputation and increase Vietnam's attractiveness to foreign investors.
What we are not too optimistic about is that the world economy is currently moving and changing rapidly. Many industries and businesses are facing difficulties since the Covid-19 pandemic.
Vietnam’s economy is dependent on major economies such as the US, Europe, China, Japan, South Korea, etc. The global economy is showing signs of slowing down, inflation is increasing, and monetary policies are tightening in many countries. This leads to a slowdown in investment decisions and supply chain shifts.
In the short term, in 2023, the industrial real estate market will face the supply that has been and is being built in the period of 2021-2022. The pressure to fill the supply will be placed on investors such as Vietnam Industrial Park.
What are Vietnamese Industrial Park Companies preparing to enter this market?
- Industrial real estate is a long-term playground. This segment is still a "bright spot" because of Vietnam's internal strength such as: stable annual GDP growth compared to other countries in the region, stable FDI capital. Vietnam's industrial parks have prepared very carefully because they realize that this will be an endurance race.
Vietnam Industrial Park has taken advantage of the Covid-19 lockdown period to enrich its land fund, build its team, and equip itself with comprehensive experience. When Vietnam reopened, we immediately started working on project development and finding tenants.
Currently, Vietnam Industrial Park has 4 projects that are about to come into operation in Hai Phong, Dong Nai and Long An. This year, we will increase sales, fill these 4 projects and start construction of the remaining projects in the land fund. Next is to expand the investment portfolio and strengthen partnerships, one of the top reasons for customers to choose to rent projects of Vietnam Industrial Park.
Most of our project locations are in places with complete transportation infrastructure, convenient import and export transactions because they are close to ports and airports. Supporting businesses are also concentrated nearby, so buying and selling is also easier.
What we are most proud and confident about is the working process and customer service of Vietnam Industrial Park. Having lived and worked in China - the world's factory where the most dynamic and competitive in the industrial sector - I understand clearly what a country like Vietnam needs to welcome businesses that want to invest outside of China. Therefore, we have built a standard process so that Vietnam Industrial Park staff are always proactive in handling customer problems before they request.
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